Topic: KYC should be for big whales - page 17. (Read 25305 times)
Whales will easily bypass those restrictions by having multiple accounts in exchanges. Moreover, need of KYC is more deliberately needed to be implemented only in bounty level not in exchange level. Some exchanges are requiring to clear KYC for deposit and withdraw but that is not the case here because we need to deal against bounty hunters not exactly with whatever happening in exchange.
in my opinion KYC is not just an investor who invests above $ 10 000 but for all investors it must do KYC because if something happens we can ask the ICO team to be responsible and we don't lose money even in small amounts
I still have mix emotions about this whole KYC specially for bounty hunters. Yeah it could be that KYC should be only be apply for Whales or some big investors and not for bounty hunters. There are news that our information are being leaked as well, so just be careful sending your full KYC on bounty just for the sake of getting your tokens which could be valueless in the future.
I think KYC for investors has been going on for a long time and it all depends on the decisions of each individual. KYC I think provides security for investors because they are serious about the project they are developing. However, not all projects that use KYC can succeed. You still have to spend time doing research.
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
But most projects are working in terms of big investors favor because they need them for collecting more money in quicker time. We cannot expect devs to be more strict against big investors. I have seen some projects were providing big discounts to whales because it is an easy way to make their project successful.I'm not finding implementing KYC will be helping the project to be successful by preventing whales from dumping. One whales is nothing but the a group of small investors in some assumption. How we can restrict small investors not to dump in other case.
You're right in these ideas. Even very small bounty campaigns want KYC. We shouldn't give KYC anywhere. If the project is reliable and our investment amount is high, we can give KYC.
Yes, I agree with this statement because I think small bounty hunters must not included in that security protocol because they are holding a small amount of cryptos, so its better that KYC must be implemented only to those who are holding a big amount of cryptos, like an investors.
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
Having KYC is against the cryoto currencies since it is created for maintain anonymity.So we should ignore the projects who were asking for KYC thus will be the future and long term solution. - 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
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
KYC in bounty is not to find scammers, but in order not to pay coins to bounty hunters, there is a big difference between the companies that introduce KYC at the beginning of the company and the companies that introduce it at the end.
I think KYC are fairly implemented to all crypto users in which everyone is subject for verifications. If you will going to limit the KYC for the rich people only then the bad guys might freely to used the ordinary people on any illegal activities specially money laundering. Just make sure you are joining the legal project to ensure that your identity will not be taken.
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 ICO or 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
- 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 ICO or 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
KYC on bounty hunters is required because a lot of bounty hunters are cheating on bounty campaigns by applying several accounts to get more stakes from the bounty. Bounty hunters can be considered as an investor too, because, instead of getting paid in cash for their work/promotion, they are paid in tokens/coin.
Your statement that checking KYC for bounty hunters is legal, because this way multiple accounts are eliminated on the forum is also wrong. To be legal, such actions by an ICO team must be based on a law or other by-law. Can you name which state requires the ICO team to conduct a KYC audit against bounty hunters or is this an initiative of the ICO teams themselves? The ICO teams violate our right to the confidentiality of the individual with such a request, and if this is only their initiative, they act illegally, abusing their rights because they violate our rights.
I think big investors and small investors all use KYC. The use of KYC does have a very good purpose. So that the use of KYC also applies to Bounty participants. But not all Bounty projects use KYC. And the most important thing about KYC is that you have to be careful because it's not all good KYC.
What i know is that KYC already been done several moments now, not just for small or big investors, but in some project it also applied to the bounty participant as well. KYC is good to verify every token holder, but i think it became too much of a burden for bounty participant, since they get the coins not by purchasing them, but by doing some work on the campaign.
Exactly true, I am fed up with every time I sign up for an airdrop, most of airdrops want KYC or full identification for even a very small airdrop $1 or less, this is really ridiculous to fill KYC for such.
Sometimes, those KYC is for their ( project admins ) personal use or advantage. Personal use, because they can use that on different kind of apps or website that required information to fill with ( even not belong on crypto currency ). Sometimes, they can used those information on scams and fraud works. I don't say all airdrop, but there's a possibility if you always join on small reward airdrop.
KYC for big investors is already required in every project, even small investors are required to verify KYC but not as complex as big investors, and KYC for bounty is to avoid multiple account fraud
I agree that it would be most optimal for KYC to be checked in ICO projects by those investors who buy large quantities of new tokens. Bounty hunters should not be tested by KYC at all. It is used to prevent the laundering of dirty money. Bounty hunters do not invest in ICO projects and therefore should not pass such a test.Passing a KYC check should not be applied to bounty hunters, ostensibly to avoid multiple accounts. No state requires this, and the initiative of the ICO team in this regard is the excess of their powers. It is possible to violate our right to the confidentiality of a person only in cases provided by law, and not to whom it pleases even under the guise of the most noble cause.
If the ICO team, requiring a KYC check at the end of the ICO, would be registered in my country, I would sue for moral damage and would win the case. I speak as a lawyer who practices on similar issues.
I'm here today to drop my own point about how KYC should be use
- KYC requirement for bounties and airdrops is so unreasonable ,KYC implementation is no doubt a good idea but it should be forced only on big investors that wants to buy large amount of a token either From ICO or Exchanges
- there should be limit for KYC requirements e.g like if an investor wants to buy 10,000$ worths of tokens upward then he or she must go through KYC ,just saying
- 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 ICO or 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
Partly I agree with you, that the KYC procedure should be limited, but in a quite another way - every participant should pass the KYC, it may help to avoid frauds, but may be it should be structured, like depending on the amount of the investment the requirements to data for passing KYC should be more strict and broader as the sum is rising. And it should be made before participating in ICO or bounty campaign, or investing, in order the person knows that he or she will or will not get the reward or coins.
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 ICO or 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
- 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 ICO or 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
You are only saying this as an airdrop or a bounty hunter or probably a retail investor. You see, regulations on cryptocurrencies are changing and these crypto projects needs to abide. If you were on the other side of the fence, what would you do?
KYC is usually done for investors only. Because most projects are like that. if for bounty hunters and the like it certainly doesn't make sense. But this KYC also avoids cheating for bounty participants. Because now many play many accounts. Therefore, KYC is often used for bounty hunters.
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 ICO or 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
- 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 ICO or 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
If we want our money to be safe, so that the projects develop in the right way and the scammers are punished, the ICO will have to be legally regulated. If hard legal regulations come in, then no doubt everyone will have to pass KYC verification.
Sometimes, I just wonder why bounty participant should be put under compulsion or be mandated to do kyc. Meanwhile, I do not not think others, who are into other promotional or marketing works also do the same.
There should be a main purpose behind it, according to the law and that should include the avoidance of money laundering.
Then since bounty participants are not bringing in money, I do not see how they will launder money.
There should be a main purpose behind it, according to the law and that should include the avoidance of money laundering.
Then since bounty participants are not bringing in money, I do not see how they will launder money.
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