Do I need KYC for generosity? - page 6.

ityandsyn

member

Activity: 490

Merit: 11

Quote from: NeuroticFish on November 26, 2018, 01:55:43 AM

There are multiple causes for this ...

1. Some legit ICOs can use KYC to reduce the number of fake accounts trying to benefit their "generosity".
2. Some not-sure-if-legit-probably-no will sell the KYC info to the highest bidder.
3. Some bounty managers may use KYC to not pay for some work done.

All in all, since the ICO/bounty/airdrop is made my people you don't know and you are not sure about their intentions, it's safer to not give out your info so easy, since you may have nasty surprises later on.
Even if you'll lose a couple of easy bucks because of that.

Your thoughts are very specific and understandable , I highly appreciate to this , so KYC requirement should be included of the rules in the very bigenning and not included to their rights to change the rules , just to be fair and have the option either to join or not , after all we will be forced to render just to claim our tokens .

Anna Borisovna

member

Activity: 378

Merit: 10

WPP ENERGY - BACKED ASSET GREEN ENERGY TOKEN

Quote from: Vektrum on November 26, 2018, 12:44:19 AM

Recently, more and more arguments have arisen that ICO generosity campaign participants really need to be tested by KYC in order for ICO teams to provide information that their tokens are distributed to specific people. In my opinion, this generally sounds like something stupid. Who and why should the ICO team provide such data? Tokens are not much different from any other product, and stating that merchants need to know who they are selling is stupid.
You welcome the situation when we go into the store and in order to purchase any product and we will be asked to first fill out a special form with your confidential data? Do you think that this is different from the situation with cryptocurrency?

the very procedure of confirming that you are not a bot is good
but it’s also unpleasant enough for me to share my personal data with anyone, not with a specific person, but with the team and where this data can go further - it’s not clear
she is imperfect and risky
I think that you need to identify yourself, but you need an alternative and more confidential way

GmBoom

jr. member

Activity: 322

Merit: 2

Quote from: Vektrum on November 26, 2018, 12:44:19 AM

Recently, more and more arguments have arisen that ICO generosity campaign participants really need to be tested by KYC in order for ICO teams to provide information that their tokens are distributed to specific people. In my opinion, this generally sounds like something stupid. Who and why should the ICO team provide such data? Tokens are not much different from any other product, and stating that merchants need to know who they are selling is stupid.
You welcome the situation when we go into the store and in order to purchase any product and we will be asked to first fill out a special form with your confidential data? Do you think that this is different from the situation with cryptocurrency?

When you encounter projects like this that requires you to give out your KYC for in return for a coin. Seriously, get out on it. Do not intend to give your information on that easy. Protect you privacy with big confidentiality. Because it might be used so some cyber attacks.

l10no

full member

Activity: 518

Merit: 101

yes right, it's very suspicious, it's better to ask first than regret later on, if it really doesn't make sense, indeed there must be clarification before you submit your personal data

Ghebung Masam

member

Activity: 280

Merit: 10

Bcnex - The Ultimate Blockchain Trading Platform

I am very uncomfortable in KYC requirements that require every investor to provide personal data. Whatever reason they give, I still disagree and will leave the ICO that has KYC requirements for its investors.

Jadesola

member

Activity: 280

Merit: 11

The idea is KYC for investors to me is not a bad idea but bringing bounty hunters into this is what i fo not agree with.This KYC of a thing is now been used to take people data for negative purpose.

Ramtapsbtc

member

Activity: 364

Merit: 10

To participate in an ICO, maybe KYC will be needed as some countries don't allow their people to engage in such trade but for bounty participants it is sad to note that team are doing this maybe because they want to catch cheaters and not to know where their token will go to.

khoapham89

copper member

Activity: 101

Merit: 2

Quote from: Vektrum on November 26, 2018, 12:44:19 AM

In my opinion, this generally sounds like something stupid.

This is not stupid. There are some reasons for that

Because of their own benefit:

Quote from: NeuroticFish on November 26, 2018, 01:55:43 AM

1. Some legit ICOs can use KYC to reduce the number of fake accounts trying to benefit their "generosity".

Because of legitimacy:

Quote from: BitcoinHodler on November 26, 2018, 03:24:47 AM

all the method they are using (ICO) is not legal in most places in the world and is not regulated in anywhere.

Some projects are placed in countries not accepting cryptocurrency. Or they are trying to get away from investors coming from restricted countries.

Because of Anti Money Laundering (AML), I think this is the main reason of almost KYC requirement. Because of the anonymity of cryptocurrency, they are worried that they will be involved in unlawful events. Do you want to be caught by interpol while you are deploying your project?

MadGamer

legendary

Activity: 1568

Merit: 1031

I'm honestly against KYC because it defeats the whole purpose of cryptocurrencies and anonymity. I understand the need of asking users for identity while investing because they have to comply with laws and regulations of their country but while participating in Bounties and airdrops? this sounds ridiculous and looks more like an attempt to collect and sell user's data.

oioioi

jr. member

Activity: 294

Merit: 1

for a while ago, KYC was unnecessary and sounded stupid if it was implemented into ICO, it only worsened sales, but for now, seeing a lot of ICOs with poor quality levels, I think KYC is one of the determinants, is ICO good or bad quality, because ICO with good quality, it needs to do a good security system with KYC

BitcoinHodler

hero member

Activity: 1456

Merit: 579

HODLing is an art, not just a word...

you have to ask yourself this: are they regulated?

the answer is simply NO.
they are running a token in an unregulated market, using a payment method with tokens and cryptocurrencies that are not regulated and they don't have a legitimate business either. and to top it all the method they are using (ICO) is not legal in most places in the world and is not regulated in anywhere.
so with all that not-regulated status why would they only choose one part of regulation which is KYC?

NeuroticFish

legendary

Activity: 3668

Merit: 6382

Looking for campaign manager? Contact icopress!

There are multiple causes for this ...

1. Some legit ICOs can use KYC to reduce the number of fake accounts trying to benefit their "generosity".
2. Some not-sure-if-legit-probably-no will sell the KYC info to the highest bidder.
3. Some bounty managers may use KYC to not pay for some work done.

All in all, since the ICO/bounty/airdrop is made my people you don't know and you are not sure about their intentions, it's safer to not give out your info so easy, since you may have nasty surprises later on.
Even if you'll lose a couple of easy bucks because of that.

rosezionjohn

sr. member

Activity: 882

Merit: 301

I believe that KYC requirement is mainly for protection of project founders from existing or future government regulations. Many ICOs originally never planned to require KYC from generosity campaigners but have to change rules for the same reason I already stated.

Argoo

sr. member

Activity: 2352

Merit: 245

Yes, the situation with checking KYC begins to reach the point of absurdity. Such verification is still justified for investors, especially those who invest heavily in ICO projects. However, for ICO generosity campaigners, who receive a small amount of free tokens for their services to promote the ICO project, KYC is in any case redundant.
This situation really resembles the purchase of goods in a trading company and it looks quite funny.

Vektrum

member

Activity: 420

Merit: 14

Recently, more and more arguments have arisen that ICO generosity campaign participants really need to be tested by KYC in order for ICO teams to provide information that their tokens are distributed to specific people. In my opinion, this generally sounds like something stupid. Who and why should the ICO team provide such data? Tokens are not much different from any other product, and stating that merchants need to know who they are selling is stupid.
You welcome the situation when we go into the store and in order to purchase any product and we will be asked to first fill out a special form with your confidential data? Do you think that this is different from the situation with cryptocurrency?

Topic: Do I need KYC for generosity? - page 6. (Read 880 times)