KYC for ICO, is it good or bad idea?

Jateng

full member

Activity: 1339

Merit: 157

Quote from: krassy on October 11, 2018, 04:30:51 AM

Hi, everybody. With the development of cryptocurrencies and blockchain technology,not only good ideas and projects began to develop,but also those who want to get a lot of money on the HYIP, use new technologies for their personal purposes. Projects began to carry out the KYC procedure for investors, airdrops, bounties to protect their projects from prosecution by the authorities, to improve security, to know their investors in person. But maybe we can use the KYC procedure not only for buyers but also for sellers. If we introduce such a procedure for new projects, it will increase the level of investor confidence, as well as deter many fake projects from collecting our funds, protect our crypto assets from fraud. This procedure can be entered in this forum to host projects or in special platform. The project developer will have to provide his personal and contact details.
Do you think this is a good or bad idea? Express your opinion.

The idea of KYC itself is good but there are people who are using this thing in a bad purposes. The worst is, even scam campaigns requires KYC. So they got our information and we got nothing from them. KYC is worth it, only if we receive a big payment which means its price in the market is also good.

WalaNaPenisNa

newbie

Activity: 5

Merit: 0

Quote from: krassy on October 11, 2018, 04:30:51 AM

Hi, everybody. With the development of cryptocurrencies and blockchain technology,not only good ideas and projects began to develop,but also those who want to get a lot of money on the HYIP, use new technologies for their personal purposes. Projects began to carry out the KYC procedure for investors, airdrops, bounties to protect their projects from prosecution by the authorities, to improve security, to know their investors in person. But maybe we can use the KYC procedure not only for buyers but also for sellers. If we introduce such a procedure for new projects, it will increase the level of investor confidence, as well as deter many fake projects from collecting our funds, protect our crypto assets from fraud. This procedure can be entered in this forum to host projects or in special platform. The project developer will have to provide his personal and contact details.
Do you think this is a good or bad idea? Express your opinion.

very bad because many people in crypto world enters to be anonymous in a way because they arent willing to give their identity for security purposes

cryptoman1ac

member

Activity: 182

Merit: 13

Powered by Artificial Intelligence & Human Experts

Quote from: krassy on October 11, 2018, 04:30:51 AM

Hi, everybody. With the development of cryptocurrencies and blockchain technology,not only good ideas and projects began to develop,but also those who want to get a lot of money on the HYIP, use new technologies for their personal purposes. Projects began to carry out the KYC procedure for investors, airdrops, bounties to protect their projects from prosecution by the authorities, to improve security, to know their investors in person. But maybe we can use the KYC procedure not only for buyers but also for sellers. If we introduce such a procedure for new projects, it will increase the level of investor confidence, as well as deter many fake projects from collecting our funds, protect our crypto assets from fraud. This procedure can be entered in this forum to host projects or in special platform. The project developer will have to provide his personal and contact details.
Do you think this is a good or bad idea? Express your opinion.

My opinion is that this topic has been posted a hundred times already and should not be posted anymore. You can always use the search engine to look for the topics of this kind and not necessary start the same topic over and over again.

Tahir460pk

jr. member

Activity: 308

Merit: 4

Kyc for ico is it good not a bad idea because in this way you know the investors and can be stop illegal activity and want sure to investing with a proper channel method so kyc is a good idea for investor's for investing.

xiaoY

member

Activity: 448

Merit: 12

This must be a bad thing. KYC will let some investors disappear, they will give up the investment of the project. KYC does not have much effect. In fact, it can be said to be meaningless. Be aware that the quality of the ICO is more important.

Papcio77

sr. member

Activity: 841

Merit: 251

For the teams it's good to have ico because they know which country has the biggest number of investor and make changes for the upcoming development, but on the other hand, if we are talking to user it's not good to have it. Privacy is always there and once you send that kind of information, had a risk

fedben

jr. member

Activity: 230

Merit: 2

XCRYPT

Although, the idea of KYC for ICOs isn't really bad as long as the project remains a successful one. But what pisses me off the most is doing a KYC for a dead project. I think KYC is important for investors who also want the success of the project. However, I don't support the idea of KYC for bounty hunters, anyway.

boller

sr. member

Activity: 588

Merit: 250

I think it is reasonable when the ICO requires KYC. This will give a good impact because of course, the team will need their customer data to anyone in ICO. and with this system then the KYC is required for clarity of the crypto stream provided. It's when the bounty or even airdrop use this new will is questionable if in my opinion.

cathat

full member

Activity: 264

Merit: 100

TEMCO

If you want to protect yourself - you have to pass KYC. Surprised at my answer? I will make an amendment, you need to pass it in a good project, not from scammers.

Btc_1856

sr. member

Activity: 1540

Merit: 255

In the beginning, i used to scold many ICO's about the NYC but after reading the potential project and compulsory KYC verification will help them to find out the scammers easily. That's why we have to research everything about them before investing.

Atang Sulaeman

full member

Activity: 910

Merit: 101

the application of KYC to users and sellers is very amenable because it can prevent someone's fraud, and also KYC is very necessary for data on every trading transaction.

Correlll

member

Activity: 310

Merit: 10

I think it is a great idea to protect the investors from scammers. A lot of people are trying to trick the projects team and to buy more than a limited supply per person. But nobody knows, what will happen to our docs if an ICO fails.

mrkavasaki

hero member

Activity: 888

Merit: 500

Quote from: Furious 7 on November 01, 2018, 12:55:32 AM

Quote from: lamacchia on October 31, 2018, 11:41:57 PM

actually the basic purpose of KYC is good, it's just that now many people doubt that KYC will be abused and most people now avoid ico or those who need KYC, even though the basic purpose of KYC is to ensure that those participating in ico are not a BOT, so why should there be KYC and require sending and including personal data to check whether the participants are people and not BOT.

I also began to hesitate with KYC, I think personal data must have legal protection so that data is not easily misused.
there must be certainty that the data sent is safe. avoid KYC if you are unsure of the security of your data.

Let me give you a question, if you are sure that the project will yield a profit x2 or x5 over the amount you left out, but that your personal information will not be safe. Do you dare to continue investing in that project?

Furious 7

hero member

Activity: 2856

Merit: 644

https://duelbits.com/

Quote from: lamacchia on October 31, 2018, 11:41:57 PM

actually the basic purpose of KYC is good, it's just that now many people doubt that KYC will be abused and most people now avoid ico or those who need KYC, even though the basic purpose of KYC is to ensure that those participating in ico are not a BOT, so why should there be KYC and require sending and including personal data to check whether the participants are people and not BOT.

I also began to hesitate with KYC, I think personal data must have legal protection so that data is not easily misused.
there must be certainty that the data sent is safe. avoid KYC if you are unsure of the security of your data.

Anatolich

member

Activity: 574

Merit: 10

Quote from: lamacchia on October 31, 2018, 11:41:57 PM

actually the basic purpose of KYC is good, it's just that now many people doubt that KYC will be abused and most people now avoid ico or those who need KYC, even though the basic purpose of KYC is to ensure that those participating in ico are not a BOT, so why should there be KYC and require sending and including personal data to check whether the participants are people and not BOT.

Something new would come up, since kyc is passed, in fraudulent ico is not something that reluctance. And it is dangerous. Maybe it will be from someone else a new idea, and we will forget about such a problem once and for all. So far, there is nothing to offer.

lamacchia

jr. member

Activity: 342

Merit: 4

LUCRETOKEN.COM

actually the basic purpose of KYC is good, it's just that now many people doubt that KYC will be abused and most people now avoid ico or those who need KYC, even though the basic purpose of KYC is to ensure that those participating in ico are not a BOT, so why should there be KYC and require sending and including personal data to check whether the participants are people and not BOT.

Ozero

full member

Activity: 2142

Merit: 183

KYC checking for ICO projects is a very bad idea. Because of this, many investors bypass those ICO projects that require you to undergo a KYC check. After that, the ICO teams still wonder why investors do not want to buy their tokens. All these claims of the United States and China do not have so much importance, because the Cryptocurrency does not go only in these two countries.
As for bounty hunters, they should not be tested by KYC at all, since they are not investors. Checking KYC for them, especially at the end of the ICO, is simply a deceptive way of not paying off some of the bounty hunters they earned tokens.

Karlblaise1

jr. member

Activity: 131

Merit: 2

WPP ENERGY - BACKED ASSET GREEN ENERGY TOKEN

Sometimes i wonder why people have issues with KYC. The main purpose of that is just so identify yourself as the owner of the asset holding.

What if someone comes to lay claim to your wallet, with all the millions in it? KYC will definitely be your saving grace. Let's not overfrog the issue, except someone that has something to hide, it is not a bad idea.

Again, the holders of the KYC shud be held liable if the privacy of the holders gets violated. That is the main area that needs an attention for now; enforcement of privacy

Matcuda

full member

Activity: 490

Merit: 100

Quote from: krassy on October 11, 2018, 04:30:51 AM

Hi, everybody. With the development of cryptocurrencies and blockchain technology,not only good ideas and projects began to develop,but also those who want to get a lot of money on the HYIP, use new technologies for their personal purposes. Projects began to carry out the KYC procedure for investors, airdrops, bounties to protect their projects from prosecution by the authorities, to improve security, to know their investors in person. But maybe we can use the KYC procedure not only for buyers but also for sellers. If we introduce such a procedure for new projects, it will increase the level of investor confidence, as well as deter many fake projects from collecting our funds, protect our crypto assets from fraud. This procedure can be entered in this forum to host projects or in special platform. The project developer will have to provide his personal and contact details.
Do you think this is a good or bad idea? Express your opinion.

KYC can be used only for the organizers of the project, for the investor it is unnecessary, fraud is just happening on the part of sellers, not buyers, and try to impose KYC on everyone, it's not right.

Snake9999

member

Activity: 415

Merit: 10

Fast, Smart, Trustworthy

If the project is real, then KYC can not only effectively avoid fraudsters but also improve the income of our hunters (because KYC will limit many participants), but the fact is that most projects are scams, when we provide KYC, we Just revealing your privacy, but did not get any return!

Topic: KYC for ICO, is it good or bad idea? (Read 2031 times)