Looks like pretty soon most exchanges and even ICOs are gonna make us go through KYC procedures. We’ll have to submit copies of our ID and other legal docs just to access their services or programs. It's becoming as normal as using a password or 2FA.
Personally, I'm not too bothered by it, but I do share the same concerns as everyone else about my personal info possibly getting into the wrong hands. There's always that risk when we're active online. Some shady characters might be thousands of miles away but can reach us with just a click.
So, what worries do you guys have about KYC becoming as common as instant noodles?
It feels like another problem such as merit system. KYC is another trial and big problem also in the users just like you and me. I agree for KYC to prevent scammers and multi account also. But as I recall many users are didn't pass KYC in their campaign and they didn't get their tokens so this is another disadvantage of users for requiring KYC. And many campaigns also are slow for auditing the KYC as you can see many users probably students because they didn't have government ID just like KYC requirements. But in the end this KYC process is a problem. This is a concern who are bounty hunters.
KYCs are not the problem here. The problem I see is where you are entrusting your information to. Because their are certain ICOs that will only fish out your information as it has more value for them rather than the token they are creating. KYCs are a requirement of some countries' government as it is their way of regulating or being in touch with their citizens. What I would normally do before trusting my personal information to other entities such as ICOs or even exchanges I will research on them if they have a good background.
I am afraid of KYC. I dont even publish my name anywhere, I dont use any social network because dont want someone to gather my privat information. Any database may be stolen or sold to criminals. I will reject any ICO program or bounty campaign which requires KYC procedure. I live in new world with new opportunities which bitcoin gave us
I do not understand how it can be good for security that you transfer your personal data and copies of your documents directly into the hands of scammers? According to statistics from 902 ICO projects, a third turned out to be scammers. Even if a company that conducts an ICO and is registered in a country where it is required to conduct a KYC audit, this does not mean that such a company will not later be fraudulent.
Im also afraid on KYC because it can really be use into dirty things, but I cant do anything about it because I need to fill it up as one of a requirements in big exchanges. Just be careful on giving your information on any ICO because the risk is high there.
A decentralized or Anonymous things are slowly changing, this KYC makes this market a more centralized. We will surely afraid on this thing because in the first place we are here to remain anonymous, and then suddenly KYC takes in to change the tradition. Hopefully this thing will be use on its real purpose.
I am afraid of the widespread introduction of the KYC verification system. Cryptocurrencies are losing their independence. Some exchanges now require such a procedure even for cryptocurrency trading. It's wrong. Initially, such a requirement was necessary only for the possibility of withdrawal of Fiat. Now this becomes the norm for all operations. Then there will be requirements of blocking and seizure of accounts. Cryptocurrencies will turn into Fiat.
I'm not afraid of that as long as I know I'm getting involved in something trustworthy, which by no mean would use my personal information negatively. Though I also wish it doesn't get implemented on everything like exchanges and all. Right now we feel like we are free to do our financial works with cryptocurrencies without anyone knowing about it, but once every single service starts to implement KYC requirements, it will just be like using a bank where everyone working in there knows about my activities. But that doesn't bother me as long as my activities are not shady, so it is not a big problem for me, but still, I like it more right now, without KYC.
When you decide to involve into crypto trading, you are ready the risk of it.
So when you decide to involve into project ,are you willing to take the risk by giving your KYC ?
For me, If I trust the project, I won't doubt to give it !
There are various modes perpetrated by the perpetrators to conceal or disguise the origin of the property, one of which is to incorporate the proceeds of the criminal act into the financial system, especially into the banking system. Thus the origin of such property can not be traced by law enforcement. This mode is called money laundering (Money Laundering).
I fully agreed with you sir, I know each one of us here was having a different perception of filling KYC in the bounty campaign project. His right if you trust that project that you are promoting then why you are afraid of KYC. Joining in social media's campaign they know already you the how much more just simply giving a little information to them, unless if you are the Hollywood actor here you might hide your real identity. Then for me, that is not a big deal to reveal my real identity.
No, I think it's a good idea to trust the company I want. If I'm not sure, I don't do it. It gives both sides more security and keeps potential scammers away.
We're not 100% anonymous on the internet anyway, so I don't have a problem with doing a kyc when investing. I wouldn't like to do it for small bounty campaigns or airdrops, though.
The problem is that questionable characters won't just be trying to hack exchanges to steal the various coins anymore. They'll also be trying to hack in to steal potentially valuable personal details which could be used to commit identity theft. If anything, it just paints an even bigger target on some already fairly large targets.
And as Rustamm stated, those of you freely handing your personal information over to ICOs scammers are just asking for trouble. Since when has it ever been a good idea to send copies of your legal documents to strangers on the internet? Some of you clearly need to watch the first Futurama movie again:
My biggest mistak was to fully verify myself at Bitstamp, where my mistake isn't specifically targeted at Bitstamp, but just the general fact that people I don't know have access to very precious personal information. I sent Bitstamp an email a while ago, asking whether or not it was possible to have all my details be erased from their system, including my account, but the answer was that they were legally not allowed to do so. In other words, my personal information is stored on their servers for ever, and I am now forced to pay tax because there is no way to move around it. I promised myself to never ever make the same mistake again, and I will stick to that.
There are people who are not willing to put their personal information even on social medias that's why if the developer and manager would want a KYC then they should be transparent also of revealing their real identities since it is almost likely that you two are meeting each other in a single place. By doing this i think it would help the investors to get some ease of being scammed by someone that who doesn't have a real identity.
Generally I'm not afraid because I only invest in those ICOs that I trust so I'm not afraid that they would use my data for other purposes.
And here is another reason why regulation is good when it comes to ICOs. Because if they are regulated with laws then company also needs to follow law about personal data protection.
KYC is also for our protection, I'm not afraid on this and I've done this thing before on a big exchanges that I trust.
People might afraid on this because they think being anonymous will make them more safe, which is not.
The scary thing about KYC is that if those company sold their data base in companies that are willing to pay for it, that's the biggest risk.