Quote from: ven7net on December 11, 2020, 05:05:36 PM

Quote from: CryptoBry on March 11, 2018, 03:48:47 AM

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

Personally, I treat KYC calmly and with understanding. I will give an example, if you come to the bank with a copy of the documents and want to take out a loan, then you will not succeed, if you have someone else's passport, it will also not work, for this you need a passport and a passport holder. What are your passport copies for? Perhaps for other things we do not know about, but again without you and your original document, the copies are not valid. As for KYC itself, I believe that no matter how much they talk about decentralization and its security, serious companies will always use KYC to at least get rid of scammers and bots. Don't you worry when you invest in a crypto project about the founding team of which nothing is known? I believe this is a greater risk. KYC is definitely necessary and not so scary, but if there is an opportunity to do without it, then this is also very good.

The example you gave is not very good. If we come to the bank for a loan or to resolve other issues, as well as if we apply to other state or even non-state bodies, we know who we are contacting and in case of any problems, we can always solve them in the future. If we participate in ICO bounty campaigns, we are absolutely not sure that these are the people they claim to be. As a rule, they are in another country and we will never see them. The difference is huge. In addition, a significant part of ICO project teams in the end still turn out to be scammers and therefore our fears are not groundless. I am not afraid of KYC, I hesitate to provide my identification data to persons who may turn out to be fraudsters or simply leak them.