Topic: Are You Afraid of KYC? - page 12. (Read 31966 times)

^^^ I am not surprised. I have seen this many many times here in Bitcointalk. These bounty campaigns never mention about KYC in the beginning. And initially they are supposed to run for one or two months. They extend this duration several times and in the end the campaign which was supposed to be over in one month takes more than one year.

And once it is clear that they can't extend the campaign anymore, the next trick is revealed. KYC. They announce that KYC is mandatory, in case the participants want to receive their rewards. Now this KYC process is going to take a few months and by then the team will be able to complete the ICO process, pocket the funds, and vanish.

Here KYC is one of the many tools being used to scam people.

I participated in the subscription campaign of the ICO project ADAB and so far I can not say that this is a scam. The ICO has been held since July last year and its holding period has been extended several times. It was first announced that it will last until November 11, then until December 30, then until March 31 of this year and for the ICO signature campaign it was completed on March 31. In the ADAB bounty branch it was constantly stated that there would be no KYC checks and this also caused me to join this ICO. However, at the end of the ICO, in their group of telegrams, they first began to indicate how the KYC verification is possible, since this is the First Islamic Cryptocurrency Bank, and then they began to assert that the KYC verification would be necessary after completing all the additional ICO-related activities. Now we have counted in the table the final amount of tokens due, KYC verification is expected in about a month, they promise that it will not be too big.
I hope that this project will be successful for bounty hunters.
From the point of view of the KYC audit, of course, it is not very pleasant when the ICO team already changes its opinion during the course of the audit, and all the more such a check is carried out a long time after the end of the ICO. Many projects use this technique in order not to pay bounty hunters tokens earned by them.

for further details on whether the project is scam or not, we better discuss it at the forum

I think we certainly are not arbitrary by joining the project / ICO because we are also watching closely when we are sure and examining the project is real then why not ...... we cannot be afraid to fill the kyc ....

You are talking about the Adab exchange, right? I would be more cautious, as the user who had posted the ANN and bounty threads is having red-trust. Also, I checked their bounty thread and there is no requirement for KYC there. If SOME people think that it is a scam, then study the allegations carefully before sending your scanned copy of the passport to them.

EDIT: I think that the Adab project is indeed a scam.

Their first bounty campaign ran for almost one year and became dead last month. Obviously, no one received any reward. The thread is here:

https://bitcointalksearch.org/topic/bounty-adab-first-islamic-crypto-exchange-480-000-rewards-4722627

The second bounty campaign is currently running:

https://bitcointalksearch.org/topic/ieoextra-bounty-adab-solutions-soft-cap-reached-5133048

People now only give KYC where they think it is trustworthy and project could be worth it rest in bounty people have stopped it giving due to the KYC and not sure about the project as well. Due to which now days not many are successful in their projects.

You have a very comprehensive forum
باربری غرب تهران
نظافت منزل آفتاب
چاپ برگ زرین

I don't have anything against with KYC procedure, because I already done that with my local crypto exchanges. What I'm hesitant with this procedure is from those unknown exchanges, where you don't know if they have license to operate or not. Most of them are just faking their licenses.

cyc is now commonly used in several platforms and its main bounty projects are exchanges and I don't think there is anything to fear and it's just that I hope the Kyc service providers have user-friendly widgets that will make seamless KYC difficult

Thats fine if a requirement is stated clearly before the campaign.   The iffy part is when they alter details after the fact, allowing participation but then introducing a new rule for payment not previously stated.    Its not security related admin if the biggest risk to people is the operators of the KYC

KYC should be done independently of the people paying out really.   Especially for a startup because who are they to be deciding worthiness and the main reason is there is a bias to forever forget a payment is due where KYC is a given reason.    Wiping amounts owed with KYC as a reason means there is a benefit to finding fault where there is none

I am afraid of KYC because I just hate to do that I feel like a waste of time on it seriously I think that to create an account and confirm your account is enough this KYC is like disgusting that I really never want to do that

Some of us are wary in the real intentions of the KYC but if you made a research on the ICO before joining their bounty, your worrying might be lessened. Several countries had already imposed some regulations on their crypto exchanges and initial coin offerings and this include KYC on every participant/investor. ICOs that requires KYC are increasing so it better to find first if the coin offering is legitimate before buying their coin or joining their bounty.

It is hardly possible to raise the question of trust in the ICO project team, then read their documents and look at the submitted photos as members of the ICO team. Doubt will be here anyway. Therefore, we have to risk our time and effort and participate in signature campaigns and other bounty campaigns of ICO.
No one can say for sure if there are any regulations that would oblige us, as bounty hunters, to undergo a KYC test. I believe that such responsibilities do not exist for us. Requiring us to undergo a KYC check is an invention of the members of the ICO themselves.

this is exactly why I think kyc and any government involvement within cryptocurrency is a bad direction.
bitcoin was supposed to be decentralized so that governments couldn't prevent it's use, yet people still aim to allow the government to overstep its boundaries and arrest people for seeking a better way to exist.

I don't know who started this KYC for bounty hunters, I have apprehensions doing KYC because  I read so many sensitive information being sold in the black market and I can only do KYC to our government institutions, and private banks because they are compliant, and nobody can guaranty these online projects will not make a turn around and run with your money and sensitive information.

Other users may be OK with the KYC process, but my situation is very precarious. In my country all forms of crypto-currency is banned and anyone caught trading crypto is arrested and charged with criminal offenses. A few months back some Bitcoin traders were arrested in Kathmandu. They were released on bail only after spending two weeks in prison. If I submit my KYC documents, then it will expose my identity and put me at the risk of arrest.

Yeah. It will depend on you. Go with the KYC or stay on that and find another company that not require KYC. Is that very simple why you continue promoting if you know how to handle it? I noticed that most projects now is has implementing KYC. So, maybe let us just accept that all project now had KYC.

Do the KYC if the trust the team, there is a risk but if you trust you won't mind the risk.
The bounty campaign nowadays have change, they require KYC for participants which we think they are suspicious but that's the rule now, so either we follow and join the bounty or look for another bounty.

I will soon do a KYC in Adabsolutions, I believe in the project and have promoted the project for 4 months I don't want all my efforts to go to waste and besides, Adabsolutions is one project that I believe has a good potential even though some people think it's a scam, it's everyone for himself when it comes to investing.

the only thing that concerns me is my vital information will be made public or a third party which has nothing to do where I submit my information will have access on it, I am ok with doing KYC to a bank because they are compliant but never to ICO which admin we don't know are indeed real.