A new look to KYC, from a customer's perspective.

Genkotsu

member

Activity: 308

Merit: 10

Quote from: andulolika on October 23, 2019, 01:29:38 PM

I consider that kind of behaviour as scamming which completly fucks up crypto's reputation.
I just see ICOs as scams mostly, it a great shame for very few projects i miss,i can say I only know of 3 ico operations top that were legit and i still believe in.

yes i know your feel about new project are just launched, moreover the team has no reputation in blockchain community/industry.
and based on the data 8/10 are ended with scamming investor, i know because i'm following the news about crypto project with shit service they offer in the front, and if the project successfully with ICO in future after end ico nothing any update

andulolika

legendary

Activity: 2310

Merit: 1047

Quote from: Genkotsu on October 23, 2019, 12:25:09 PM

it's too hard because few ico listing sites developer can pay them to make positif review about the project.
and developer can manipulate about the team member from ico listing, because for now ico listing site is a way for people to analysis some project, and this is the whole when developer can do what they want

I consider that kind of behaviour as scamming which completly fucks up crypto's reputation.
I just see ICOs as scams mostly, it a great shame for very few projects i miss,i can say I only know of 3 ico operations top that were legit and i still believe in.

Genkotsu

member

Activity: 308

Merit: 10

it's too hard because few ico listing sites developer can pay them to make positif review about the project.
and developer can manipulate about the team member from ico listing, because for now ico listing site is a way for people to analysis some project, and this is the whole when developer can do what they want

zikzag

member

Activity: 588

Merit: 10

Minter

It's time to introduce KYC for those who make ICO. Investors need guarantees that the project will be successful.

kodtycoon

legendary

Activity: 1568

Merit: 1002

Quote from: 5ensei on May 19, 2019, 06:30:42 AM

Know your CEO is exactly what is need to clean up the ICO market, there are too many horror stories about exit scams and there is nothing that can be done about it as we don't really know who the CEO is or what safety there is for investors.

no strong law makes no protection for investors, with high awareness, an investor must always be careful and always do more research before investing. so this investment is indeed very risky but because so far the growth of this industry has continued to increase, investing in industry is still a good option as long as we are able to do well with wise research

nofreecoins

jr. member

Activity: 111

Merit: 1

Bumpy, the shitcoin market just got more credible, not more useful, perhaps a bit more bitcoin to move around.
Also, a ban because a threat, thats pretty amazing, now the OP is being tagged as scammer.

5ensei

full member

Activity: 728

Merit: 103

Know your CEO is exactly what is need to clean up the ICO market, there are too many horror stories about exit scams and there is nothing that can be done about it as we don't really know who the CEO is or what safety there is for investors.

BeManga

sr. member

Activity: 962

Merit: 269

CryptoDirectories.com

Quote from: andulolika on March 17, 2019, 08:08:23 AM

So, what does KYC mean? I always hated that thing, mostly because I feelt it is an unnecesary leak of information.

With these times and all the shitcoin scams and real waste of time and money I came to the resolution that we need a new meaning for KYC.

Know Your CEO.

The best way we could prevent or atleast act in the case (most certain) of one of any new project being a scam is selecting a number of trusted users of the community to verify the "Team" of any coin just the same way we are verified in most sites.
Since most of the new coins claim the "Team" is the people shown in the pictures they shouldn't mind verifying it to this peculiar non snitch trustworthy gathering of users.

In the case a project is to be compared to bitcoin or ethereum and the team crave anonimity you shouldn't need an ICO or could provide code before launching and provide a service.

Any ideas? Would anyone actualy ask for this before investing? and keep the word and not invest without the check?

I think it is more than a fair price for trusting someone with perhaps thousands of bitcoins.

Edit: I has another interesting post few ahead for (for the ones that read op only)

that a really good idea instead of ico team knowing the investor
ICO team will provide proof that they are worth investor trust and will not just run after ICO
well today you can invest in STO instead some of them have company that offering their share or profit

profitgenerator212

sr. member

Activity: 714

Merit: 251

Quote from: andulolika on March 17, 2019, 08:08:23 AM

So, what does KYC mean? I always hated that thing, mostly because I feelt it is an unnecesary leak of information.

With these times and all the shitcoin scams and real waste of time and money I came to the resolution that we need a new meaning for KYC.

Know Your CEO.

The best way we could prevent or atleast act in the case (most certain) of one of any new project being a scam is selecting a number of trusted users of the community to verify the "Team" of any coin just the same way we are verified in most sites.
Since most of the new coins claim the "Team" is the people shown in the pictures they shouldn't mind verifying it to this peculiar non snitch trustworthy gathering of users.

In the case a project is to be compared to bitcoin or ethereum and the team crave anonimity you shouldn't need an ICO or could provide code before launching and provide a service.

Any ideas? Would anyone actualy ask for this before investing? and keep the word and not invest without the check?

I think it is more than a fair price for trusting someone with perhaps thousands of bitcoins.

Edit: I has another interesting post few ahead for (for the ones that read op only)

I am an advocate of "Know your CEO". It will be the best and most important KYC to investors atleast investors should know the the full details of the man or woman responsible for their funds and in cases of frauds, they can report rightly to the relevant authorities

Samboo

member

Activity: 434

Merit: 10

www.thegeomadao.com

I am also on the idea that KYC information is not that much necessary. Why you have to know your customer? And if you want to know your customer, what about the project owners? In some cases, they run away scamming investors and bounty hunters. Who knows them and in how many cases, they have been caught and booked? First of all, we have to know who the project owners are.

Dangthu0814

newbie

Activity: 15

Merit: 0

I think the IEO is a great idea to bypass the KYC process, projects can have accurate information of customers from the exchange and investors can also trust projects selected by the exchange.

rachman mahesa

full member

Activity: 966

Merit: 111

Quote from: nerlial on May 19, 2019, 04:39:07 AM

I think that we will never see such a thing because in each roadmap it is written that the team has nothing to do with investors and invest at your own risk. Therefore, it is better to choose IEO there at least some sort of real protection against fraudsters.

I understand the team has nothing to do with investors. But it must be remembered that the Investor believes in the project because the Team in the project is convincing, experience in the field. Of course it will be even better for trust in the project. I understand that investment is at its own risk, but if you want the project to be believed the team must do it.

nerlial

member

Activity: 546

Merit: 10

I think that we will never see such a thing because in each roadmap it is written that the team has nothing to do with investors and invest at your own risk. Therefore, it is better to choose IEO there at least some sort of real protection against fraudsters.

lyks15

full member

Activity: 546

Merit: 100

I think this is a good idea. Because there is so many scam bounty. Hunter will give time to perform into campaign and when the time of token distribution they can receive a token without any exchange site so it will be useless but when Know Your CEO will implemented that kind of bounty will surely afraid because they will have a personal information included.

veraro

full member

Activity: 966

Merit: 100

Harmony for One and All

This is a very good idea actually. I believe it will be necessary requirement for project if it want launch ico in future. I suppose legal regulations will require kyc of all team of the project. That have more sense than kyc from investors or bounty hunters.

bravehearth0319

hero member

Activity: 1022

Merit: 500

KYC here in the forum was only implemented for the investors and bounty hunters depending if the project are requiring it to all their participants. But it is good to know that if the team behind the project will also submit their KYC, so transparency to their community will not gonna think any negative about them. Instead, they will boost more about the project for sure.

Fredomago

legendary

Activity: 2996

Merit: 1054

Leading Crypto Sports Betting & Casino Platform

Quote from: Successmaniac4 on May 18, 2019, 11:08:44 AM

Well, there are so many projects that the CEO and other team members want to remain anonymous. They do not want to disclose their identity, meanwhile they want customers to disclose theirs before they purchase tokens. I think its a fair deal if both customers and team members know each other.

If the team required the participant especially those investors, it's fair to say that the developers and everyone involved from the development of this project will also provide and submit their own KYC, both needs to verified and to give some little assurance that they will not hide anything behind
while developing the projects.

Successmaniac4

member

Activity: 196

Merit: 10

Well, there are so many projects that the CEO and other team members want to remain anonymous. They do not want to disclose their identity, meanwhile they want customers to disclose theirs before they purchase tokens. I think its a fair deal if both customers and team members know each other.

Mcmich

member

Activity: 280

Merit: 10

Quote from: andulolika on March 17, 2019, 08:08:23 AM

So, what does KYC mean? I always hated that thing, mostly because I feelt it is an unnecesary leak of information.

With these times and all the shitcoin scams and real waste of time and money I came to the resolution that we need a new meaning for KYC.

Know Your CEO.

The best way we could prevent or atleast act in the case (most certain) of one of any new project being a scam is selecting a number of trusted users of the community to verify the "Team" of any coin just the same way we are verified in most sites.
Since most of the new coins claim the "Team" is the people shown in the pictures they shouldn't mind verifying it to this peculiar non snitch trustworthy gathering of users.

In the case a project is to be compared to bitcoin or ethereum and the team crave anonimity you shouldn't need an ICO or could provide code before launching and provide a service.

Any ideas? Would anyone actualy ask for this before investing? and keep the word and not invest without the check?

I think it is more than a fair price for trusting someone with perhaps thousands of bitcoins.

Edit: I has another interesting post few ahead for (for the ones that read op only)

Great post.. Honestly, the reason behind KYC is grossly abused or incorrectly done in this crypto space. Lime you said, a set of individuals from the Investors should nmbe mapped out to verify the identity of the so called team members of a project too.

pinoycash

hero member

Activity: 1316

Merit: 514

Quote from: bellaayu on May 17, 2019, 04:17:26 AM

It's stupid if you're too easy to give your identity. I see the information on Facebook that someone sells photos of other people's identities. From the case I found it, I would be very careful in doing KYC. We must check and recognize the CEO. So we are not stuck in a fake project.

Some people are force to complete their KYC due to monetary reason. Sometimes when people are in need they will do anything for money and KYC is no issues with them.

Most projects that are asking for KYC for their investors should be complete KYC first themselves by showing their real identity that can be verified online if its true or not.

Topic: A new look to KYC, from a customer's perspective. (Read 1389 times)