Topic: Why I don't Support KYC in cryptocurrency as it is - page 3. (Read 3457 times)

I have done KYC on a few exchanges, but I really don't like to give away personal information to random people on the Internet, so I will never give away KYC to ICO, right now 80% of all ICO are scams, and a lot of them wants KYC information. If you join new ICO regularly you can be sure your KYC information ends up in the wrong hands one day.
I can already  see people selling KYC information, and you can be sure than those KYD, know your developers, that some ICO now shows, use fake or stolen KYC info to pass those tests.

Actually we cannot 100% secure our data. For small things, for example, we have a car loan, of course using KYC to complete administration. To open a bank account, KYC must be completed. The problem is that fear of verified personal data will be misused for criminal activities.

I believe that it is impossible to guess what documents and to whom you can send. I believe that need this to do with files which not so are important

That's exactly what the problem is. We have no idea what they are going to do with the data after the ICO and we don't even know why is it so important to them that they had to require it in the first place.



Have you been watching the news? People's identity are being used online. For example, since you have uploaded an ID, the person to whom your data was sold or given to already has your ID as well as your name. They can go on Facebook, look up your name, take your photos, create a profile with your pictures, and do trades with people and they would look legit because they are able to upload your ID. Even in exchanges that uses IDs, they can use your ID there, or even when transacting with someone online that requires identification. There's so much people can do with your ID so I suggest to stay away from KYC requirements unless there is a solid reason as to why they are requiring it.

I agree that there is no security in the KYC process, but unfortunately this is the only form currently in the game if you participate in the ICOs that are released

KYC is as risky as you pointed out. The ones that baffles me most is when airdrop program also demands for KYC.

Although have done some few kyc but am not really confident about the scheme to collect those information. Seems like everything is in the open in crypto

Is hard to trust the system really

Yes, you have a statement that has the truth because if you give your identity that is very confidential, maybe what you will get is only a loss so that you will experience a very high risk in the future.

your reason is quite reasonable. but if kyc is needed in a bounty program, I think it's not a problem if our data is safe. if we only upload an identity card, passport, can it harm us physically or materially ? in my opinion, kyc is important because it can reduce scammers who want to try to steal from us.

I was just trying to point out the discrepancy between caring so much about data abuse from a kyc, but using other services (yes, which have nothing to do with crypto) so blindly. And as u say, almost everybody use those services.


I totally agree, and I am not pro kyc per se, i just think an ICO has also the right to determine if they want to know who is investing in their project (irrespective of scams), especially if they establish their business in locations where it's already possible to act fully compliant with existing or new regulations.

You are absolutely right, some KYC demands too much and I'm sometimes like what at all are they using it for, only God knows. But franly speaking KYC is not safe and we should be careful the people we hand out our data to.

 I think, Apart from ICOs, some airdrops sometimes require KYC which are fake. Hence we give the information to the hackers. So it is not always safe.

There's no law in most countries that determines whether or not cryptocurrency is legal. I think most crypto users just don't wanna be haunted by their past (for being a crypto user) once there's finally a law about it. Currently there's no law that says we have to disclose all of our crypto earnings and by the time that comes, you obviously want to stay as low-key as you can and put as little number as possible because otherwise it might raise suspicions. True that we don't do anything illegal in here but it's much better to play safe. Plus, there's just no explanation as to why KYC should be necessary in participating in a particular ICO. They really have nothing to do with our data anyway other than determining basic information like age, gender, ethnicity, etc.

Also, those that you have mentioned have nothing to do with cryptocurrency at all. All of them are being used by almost everybody.

And just how many crypto that required KYC turned out to be legit, right? They are mostly scams so you're really going to worry about what they're going to do with your data.

There are actually some exchanges that requires KYC so you can do large transactions. On the other hand, there are also tons of exchanges that don't. You can just use a different exchange.

Popular project =/= Legit Project =/= A project that will give you earnings. You can simply not participate in it. It depends on you which is more important, revealing your identity or participating in a project that may or may not turn out to be a scam and may or may not work out.

yeah, I totally agree with you. we should be only giving our identity to trusted entities. giving it to anyone may result to identify theft. though KYC intention is to prevent people from doing such things. but the last question we should ask to yourself, are they trustworthy.

I, too, do not support him, and I try not to participate in projects that have him. But sometimes it is introduced at the very last moment.

I wonder how many of you with concerns about kyc (if you embrace the vision of bitcoin and its anonymity i fully understand) are shopping online, booking flights, are on social media, using wifis, register for certain services. Maybe people in this forum are not comparable to the rest of the world, but in general people don't really care about this subject. But scandals like the cambridge analytica are probably just the tip of the iceberg of data abuse. I am not even talking about scammers per se, i imagine that a lot of "legit" businesses are trading data, making money out of it, and don't give a crap about our privacy.  Although for me personally, full anonymity is not necessary, but a decision, i want to be in control of my data and decide who has access to it, and if someone wants to use my data they actually should pay me!

Actually, I dont really that agree with KYC, due to the fact that it was very demanding, in terms of the thing that they are looking forward to gather to the participants, and as a student right now, I am likely to have nothing by myself since I was still living with my parents, and currently studying here, and I have heard that they are demanding for passports and driver's license which I dont have either, I dont generalized.

You are right
Maybe they will use our images for a bad purpose, which is no longer just security 
But KYC also eliminates cheaters when participating in their program 

KYC is used to control cheating and multiple account holders but I still go against it because it seems very dangerous to me ,revealing your I.d with home address and other security number is not safe ,I'm hoping that in the future another way will be introduced to tackle cheater ,kyc just doesn't cut it , its not safe ,and I'm sure 80% of people in cryptocurrency don't like it either.

You have a point, but what should we do if a popular exchanges requiring us to undergo kyc? And what to do too if a popular project requires us to do kyc too before making investments?

There is no justification for any of those ICOs getting my personal information in the name of KYC for any reasons knowing the fact that most of these ICOs will disappear into thin air after collecting and raking in millions of dollars even with my personal details, Cryptos are mostly transacted anonymously without any fuss of kyc.