Seriously, for mass adoption of crypto to take place, there will be rules and regulations brought in to provide base-levels of protection for the users. KYC will happen.
As a simple comparison... When cars were first invented, you didn't need a driver's licence, and that worked fine until cars became commonplace (mass-adopted). Same will go for crypto.
Topic: WHY SHOULD YOU BOYCOTT ICOS THAT DEMAND KYC? - page 3. (Read 670 times)
I really don't want KYC in the first place it's not reliable at all. Cryptocurrency needs to be autonomous or make it as decentralize coz it may harm our identity or even easily access on our wallets.
I say a big no to KYC, because it makes the bearer vulnerable. Personal information is of utmost importance. Care needs to be taken, so as not to fall victim. Your details sometimes can be used against you or for any criminal purpose.
Quote
The whole idea of crypto currencies is that it’s anonymous. While the wallet information is public, you cannot connect it to a specific person or an entity. But if you do KYC, all the benefits of cryptos are gone.
I don't know why crypto community do not have a power to resit this kind of requirements when participating in an ICO and also the other bounty hunters are participating such projects. The fact that the project is asking your private information that is already a violation to the very purpose of why cryptocurrency is invented. Quote
You don’t know where document photos and the information about you will go. In best case scenario it will only go to your government, that can monitor you more closely and see what kind of funds you have and where you spend them. In worst case scenario this information will be sold on black market to criminals who will do identity fraud with your data.
Atleast if it is on the government protection you are still have peace but if it will use for evil purposes that is a dilemma. KYC is for banks and their regulated currencies. Decentralized crypto projects doesn't need any KYC-scammers. KYC seems dangerous.
They are selling the information to people that want to make more cash. Not all the people that ask for a KYC is doing that though, you just have to stay from those projects and invest in something new. 
I am all up to boycotting these ICOs. I am actually doing it already, because I don't participate in any ICO that is collecting data using KYC.
KYC totally opposite to the crypto world, plus they can hacked and our identities can leak .. maybe some bad guys will use our infos for further actions who knows ..
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
I agree with you, because one of the main missions cryptocurrency this anonymity, and now they want to pick it up and get our documents for obscure actions. 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
Many of ICO's owners are scared of persecution by the government institutes especially from another countries. And I think it would be more efficient to create list of KYC-free ICOs and let users decide what do they want.
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
in fact it is illegal, misuse of identity can cause someone to get into trouble later on, the side effects of this KYC may not be directly felt, but we also do not know for sure if the ICO followed can be trusted when getting our identity, of course not easy as that
KYC is for banks and their regulated currencies. Decentralized crypto projects doesn't need any KYC-scammers. KYC seems dangerous.
With time when most of countries will regulate ICO es all will become with KYC its true that is why secure coins like Monero,Onion will be useable too but its normal market grows and in future we will have many types of tokens and coins.
They certainly are going to regulate all ICO's but they can't regulate scammers who are using fake dokuments to run their shitty scam projects. How can you say which project is run by scammers and which is regulated and legit?
How will you investors decide to whom to give IDs and to whom not?
There should be third party involved in whole KYC process, private info's shouldn't be given directly to team members.
It reminds me the situation of that saying. "Mice cried, pricked, but continued to eat cactus."
Pass of the KYC, in my opinion, is complete nonsense. However, the current realities are such that it has become common today. Every project wants your documents. Previously, it was very rare and only in projects of the high level of prospects. Now even shit projects want your documents with a cat, family, home, a blood type, etc ...
Pass of the KYC, in my opinion, is complete nonsense. However, the current realities are such that it has become common today. Every project wants your documents. Previously, it was very rare and only in projects of the high level of prospects. Now even shit projects want your documents with a cat, family, home, a blood type, etc ...
With time when most of countries will regulate ICO es all will become with KYC its true that is why secure coins like Monero,Onion will be useable too but its normal market grows and in future we will have many types of tokens and coins.
KYC is against of what blockchain technology is intended to. I do not support project that requires KYC since it is risky to provide our real identity to strangers because we don't know what they will do of our personal details. If you are joining airdrop for example and after you received the token you sell it. Then, your name still on their database even you do not have the specific token with you.
Regulation requirements in many jurisdictions will require KYC more and more. Governments are trying to protect their citizens from taking parts in projects for money laundering or any other illegal activities. In my opinion with time we will see more and more regulation in the field and more requirements from ICOs, including KYC. So I don't think that we need completely avoid such ICOs, but maybe to check deeper why they needed to integrate KYC procedure in the ICO in their particular case. Maybe this is already the requirement of their jurisdiction and they simply comply with the regulation.
Very enjoyable & Very interesting!
I believe that the KYC is not a bad procedure, it is certainly legitimate and contradicts the concept of decentralization of the blockchain, but if we consider tokens and coins as assets of the campaign and projects that produce them, then this procedure allows campaigns to protect themselves before the inspection bodies.
I agree the main concept of Ico supposed to be anonymous, that is why I never want to join any ICO that required any kyc documents, and because in ICO we only based on trust without any legality I afraid they will misused the documents for themselves
Jump to: