KYC should be for big whales - page 10.

JeffBrad12

hero member

Activity: 2954

Merit: 533

Leading Crypto Sports Betting & Casino Platform

Quote from: coino.org on February 02, 2019, 05:55:53 AM

Man, KYC doesn't solve most of problems. Recently one of my friends tried to withdraw 100 btc from binance and you know what happened next?
His account was blocked and he was asked to provide source of funds! What is more his tiket was stopped then after all proofs, and support doesn't respond him!

If that was true and you can try to suggest him to do a lot of complaints through its telegram group. I have seen a lot of people are putting their problems on there too.
KYC doesn't mean a lot. The exchange site will control anything since it's a centralized system. Just try to tell your friend about that. KYC is useless.

Coffeehot

jr. member

Activity: 182

Merit: 1

in fact, i hate KYC. But i don't agree with you. KYC can prevent bounty and airdrops from being abused on a large scale. if there is no KYC. One person can create hundreds or thousands of accounts

Madmax101

newbie

Activity: 83

Merit: 0

Crypto whales are present even in places where cryptocurrency is prohibited, platforms ask for kyc just to exclude those coming from crypto banned areas so as to avoid any litigations. Also I believe for a few box of crypto like less than $500, kyc shouldn't be required. Kyc is also another way of tracking crypto whales moving funds from one wallet to another it is good for suspicious accounts for easy tracking.

raptorez

full member

Activity: 602

Merit: 100

You should not forget that it is these whales that we are talking about today that they have the opportunity to influence prices in the cryptocurrency industry. The best that can be today is an increase in price.

coino.org

full member

Activity: 798

Merit: 101

Man, KYC doesn't solve most of problems. Recently one of my friends tried to withdraw 100 btc from binance and you know what happened next?
His account was blocked and he was asked to provide source of funds! What is more his tiket was stopped then after all proofs, and support doesn't respond him!

JeBro

member

Activity: 714

Merit: 10

Living is easy with eyes closed ...

I also think that investors are the only ones who are required to undergo KYC procedures. Bounty hunters do not have to go through it. After all, the main purpose of an KYC is to combat the laundering of criminal money, and bounty-hunters do not invest, but on the contrary receive rewards from the ICO-projects. It seems to me that those projects that require bounty-hunters for the introduction of KYC verification are not law-abiding themselves. Most likely they are selling bounty hunters data for additional income.

evanescence

member

Activity: 238

Merit: 10

Quote from: Novatech8 on January 10, 2019, 02:11:09 AM

I'm here today to drop my own point about how KYC should be use
- KYC requirement for bounties and airdrops is so unreasonable ,KYC implementation is no doubt a good idea but it should be forced only on big investors that wants to buy large amount of a token either From Exchanges
- there should be limit for KYC requirements e.g like if an investor wants to buy 10,000$ worths of tokens upward then he or she must go through KYC ,just saying

Well, you can push those points to your local politicians, but receiving airdropped assets is subject to regulation so ICO-ers have to comply. Not sure what a post on bitcointalk can achieve in that regard.

Irvinn

full member

Activity: 966

Merit: 104

Quote from: joybella on January 31, 2019, 08:51:40 PM

KYC should be for everyone as it's a means of determining if investors are eligible to invest especially for ICOs that are compliant with the US laws.

The laws of the United States let them apply to the territory of the United States and its citizens. Now from the cryptocurrency have already made a cesspool. We leave our identification data and copies of our documents at every step, up to and including references from banks, housing organizations, and so on. From anonymous and confidential it turned into a currency, which is accompanied by all the data of its owner. Now the most anonymous can be considered cash. They can still pay everywhere without checking KYC. And it is time to rename cryptocurrency, it no longer corresponds to its name.

layoutph

sr. member

Activity: 1372

Merit: 255

I am also a bounty hunter. I believe that KYC is fairway to remove spam and to remove fake users. These ICO owners are purely ignorant and paying their tokens to hundreds of bounty participants not knowing that the 12 of them is only owned by one person. Some bounty hunters I know are living in bounties, they left their job to focus full time in bounties.

Quote from: Japinat on February 01, 2019, 01:52:01 AM

Quote from: libert19 on January 31, 2019, 11:45:34 PM

Agree. These days airdrops giving like 5-10 tokens require kyc? Aside from that, there is no guarantee of how our docs are handled.

This is not only for airdrop, this KYC is also requirement for investment and bounty campaign.
For airdrop, I don't think it's wise to comply with KYC, most of the coins that gives airdrop ended up scam, don't trust them with your identity.

Japinat

hero member

Activity: 3052

Merit: 685

Quote from: libert19 on January 31, 2019, 11:45:34 PM

Agree. These days airdrops giving like 5-10 tokens require kyc? Aside from that, there is no guarantee of how our docs are handled.

This is not only for airdrop, this KYC is also requirement for investment and bounty campaign.
For airdrop, I don't think it's wise to comply with KYC, most of the coins that gives airdrop ended up scam, don't trust them with your identity.

Maknae09

jr. member

Activity: 196

Merit: 1

Ternion | Hybrid Crypto Exchange with fiat gateway

Quote from: Novatech8 on January 10, 2019, 02:11:09 AM

I'm here today to drop my own point about how KYC should be use
- KYC requirement for bounties and airdrops is so unreasonable ,KYC implementation is no doubt a good idea but it should be forced only on big investors that wants to buy large amount of a token either From Exchanges
- there should be limit for KYC requirements e.g like if an investor wants to buy 10,000$ worths of tokens upward then he or she must go through KYC ,just saying

No, it should be implemented for everyone involve that is in the rules of a project, people should follow these rules and we can also trust them in our identity as long as they are true to us.

Caladonian

hero member

Activity: 1302

Merit: 540

Quote from: CoinsOrDie on January 31, 2019, 10:45:01 PM

Quote from: NLO on January 31, 2019, 05:59:33 PM

Quote from: Nesbee2 on January 31, 2019, 06:34:12 AM

seriously, it becomes very annoying when asked to do kyc for an airdrop or bounty that is not worth $20, for crying out loud , kyc should be for big investors not airdrops or bounty hunters. Although a lot of them are scam, creating a way of stealing information from the poor airdroppers and hunters for their selfish purposes.

You may not know how much a coin from the airdrop will cost in the future. But to demand kyc, in any case, for airdrop is terrible.

Airdrops that appear in 2018 and 2019 will be worth zero. No need to waste time with it, the airdrops now just try to steal the information of the participants and they always ask KYC, it's funny and horrible as you say

For those who are only taking a small piece of the pie, yes indeed this KYC should not be implemented as they won't be enough revealing your identity
for some penny that you will receive, considering that you already did what the team asked you, that should be enough and we are inside crypto being
anonymous should also be considered.

libert19

hero member

Activity: 2520

Merit: 952

Agree. These days airdrops giving like 5-10 tokens require kyc? Aside from that, there is no guarantee of how our docs are handled.

yrrehc16

full member

Activity: 532

Merit: 101

KNOWING YOUR CUSTOMER should not be done to anyone as it does not profit any investors on any ICO.
It is just another danger that most investors not coming to an ICO.
yes, KYC is one of the reasons why some people don't invest in an ICO because of the law in their country.
Without that law, some also don't want to go invest due to the danger of their documents to the public.

Argoo

sr. member

Activity: 2352

Merit: 245

Quote from: Novatech8 on January 10, 2019, 02:11:09 AM

I'm here today to drop my own point about how KYC should be use
- KYC requirement for bounties and airdrops is so unreasonable ,KYC implementation is no doubt a good idea but it should be forced only on big investors that wants to buy large amount of a token either From Exchanges
- there should be limit for KYC requirements e.g like if an investor wants to buy 10,000$ worths of tokens upward then he or she must go through KYC ,just saying

I totally agree with you. KYC checks should only be carried out by large investors. KYC checks should not be extended to bounty hunters because we are not investors in ICO projects. On some exchanges, the rules for passing KYC checks are established only if the volume of day trading exceeds a certain large amount. A significant part of investors buy a small amount of new tokens and therefore it does not make sense to pass them various KYC checks.

sanacaks

jr. member

Activity: 308

Merit: 4

I don't think the KYC for Airdrop is right. Large investors need to do KYC. Because a large amount of investment should be questioned. However, there is no investment for airdrop. The prize is distributed. It is a ridiculous practice for the project owner to request a KYC. I hope they'il fix this soon.

shaheer001

full member

Activity: 1274

Merit: 100

Absolutely right i totally agree with you, KYC is good practice but only for big investor not for bounty hunters. almost every bounty hunter dislike it as it is totally unfair.

CoinsOrDie

full member

Activity: 448

Merit: 100

Quote from: NLO on January 31, 2019, 05:59:33 PM

Quote from: Nesbee2 on January 31, 2019, 06:34:12 AM

seriously, it becomes very annoying when asked to do kyc for an airdrop or bounty that is not worth $20, for crying out loud , kyc should be for big investors not airdrops or bounty hunters. Although a lot of them are scam, creating a way of stealing information from the poor airdroppers and hunters for their selfish purposes.

You may not know how much a coin from the airdrop will cost in the future. But to demand kyc, in any case, for airdrop is terrible.

Airdrops that appear in 2018 and 2019 will be worth zero. No need to waste time with it, the airdrops now just try to steal the information of the participants and they always ask KYC, it's funny and horrible as you say

joybella

jr. member

Activity: 370

Merit: 1

KYC should be for everyone as it's a means of determining if investors are eligible to invest especially for ICOs that are compliant with the US laws.

Quintrix

member

Activity: 259

Merit: 17

Quote from: Novatech8 on January 10, 2019, 02:11:09 AM

I'm here today to drop my own point about how KYC should be use
- KYC requirement for bounties and airdrops is so unreasonable ,KYC implementation is no doubt a good idea but it should be forced only on big investors that wants to buy large amount of a token either From Exchanges
- there should be limit for KYC requirements e.g like if an investor wants to buy 10,000$ worths of tokens upward then he or she must go through KYC ,just saying

This I agree this whales are the one more likely to make a profit and control the volume and market price of the token, so they should be the one to go through KYC bounty hunters can only get stakes based on their shares on the pool, not even half of 1%.

Topic: KYC should be for big whales - page 10. (Read 25360 times)