Post
Topic
Board Beginners & Help
Merits 8 from 3 users
Re: Why KYC is extremely dangerous – and useless
by
stompix
on 29/01/2020, 09:52:44 UTC
⭐ Merited by 1miau (4) ,o_e_l_e_o (2) ,Foxpup (2)
Yeah, KYC started well on paper.
Then it was badly implemented and was abused, it leads to people doing this only to harvest data and if we talk about the crypto enviroment...it's a disaster.

I have a 10+ account on PayPal, all they ever asked from me was that confirmation code from the first charge they put on my card.
And that's all they need to know in reality, via my bank they have all the details they need for KYC, a mugshot from an individual that could not even exist (hello faceapp) and a bill from the gas company that I receive in pdf format and I can edit how much I want it before printing is not really KYC.

But when it comes to crypto, it's hilarious.
KYC for what? For receiving some shitty tokens for some other shitty tokens in jurisdictions those are not even regulated?
And who is doing this KYC? The 99.9% scammy ICOs that will run with the money before any agencies can even hear of their business?

Anyhow, nothing will change.
A million people will come to this topic and say that KYC is dangerous and people shouldn't do it and one day later  999 999 of them will send their pictures, their IDs, their cat pedigree and a list of their's wife girlfriends with who they've cheated for 10 lollapalooza coins.