Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: CebuBitcoin on October 13, 2018, 04:34:26 PM
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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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Exactly true. One of the greatest causes of cryptocurrency is that the identity is unknown. But nowadays we can not trade at any place until we approve of our identity. This also has the right sides, but without cryptocurrency there was a terror. Decentralized exchanges are also can manage. We just came to a situation where we are forced to use it.
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Kyc required by investor in ICO with purpose to verify their identity, if they from china or USA its not legal. So KYC have a good purpose in my opinion
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You are right, but the reality is that there are many new Cryptocurrency projects that require KYC for anyone who wants to participate in it. This is all because in the past, many people cheated the bounty project. So that KYC is now required to let them know the identity of the people who participated in it. But what many people fear is that the identity we send is misused for negative actions.
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Sure I am not also comfortable with kyc. Is not convenient in my part to provide my personal profile to the project or individual whom I don't know in reality. If I have a choice I won't join project that requires kyc.
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Kyc is regulation in a country. how can you avoid regulation? I also do not agree with the KYC procedure for investment in crypto.