A call for mandatory KYC for core members of projects conducting an ICO or IEO.

bitsurfer2014

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Quote from: serjent05 on June 09, 2019, 11:02:44 AM

Quote from: fallensky7 on June 09, 2019, 05:03:51 AM

I agree with you about the need to introduce a mandatory KYC procedure for the ICO team. I think this is very important for assessing the reliability and success of the project. If investors know all about the developers, then there will be less scam and cheating on projects and will attract more potential investors.

Implementing this needs a central authority. There are lots of factors to consider but if government will step in, those problem regarding who will conduct the KYC for ICO projec developer will be solved. Without government intervention, there will be lots of KYC verifying company to sprout taking advantage of this new profitable venture. Another problem is how credible are those company that will conduct KYC.

I think those 3rd party KYC providers will not risk their business integrity or possibly loose their business if they deliberately falsify identity records of supposed to be scammers because they could also be held liable if they are found to have been conniving with those people especially if huge sums of money are involved.

zhea

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Quote from: Julunguul on June 09, 2019, 06:11:51 PM

I also began to agree with this IEO system, so that the project will have a lower scam potential because usually on the IEO if the sales target is successful, it can be ascertained that the project will be listed in the same market. Of course we have to choose a market that already has a good reputation.

IEO in the beginning is very promising for me since i think that it would at least minimize scam projects but as i have observed recently many project is doing IEO thus making it scam prone because of abuse though there are some exceptions. IMO, those IEOs which conducted in Binance is more likely to succeed as it has full support from CZ.

Julunguul

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Quote from: ?? on ??

For assurance about investment like in ICO then we can do KYC in their team who run this so we can trace them like if they scam us

Still i think KYC can copy so this is very risky like if they do this of course they plan to scam their investors so for me better to risk in IEO then try this if the trading site are already popular and useful here in crypto like Binance

I also began to agree with this IEO system, so that the project will have a lower scam potential because usually on the IEO if the sales target is successful, it can be ascertained that the project will be listed in the same market. Of course we have to choose a market that already has a good reputation.

pedpedped101

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Quote from: bitsurfer2014 on June 04, 2019, 09:49:34 AM

~

This looks more like an epistle. I think it needs some editing for it to be more interesting and appealing to the readers.
Although I understand you to an extent and I strongly agree with your points.
The issue of kyc for the core team members has been on ground for quite some time now NAD I believe some platforms are now working on it.

thehulkk

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I totally agree with you, there have been many fraudulent ICOs and no one is responsible. If KYC is required for the ICO development team we will greatly reduce fraud ICO, because customers will know more about the development team.

serjent05

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Quote from: fallensky7 on June 09, 2019, 05:03:51 AM

I agree with you about the need to introduce a mandatory KYC procedure for the ICO team. I think this is very important for assessing the reliability and success of the project. If investors know all about the developers, then there will be less scam and cheating on projects and will attract more potential investors.

Implementing this needs a central authority. There are lots of factors to consider but if government will step in, those problem regarding who will conduct the KYC for ICO projec developer will be solved. Without government intervention, there will be lots of KYC verifying company to sprout taking advantage of this new profitable venture. Another problem is how credible are those company that will conduct KYC.

Fesatmas

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Quote from: gunhell16 on June 09, 2019, 10:43:15 AM

+SUPPORT++

This is why IEO is getting more popular than the ICO now.
If a project wants to have an IEO in a certain exchange, that team will do the investigation and research over the TEAM MEMBERS of the project before launching it to public.
This will ensure more legit project and such secured investment for the people.

True to the identity of the original team and make them confident with the project being run on the sale of certain IEO exchanges, there is no doubt investors will invest there.

gunhell16

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+SUPPORT++

This is why IEO is getting more popular than the ICO now.
If a project wants to have an IEO in a certain exchange, that team will do the investigation and research over the TEAM MEMBERS of the project before launching it to public.
This will ensure more legit project and such secured investment for the people.

knuckey

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Quote from: Red-Apple on June 09, 2019, 04:58:24 AM

all of the ICO rating sites are already corrupted and are reporting fake things for those who pay them and we all know that ICO scammers are willing to pay to get their shitty token advertised
~snip~

I agree with your opinion about the bad performance of ICO rating sites and unprofessional, I also doubt and do not believe in their reports or analysis that are not transparent and not objective.

Quote from: Red-Apple on June 09, 2019, 04:58:24 AM

~snip~
that is why IEOs were created so that exchanges could get in on this and get that payment instead of letting some random site get paid while they lose the opportunity!

But it doesn't seem too fair, how can the exchange decide between the projects they will launch or not? How about projects that do not meet their IEO requirements, they will always be eliminated, even though we don't know for sure what will happen in the future.

Ucy

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Compare rates on different exchanges & swap.

I like the idea of investors demanding KYC from developers to make their real identities known too. Not sure though it would stop a bad project from failing or make developers to deliver on their promises.

Bessta

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I saw a post like this before, and I totally agree with it. If there is any people here that is required to pass a KYC, those are the project owners or managers. Because with that, the possibility of having fraud is going to reduce significantly. Because in the first place, what the hell are they going to do with the KYC we passed? But if they are going to do submit a KYC, the customers are going to know them better.

donass1

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I think IEOs are presently an indirect way of perferming KYC on project team members especially IEOs that are conducted in reputable exchanges, an exchange can lose it's reputation if it conducts a scam IEO and this has made exchanges conduct a thorough review of the project team before allowing them to conduct their sale in their exchanges.

Msworld83

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I think this is a great suggestion for every team on any project to do KYC before their token can be invest in like Bitcointalk forum should help with that too by put a rule for any thread like ANN and BOUNTY program should not blbe posted here if the team did not do any thing like kyc and this will go a long way to protect and reduce lot of scam project on this forum.

Karlinz

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Very laudable idea, I think this should be different from the days of Satoshi, currently a lot of these developers collect a lot of funds in the name of project development and eventually dump the token on unsuspecting investors. KYC for developers at this time is necessary at least it will go a long way in determining the veracity of the project, l see some ICO websites doing so for some projects and Verifying the developers but I am not sure if that is enough

fallensky7

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I agree with you about the need to introduce a mandatory KYC procedure for the ICO team. I think this is very important for assessing the reliability and success of the project. If investors know all about the developers, then there will be less scam and cheating on projects and will attract more potential investors.

Red-Apple

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all of the ICO rating sites are already corrupted and are reporting fake things for those who pay them and we all know that ICO scammers are willing to pay to get their shitty token advertised and that is why IEOs were created so that exchanges could get in on this and get that payment instead of letting some random site get paid while they lose the opportunity!

Eadefemi

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Quote from: Marry Finch on June 09, 2019, 04:10:45 AM

Our common efforts and appeals to ensure that ICO teams are tested by KYC will not bring any success. If there is no strict regulation of the activities of ICO projects by the states and their authorized bodies, the fraudsters will be able to successfully bypass all these public checks. Only a real check of the ICO team members by the relevant law enforcement agencies of the states at the place of registration of the ICO project can significantly reduce or even completely eliminate fraud in this type of activity. To do this, we will have to wait until the state during the legalization of cryptocurrency will not adopt the relevant regulations.

The most saddening thing is that such scam and fraudsters will demand kyc from investors when they know they are out to dupe people. The only solution like you said is absolute regulations of ICO projects. Proper checks should be done through a regulatory body before endorsing any project for ICO or even IEO.

Marry Finch

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Our common efforts and appeals to ensure that ICO teams are tested by KYC will not bring any success. If there is no strict regulation of the activities of ICO projects by the states and their authorized bodies, the fraudsters will be able to successfully bypass all these public checks. Only a real check of the ICO team members by the relevant law enforcement agencies of the states at the place of registration of the ICO project can significantly reduce or even completely eliminate fraud in this type of activity. To do this, we will have to wait until the state during the legalization of cryptocurrency will not adopt the relevant regulations.

Vinalians

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Let's say in the ICO first. If the KYC implemented last year for sure there will be less scam project today and for sure the new ICO projects will still be the best investment. I hope today they do it on the IEO to put those owners or applicant to pass their own KYC for the assurance that they will now run the money.

bitsurfer2014

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Quote from: bigcash2011 on June 04, 2019, 12:35:12 PM

I gave this suggestion too and that too couple of years ago but the fact is that there is no regulatory or implementatiom authority or body present and exchanges are centralized either their should be a global authority for ico registration, team kyc and details, ico clearance and licensing or the bigger exchanges should act like it and afyer thorough due diligence they should put public all the require data to public before the listing of an IEO.

Yes you're right! The lack of central authority to enforce KYC process for every ICO or IEO further supports this notion that there should be a way to require them to undergo this process and that I think it should start on every member of the crypto-community's demand and insistence and if those projects fail to undergo such process in due time, then we might think of it as a red flag and be cautious about that particular project and I guess most projects would not like to be in that kind of doubtful situation. Imho.

Topic: A call for mandatory KYC for core members of projects conducting an ICO or IEO. (Read 323 times)