Topic: Why I don't Support KYC in cryptocurrency as it is - page 7. (Read 3457 times)
One of the things that I also hate about kyc, is that many times bounty campaigns are saying about that only when the campaign is already ended and people already have done all the Job.
At first I was very supportive of KYC's existence, but when I examined it carefully KYC's existence became a scary thing because he would kill the anonymous nature of bitcoin. With the data and information from us that they hold, they are easy to intimidate us because we also don't 'really' know, KYC works for whom?
I agree with the creator of the article! I am also relatively against verification! there is a plus in that it becomes less than a moss. There is also regulation by the state, it will help to legalize bitcoin more quickly in the whole world! the minus is that the crypto currency should be anonymous, because it was created exactly that!
I am going to be very honest here with you guys. I know some of you may antagonise or kick against my view. But I will still speak the truth as it is.
My major reason centered on the fact that there is no regulation for cryptocurrencies.
How can someone somewhere in the name of ICO project team, whom you don't even know, some without a verifiable office address, whose presence is just online and the internet, demand your sensitive information including your international passport, government issued ID, proof of your residential address, and other personal information or documents?
What if this person is just a scammer? What if this person works for maybe a terrorist organization who is just looking for real biodata or identities? What if this person is just a criminal looking for ways to fake his own identity and take upon yours or anyone else? What if your verified photograph (face) matching your identity is used in pornography or nudity? What if the data is accidentally leaked? My questions go on and on.
Remember, the cryptocurrency as it is currently has no regulation, as such there is no regulatory body or authority you can petition your grievances or seek redress should any of the aforementioned incidences happens to you as a result of the information you have forwarded. The ICO project team whom you sent your details can as well disappear without trace.
Therefore, as long as there is no Cryptocurrency Regulation, then there should be NO KYC.
My major reason centered on the fact that there is no regulation for cryptocurrencies.
How can someone somewhere in the name of ICO project team, whom you don't even know, some without a verifiable office address, whose presence is just online and the internet, demand your sensitive information including your international passport, government issued ID, proof of your residential address, and other personal information or documents?
What if this person is just a scammer? What if this person works for maybe a terrorist organization who is just looking for real biodata or identities? What if this person is just a criminal looking for ways to fake his own identity and take upon yours or anyone else? What if your verified photograph (face) matching your identity is used in pornography or nudity? What if the data is accidentally leaked? My questions go on and on.
Remember, the cryptocurrency as it is currently has no regulation, as such there is no regulatory body or authority you can petition your grievances or seek redress should any of the aforementioned incidences happens to you as a result of the information you have forwarded. The ICO project team whom you sent your details can as well disappear without trace.
Therefore, as long as there is no Cryptocurrency Regulation, then there should be NO KYC.
Speaking of cryptocurrency regulation, yes it is on the works. I would be in favor of KYC if regulation was in play. However, it is also scary that if we do KYC, they would take advantage of our personal information and might use it for something bad. But anyways, we just have to be careful about the projects that needs KYC. Always check team members, events, etc., if they are legit or not.
Crytpocurrency market cap value growing bigger and its peoples money. Many fraud and scam including scam ICOs. KYC needed in market to protect investor money.
I don't understand that why the KYC procedure has been started!? We all liked that the crypto business was unanimous and that was the one of the main reason that i have chosen this way. But now we have damn KYC and it disturbing me! Why should i send my passport and address? And with my selfie with passport as well! I am not going to attend anymore KYC things, i feel very bad about it..
What is actually the essence of KYC in cryptocurrency that was created to have anonymous transactions?
I also agree with you , I don't support KYC because submitting any requirements for KYC can put yourself in danger of being a victim of identity theft . Moreover If do KYC, can have a bad impact someday.
Yes this is confusing, on the other side I don't support KYC but if we dont submit KYC we cant join tokensale, also many bounty now must do KYC before get the payment. If do KYC, can have a bad impact someday. I hope there is a solution for this problem. Cryptocurrensy should be decentalized. That's the point
If everyone avoids such projects, there will be no one to participate, so the developers will stop insisting on the provision of KYC. But unfortunately, many here are sure that this procedure is good. They think that the bots are eliminated so that they can calculate for more. Fools!
Yeah right KYC is like giving and access on what you have in a subtle way. If hackers get all your informations then is easy for them to execute their bad motives.
Its really a gamble when we give KYC to strangers without even knowing about their credibility. For the same reason, I decided not to invest on those ICOs which requires KYC. I just provide my kyc to those exchanges where I'm going to trade with fiat. KYC for bounties should be stopped everywhere.
Honestly speaking, I think there is need for everyone in the cryptocurrency community to analyse this issue of KYC. Is there really need for it? When Satoshi Nakamoto started Bitcoin, did he do anything like KYC? Why are people just being over zealous with this KYC of a thing even when they are not under any pressure to request the information.
It's kind of ridiculous really. People trying to force this type of stuff on people are really missing the point of decentralized cryptocurrency. Sure, some private companies under certain jurisdictions have to follow their own laws. But anything other than doing what's required is quite silly.
You have said this very well. I also think it is over zealousness that make some ICOs include KYC in their project and not because they are under certain jurisdictions or laws.
maybe as a kyc investor it is very necessary to avoid fraud, but if as an ico program campaign I think Kyc is not needed because our personal data can be misused by ico fraud
Maybe the idea of limiting crimes by passing the KYC procedure is not bad. However, as you can see, KYC is used to collect personal data by scammers from bounty or airdrop participants. This is the bad side of KYC. On the sale of such a large database certainly scammers can earn a lot. In addition, people cheated in this way are exposed to the use of their personal data to commit a crime and subsequent consequences.
maybe as a kyc investor it is very necessary to avoid fraud, but if as an ico program campaign I think Kyc is not needed because our personal data can be misused by ico fraud
Anonymity. It will be against basic theory of cryptocurrencies. I agree that there are some limitations regarding the regulations in some countries. But KYC may not be the ideal solution.
bitcoin users should be anonymous, if we provide our personal identity for an ico project I don't agree because I am worried that my personal data will be used for bad things
It's a trivial thing but it's good, I also think about it. I avoid what is KYC and I prefer another ico that is not that strict.
If it promises a good profit, then yes, I agree to KYC. And we cann't escape KYC. Either the crypto is to obey the rules of money laundering, or it will be outlawed, then the chances of earning will be very narrowed. I prefer the first.
I agree that KYC has gotten overboard in some cases, but this is due to concerns about regulators claimping down on the industry given the rampant fraud and criminality among a minority of users. However, there will always be privacy based coins and decentralized exchanges that do not require KYC.
Yes me too i dont support KYC why? they can use it for evils ways but so far from now the bounty that have a kyc is dropping
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