KYC for Bounty. Why do it? - page 4.

Bonwin

member

Activity: 798

Merit: 38

Quote from: Convery on August 11, 2019, 02:19:58 PM

KYC process is a way how to eliminate scammers and multi accounters.
But also it is a way how to steal your identity, just like recent Binance hack.

If we continue to think it's for eliminating scammers, then we might be lured to give out our details to the real scammers themselves.
There are other measures that can be used to achieve that, without involving KYC.

xiboothrezi

sr. member

Activity: 1246

Merit: 285

Quote from: Youghoor on August 11, 2019, 05:23:27 PM

Personal, I don't really see anything wrong with bounties requiring bounty hunters for KYC. Most crypto projects want to know where and who exactly their coin or tokens are been sent to and also outline their possible market audiences. Just like using your details in applying for a job, there is nothing wrong if a bounty campaign ask its participants to provide their details before they can receive their tokens...

You are right. The developer has the rights to it. If the reason is relevant and can be justified, I guess that for the bounty hunter is not lazy. I also really like your analogy with applying for a job. We as workers must meet the terms and conditions in order to get a salary according to the agreement, and hopefully, the developer also applies fairly. Usually, from the bounty manager, kyc is used to reduce fraud and multi accounts.

Xalata

member

Activity: 266

Merit: 10

Most people take part in bounties with more than one account. The KYC is required to minimize the usage of multiple accounts and to eliminate some participants from specific countries.

Youghoor

sr. member

Activity: 1036

Merit: 275

Personal, I don't really see anything wrong with bounties requiring bounty hunters for KYC. Most crypto projects want to know where and who exactly their coin or tokens are been sent to and also outline their possible market audiences. Just like using your details in applying for a job, there is nothing wrong if a bounty campaign ask its participants to provide their details before they can receive their tokens...

BTCbengi

full member

Activity: 241

Merit: 100

KYC is not necessary for them to be able to manage a person using multiple accounts at once to participate in a bonus campaign. In contrast, KYC is losing the essence of cryptocurrency, which is anonymous. They can use the information we provide to sell them to third parties. Exposing personal information outside can make us vulnerable and lose many things. Therefore, I do not recommend requesting KYC

abake

member

Activity: 555

Merit: 12

Quote from: timX5 on August 07, 2019, 08:14:08 AM

Why do some projects require KYC for bounty? Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs? Are there jurisdictions which would require bounty to have KYC? This is not a token sale after all.

KYC for bounty is a way to pick out multiple accounts and in a way its actually helping but the only thing that bothers me is how safe are those personal details that are submitted

Convery

sr. member

Activity: 966

Merit: 254

KYC process is a way how to eliminate scammers and multi accounters.
But also it is a way how to steal your identity, just like recent Binance hack.

sana54210

legendary

Activity: 3318

Merit: 1128

Quote from: ?? on ??

In my opinion, the existence of KYC is to make it difficult for greedy people to participate in projects, because from 2017 many people have many accounts to beat up one project only to get very large results. so the KYC is very helpful to eradicate people's greed

For that purpose, it is justifiable, because I agree with you that we have such people that really exist and the best way to control it is to limit the project, but unfortunately, some of them have ulterior motives about the data that they collect, I guess that they want to be like Facebook that is selling the data of their clients to make money, but they forget that it may not always work that way for everyone.

People don’t have problem with kyc really if it would be used for a legal purpose alone, but they are scared that their data will be exposed outside the system and their faces being shown the threat in the real world. Like we head of Binance story of recent, and how hijackers succeeded is stealing their data, and I could see faces of people that had data in there.

brightemo

jr. member

Activity: 129

Merit: 1

To sell your personal data after it. Nice additional income

Gab20

jr. member

Activity: 714

Merit: 3

It is a good thing that there are still good bounty campaigns that do not do not ask for KYC from bounty hunters. After all, it is not as if asking for KYC compelling bounty hunters who want to get their rewards to do KYC is a guarantee to the success of the project. So, look around for projects without it.

VanDeinsberg12

hero member

Activity: 1540

Merit: 507

Quote from: acoco on August 11, 2019, 08:19:02 AM

here the choice of the project team itself, if they have investors from the USA, then the SEC asks ico to be held as part of the KYC

That's is a solution to prevent the investors from USA due to the SEC regulation but the majority of them are buying it through exchange site.
Basically that's the real purpose of KYC to be applied for investors.
KYC must be optional for the bounty hunters and if the projects are willing to pay the hunters use bitcoin or ether and it seems like that will not be a big problem with the regulation.

masterrex

full member

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Quote from: timX5 on August 07, 2019, 08:14:08 AM

Why do some projects require KYC for bounty? Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs? Are there jurisdictions which would require bounty to have KYC? This is not a token sale after all.

Know your clients or KYC is required in different purpose such required by law, or other important purposes. While in bounties it doesnt matter if the team was required to do KYC and announce it at the very beginning of the campaign. Participants must know it first if they can pass the required documents before they join in any campaign. for me theres nothing wrong about KYC if it was legitimate.

No One

jr. member

Activity: 417

Merit: 1

Bounty project teams have their own rules and regulations. So they make KYC procedure mandatory accordingly. Some projects specify KYC procedure is required beforehand. But what is irritating is that some projects do not require KYC information beforehand, but later they require it.

acoco

sr. member

Activity: 532

Merit: 250

Quote from: timX5 on August 07, 2019, 08:14:08 AM

Why do some projects require KYC for bounty? Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs? Are there jurisdictions which would require bounty to have KYC? This is not a token sale after all.

here the choice of the project team itself, if they have investors from the USA, then the SEC asks ico to be held as part of the KYC

ginobitcoiner

full member

Activity: 700

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BBOD Trading Platform

Quote from: ?? on ??

In fact Bounty KYC is a good aspect that will help fake, duplicate people identify so many projects make KYC practical for both the Bounty hunter and the investor. It's true I didn't support kyc before, but now I want to accept kyc because now I participate in very few projects.

yes, I strongly agree with that, many people say that it does not recommend KYC to get a bounty reward, but it is very effective to reduce losses from the act of bounty participants who use multiple accounts and harm other participants.

Oyarebu

member

Activity: 258

Merit: 32

Quote from: sarmrakib on August 10, 2019, 10:19:18 AM

Quote from: timX5 on August 07, 2019, 08:14:08 AM

Why do some projects require KYC for bounty? Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs? Are there jurisdictions which would require bounty to have KYC? This is not a token sale after all.

KYC process actually work to know the customer.You can easily decrease the scammer and fraudster.I think it work much for bounty .The dev. team easily catch up the double entry scammer and remove them to rewards .I think there is nothing about illegality just make it clear to rewards the real hunter.

Even at that, the KYC is good for bounty hunters and to actually avoid double entry but am not in support of the KYC because of the possibility of the data be hack or stollen from the hands of the team. We have seen what happened to Binance and others who couldn't protect their data for their customers, so, am aren't a fan of KYC.

FanEagle

legendary

Activity: 2884

Merit: 1117

It is also gives you the risk like what happened with binance. I mean how are we so certain that our KYC is safe? Companies want to be safe and be in the legal side by getting our information for bounty but at the end of the day this is a two way street and we want to be certain as well.

For example, our information on binance got leaked, will binance pay us all for it? Will there be compensation? No. They are just gonna go with "it was a third party that got hacked, not our problem" and move on. It makes no sense to trust these companies with our information when they are not even caring about it, if you care enough than put up a bounty for your KYC and say that if any information gets leaked with the KYC than pay everyone damage money where each person that got their KYC hacked will be given 1000 dollars for it. If you can't do that than I don't trust you enough to give you my info.

senin

full member

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Quote from: 103deltafox on August 11, 2019, 02:55:06 AM

Most times the reason kyc is implemented for bounty hunters is to prevent hunters that want to cheat the system with multiple accounts. Also when a bounty restricts some countries from participating. Though I am not in support of kyc because some scam projects could sell people's information.

First, a KYC review should not be conducted to avoid bounty hunters participating in ICO bounty campaigns with multiple accounts. It should be carried out only with the aim of preventing cases of dirty money laundering and combating the financing of terrorism. Performing a KYC audit for another purpose is illegal.
Now ICO teams are abusing KYC checks very much, because this activity is still practically not regulated by states. Following the FATF recommendations of June 21, most states will adopt their internal laws throughout the year, and then in any case, we will not have to go through a KYC check if the amount of tokens we receive is below one thousand euros.

Annexia

jr. member

Activity: 42

Merit: 2

Well I think most projects initiate KYC in their bounty program to curb rate of scammers. I don't see it as appropriate either. But bet me, despite the kyc procedures, those who would still scam would scam. I think projects should be more concerned about "Honest works".

Free1bitco.in

hero member

Activity: 1624

Merit: 500

Quote from: Rohtox on August 11, 2019, 02:58:57 AM

Quote from: timX5 on August 07, 2019, 08:14:08 AM

Why do some projects require KYC for bounty? Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs? Are there jurisdictions which would require bounty to have KYC? This is not a token sale after all.

Yes, that's not token sale as you said. however There's a good and bad side while submitting KYC for bounty hunters.

Good thing is the KYC process will eliminate bounty scammers from the list
bad thing is There is no guarantee what your data will be made to by those who receive your KYC data.

However, KYC must also be implemented using the same method as Token Sale, even though Bounty Hunters don't invest money there (but they invest with their work that promotes the project).
if the KYC mechanism differs between Bounty Hunters and Investors (for example, KYC Bounty Hunters with Google Form) I think this should be further investigated, even for good projects. because it is possible, bounty managers collect your data unilaterally and without the project developer knowing, then they (Bounty Managers) use your data for their needs.

of course in this case there are bad and good. the advantage of KYC for bounty hunters is, we can filter scammers from a project. however, the bad is, we cannot guarantee our data. yeah, that is the thing that is the most questioned. however, there is no compulsion in this case, it all depends on yourself. if you feel it's appropriate, it's better to do it.

Topic: KYC for Bounty. Why do it? - page 4. (Read 1233 times)