KYC should be for big whales - page 14.

Shadovka

member

Activity: 896

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

I do agree with your idea, as the KYC now for participants or even hunters might not be relevant as they are only holding a small amount of the coins, but at the same time ICO want to safeguard themselves from the checks of authorities so they want KYC for every participants.

likit123

jr. member

Activity: 434

Merit: 1

I agree with you. Initially, KYC was conceived as identifying an investor who invested a certain amount of money. I do not understand why KYC has spread to bounty hunters? After all, by and large, the hunters do not sign any agreements, they are just at their own risk, distribute advertising about the project.

yulchatar

full member

Activity: 910

Merit: 100

For quite a long time, I have been participating in ICO projects, and almost all of them require KYC verification. And for this it is not necessary to be a large investor. Often there is a limit of 5 eth, for example, for entry into a project. As for the bounty and airdrops, the team is only trying to limit the number of multi-accounts, nothing more.

CuriousGeorge

sr. member

Activity: 1498

Merit: 251

KUWA.ai

Quote from: letyouearn on January 19, 2019, 01:36:36 PM

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

Agree with you bro, but don't think we can affect this process somehow Sad

Crypto anonymity has became a myth now, hope this won't go too far and we won't be forced to send stool samples to get airdrops in a couple of years Grin

If you are still using centralized exchange site and you should not hope for anonymity. Centralized exchange sites are fully regulated and if you wanna be anonymous and then just use DEX as a way to achieve it but sadly it lacks of volume.

odranoel

member

Activity: 602

Merit: 10

I think KYC is not for big whales only, because i joined a bounty program last time, it needs a kyc even for a small time hunters. I ask my friend about that, and they tell me that KYC is only for big whales, but i objected them because in my bounty program i've joined it requires KYC. So for that it depends upon the bounty manager how it needs a KYC or not.

uniquark

sr. member

Activity: 533

Merit: 250

I think most people who invest over $ 10k are KYC their information. In addition, they will learn about the project really, because the money they invest is a huge amount, ICO investors are now much smarter.

shamc

copper member

Activity: 336

Merit: 1

Agreed in that KYC should not be mandatory for small casual investors. It is the whales that move mass amounts of coins and it is these people that need to be verified for AML, small fish have no impact and should be missed out to avoid unnecessary work

IndianaJons

member

Activity: 336

Merit: 10

Proof-of-Stake Blockchain Network

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

Large investors who have millions of dollars, can dictate terms to new projects. They can knock out a significant price reduction or refuse to pass through the KYC and so on. And the project developers will most likely do everything to please the large investors.
You and I, like thousands of other small investors, cannot dictate their terms to new projects. Therefore, we are either engaged in investing or not.

Alohadance

member

Activity: 378

Merit: 10

There is no doubt that huge investors must pass KYC. But for whan bountyhunters must do it? They just want to deposit their tokens on exchange and sell them there. Also their tokens usually cost a little.

Rostock

member

Activity: 364

Merit: 10

I don't think the KYC can oblige whales in any way. In addition, if we talk about the sale of large amounts of cryptocurrency, it often happens as if from under the table.

desticy

sr. member

Activity: 1512

Merit: 292

www.cd3d.app

It all depends on why this procedure is necessary. If for investors, then according to the laws of many countries, KYC is a necessary procedure and nothing can be done about it. If for bounty hunters, then it is rather nonsense.

thedarksun

sr. member

Activity: 639

Merit: 251

Quote from: NoSkyLimit on January 19, 2019, 02:04:03 PM

KYC should be for every investor , from the guy who invests 100k$ + to the guy who invest the minumum amount because it's not fair for some guys to do KYC and for the others just simply come and buy with 10k accounts with a minumum invest in each of that account ...this will bring a lot of new frauds , scamy projects and so on so your post makes no sense,sorry.

I fully agree with you.

If a limit will be set on some level, let say for example $10k. You don't need to pass KYC verification when you buy less than $10k, what problem would be to buy anonymously up to 10 times for $9.9k ?! The regulation should apply to everyone, otherwise it will lead to further problems.

hongus

full member

Activity: 736

Merit: 100

Adoption Blockchain e-Commerce to World

In general, you should cancel this procedure. And everyone will heal calmly. This will be their personal experience. Or create a single official KYC. Companies and participants are all on an equal footing.

NoSkyLimit

member

Activity: 171

Merit: 50

Crypto will save my kids!

KYC should be for every investor , from the guy who invests 100k$ + to the guy who invest the minumum amount because it's not fair for some guys to do KYC and for the others just simply come and buy with 10k accounts with a minumum invest in each of that account ...this will bring a lot of new frauds , scamy projects and so on so your post makes no sense,sorry.

Cyptobonds1

jr. member

Activity: 262

Merit: 2

I still don't know why I hate the so call kyc maybe it is because of all rewards that are supposed to be received and failed due to kyc or my waste effort. I think it should be stopped and be done for some more reasonable purposes and not avoiding to pay

Abal Abal

full member

Activity: 602

Merit: 100

I think KYC for big whales has no influence whatsoever, in my opinion they will continue to do everything that can benefit them.

letyouearn

legendary

Activity: 1722

Merit: 1014

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

Agree with you bro, but don't think we can affect this process somehow Sad

Crypto anonymity has became a myth now, hope this won't go too far and we won't be forced to send stool samples to get airdrops in a couple of years Grin

trudovik

member

Activity: 546

Merit: 10

I all understand that they themselves have implemented this process to stop the process of investing private money. You must understand this too. Today they want to open access to big money new road.

AlekseyCrypto

member

Activity: 518

Merit: 11

Yes, I agree that KYC should be implemented only for large investors, because it was mainly conceived to combat money laundering.

Nnedaddy1

copper member

Activity: 294

Merit: 1

You echoed my thoughts exactly.
It doesn't make any logical sense for investors putting as little as $100 to be asked to go through the kyc process.
Imagine submitting vital documents because of $100 investment.

Topic: KYC should be for big whales - page 14. (Read 25360 times)