Quote from: Coolcryptovator on September 22, 2018, 05:35:08 PM

I am not fan of KYC. I know there might be other threads about KYC. But I would like to describe myself why I am not fan of KYC.

Main reasone of I am not fan of KYC is fake ICO. How can I trust them with my personal identy even they are fake themselves. Many ICO asking KYC for airdrop, bounty and buy token. There is high risk to provide them my personal details. If they scam and use our identy on wrong way than what can we do? Nothing, we can't do anything with them. They might use it others illegal activity which is harmful for us. Suppose they can launch another ICO with using ours identy than what we can do if we are not aware about it ? But we will victims if they scam again. Also they could sold your details, like you can buy email list of crypto investors. Lot of ICO I have seen they are used others identy. Once we asked real persone than he don't know about that. But unfortunately we can see team has verify some of website like ICO listing. That means they are steal identy of others. That's why I am not fan of KYC.

Also there is chance hack of database. Imagine, if hacked database with KYC details than what happen? Hacker could use KYC details elsewhere. So obviously KYC is a danger system.

Before submit your KYC must know about their background. Some website we can trust like bittrex. But it doesn't mean we should trust all over ICO. Can some one explain why it is necessary to submit KYC for airdrop or get bounty stake? I don't think so it's necesarry. All crypto transactions are anonymous. So why I need to verify KYC.

In my opinion investors should ask KYC for ICO team. Because investors are investing their hard work money. Team should prove themselves they are real. May be team will explain to avoid multiple account they are asking for KYC. I am not agree with that. I can create multiple account even with KYC. I have family member and friends so I can used their identy to verify KYC. So it's not appropriate reasone to ask for KYC.

Be careful before submit your KYC on any ICO website. It might be harmful for you once.

I believe that the KYC system is a crap for weak people.