KYC for penny money? - page 11. | Bitcointalksearch.org

shesheboy

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Quote from: JohnBitCo on April 06, 2019, 11:53:48 PM

Quote from: Ailmand on April 06, 2019, 10:40:47 AM

Quote from: shannelcoin on April 02, 2019, 08:28:59 PM

I saw in my social media feeds that there's a lot of people now posting about free cryptocurrency that needed of kyc before you get a penny money. This people not think if it's will good to them to give their identity in any site for just penny money. Yeah it's free but your identity will be possible to use in any harmful doings.

Whats your thoughts about this?

It's a risk to entrust them our personal identity and information. We should choose where to join. I wonder why they have to ask for a KYC if they're just offering free money. We should not trust them easily if it involves our personal information.

The main purpose of KYC is to reduce the risk of money laundering. Exchanges should make KYC mandatory as this step will be beneficial for all.
On the other hand, I have seen small ICOs and airdrops requires that you first do KYC before the free tokens will be deposited to you. I never understand the logic behind it and also those free airdrop tokens have zero monetary value.

the logic is simple , they want to filter abusers in the form of kyc . it was effective by the way because alot of people including me are now avoiding them . we cant tell if they have a zero monetary value because if they did then they dont include kyc at the first place . they dont want to give people a hassel for a zero valued token . we dont know if they have other purpose for getting our private info's . we must be extra carefull tho .

yulchatar

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I'm sure that no one penny is worth it to publish your personal data. Another thing is when KYC is required for investors. In this case, this measure is valid. Personally, I wouldn't sell my data for pennies, in addition on unknown sites.

JohnBitCo

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Quote from: Ailmand on April 06, 2019, 10:40:47 AM

Quote from: shannelcoin on April 02, 2019, 08:28:59 PM

I saw in my social media feeds that there's a lot of people now posting about free cryptocurrency that needed of kyc before you get a penny money. This people not think if it's will good to them to give their identity in any site for just penny money. Yeah it's free but your identity will be possible to use in any harmful doings.

Whats your thoughts about this?

It's a risk to entrust them our personal identity and information. We should choose where to join. I wonder why they have to ask for a KYC if they're just offering free money. We should not trust them easily if it involves our personal information.

The main purpose of KYC is to reduce the risk of money laundering. Exchanges should make KYC mandatory as this step will be beneficial for all.
On the other hand, I have seen small ICOs and airdrops requires that you first do KYC before the free tokens will be deposited to you. I never understand the logic behind it and also those free airdrop tokens have zero monetary value.

Ailmand

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Quote from: shannelcoin on April 02, 2019, 08:28:59 PM

I saw in my social media feeds that there's a lot of people now posting about free cryptocurrency that needed of kyc before you get a penny money. This people not think if it's will good to them to give their identity in any site for just penny money. Yeah it's free but your identity will be possible to use in any harmful doings.

Whats your thoughts about this?

It's a risk to entrust them our personal identity and information. We should choose where to join. I wonder why they have to ask for a KYC if they're just offering free money. We should not trust them easily if it involves our personal information.

Adriano2010

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It not worth to make KYC for every website just to get some money, because no one can know what they will do with your identity, maybe they will sell it for a lot of money and you get just some low money.

slaman29

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Quote from: Tylev on April 04, 2019, 11:38:06 PM

I don’t understand why anyone would require a KYC check for those to whom they distribute their several tokens for free. This is nonsense on the verge of absurdity. In my opinion, this has long since surpassed common sense. In any case, it is impossible to explain such actions with the help of logic, the most logical is that people who give their few tokens hunt for the confidential data of others.

Why is everyone asking about this over and over and ignoring all the answers?

Understand what KYC is (simple, know your customer) and understand that if tokens = money, then you are basically giving money to people you don't know well if you don't ask them to perform KYC. In financial terms, it is a risk of possible money laundering. I give 1 example.

Criminals who use dirty money to buy bots or pay other people to earn tokens from bounties. They get their tokens all pooled and sell them off for clean money. And nothing to link them to the activity.

michellee

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But that is what happens so far. Many people still chasing the airdrop programs which require KYC to pass their verification so they can send the token to bounty hunters. I think it's not worth it because we don't know what will they going to do with our ID. The worst is they can sell the ID for another purpose or the hacker can get that database from every people who join in the project and use it for illegal things. I cannot imagine if they can do many things with our IDs.

meanwords

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Dumbest thing that people could possibly do for some pennies. They are either desperate or are dump to really give our information about themselves. I just ignore those kinds of "free cryptocurrency" because most of them are scams that horde as much information as possible and sell it.

usorin

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Quote from: shannelcoin on April 02, 2019, 08:28:59 PM

I saw in my social media feeds that there's a lot of people now posting about free cryptocurrency that needed of kyc before you get a penny money. This people not think if it's will good to them to give their identity in any site for just penny money. Yeah it's free but your identity will be possible to use in any harmful doings.

Whats your thoughts about this?

You can never be too careful regarding the identity safety regardless the amount of money.

maxreish

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I've joined some telegram groups and I was just really pissed off with some of the member there who are encouraging us [new members] to pass some KYC infos in exchange of some small dollars. But I wasn't that stupid to fall for that kind of service just for the payments. Anyway, it is up for the them if they will gonna do KYC. I guess they badly need money.

Oceat

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Well most of them are greedy for a small penny because they know how to get it without putting their personal identity in danger. Which means they can easily fake their identity and give it to someone but the real question. Is that small penny worth it in the long run or it is just for a short period of time and sooner or later it will get dump by devs and investors?

lienfaye

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Why would you give out your identity for just a penny?

I think those people who will bite the offer are just desperate to have money, or they are not aware of how kyc can harm their privacy if it was used by malicious acts.

Its better to participate in a genuine project who will give you reward after the effort you did for advertising their project and not in a free token that put your identity at risk.

btccrusher

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Well, it depends on a different perspective. Don't only think about rich countries, think about 3rd world countries too. I know many places where people struggling to live, and there a $10 can bring them a weeks food which is a tough job to earn in those countries. So a free $10 airdrop (or bounty) could be very helpful even if they need a KYC.

BestSSS

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The passage of the kyc procedure in promising projects still makes sense, but for the airdrops of which there are hundreds today and none of them gave you more than a dollar, I just do not see the point of doing it!!
Why should we provide our data to any passer-by only if he says that he will give us unnecessary tokens.
This is comparable to the situation on the street when any passer-by will ask you for documents before buying 1 Apple, which will disappear in an hour.
I wasn't going to and I'm not going to do that.

Irvinn

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Quote from: shannelcoin on April 02, 2019, 08:28:59 PM

I saw in my social media feeds that there's a lot of people now posting about free cryptocurrency that needed of kyc before you get a penny money. This people not think if it's will good to them to give their identity in any site for just penny money. Yeah it's free but your identity will be possible to use in any harmful doings.

Whats your thoughts about this?

People will send their identification data to the KYC for review until they are burned or when such an inspection is not regulated by law or other regulations. Now there is an abnormal situation, when practically everyone for several dollars in a cryptocurrency can collect confidential data of citizens. There is a logical question why they do it. KYC checks should only be carried out with the aim of preventing dirty money laundering and combating the financing of terrorism. In this case, such circumstances are absent completely. Therefore, it is most logical to assume that this data is collected for mercenary purposes.
The second question is what these small teams do with the collected confidential data of citizens, where and for how long they are going to keep them, whether they are responsible for their safety. You will not get their answers to these logical questions.

BeGoods

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Quote from: zikzag on April 05, 2019, 01:45:21 AM

I don’t understand why to transfer personal data to the network for tokens of a dubious project. Which will probably cost a penny. I'd rather buy tokens on the stock exchange without KYC.

it's better lol, it shouldn't be a bounty requiring KYC for their participants, if they want to avoid abusing, then use better technology to verify that everyone has just one account. I don't like KYC honestly , and I prefer to be an investor rather than having to do KYC

prtty2gal2

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Quote from: CryptoMahfuz03 on April 03, 2019, 06:11:14 AM

I learnt this airdrop penny worth money hard way. Airdrop projects require the users to download app, completing social media tasks or referring people to their site. Airdrop money worth very little but they claim to pay you more token and saying that they will pay you that amount of token if they raised hard capital. But current market situation reveals that they don't keep their promise. Actually the token value is less than $1.

When it comes to downloading app, then I discover that my cellphone's storage keeps shrinking due to downloading many many apps required during airdrop campaign. Again the company requires the user to remain active on their app until the end of ICO. This wastes lots of time when finally the date of airdrop distribution comes.

Finally when it comes to completing KYC then the users need to provide their valid identity like government ID, national ID, Passport or even Bank statement. Bank statement is not free in many countries. If a person owns bank account then why they are searching for penny worth airdrop. No one knows what they are doing with your valuable KYC documents.

Some of them will never say how much they will pay you in dollars, instead they will be mentioning it in tokens . They will call #50,000 tokens and you will think that it is a lot of money, only for you to waste your precious time and at the end you will find out the #50,000 tokens they are talking about is worth not more than $1. I don’t even have the time for such ICOs , there are more important ones to focus on and that’s the ones that doesn’t do all that sh** they are doing.

It is really a stupid thing for anyone to do, you can’t be giving out your info for nothing. It’s best for you to avoid ICOs that request KYC to be done before you’re part of the campaign. You as a bounty Hunter shouldn’t be given out your info to anyone , it’s only their inevstors that are buying the coin that should be asked for KYC.

finaleshot2016

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I really don't prefer to have a KYC for just a small amount of money especially when you're just a bounty hunter that works anonymously. I don't think it's a good idea for us to give our personal information even we're not investors that must have a contact with the devs. We bounty hunters should have contact only to the bounty manager and he will be the one to distribute the said payment, so BTC payment is preferable than their coin.

Quote from: Oasisman on April 05, 2019, 06:57:20 PM

Quote from: passwordnow on April 02, 2019, 09:43:55 PM

If they are hungry for those pennies for the exchange of their identities, there are too things that's on my mind.

they don't own the identity
they are desperate

It's not worth it to exchange your any ID just for those airdrops or free cryptocurrencies that they offer. I always avoid those kind of posts and ignore people them on social medias.

That explains everything.
Most of them are just desperate, trying to make a living out of bounty campaigns.
We even doubt to pass KYC verification to known exchanges, I dont understand why these people risks their essential info to the people over the internet.

True, I don't really understand why they keep uploading information on the internet. Your life can be fvcked up by someone with that info.

Oasisman

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Quote from: passwordnow on April 02, 2019, 09:43:55 PM

If they are hungry for those pennies for the exchange of their identities, there are too things that's on my mind.

they don't own the identity
they are desperate

It's not worth it to exchange your any ID just for those airdrops or free cryptocurrencies that they offer. I always avoid those kind of posts and ignore people them on social medias.

That explains everything.
Most of them are just desperate, trying to make a living out of bounty campaigns.
We even doubt to pass KYC verification to known exchanges, I dont understand why these people risks their essential info to the people over the internet.

mrdeposit

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Quote from: shannelcoin on April 02, 2019, 08:28:59 PM

I saw in my social media feeds that there's a lot of people now posting about free cryptocurrency that needed of kyc before you get a penny money. This people not think if it's will good to them to give their identity in any site for just penny money. Yeah it's free but your identity will be possible to use in any harmful doings.

Whats your thoughts about this?

If the identity is worth penny, send it. lol
I actually saw a lot of people who did this (Probably the countries where the USD is worthy).

Topic: KYC for penny money? - page 11. (Read 1494 times)