Topic: KYC is simply just to cheat bounty hunters. - page 48. (Read 80000 times)
First of all KYC is for safety measure for Investor but sadly yes sometimes it can be use to cheat bounty hunters by suddenly putting a KYC requirement after the Bounty finish making most of hunters to not get the stakes they earn.
The initial purpose of KYC is quite useful and allows to exclude fraud participants from the project.
But from other side many projects appear to be unfair and distribute private KYC information to third parties, which of course completely illegal.
But from other side many projects appear to be unfair and distribute private KYC information to third parties, which of course completely illegal.
I would say the opposite. Base on my experience, if a bounty asked for KYC, most likely it is successful and they are willing to pay the bounty hunters. I haven't experience a bounty that asked for KYC just to scam bounty hunters. I think we are just to cautious because of the previous scams that has happened and we are failing to see the purpose of KYC.
Same here, Have also not seen bounty campaign that requested for KYC after the completion of bounty or towards the distribution of token, may be I should say have not participated in such. Cases like this should require the opening of a thread to discuss it IMO. Most that request for KYC have fewer participants and higher stake/token eventually, Which might demand KYC for such a big share. While I do not personally like this KYC system, I partly disagree with you. If my understanding of the KYC is correct then bounty hunters automatically become customers of the project which they participate in its bounty. They work in exchange for whatever tokens they are given and the project team deserve to know those in possession of their tokens or coins.
Even if it becomes necessary for bounty hunters to undergo KYC, the best time to do it is before work starts and not at the end of the work. You can't wait for the person to finish working before you verify his or her identity.
I would say the opposite. Base on my experience, if a bounty asked for KYC, most likely it is successful and they are willing to pay the bounty hunters. I haven't experience a bounty that asked for KYC just to scam bounty hunters. I think we are just to cautious because of the previous scams that has happened and we are failing to see the purpose of KYC.
While I do not personally like this KYC system, I partly disagree with you. If my understanding of the KYC is correct then bounty hunters automatically become customers of the project which they participate in its bounty. They work in exchange for whatever tokens they are given and the project team deserve to know those in possession of their tokens or coins.
The truth is, those ICOs that implement that kind of thing look pretty suspicious and immediately diminishes my interest in them, if they are going to implement KYC is something that has to be said as soon as the bounty begins, not to force the participants at the end that all the work is done, that kind of bounties are pretty fishy too.
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.
This is very correct because ICO projects this days just cheat bounty hunters the way they like. They will not inform bounty hunters that they must pass KYC in the beginning of the campaign but at the end they will just come up with KYC. Its really unfair and its pure injustice.
I agree in principle. Due to the lack of verification of identity, many hunters do not receive earned tokens. I believe that if it is necessary to undergo KYC, this should be warned in advance and also be carried out immediately and not at the end of the company.
I don't think its only JUST to cheat. Its necessary for the projects that are making everything officially and they don't want to break the law. So I should say better KYC than not. Also there are a lot of scam projects unfortunately
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.
Yes, these are the orders of our world. Many bounty companies do not overlook this. Many consider it a good protection against multiple accounts, but it is not. It is always difficult for me to decide on passing KYC. I do not want to have my personal life.
Totally agree that bounty managers need to have clear rules from the very beginning. They shouldn't be able to retroactively make new rules. However... there are no laws governing bounties, so they technically can do whatever they want.
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.
When you start taking part in a project you can read about the rules. If you are not satisfied with something - you can refuse to participate in the project.
If we are really telling the truth here, then today, after many scam projects that have carried out KYC, it can be said that in the market where documents and services are sold, you can go through this process quite easily.
Yes KYC some times is to cheat the hunters, Thats why most ICO projects will wait until end of bounty before introducing the KYC. although it also helps to detect fake accounts, but it should be introduce from the begining of the bounty program.
maybe no longer for now, because now many are required to use passports and proof of residence, and I think that's one of the most complicated difficulties
Yes, the most complicated difficulties. Bounty hunters are work for getting profit, they are not legit investors. So KYC is a big problem for bounty hunters. But now many of bounty managers/team wants to fill up KYC to get token. I think it is not right for bounty hunters.
In my opinion Bounty hunter doesn't need to follow KYC step, bounty hunter is not a costumer. if KYC is helping honest bounty hunter from account farmer or multy account they should start KYC from the begining not at the end. KYC at the end is not gonna help honest bounty hunter because the stakes are already counted and its not gonna make you get more coin even half of bounty participan are fake account. if user can't pass the KYC at the end, where that token gonna go?
I think the tokens will be held by the bounty manager or that project. It's annoying if we work in 3-4 months and can not get through KYC. This means that we will work in vain, bounty should not require KYC because it only takes time and wastes the effort of the bounty hunters.
Kyc is such a ridiculous thing for the comunity. Ico teams demands it to save their own asses. But where is the anonimity? If i invest in a project, teams supposed to prove me their ids, not me.
Well, there's a double-edged sword,on the one hand seems to weed out bots and all sorts of left-wing accounts,and on the other they have a good reason to weed out others as they want or will give,plus there are people who don't uspevaet to follow everything they're doing let's say 80 companies in social networks,and can't be traced,and missing KYC and all the work in fact turns out empty
In my opinion Bounty hunter doesn't need to follow KYC step, bounty hunter is not a costumer. if KYC is helping honest bounty hunter from account farmer or multy account they should start KYC from the begining not at the end. KYC at the end is not gonna help honest bounty hunter because the stakes are already counted and its not gonna make you get more coin even half of bounty participan are fake account. if user can't pass the KYC at the end, where that token gonna go?
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