Topic: KYC is simply just to cheat bounty hunters. - page 40. (Read 79959 times)
I think KYC is needed for legal reasons. Many project are from all over the world , different countries have different crypto legislation and regulations.
IF the investors who pay money on the ICO do KYC then why hunters dont?
The ICO team wants to secure their place that there will be no citizen in restricted country to participate on their initial coin offering.
This will make them feel safe for their future. lets respect their decision.
The ICO team wants to secure their place that there will be no citizen in restricted country to participate on their initial coin offering.
This will make them feel safe for their future. lets respect their decision.
But there's a difference: bounty hunters don't buy tokens, the cannot be called customers, they just do not send devs any money, the only thing they give to a project is their work; and there's no law about restrictions to work with citizens of other countries. KYC stands for Know Your Customer, not Know Your Worker.
IF the investors who pay money on the ICO do KYC then why hunters dont?
The ICO team wants to secure their place that there will be no citizen in restricted country to participate on their initial coin offering.
This will make them feel safe for their future. lets respect their decision.
The ICO team wants to secure their place that there will be no citizen in restricted country to participate on their initial coin offering.
This will make them feel safe for their future. lets respect their decision.
But there's a difference: bounty hunters don't buy tokens, the cannot be called customers, they just do not send devs any money, the only thing they give to a project is their work; and there's no law about restrictions to work with citizens of other countries. KYC stands for Know Your Customer, not Know Your Worker.
The fact is that the team that conducts the ICO does not always know what obstacles it will encounter and to make everything look legal, it must sometimes introduce KYC for the participants of the bounty campaigns. This is done because of the strict legislation of some countries in relation to cryptocurrencies.
Personally i don't understand why in lot of projects they are asking to KYC for bounty. After exchange listing team can't verify token holders. They don't have any idea about who is keeping there tokens because anyone can buy from exchangers. So KYC for bounties have no point.
On one hand KYC is handy against multiaccounts and bots that are automatically lead bounty campaigns and post reports on the other hand it that is against the primary idea of cryptocurrency - anonymity.
IF the investors who pay money on the ICO do KYC then why hunters dont?
The ICO team wants to secure their place that there will be no citizen in restricted country to participate on their initial coin offering.
This will make them feel safe for their future. lets respect their decision.
The ICO team wants to secure their place that there will be no citizen in restricted country to participate on their initial coin offering.
This will make them feel safe for their future. lets respect their decision.
You are right, KYC is useless for bounties where sums are not that big anyways, i dont even think of joining a bounty which requires KYC which they can deny for many reasons and rob you from all hard work you have done.
Maybe these sums are not big for you, but still sometimes they are really big for projects (I've seen a lot of them having bounty pools of $1 000 000 and more), and this money shouldn't just be thrown out to scammers/fake accounts. And of course some authorities require to act in correspondance with laws and that's why a project just has nothing to do but to ask you about who you are before it sends you their tokens.
I fully support the view that KYC is a really great opportunity to deceive bounty hunters and investors in the same way, because you just give away your documents, but what they will do with them later is another question
To my understanding, KYC simply means "Know your customer". Investors(customers) who participate in ICO are made to go through KYC process before they are even allowed to purchase their tokens. On the other hand, Bounty hunters are just "part time workers" of the project and not customers. Even if they will be made to go through a KYC process, it should be before they start working and not after. Waiting for them to finish working for the project and refusing to pay them because they failed to pass KYC afterwards is a total cheat.
I don't know what it's for. To me this procedure seems as strange and unnecessary so I'm trying to find the bounty in which there is no need to go through KYC
KYC's bounty hunters are unnecessary and wasteful, while the ICO bounty Token Token rate accounts for less than 5% of the Total Supply Token. I think the fact that the ICO project requires bounty members to do KYC is to collect personal data and sell it to other organizations.
Some of the campaigns where I went through KYC have not yet paid tokens, I do not see any reason to go through KYC to get $10-20, I think it is worth doing only if there is a chance to get more impressive profits.
Of course, there is no point in risking your own personal data for such pennies, especially since even if the project is good, it can fail or be hacked.
To my understanding, KYC simply means "Know your customer". Investors(customers) who participate in ICO are made to go through KYC process before they are even allowed to purchase their tokens. On the other hand, Bounty hunters are just "part time workers" of the project and not customers. Even if they will be made to go through a KYC process, it should be before they start working and not after. Waiting for them to finish working for the project and refusing to pay them because they failed to pass KYC afterwards is a total cheat.
That is always not the case, KYC maybe a strategy to combat cheaters on bounty campaign. It may not be applicable but at least it will lessen the bounty cheaters. But lately things have changed, KYC is no longer required anymore to most bounty programs due to many concerns from bounty hunters. 
Putting KYC as requirements have advantages and disadvatanges . The advantages is toa void alt account to join in one bounty campaign and other benefits but once you give your information to the project and the project is failed or scam maybe someday they will use your information and effortless of advertising their ICO.
To my understanding, KYC simply means "Know your customer". Investors(customers) who participate in ICO are made to go through KYC process before they are even allowed to purchase their tokens. On the other hand, Bounty hunters are just "part time workers" of the project and not customers. Even if they will be made to go through a KYC process, it should be before they start working and not after. Waiting for them to finish working for the project and refusing to pay them because they failed to pass KYC afterwards is a total cheat.
I agree with what you said and it's not fair, you should be confidently working knowing that you are going to receive your rewards if the project succeeded but you now need to pass their KYC which they can reject if it is not compliant to what they want, this is cheating and they should be posted in scam and reputation section. 
and for that if you think KYC is only used by the team to cheat bounty participants, then before joining you must ask the bounty manager at the telegram, does the bounty hunter need KYC or not
Some of the campaigns where I went through KYC have not yet paid tokens, I do not see any reason to go through KYC to get $10-20, I think it is worth doing only if there is a chance to get more impressive profits.
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increasingly, I see that companies are asked to undergo the KYC procedure and I do not really like it. 1. It sometimes takes a long time. 2. I'm worried my data will be stolen. 3. This is not an indicator of project success
KYC firstly required by a legit ICO to avoid money laundering, but it seems so many scammy project also requires or demand data from their users.I'd always stay away from that kind of project though, there's many project out there no valid reason to stick with only one.
increasingly, I see that companies are asked to undergo the KYC procedure and I do not really like it. 1. It sometimes takes a long time. 2. I'm worried my data will be stolen. 3. This is not an indicator of project success
Though there is no actual legal reason for people to be doing a KYC for a bounty campaign, I do not think that the reason behind it is to cheat bounty hunters. As bounties have become less numerous and it has become harder to make money we have seen an increase in people doing multlipe sign ups for the same bounty using many different identities. Some even seem to have developed bots to manage the sign up process and do the bounty. The main reason we are seeing increases in KYC requests is to stop this cheating.
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