WHY SHOULD YOU BOYCOTT ICOS THAT DEMAND KYC? - page 4.

Leona Lewis

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Quote from: poutintsev on May 12, 2018, 04:18:00 AM

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

If you see KYC is required for some ICOs, you can skip it. The bad thing is that some ICOs owners decide to have KYC at the end of ICO. Such projects should be boycotted.

0Alvaren0

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My main concern with these KYC compliant ICO's is that...what's stopping said company from "leaking" or "selling" your information to the highest bidder? Even Email addresses of known crypto investors are worth quite a lot of money to the right people. IMHO it's a broken solution to a problem that didn't really exist. Just my 2 satoshi

Yuuto

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I don't think that boycott is the right word, but I wouldn't participate in any ICOs that ask me excessive amounts of KYC questions, unless I believe the opportunity is too good to pass up (very rare, imho).

But almost all ICOs these days are under heavy regulation, and that's out of their reach.

I'm definitely against the excessive collection of information for a simple crypto investment, but this is literally what most to all regulated ICOs are doing right now. Nothing we can do about it, other than not participating.

kajiado

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They are just protecting themselves from legal liability. We all know how much uncle sam loves his money

entrepmind23

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Quote from: poutintsev on May 12, 2018, 04:18:00 AM

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 am having some second thoughts too when it comes to KYC but if I really wanted to participate in an ICO then I would just send my verification documents as I don't want to miss the opportunity. Since some ICOs are regulated in the country they are launch, the SEC requires them to have KYC to their investors and even some bounty participants and it makes me believe that they are legit because they follow the regulation. I am still afraid that my documents would be used for illegal purposes so if I am doubtful of an ICO then I would just wait for the coin to be listed in the exchange for me to buy it without the need of KYC.

Sooner or later, we wouldn't have any choice anymore but to follow the rules which is to provide the verification documents for us to continue earning from cryptocurrencies. We are heading towards mass adoption which would need regulation so that the scams would be lessen. I don't care if the government monitor the movements of our funds and I am willing to pay such taxes.

12retepnat34

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I also avoid ICOs with KYC because it will expose my identity, crypto currencies created to be used in anonymous transaction online and this KYC is against that rule in crypto.

ansdb

newbie

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i really agree because blockchain & bitcoin comes with idea of desentralisation, unfortunatly many ICO's wanted people to fill KYC proccess but the problem is near to 70 % of ICO's oblige their contributer to fill KYC proccess

wnj4

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Quote from: 3kpk3 on May 12, 2018, 08:21:56 AM

Quote from: xOdiumNostrumx on May 12, 2018, 06:18:54 AM

The fact is that right now 90+% of legitimate ICOs are requiring KYC. Especially the ones that stands out from the crowd and where the most ROI can be made. So in boycotting these you basically loose most of the opportunity to make big gains (ofc if that is your purpose in the crypto space).

The entire KYC aspect goes against what Bitcoin and the cryptocurrency market stands for which is anonymity. My primary reason for investing into this market was because I was able to conduct financial transactions online without any outside interference by banks etc. KYC goes against this entire logic which is why I don't support and never will. If you are willing to participate in such campaigns, do your research since your personal details are at stake here.

We should ask ourselves, why we are enter the cryptocurrency in first place? for me main reason is cons of centralized system. so when some projects on cryptocurrency switch to centralized system then those not a cryptocurrency project anymore. for who agreed to insertion KYC in cryptocurrency for money laundering. there are hug money laundering every moment in centralized system.

FrueGreads

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I don't think most ICOs demand it's investors to go through KYC, and although there are several reasons to boycott these ICOs, as stated in the article, I don't think that we should see this as black or white. In the end I think it will all depend on the ICO. I agree with our right to privacy, but that doesn't necessarily need to be broken through KYC. For instance, banks need to collect all your information so you can open an account, but you don't really lose your privacy because even governments need a very good reason to get access to that data. So basically I believe that if the ICO is good, your data will still be safe, because they can't just ask for it without good reason. At the same time, ICO teams protect themselves from criminal activities. Of course that if the ICO is a scam you will probably get your information sold or something like that, so it's always a risk.

oxoxoxox

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Yeah, those damn banks KYC have already made you bored. Now the cryptocurrency is starting to look like this. I really don't know what else can protect our KYC.

Abugbilla

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KYCs are generally boring to me. I feel sad when my KYC gets rejected when it has been accepted by another before. But sometimes you have to understand that they equally need these processes to handle other legal issues somewhere.

kidamazo

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Actually I`m doing bounty for a quite long time, and I have not passed even one KYC in bounty, if I face KYC, I just go away.

Grifosha

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Quote from: poutintsev on May 12, 2018, 04:18:00 AM

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. KYC is contradicts main principles of cryptoworld. This is the influence old of traditions from of banks system.

ololajulo

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Quote from: JCLee on May 12, 2018, 04:18:09 PM

I also don't like KYC cause I don't wanna put my identity in risk. There are a lot of ICO projects require KYC for their investors and how if you guys invest in a scam ICO require KYC? I can ensure that you identity will be sold on the dark market very soon right after you finishing your KYC.

What are the alternative to the KYC? I learnt of some other medium of investment through an organization but don't have enough details on this medium

JCLee

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I also don't like KYC cause I don't wanna put my identity in risk. There are a lot of ICO projects require KYC for their investors and how if you guys invest in a scam ICO require KYC? I can ensure that you identity will be sold on the dark market very soon right after you finishing your KYC.

FOUAD1994

newbie

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I will never give my Kyc files for this ICO that are reqesting from me Kyc files , because they can sell in the dark amrkets for illegal activité

BruceJu

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Most countries in the world do not like anonymous people. They need KYC to understand your identity information. They want to control you. For any person who yearns for freedom, this kind of control is unacceptable.

G14tz87

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for its cons because KYC usually requires Passport while in Indonesia not everyone has the same passport is still under age (because ICOS players are free all ages old and young), well from there is why KYC must be in BOYCOTT from ICOS.
the pro is that it will add security to prospective users of the ICO platform. it will also be easy to track every transaction you are about to perform which will also serve security for fraud. However, the disadvantage is that if the information you provide can also be used against you or can be used for fraud, that is why we must be careful in joining ICO and we should investigate it before joining.

bitcoinliker999

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What a great offer for 1,000,000 CPC.

titan20

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Quote from: poutintsev on May 12, 2018, 04:18:00 AM

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

This is a very good article and I fully agree with it. That's why I'm glad when I see ICOs witch do not want these mildly "st**id" things.

Topic: WHY SHOULD YOU BOYCOTT ICOS THAT DEMAND KYC? - page 4. (Read 642 times)