If new projects can go through verifications too

sgenuine

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Quote from: redsun114 on January 28, 2021, 10:46:35 AM

Do not forget about audits as well. Nowadays most of the projects that create a new crypto (could be coin, could be token, could be defi who knows) can be audited, it costs a ton of money for it to be done and it takes ages to get done as well because they look to every single line of code and every detail on the project itself and the blockchain of it, but we are talking about finding out even the slightest of problems via the audit. That way you could be sure to invest into something you know that has no problems or chance of being a scam, that is why I believe it is crucial that we check an audit or any type of verification before we invest into something, if you do not do that you are leaving chances to the luck and I am not willing to bet on my own luck and would rather invest into factual statements given by the professionals about the project.

Yes, I agree that auditing and bug hunting can protect against frustration and loss of your money. For example, a blockchain project goes to IEO, but does not provide the results of code testing and external audit of the IEO. Will you entrust your funds to such a project? No security guarantees - no investment.

redsun114

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Do not forget about audits as well. Nowadays most of the projects that create a new crypto (could be coin, could be token, could be defi who knows) can be audited, it costs a ton of money for it to be done and it takes ages to get done as well because they look to every single line of code and every detail on the project itself and the blockchain of it, but we are talking about finding out even the slightest of problems via the audit. That way you could be sure to invest into something you know that has no problems or chance of being a scam, that is why I believe it is crucial that we check an audit or any type of verification before we invest into something, if you do not do that you are leaving chances to the luck and I am not willing to bet on my own luck and would rather invest into factual statements given by the professionals about the project.

CashbackLover

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Till this day only IEO tend to fight off scammers through their crowdfunding methods, and I think they are able to be strict with it because of who they are, they don't want to ruin their long term strong reputation, binance launchpads, KUCoin, gate.io, huobi are all reliable when it comes to new ICO projects

CashbackLover

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Quote from: OasisDre on November 26, 2020, 11:05:20 AM

Im wondering if it's possible for new projects team to go through KYC themselves, why is it always investors going through KYC just to buy presale and tokens in crowdfunding? If teams are going through verifications it will be easier to track them down if they scam people, but how is this ever going to happen? Only top exchanges have such power for example binance, to save their credibility they have to do good screening on the project first, on teams and on projects use case, what do you think will work better ? SEC? Or what?

It's a wish but it's never going to happen unless crypto get regulated and monitored but doing so will make crypto less powerful and vulnerable to manipulations from the law of regulations, the oy solution I can think of is better ICO like platform that will go deep into projects and be ready to hold teams responsible for any injustice moves or scammy ways

kram31

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Quote from: OasisDre on November 26, 2020, 11:05:20 AM

Im wondering if it's possible for new projects team to go through KYC themselves, why is it always investors going through KYC just to buy presale and tokens in crowdfunding? If teams are going through verifications it will be easier to track them down if they scam people, but how is this ever going to happen? Only top exchanges have such power for example binance, to save their credibility they have to do good screening on the project first, on teams and on projects use case, what do you think will work better ? SEC? Or what?

Anyway, it is their rules to do it and they part of the team project as well. But there are other projects campaign arise
here who has already listed under by SEC, but there are few of them only as far as I know. And still even is like that, there are
some of the projects even they don't any SEC requirements they can still give the bounty allocation without the KYC procedure.

Mighty_crypt

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Quote from: Brindez_kromo on January 26, 2021, 11:39:42 AM

KYC must be done for countries that have regulations and require KYC to know the data of investors and project holders, for example country requiring KYC U.S
But I am a person who does not like KYC on a new project because cammers could have misused the use of the data we send. Please think,This is a new project and must be very scary

And how many new projects you see that are from US this year? Cos I don't see any, even those that are supposed to be launched this year are on halt because of lawsuit and regulations, they are been extremely careful because of SEC, majority of new crypto projects won't come from US, I'm sure of this

Brindez_kromo

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KYC must be done for countries that have regulations and require KYC to know the data of investors and project holders, for example country requiring KYC U.S
But I am a person who does not like KYC on a new project because cammers could have misused the use of the data we send. Please think,This is a new project and must be very scary

perla

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We are not really sure about that, I don't think team members should undergo KYC too. I think they will only require the investors and not the team itself but I think if they would be having the KYC I'm pretty sure many investors especially here in the forum will be interested to that particular project.

slaman29

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Quote from: Shallow on January 26, 2021, 02:04:42 AM

If this is to happen, I don't think many scam projects would have been created because there are instances where a project team will steal people's identity in order to look credible and in the end scamming their investors, which is the reason it is advisable to study the team of a project in order to know how credible they are. But the question would be, how can this be actualized when this space was meant to be decentralized, nevertheless I believe top exchanges do verify the project team of any project aiming to carry out IEO on their exchange, and I think this was the reason exit scams witnessed during ICO reduced considerably hence restoring investors confidence.
However, nowadays most projects are claiming to be Defi thus no way to verify the team or even know who they are, this also gives them the opportunity to exit scam as they want. Therefore in my own opinion, I think this might be hard to achieve, thus let's try our best to research on any project we want to invest in before doing so.

It doesn't even need to steal identities. They can pay a few people to have real and actual, verifiable ones. And it can still end up as a scam. I know, because I've done my share of investing in projects. Due diligence, real people, real companies. But when they scammed, there was nothing we could do either. Even got some refund from escrow but the escrowers themselves let us down to be honest.

abel1337

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Projects can only give us project heads identity that can be found on white paper and this information is a great help researching about the project. It sucks but KYC is required by projects because of the protocols implemented to them. Having a KYC on the project team can't assure the quality of the project though it somehow improves the trust we can give to them.

coin-investor

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Quote from: OasisDre on November 26, 2020, 11:05:20 AM

Im wondering if it's possible for new projects team to go through KYC themselves, why is it always investors going through KYC just to buy presale and tokens in crowdfunding? If teams are going through verifications it will be easier to track them down if they scam people, but how is this ever going to happen? Only top exchanges have such power for example binance, to save their credibility they have to do good screening on the project first, on teams and on projects use case, what do you think will work better ? SEC? Or what?

Exchanges are doing this through their IEO, some projects who opted for ICO do no thave any entity that regulates their crowdfunding, SEC can only do that if they are accepting Americans to be part of their investors, that is why we see a lot of ICO, do not accept Americans in their crowdfunding, they do not want SEC attention, crowdfunding is based on trust if you have a hint or you think that the people behind the project, are suspicious better not proceed.

masterrex

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That was also my question since 2017, but it just limited to those projects that have done with any fundraising campaigns like ICO, IEO, etc., and to all projects that have token offerings to the public/investors, they should be transparent and observe fairness by revealing they're true identity to the public to prevent any exit scammed practices.

KaratX

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Not going to work cos most new projects are now claiming decentralized, also we have standard DEX exchanges too, making things easier for new projects to do as they want, we have IDO (initial decentralized offering) too for those who don't want to raise funds through centralized exchanges, there are many ways to avoid verifications and regulations in crypto space now

kenelmark

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Quote from: RabbiTANK on January 26, 2021, 03:27:35 AM

It's already in work since IEO got launched, without verifications top exchanges can't trust new projects and won't allow them on their platform, it's why I prefer IEO over other crowdfunding, the top exchanges have something to lose (reputation) that's why they must protect users at all cost

Yes, it is clear that IEOs on top exchanges are still better than other things like crowdfunding, because exchanges always protect their reputation from bad things that could have a bad effect on them.

JHORN

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Quote from: shoreno on January 26, 2021, 06:38:42 AM

Quote from: Apostlekin$$$ on January 26, 2021, 06:11:40 AM

Crowdfunding is the solution, the crowdfunding strategy is the one to implement KYC verifications and strict rules, it's why I'm giving DYCO full face, no scam projects or developers will go near DYCO because they will be caught, for now IEO have proven to be better and less scammy than ICO but better crowdfunding strategy will launch in future.

what kind of crowdfunding it is ? because when you say crowdfunding ico , ieo , sto and alike are already included with it but only ieo is so far the most secure type of crowdfunding .

its not the crowdfunding itself that implents a kyc but there is a person behind it and they can choose what they want if they make a kyc for themself or not but usually crowdfunding owner dont include kyc for them selves but kyc is only for the investors but its possible to screen them if you own an exchange or other platforms before thry propose on you

Crowdfunding platforms can easily ask for KYC from new project teams and also do other investigations easily, I guess that's what apostlekin is talking about, something must stand between investors and the new projects for proper analysis or more

shoreno

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Quote from: Apostlekin$$$ on January 26, 2021, 06:11:40 AM

Crowdfunding is the solution, the crowdfunding strategy is the one to implement KYC verifications and strict rules, it's why I'm giving DYCO full face, no scam projects or developers will go near DYCO because they will be caught, for now IEO have proven to be better and less scammy than ICO but better crowdfunding strategy will launch in future.

what kind of crowdfunding it is ? because when you say crowdfunding ico , ieo , sto and alike are already included with it but only ieo is so far the most secure type of crowdfunding .

its not the crowdfunding itself that implents a kyc but there is a person behind it and they can choose what they want if they make a kyc for themself or not but usually crowdfunding owner dont include kyc for them selves but kyc is only for the investors but its possible to screen them if you own an exchange or other platforms before thry propose on you

Apostlekin$$$

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Crowdfunding is the solution, the crowdfunding strategy is the one to implement KYC verifications and strict rules, it's why I'm giving DYCO full face, no scam projects or developers will go near DYCO because they will be caught, for now IEO have proven to be better and less scammy than ICO but better crowdfunding strategy will launch in future.

Mariangle Blocker

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Quote from: doctor877 on January 25, 2021, 04:35:56 PM

Majority of the new projects do not want this to happen and also in regards to the decentralization and freedom which is the main point of a cryptocurrency. Since we saw some active participation of the SEC, alot of these scams has stopped.

luckily they stopped Shocked

RabbiTANK

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It's already in work since IEO got launched, without verifications top exchanges can't trust new projects and won't allow them on their platform, it's why I prefer IEO over other crowdfunding, the top exchanges have something to lose (reputation) that's why they must protect users at all cost

cabron

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New team asking for KYC is really an unfair deal when it comes to investors and even for bounty hunters who just give aways their data not knowing their data could be used for scam.

SEC would be able to do ask for their identity as developers, it would also mean its a regulated project. When all these takes place though, it would also mean not a decentralized project. We've had many same projects like this but we're just fine.

Topic: If new projects can go through verifications too (Read 303 times)