KYC for ICO, is it good or bad idea? - page 2.

Shirin16

member

Activity: 254

Merit: 10

Quote from: krassy on October 11, 2018, 05:30:51 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 good in my opinion ,.
with KYC, a project will be safer because it is protected by an authorized legal entity. and we will know the spread of tokens or coins that are owned by a project so that we can monitor the development of tokens or coins. can also avoid fraud.

elzjmirra

full member

Activity: 574

Merit: 100

The procedure for using KYC is very good and all ICO projects for prizes can use KYC. And implementing KYC has very positive things and can reduce the use of many accounts. However, you must be careful in this matter and do not easily send your personal data to others.

fly99

member

Activity: 421

Merit: 10

If KYC is used for the ICO project, then I think 99% of ICO will not succeed. This is not a good thing, investors will not be willing to expose their assets. Future STO can solve these problems.

djuragan

sr. member

Activity: 770

Merit: 250

Quote from: krassy on October 11, 2018, 05:30:51 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.

In my opinion, if it used to filter the people who are purchasing the coins, that could be a good thing to do, cause we can't just simply filter the IP address of the coin buyer.
But it would be awful if the one making that KYC is scam project, they could sell our personal data in the black market, and used them for something bad.

shaheer001

full member

Activity: 1274

Merit: 100

If you consider it decentralized then no need f KYC as then this will called banking or trading in fiat money.

Btcmarmipp2

jr. member

Activity: 154

Merit: 1

Quote from: princeyeboah on October 31, 2018, 09:29:55 PM

I am not against the ideology of KYC because every strong platform or business need the data base of its users in order to track their progress. Also, KYC is needed for verification purposes especially in the event when double entry by a single participant is expected. With this, the ICO must state it clearly to treat all collected data with the highest discretion and not to use the data for any dark activity.

I agree with you in your statement, KYC is really important to the project to avoid double entry of each participants. Big ICO's is just protecting and securing that no one would be fall into scam.

princeyeboah

member

Activity: 714

Merit: 14

I am not against the ideology of KYC because every strong platform or business need the data base of its users in order to track their progress. Also, KYC is needed for verification purposes especially in the event when double entry by a single participant is expected. With this, the ICO must state it clearly to treat all collected data with the highest discretion and not to use the data for any dark activity.

roxasyolanda

newbie

Activity: 5

Merit: 0

Quote from: krassy on October 11, 2018, 05:30:51 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 for ico investors are so bad in my opinion, kyc should be implemented by the team member of a certain ico or project so that investors wont be afraid to invest, this is also to prevent scam project that were so high in this time of year.

feelideb

full member

Activity: 770

Merit: 101

fLibero.financial

Kyc for ICO is not all bad, is not all good! The cryptocurrency is evolving and some believe hold tightly in the past might not be applicable or relevant anymore!

jcarlo

member

Activity: 798

Merit: 10

Quote from: briana samomingkir on October 28, 2018, 10:42:38 PM

Implementing the use of KYC in an ICO is indeed a good method to minimize cheating that can be done by participants. But the KYC system was quite complicated and the process was quite long, and that was not liked by the crypto community. If between the ICO and KYC can produce balanced results it will be good, so it is not too futile to take care of the process.

Its true. Many scam ICOs right now and i am believe they want to comply with government regulation to protect investor fund. Cryptocurrency in some country consider as security token and need KYC to protect investor money

Abu Shadow

member

Activity: 238

Merit: 10

Quote from: Nisansala on October 29, 2018, 12:00:04 AM

I think, there is always positive and negative opinion for the KYC for ICO. The purpose of KYC is to avoid money laundering and fraud.

Yeah that's true but for those bounty hunters this is just a waste of time to us and gives us a problem in the future if those ICO will use it for other propose. It can cause danger to our personal identity for just few dollars of bounty reward.

GmBoom

jr. member

Activity: 322

Merit: 2

It is a good idea. Because if you find a good ico and have a KYC requirement, then you must comply on it in order to participate in the tokensale. They have just required it, because of their law compliance in the country. As long as the ico campaign you join to is a legit one.

maculeth

member

Activity: 714

Merit: 11

BountyMarketCap

good for stopping multiple accounts in the same project. but it's bad for multiple accounts that want to follow ico a lot to get even more profit. then which side are we on? one account with kyc, or many accounts and avoid kyc? everything aims well, provided that the work is also done well and also the rewards obtained are also good.

itasannah

sr. member

Activity: 798

Merit: 251

KYC is great to apply and they must have a clear purpose. And during this KYC already many applied and I think by having the procedure very well and were able to reduce acts of fraud. And we have to be careful in the use of KYC procedures. We should be able to do some checking before we decide to use KYC.

Nisansala

member

Activity: 384

Merit: 11

First LEARN then EARN

I think, there is always positive and negative opinion for the KYC for ICO. The purpose of KYC is to avoid money laundering and fraud.

NewRanger

sr. member

Activity: 1582

Merit: 333

Buzz App - Spin wheel, farm rewards

Quote from: Perie200 on October 28, 2018, 10:19:25 PM

There may be many opinions on this question! My opinion is that there is nothing bad in it, I believe that this shows the responsibility of the project. If the project offers to go through KYC, this is not a 99% fraudulent project.

they just make prevention action if someday they have trouble with regulator from the country they operate.as long as it has clear purpose , personally i am accept it.

briana samomingkir

jr. member

Activity: 350

Merit: 3

Implementing the use of KYC in an ICO is indeed a good method to minimize cheating that can be done by participants. But the KYC system was quite complicated and the process was quite long, and that was not liked by the crypto community. If between the ICO and KYC can produce balanced results it will be good, so it is not too futile to take care of the process.

retnocintaku

member

Activity: 588

Merit: 10

Decentralized Ascending Auctions on Blockchain

I don't think this is a bad idea for kyc in an ico, as long as the kyc required for the procedure is not too difficult, even if the goal is to maintain security, I don't think there is anything wrong for this kyc

Perie200

member

Activity: 406

Merit: 11

There may be many opinions on this question! My opinion is that there is nothing bad in it, I believe that this shows the responsibility of the project. If the project offers to go through KYC, this is not a 99% fraudulent project.

Ibas samara

full member

Activity: 406

Merit: 100

For some honest and good ico projects in marketing I think KYC is very important to know who is participating in ico. But there is also ico which does not display the profile of the actual developer and team and for those like this it is not worth asking for kyc. Maybe KYC aims to reduce the potential for crimes such as money laundering. It needs to be understood that every development has its own rules and policies in marketing.

Topic: KYC for ICO, is it good or bad idea? - page 2. (Read 2017 times)