KYC should be for big whales - page 13.

iyah adrian

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Quote from: mhine07 on January 22, 2019, 07:28:45 PM

Quote from: CryptoTech_ on January 10, 2019, 02:19:15 AM

KYC for big investors is already required in every project, even small investors are required to verify KYC but not as complex as big investors, and KYC for bounty is to avoid multiple account fraud

Most of the ICO today requires KYC for their investors and also for their bounty campaign for them to able to get their rewards from the bounty campaigns. But many of the bounty hunters do not like KYC because they do not want to give their real identity to anyone. I agree that KYC will only applies for the big investors or just investors of the ICO.

It seems like that, Bounty hunters don't like KYC may not want to tell their identity. But actually it's also said above to avoid bounty hunters who play multiple accounts. I actually agree that KYC is only for large investors.

mhine07

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Quote from: CryptoTech_ on January 10, 2019, 02:19:15 AM

KYC for big investors is already required in every project, even small investors are required to verify KYC but not as complex as big investors, and KYC for bounty is to avoid multiple account fraud

Most of the ICO today requires KYC for their investors and also for their bounty campaign for them to able to get their rewards from the bounty campaigns. But many of the bounty hunters do not like KYC because they do not want to give their real identity to anyone. I agree that KYC will only applies for the big investors or just investors of the ICO.

bananaunana

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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 agree, it is a very good idea, limits of investments according to KYC are a good decision, if KYC is neccessary. In most cases it shouldn't be neccessary for the average small investor. Unfortunately, some projects make no difference if someone invest 100$ oder 100000$ Roll Eyes

AndRE177

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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

Good idea. Usually, large capitals have a chance of dishonest origin of their money. That is why they need to confirm not only KYC, but also where their money comes from.

lobo13hf

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Quote from: marksayson on January 22, 2019, 05:39:19 PM

That is right. Because I have also noticed on the exchange. they didn't implement kyc or a minimum trade but only for those bigger trade amount. Because they want to know more about the trader or the investor, I hope they did the same to the investors with only low amount trader.

Didn't you think if it's too risky? They can deposit unlimited amount but as unverified account and they can only withdraw 2 btc for each day. The whales should be included on the accredited investors.
This looks correct consider they are having unlimited money.

sixexgames

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Yeah I agree. I was able to put about $100 worth of tokens into an exchange... then I made a single trade to Ethereum and wanted to withdraw. But to withdraw I had to undergo KYC. It seems like a very heavy handed regulation.

marksayson

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That is right. Because I have also noticed on the exchange. they didn't implement kyc or a minimum trade but only for those bigger trade amount. Because they want to know more about the trader or the investor, I hope they did the same to the investors with only low amount trader.

Maamejane

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Decentralized Continuous Audit& Reporting Protocol

Yeah, not for guys who are holding just an insignificant amount of the coins. KYC should be for the big guys who can manipulate the system one way or the other.

wxxyrqa

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Quote from: ðºÞæ on January 21, 2019, 12:47:00 PM

Before sending money a KTC (Know the Company) is required with full copies of ID's and all. Sending money to total strangers on net is crazy.
First step is to know who you are dealing with.

The fact is that the provision of personal data should prevent criminal activity and if large whales intend to abuse their means, they should be declassified.

ðºÞæ

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Before sending money a KTC (Know the Company) is required with full copies of ID's and all. Sending money to total strangers on net is crazy.
First step is to know who you are dealing with.

GunsLair

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Yes, I also think that for airdrops the KYC is not required. Here, small amounts are usually handed out, so I see no point in verifying the identity. Another thing is ICOs. There are many willing from different countries, even where ICO projects are prohibited.

saminnala

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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 fully support this idea. The origin of money and the receipt of documents from the person who wants to invest this money in the ICO only makes sense if the amount of investment is really huge. In the same case, if this is only a measly $ 100 - $ 200, I do not see the point in passing KYC.

chocopapaya

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In the past, there was no kyc.
Then, there was kyc for only big investors.
Then there was kyc for all investors.
Now there is kyc for investors and bounty hunters.

In the future, there will be kyc for investors, bounty hunters, bounty hunter's brothers and sisters and also pets.

...but seriously though, the whole purpose of KYC is to stop money laundering.
Anyone that is serious about money laundering will want to move more than a couple hundred dollars.
So forcing kyc on people who earn a couple bucks (actually nowadays, earnings for bounty hunters are either zero or just a couple cents lol) is crazy.

ellehcar

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I also believe as OP does. I'm not against KYC. As a matter of fact, I've undergone many KYCs before for bounties' sake. But it doesn't mean that I conformed, I agree with the idea. I still think that it should be imposed on whales which withdraw large quantities of crypto, and not on small bounty hunters and airdroppers. Oftentimes, the KYC requirement is so demanding. They ask for driver's license, passport or national ID. So how about the hunters that are still studying, and do not have such kind of IDs? More so, it's unreasonable to impose it on hunters who oftentimes get less than a hundred dollars worth of token for their months of hard work. As I understand, KYC is conducted primarily to prevent money laundering activities, and these hunters' token worth is relatively small to commit such crime.

kaizerblitz

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Quote from: CryptoTech_ on January 10, 2019, 02:19:15 AM

KYC for big investors is already required in every project, even small investors are required to verify KYC but not as complex as big investors, and KYC for bounty is to avoid multiple account fraud

Yes that's the point of KYC used and everyone would understand of what KYC use on the point on big whales i think it is good idea but on selected and random whales or an investor.

robelneo

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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 agree with you that should be the case, so we will know, who wants to control a big supply, bounty hunters only get a very small portion, it should not be implemented for bounty hunters who will just get $50 worth of the token in campaign, it will ease up their work by implementing it to whales only.

manfredmann

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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 the point but mind you that little amount if you will going to collect then it will going to make a volume. Meaning to say whales could still use this strategy to avoid doing kyc creating multiple accounts. So to be fair also with them KYC must be for all and no exemption so that scammers and fraudsters will be easily modified or will likely to minimize scamming activity.

raidarksword

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Online frauds are imminent on online world and in my opinion i agree on kyc requirements for hunters and investors to eliminate all fraudulent personnel especially on bounty hunting in order only honest and eligible people are worth to received bounty tokens as a reward for the hard work on promoting such projects.

cryp24x

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You have a point but still, I don't agree with it. If there will be a rule about KYC, that rule should be applicable to all. This is to be fair to all participants, blockchain technology promotes transparency so we need to maintain that principle. If this rule will be implemented to the whales only, I don't think that they will abide.

soramon

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Yeah i agree with you KYC requirment for bounty is unnecessary. I dont get the point why the bounty hunters should pass KYC. We as bounty hunter not even investor who spend own money to their project. Also there is a chance our KYC denied from the team and cant claim token.

Topic: KYC should be for big whales - page 13. (Read 25360 times)