Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: bosshyip on August 01, 2018, 03:33:16 AM
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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.
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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.
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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.
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I think it's very true, dear KYC dangerous and I also would not participate.
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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
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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.
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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.
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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.
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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.
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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.
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Why people did not support KYC because personal identity may use by bad people to do any scamming activity.
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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.
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I try to bypass such projects even if it is a bounty company
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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?
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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.
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Totally agree with you. They take KYC to make sure that no one using more than one account using or not. But for this purpose we all have to give your personal information. If they sell it to any terrorist organization they will get a huge amount. They can miss use in different sectors. So, Please change this system and make a new system if they really need to be sure of one account.
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However KYC is one of the conditions for us to enter into the ICO and follow its business in the form of Project Investment or become a Member of the Bounty Campaign. But I agree with you a little, because I am also afraid of the Scam on the ICO Project that I have given my own KYC. They could use my identity to commit the next crime. Hopefully it doesn't happen to all of us.
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If there are no regulations then there should not be any identification too. Its better to stay away from those projects rather than giving them your personal information which they can use for any purpose.
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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.
Although i am afraid that my personal identification may be use in some illegal activities but still i able to pass KYC hoping that they will give my reward tokens.
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It doesn't make sense for me to give our passport, ID, and address document to anyone we don't know.
If the coins that the crypto coins gave us were worth a few hundred thousand dollars, then maybe I could give them my ID or my passport.
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Of course we need to support KYC in order to formallity of the owner which can be identified if it is telling the truth of her background.
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In my own opinion opinion i think we should support KYC if it is required by the company because in this way they can screen scammers who are stealing our identity and investment.
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I try to avoid such projects, because I am not sure that these people to whom I send my documents will use them as they should, and will not sell them anywhere.
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If there could be decentralized ICOS, this will be better. As far as I am concern, kyc is a big risk, no guarantee that your documents are safe.
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Well buddy there are regulations now that's the irony face it, no project can come up without regulations or shut down your choice. In this situation you have no choice either
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I think that it is impossible to provide my documents to everyone. I think that it is necessary to check the campaign carefully.
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The regulation is slowly emerging in many countries now. There are KYC in Holland in place and as far as I know UK is among first countries that issued regulation for companies that trade with crypto currencies. I see that in future this business is going to be much more regulated and controlled
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Ok, they actually can do nothing to your documents. It's just a copy. How are they able to use them? Is there any real life examples?
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You guys have a point. Are there any platforms where I can buy crypto without KYC?
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It is obvious most people are not comfortable with KYC verification that is increasingly becoming common anytime one wish to participate in a project.
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It is obvious most people are not comfortable with KYC verification that is increasingly becoming common anytime one wish to participate in a project.
if the project developers and team members of the project you are interested in are Kyc verified and if they are following all the rules of the country from which they are developing their project, then in my opinion, their is no harm in kyc verification but for the sake of bounty tokens, I would never give away my identity to some unknown people.
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KYC verification in the bounty gift makes me less comfortable. Especially with the data security that I submit. We don't know the clarity of the data I ran where and who brought it.
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KYC verification in the bounty gift makes me less comfortable. Especially with the data security that I submit. We don't know the clarity of the data I ran where and who brought it.
What kind of data do they usually ask for bounties?
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It is obvious most people are not comfortable with KYC verification that is increasingly becoming common anytime one wish to participate in a project.
if the project developers and team members of the project you are interested in are Kyc verified and if they are following all the rules of the country from which they are developing their project, then in my opinion, their is no harm in kyc verification but for the sake of bounty tokens, I would never give away my identity to some unknown people.
How do you check if they follow all the rules?
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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.
It's always a good idea to know the kind of project we are doing KYC into because many projects in the cryptocurrency world are scams and they tend to steal your identity putting you into trouble..
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KYC is quite a sore subject for bounty players and in fact none of the bounty managers can not allow to spoil their reputation without stating in the bounty about the need to pass KYC from the beginning. With regards to passing it is all just experienced baotist and selection of suitable project carefully, i.e. no errors in the passage identify he isn't, because the work was wasted time and effort. And finally KYC since the end of spring does not stop the bounty in the participation in the project, and some on the contrary are looking for projects with such a serious approach.
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Ok, they actually can do nothing to your documents. It's just a copy. How are they able to use them? Is there any real life examples?
KYC documents from crypto project / exchanges get sold of the darkweb. Why people buy them and what they do with them can't be good, but it could allow some people to impersonate someone else by using their documents as KYC (when a selfie isn't required), which is often enough to be honest.
KYC verification in the bounty gift makes me less comfortable. Especially with the data security that I submit. We don't know the clarity of the data I ran where and who brought it.
What kind of data do they usually ask for bounties?
Usually passport front, main & selfie with passport. Sometimes it can even be proof of address (bank statement / utility bill) as well.
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Ok, they actually can do nothing to your documents. It's just a copy. How are they able to use them? Is there any real life examples?
KYC documents from crypto project / exchanges get sold of the darkweb. Why people buy them and what they do with them can't be good, but it could allow some people to impersonate someone else by using their documents as KYC (when a selfie isn't required), which is often enough to be honest.
KYC verification in the bounty gift makes me less comfortable. Especially with the data security that I submit. We don't know the clarity of the data I ran where and who brought it.
What kind of data do they usually ask for bounties?
Usually passport front, main & selfie with passport. Sometimes it can even be proof of address (bank statement / utility bill) as well.
That's what I was afraid to hear. I mean, it's cool sending the money fast and without problems by means of crypto, but risking your documents being leaked.... :(
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Ok, they actually can do nothing to your documents. It's just a copy. How are they able to use them? Is there any real life examples?
KYC documents from crypto project / exchanges get sold of the darkweb. Why people buy them and what they do with them can't be good, but it could allow some people to impersonate someone else by using their documents as KYC (when a selfie isn't required), which is often enough to be honest.
KYC verification in the bounty gift makes me less comfortable. Especially with the data security that I submit. We don't know the clarity of the data I ran where and who brought it.
What kind of data do they usually ask for bounties?
Usually passport front, main & selfie with passport. Sometimes it can even be proof of address (bank statement / utility bill) as well.
Well, there is no reason to ask for KYC cause a person does not buy tokens, it's a gift. Can't get this logic.
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I fully support you and agree with you. I am not aware that anyone needs my personal data, photos, and so on. why is it for them? I am tired of worrying when someone requests my personal data from me and I do not agree with such conditions. Who knows how and when will your personal data be used and if I will not have such problems when you visit other countries. Your personal data can then to be used by fraudsters in bad affairs
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I agree with you they should not require KYC for bounty campaigns, It is risky to send our ID to unknown person, I'm sure they will use it to scam people.
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I really hate those bounty campaigns who requires KYC for their participants but we can't really blame them for being safety first agains frauds and multi accounts to save their project from cheaters.
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Well, it may be true, one of the first aims of cryptocurrency is for a decentralized financial system. However, during the growing age of the cryptocurrency world, it is more complicated than it is. Soe projects or coins need KYC because there is the correlation to the banking system and centralized ways. Just be selective when we are going to participate in the KYC process.
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The question is not even that cryptocurrency is not subject to regulation, and therefore we must be against the KYC verification. The requirement to undergo a KYC check on ICO bounty campaign participants is generally illegal, since such a check has completely different tasks. It should be conducted only for the purpose of preventing the laundering of dirty money and the fight against the financing of terrorism. For other purposes, it should not be applied, as this violates our privacy rights.
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I know what we think about KYC. It has a high risk with there is no guarantee of its security. I also agree with people who refuse KYC procedure on bounties. Except I am an investor, I will never do KYC for something that has no guarantee.
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I really don't like KYC especially to pursue a little money, for hunters, it is better if the KYC process is reviewed for cryptocurrency, for example only for transactions above 10K $ or more
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Though I have seen many people condemning KYC but you will still find some if them doing it. If only we can unite, i don't see the reason why bounty hunters should be involve in KYC because of a reward that is nothing.
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I don't support KYC. I think as a bounty hunter there is no need of KYC. I think if you are an investor then it is required.
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Actually, one of the things that made me object to the KYC system was my trust in the project team, whether they could be trusted to store our data safely at any time. Because this is a personal identity and we give it to someone who doesn't know what it looks like. Although in the name of the system requirements and regulations related to the bank, sometimes this is also hard for me personally. But sometimes we cannot deny that the KYC system also needs to minimize spammers or scammers.
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True... I don't support KYC in cryptocurrency. These days it's becoming too much, almost all projects demand KYC and it's very risky to release one's personal identity and information to strangers. Identify theft is on the rise now and risking our identity to people we don't know is dangerous. Many of these projects that demand kyc don't even make sense at the end of the day. It's necessary attimes no doubt but Releasing our personal information in the name of kyc does more harm than good.