Topic: Why KYC is extremely dangerous – and useless - page 9. (Read 6020 times)

I don't understand very well, you're putting a water mark in the middle of your documents and of your selfie... and no platform has never refused them?  
Did you make that with big exchanges? Could you tell us which ones please? It would be very interesting for the community to know which exchanges are accepting that. TYVM

KYC is necessary for IEO regardless of the project's registered location as far as I'm aware. They're trying to play safe and at the same time use it as a tool to filter out fake users or cheater who use multiple accounts to obtain lottery tickets or something similar. If you like to gamble with your identity document, go for it.

I don't know, I've never participated in IEOs on Binance. Maybe you can ask this in Service Discussion (Altcoins) if KYC is required for IEOs on Binance.
I can imagine that it's different where the project is located.

You are right I also don't support KYC. It's as bad because it gets the benefits of using passports ID cards credit cards etc. are quite the benefits Most of the time KYC doesn't have any personal information about our cards and hacked is best than not using KYC  KYC is extremely dangerous and creates many obstacles within the way.

That is correct, protecting our identity should be our focus than earning coins from bounties that are requiring KYC. I will never participate anymore in campaign that requiring my I.D.s because I do not want to be in danger. There are now many news in the internet that KYC in different platforms are being traded in the blackmarket and it is really a threat for those users who are uploading their identity in the internet.

I lost a lot of bounties because of this KYC rule at the last minute, it's better to be safe than sorry, your identity is far more important than any coins in the market, the coins that you already received from bounty campaign are already gone but your sensitive information will be used over and over again.

First of all, we all know that their personal significance is very important to every human being Specifically, passport, ID card, credit card information and more. Although many claims that they need to be verified to ensure their ownership While this is a good side there are many bad aspects to KYC, which is why I do not support it but sometimes it takes a lot of time to stop and give personal information.

You invented a great tut to do KYC. Thank you.
If a hacker steal data on 100 000 KYC documents, I believe he will prioritise his time with pure KYC documents, without handwriting stuffs or watermarks. Somewhat, handwriting will play to protect us the second time.

First, from websites that require KYC.
Second, from hackers who will firstly spend their time with non-handwriting KYC documents.

what's the point to dwell on whether KYC is dangerous or useless if you can't omit it, at least when using reliable crypto services?

there are many cases where in my country our identity is misused for online lending using that data, therefore I think it is very vulnerable to using KYC on websites / bounties that are not clear because it can harm us, we do not know when our data will be misused, by because it is wise to use KYC, check the web / bounty / airdrop, to avoid the name of misuse of identity

One way I found to reduce identity theft with services that require personal documents are to make a photo copy of your documents and then writing the website or domain name onto the photo copied document, prior to handing it over to the website that requires it. You then scan the new document with the writing and forward it to the service. I have not had even one service that denied my documents, because they know what it was all about.

Yes, some people might say that with modern Photoshop software, this can be removed, but I want to challenge them in doing that with documents that was written on and they will soon find out that it would not be that easy and it will also leave some new metadata for the forensic software to be extracted, if it was later used in some crime.

Also, when a hacker gets hold of say 100 000 KYC documents, they would rather use the "clean" documents, than having to go through the whole process of the "cleaning" of your documents with your own water mark.

If the site does not want to accept the "marked" documents, then you know they want to use it in a KYC scam. If they ask you why you "edited" the documents, you just say that you want to track where your documents was sourced from, if it was leaked. You can also keep a copy of those documents as proof that you used it at a specific site, so it will be easier for you to trace, where the leak originated from. (Photoshop will leave some traces of the editing that was done and you might pick up which document they used at the new site.)  

I agree with you because we are better off staying away from these sites Because they try to hack our personal information ID through KYC That's why I think KYC is very dangerous and useless Thank you so much I learned a lot about KYC and will always try to avoid it.

I'm yet to see some valid arguments for KYC.

Those who want to commit fraud can make fake accounts bu using stolen or bought identities just like when facebook required you o register your phone suddenly thousands of accounts made in the poor countries were selling likes and follows. They were buying thousands of prepaid cards and pumping accounts for money.
KYC is pumping the market for stolen accounts and identities and being a nuisance for the average user.

That's an excellent argument against KYC measures. Once I'm knowledgeable enough on BTC and altcoins to operate without the assistance of an exchange I'll make sure to try to remove my traces.

In front of KYC policy we also have to be protected from being your id steald.

I know this but you cannot participate in IEOs at binance without KYC ?  As you know that binance IEO are so profitable that everyone who has the account there would like to participate in it and for that they have to complete the mandatory  KYC.

On Binance users are allowed to have a withdrawal limit of up to 2 BTC per day without submitting personal documents. If you aren't a big trader, this limit is usually enough for normal users.

I didn't saw this news before that trusted site like binance also have KYC leakage issue but my question still remains the same. If we are to trade the crypto currencies, with good volume, we would have to create an account at Binance and do the KYC. Any other options do we have ?

I feel really sad for the people living in war-torn countries, like Syria, Iraq, Afghanistan, Myanmar, Kashmir etc. Digital nomads can take shelter on neighboring countries as a Refugee. They don't have stable physical address to complete their KYC verification. 
Running your laptop on restaurant or airport is also risky and you can be a victim of identity theft. Even government controlled financial and treasury department can snoop on your financial records.
I find it difficult to complete KYC using selfie with required document and current date on a piece of paper. Cryptocurrency exchange, financial institution, fintech, virtual assets dealers might have geolocation tools to track your IP address. I agree that scammers can get KYC from black market. But if the company ask for re-verification then it will be hard for scammer to get payment from that company. Re-verification of phone number and email is very difficult for scammers. They can block or restrict scammers to withdraw tokens. One of the best example of this type of case can be found from Twitter. Twitter regularly suspend users if they detect any unusual activities like IP address change, use of 3rd party apps for system automation, or aggressive behavior(delete bulk message, likes, following or unfollowing) in a short period of time. 
Scammers are unlikely to spend their money heavily like prepared IEO. Startups businesses are not asking KYC at the beginning but will ask at the end of IEO. This is unethical approach and will lead to scam site. IF the company is working hard with skilled team and does not have any intention to scam people then they must clear the KYC requirement first.

   Funny  how that 1,000 level and 100,000 level  apply  a lot  to two different areas.
It is as if the government's  want kyc  to let scammers and thieves rob at that 1,000 to 100,000 level while they focus on the larger 100,000 and up level.