WHY SHOULD YOU BOYCOTT ICOS THAT DEMAND KYC? - page 5.

Galley

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Quote from: Ranly123 on May 12, 2018, 12:33:35 PM

Quote from: sunX3 on May 12, 2018, 04:37:56 AM

Quote from: Road445 on May 12, 2018, 04:34:24 AM

First, most of the bounty threads do not require KYC data.
Most people resist the need for a KYC bounty thread because it exposes privacy.

Which makes sense why a lot of people dislike KYC so much. I wouldn't send someone a scanned picture of my ID either

In a bounty campaign yes, I also dislike having kyc in it. But when it comes to investing, it is better to have kyc and serve it as a guarantee that the ICO is legit and having a good reputation toward their project.

I completely agree with you. I do not understand that when we participate in the Bounty of the company, what kind of money laundering and terrorism can there be? The meaning of the anonymity of the crypto currency is lost. Another thing, when there is a conversation about investing here, yes, there is an investment of large sums of money. Investors need guarantees. Well, recently, state structures have decided to take everything into their tenacious hands, so KYC is inevitable, and whether or not to participate in companies with all the consequences is everyone's business.

Ranly123

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Quote from: sunX3 on May 12, 2018, 04:37:56 AM

Quote from: Road445 on May 12, 2018, 04:34:24 AM

First, most of the bounty threads do not require KYC data.
Most people resist the need for a KYC bounty thread because it exposes privacy.

Which makes sense why a lot of people dislike KYC so much. I wouldn't send someone a scanned picture of my ID either

In a bounty campaign yes, I also dislike having kyc in it. But when it comes to investing, it is better to have kyc and serve it as a guarantee that the ICO is legit and having a good reputation toward their project.

Dervish doff

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Quote from: poutintsev on May 12, 2018, 03:18:00 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 think, actually KYC is very important in a company, very useful for the development or support for the company, I think we must give, this answer, I reply in the context of bounty hunter crypto, they give us tokens, and we only promote, they only want their prises or tokens to be recognized by the world, and they give us a working wage with their tokens, so what matters when they ask KYC from us, I think we belong to the category of the ungrateful man for the crypto company , where we look for sustenance in bounty hunter crypto. That is all and thank you.

jalaaal

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Quote from: ICO Lancer on May 12, 2018, 04:24:35 AM

I mean they're just covering themselves and playing it safe. I hate KYC as much as the next guy but it makes sense why they'd want to do it.

same here, I hate kyc, we're not even an investor to require kyc, so why should we have to do kyc? we are bounty hunters that must stay anonymously since we're here in crypto world.

Singwala

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Quote from: poutintsev on May 12, 2018, 03:18:00 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 to boycott the ICOs who demanded the KYC. It is our personal identity and it should not be given to anyone. Because it can be used for illegal activities. We do not know that we are one of those who are looking for foreign affairs.

bigcash2011

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I agree it is being forced in many icos now but they have a justification, according to them kyc of each investor is required to be compliant with the regulators and the govt authorities otherwise they can block the project, so i think investors do not have any other option and they send their identity documents.

Ereun

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They may be free to make rules, but sometimes KYC notifications are announced when going to the distribution of tokens, no prior notices. It's feared that our personal data is not maintained and abused.

Endikadija

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Quote from: bigvito19 on May 12, 2018, 07:51:52 AM

But crytpo is suppose to be anonymous though???

I'm not sure anonymous can be matched with assets. The majority of those investors are investing in the ico try to take all of the things at their own risk.

Remember there is some news are discussing the possibility of anonymous coin still exists in the centralized crypto exchange site. It looks possible the anonymous to be erased through regulation.

LuvdubNation

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I completely understand and agree with the inconvenience/distrust of any KYC procedures. Unfortunately, depending on the country, you are required to perform KYC-AML procedures unless you wish to face stiff penalties such as fines/imprisonment.

As mentioned in the article, companies can choose to incorporate themselves outside of their own jurisdiction to circumvent such restrictions but then how can you trust them as well with your btc/eth? What if your company is already established and wishes to continue to use their own trademarks/branding?

For us, being a company incorporated in the USA, we are required to conduct KYC/AML to prevent money laundering and terrorist activity as listed on the http://sanctionssearch.ofac.treas.gov/

If privacy is a huge concern and you don't trust in the company/team behind an ICO, I suggest staying away from them and sticking to Zcash/monero transactions. If not, do your due diligence because you can easily give away your personal info to the wrong people.

tenebriscaelum

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Quote from: GhostWithin on May 12, 2018, 05:11:21 AM

Quote from: Mr. Art on May 12, 2018, 04:37:32 AM

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 Wink

Anonymity is not beneficial for the state. They will fight it. Therefore, more and more ICO will require KYC. After all, this is necessary for our security Grin

For the bounty this is a good way (the most effective at the moment) to deal with multi accounts.

But,

Be careful, when providing your personal information. There is always a probability different from zero that tomorrow you will take a loan in a bank of some country or you will be involved in money laundering and so on.

At a minimum, check to whom you transfer your personal data, the name of the company, which have registered the company, to whom, and so on. There are ICOs, where there is not a word about it, but they are demanding KYC. Such projects should be treated with double attention.

That is true there is pros and cons to the KYC, as you have mentioned one of its pros is that it will add security to the potential users of the platform of the ICO. also it would be easy tracking to every transactions that you will make which will also serve a security to fraud. However its cons is that if its the information that you provide can also be used against you or can be used to be used for fraud that is why we should tread carefully in joining an ICO and we should investigate it first before joining.

cioloxl

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Quote from: ICO Lancer on May 12, 2018, 04:24:35 AM

I mean they're just covering themselves and playing it safe. I hate KYC as much as the next guy but it makes sense why they'd want to do it.

Yeah, I don't really feel comfortable giving out my private info to god knows who, but if ICOs are to become a mainstream investment tool, there will be no way around KYC anyways. I'd like information security to be something of primary interest to regulators. Abuses or hacks could potentially do a lot of damage to serial investors. At least one of the projects we invest is bound to cause private information leak.

cabin

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I am not saying all icos that demand KYC should be boycott but KYC aspect goes against what Bitcoin and the cryptocurrency market stands for which is anonymity. Investing in this market gives you the opportunity 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.

bigvito19

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But crytpo is suppose to be anonymous though???

Kizaki

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Even if it is part of a regulation compliance, it is still scary to take part in an ICO with KYC because it is really risky to disclose your personal information especially if you are a big investor because your security is at risk. Cryptocurrency was created for anyone to be part of a big project at the same time being anonymous.

ShareAccepted

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It is very difficult to find ICOs that are not asking for KYC, this is the effect of having the US SEC invading the world with their own crap and threatining citizens all over the world.

macchiato

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The KYC policy has its own good reason for implementing such rule. Besides, if it was announced earlier then investors nor bounty campaign participants have nothing to complain about. Also, complying to such rule is our own decision. The responsibility and the blame must not be shouldered by the team behind it entirely, maybe just 70%? Because 30% of it is the person himself deciding to risk his personal info despite of knowing that anything human-made is not completely secure.

bitcoinliker999

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Very interesting!

Sharcade02

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I think these KYC are just there requirements, the government is the one we should be blaming. If not because of their regulations, we wont be seeing these kind of authentications with our accounts.

marcbitcoins

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Quote from: Mr. Art on May 12, 2018, 04:37:32 AM

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 Wink

The legit ICO can't do anything about KYC because it was required by the regulation for the protection of both the ICO owners and the investors to ensure Crypto currencies investments will not be a scam and it will not be in used money laundering. If the regulation will not required ICO to facilitate KYC then the ICO will very happy to oblige because KYC reduce the numbers of investors but i support KYC because as long as ICO is legit and we have nothing to hide then this requirement will be peace of cake for me.

3kpk3

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Quote from: xOdiumNostrumx on May 12, 2018, 05:18:54 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.

Topic: WHY SHOULD YOU BOYCOTT ICOS THAT DEMAND KYC? - page 5. (Read 670 times)