Topic: WHY SHOULD YOU BOYCOTT ICOS THAT DEMAND KYC? (Read 642 times)
Whether KYC should be boycotted it all depends on the person I guess. ICO is a product and a product has features and this product is launched on the market, and it is up to the buyer whether he/she wants to buy that certain product/coin. But in general I do not like KYC, but if it is a must oh well.
Anonymity is not durable epitomizing the circumstance. They faculty argument it. Therefore, extra and extra ICO faculty compel KYC.
KYC is the reason why Bitcoin was invented. To fight the banking mafia. ICOs that require KYC are betraying the whole ICO industry. Shame on them!
ICO with KYC is far away from the main purpose about why cryptocurrency being created
because there is no privacy anymore in cryptocurrency if KYC procedure will be implementated on every crypto project
just my personal opinion
because there is no privacy anymore in cryptocurrency if KYC procedure will be implementated on every crypto project
just my personal opinion
I agree with you. Carrying out the procedure of the KYC deprives the original idea of anonymity for the sake of which the crypto-currency was created. If everyone starts to pass the KYC, then soon the crypto currency will cease to be anonymous and decentralized.
I would be very careful with KYC as they require sensitive data.
Some projects fail or does not start at all and my question is where all these provided data lending ?
I can understand the purpose of KYC but I think that it is against privacy policy as they should prove first how they will store all these data according to GDRP ( General Data Protection Regulation )
Even some airdrops started asking for KYC as well.
Giving out 3$ and asking for KYC procedure, that is really nonsense.
Some projects fail or does not start at all and my question is where all these provided data lending ?
I can understand the purpose of KYC but I think that it is against privacy policy as they should prove first how they will store all these data according to GDRP ( General Data Protection Regulation )
Even some airdrops started asking for KYC as well.
Giving out 3$ and asking for KYC procedure, that is really nonsense.
I personally don't like the KYC requirement but i think this trend is hard to stop. Almost every ICOs nowadays requires KYC in order to compliant with SEC regulations. Crypterium was the last ICO i invested in that didn't requires KYC.
Why to comply with SEC regulations if you are not from USA? Why not rather comply with regulations of Morocco or Ecuador where Bitcoin is completely illegal?
Crypto world is all about freedom. KYC takes that freedom away. By complying with KYC and AML you do not deserve to be called an ICO.
Very informative!
I think they will choose what the best for their ICO but sometimes they ask some weird documents like some bank papers billings but based on my experience some ICO that requires KYC is assuring that their customers are safe and their identity and holdings are safe but some of the SHITICOs uses KYC as an excuse to minimize and remove some of the participants on the Bounty campaign so they will pay less you know and sometimes they announce it after the ICO end so that's disappointing.
Basically, all projects announce the KYC procedure before the ICO. If you are not satisfied with it, just do not participate in these projects. I don't like this procedure either, but for the sake of a good project, I allow its passage.
I don't see any problems here, why do you need to boycott these icos? kyc ok why not, the are under local law, you should respect them
I agree that if you are a serial investor in ICOs, having to send your personal information en masse is a risky business. Especially with all the scammy ICOs.
However, whether to boycott these ICOs or not is a personal decision, that involves some missed profits. I passed on some solely because of the KYC. But did another ones that were too lucrative to pass.
However, whether to boycott these ICOs or not is a personal decision, that involves some missed profits. I passed on some solely because of the KYC. But did another ones that were too lucrative to pass.
It is becoming a concern for me, when they are asking for bank document in the name of KYC, another thing that is of concern now is that it seems they are giving the email and document to other projects, because the number of newsletter I recieved from projects I never subscribe to is on increase, the must be getting these information from somewhere
KYC (Know Your Customer) is an infamous procedure we have mostly run into while dealing with banks.
Sadly for the whole blockchain industry we see many ICOs demanding KYC in vain.
Read below why you should boycott such ICOs:
https://medium.com/@filip.poutintsev/why-you-should-boycott-icos-that-demand-kyc-29a5b43904fb
Sadly for the whole blockchain industry we see many ICOs demanding KYC in vain.
Read below why you should boycott such ICOs:
https://medium.com/@filip.poutintsev/why-you-should-boycott-icos-that-demand-kyc-29a5b43904fb
I know all this risk, that is why I'm not participating in this kind ICO, even if they are profitable, there's a lot of risks involve giving your information that making a profit from this ICO, anyway there are a lot of ico that do not ask any kind of KYC.
personally, I wouldn't participate in an ICO or a bounty that requires knowing your client to do anything. I don't want to disclose my confidential information to people who are not trusted and then my information is sold and then used by hackers to carry out illegal activities.
i think that we don't have to boycott icos with KYC.
I know that privacy is important, and it's not ok for me for example when they ask for cell number, but if crypto wants to be taken seriously, crypto need KYC
I know that privacy is important, and it's not ok for me for example when they ask for cell number, but if crypto wants to be taken seriously, crypto need KYC
I don't know how it started but recently a lot of ico have implemented kyc. For me I have a mixed feelings about this, yes kyc is a good way to know each other in the ico but some like to keep their privacy for safety purposes. I think kyc should be voluntary and not mandatory, its up to the member if he wanna share his private info and they respect others who choose not to share their private info as well.
It is a gray area with a lot of good arguments from both sides. Personally I do not care for KYC procedures and it kind of defeats the purpose of anonymity in this technological space. The person or group that can satisfy both requirements without opening up a purchaser to full disclosure will get my money for future investments.
if developers not use KYC for ICO investor with huge value, how to avoid people, who use cryptocurrencies for money laundry (example) with join ICO?
I think, we can't blame developer watching investor with KYC, because real dev project will safe investor document and will never sell their investor data.
Last, research before join ICO is the key, if you think not safe to join ICO with KYC, skip it.
I think, we can't blame developer watching investor with KYC, because real dev project will safe investor document and will never sell their investor data.
Last, research before join ICO is the key, if you think not safe to join ICO with KYC, skip it.
Why do you have to boycott such ICOs? For me, I don't boycott ICOs simply because they are asking for KYC. I invest in ICOs because my personal assessment and the reviews I read about their project are saying that they are going to become successful. The KYC will follow much later. If I found out that the ICO I want to invest asks for KYC then I will just comply rather than totally forgetting the prospective gain that I will have from such ICO investment.
Because that is the only way to change things. If the majority of ICO investors would boycott ICOs that require KYC, then ICOs would soon notice this and stop demanding KYC.
And the problem would be solved.
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