Why I don't Support KYC in cryptocurrency as it is

[bosshyip]

I am going to be very honest here with you guys. I know some of you may antagonise or kick against my view. But I will still speak the truth as it is.

My major reason centered on the fact that there is no regulation for cryptocurrencies.
How can someone somewhere in the name of ICO project team, whom you don't even know, some without a verifiable office address, whose presence is just online and the internet, demand your sensitive information including your international passport, government issued ID, proof of your residential address, and other personal information or documents?
What if this person is just a scammer? What if this person works for maybe a terrorist organization who is just looking for real biodata or identities? What if this person is just a criminal looking for ways to fake his own identity and take upon yours or anyone else? What if your verified photograph (face) matching your identity is used in pornography or nudity? What if the data is accidentally leaked? My questions go on and on.

Remember, the cryptocurrency as it is currently has no regulation, as such there is no regulatory body or authority you can petition your grievances or seek redress should any of the aforementioned incidences happens to you as a result of the information you have forwarded. The ICO project team whom you sent your details can as well disappear without trace.

Therefore, as long as there is no Cryptocurrency Regulation, then there should be NO KYC.

[altcoingamer]

I am going to be very honest here with you guys. I know some of you may antagonise or kick against my view. But I will still speak the truth as it is.

My major reason centered on the fact that there is no regulation for cryptocurrencies.
How can someone somewhere in the name of ICO project team, whom you don't even know, some without a verifiable office address, whose presence is just online and the internet, demand your sensitive information including your international passport, government issued ID, proof of your residential address, and other personal information or documents?
What if this person is just a scammer? What if this person works for maybe a terrorist organization who is just looking for real biodata or identities? What if this person is just a criminal looking for ways to fake his own identity and take upon yours or anyone else? What if your verified photograph (face) matching your identity is used in pornography or nudity? What if the data is accidentally leaked? My questions go on and on.

Remember, the cryptocurrency as it is currently has no regulation, as such there is no regulatory body or authority you can petition your grievances or seek redress should any of the aforementioned incidences happens to you as a result of the information you have forwarded. The ICO project team whom you sent your details can as well disappear without trace.

Therefore, as long as there is no Cryptocurrency Regulation, then there should be NO KYC.

These are all valid points and I 100% feel the same way.. I think KYC does way more harm than good, and I refuse to participate in it (no matter how much the cost).  I really like your examples and hope the community like Komodo will start pushing towards decentralized ICOs.  The idea of giving information to anyone outside of your country (or even within) is ludacris.  +Karma for a really thought out post.

[Vasilias]

But as we are approaching the future of cryptocurrency we are more becoming legalize so i don't think we can avoid this annoying kyc.

[flyaccount]

I think it's very true, dear KYC dangerous and I also would not participate.

[Dacosta]

I really hate this KYC in crypto, especially for bounty hunters. But what can we do since failure to submit those details means your hard earned tokens will not be paid

[sugarchrisp]

I am going to be very honest here with you guys. I know some of you may antagonise or kick against my view. But I will still speak the truth as it is.

My major reason centered on the fact that there is no regulation for cryptocurrencies.
How can someone somewhere in the name of ICO project team, whom you don't even know, some without a verifiable office address, whose presence is just online and the internet, demand your sensitive information including your international passport, government issued ID, proof of your residential address, and other personal information or documents?
What if this person is just a scammer? What if this person works for maybe a terrorist organization who is just looking for real biodata or identities? What if this person is just a criminal looking for ways to fake his own identity and take upon yours or anyone else? What if your verified photograph (face) matching your identity is used in pornography or nudity? What if the data is accidentally leaked? My questions go on and on.

Remember, the cryptocurrency as it is currently has no regulation, as such there is no regulatory body or authority you can petition your grievances or seek redress should any of the aforementioned incidences happens to you as a result of the information you have forwarded. The ICO project team whom you sent your details can as well disappear without trace.

Therefore, as long as there is no Cryptocurrency Regulation, then there should be NO KYC.

I completely agree.  I wont be sending my credentials to some random ICO to confirm my identity probably ever.  They could be anyone on the other end.  What if the ICO is a scam just to get people to send identification over so they can steal your identity?  There's just not enough regulation in place to require these sorts of things, especially from companies in their infancy.

[bityndye]

Well, there are ICOs that are under the jurisdiction of the government and they are required to get the information of the investors because if not, then their project might not be allowed to operate. It is your own decision then if you really wanted to invest in an ICO and give your documents or just wait for it to be listed in exchanges. Personally, I would just wait for it to be listed because most likely, the price when it is listed is cheaper anyway and my data is safe.

[Quantum X]

Since then I really hate kyc. This is the very reason why i leave one of my favorite bounty manager because of this though by doing this I can not stop the change.

[Ploiger]

A lot of people don`t like KYC process. Because it is clearly understood that your documents which you wanna pass to KYC will be stolen. And why people go through this process? Don't know.

[billy.ryoko]

Yes, I have the same question about the KYC, due to the cryptocurrency have not regulation by any official government, I am afraid my personal data or passport was stolen or sell in the black market.

[santawarrior]

Why people did not support KYC because personal identity may use by bad people to do any scamming activity.

[Arendra]

Yes, I agree with you @santawarrior. Each bounty should support KYC. Because KYC will greatly benefit the bounty that works seriously. KYC's goal is to avoid multiple accounts that often occur. But if someone is worried about their data being leaked, don't follow anything that requires KYC.

[sidkz]

I try to bypass such projects even if it is a bounty company

[BestSSS]

Tell me where is the border for you to pass KYC? Yes, I agree that the passage of this procedure is not quite clear and legal. Many Scam projects resort to this, but after all, TOP - level projects also request your data and force you to pass KYC. Why good projects you are ready to send your documents because differently not to get into them and what you flatly refuse to do it saying that it was a Scam. Where is the line?

[Kyoshiro]

It comes to the personal identities of the users. If so it can be fine, but When it comes to me, its a big NO.