KYC should be for big whales - page 19.

Darker45

legendary

Activity: 2576

Merit: 1860

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 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

I agree. But I am not wondering why KYC is being implemented in relation to crypto. That is a wise move from the SEC, which is nothing more than a dummy of the wealthy bankers. KYC is totally opposite to the ideas which built cryptocurrency. Cryptocurrency is anonymous. It is a form of payment that does not attach one's identity. And here comes this KYC. This is indeed a powerful move by the bankers to issue such requirement. Now, everyone including those mere Telegram or Twitter campaign participants have to reveal who they really are with matching passport and IDs.

meldrio1

full member

Activity: 1358

Merit: 100

It's already required for investors to do KYC if you want to invest in ICOs, but KYC for bounty hunters it's not good for me they should not required KYC for bounty hunters.

Volk-05

jr. member

Activity: 434

Merit: 1

That's right. Kyc is needed but it seems to me that it is needed only for those who operate with large amounts of money!

IrinaDuisimbekova

newbie

Activity: 121

Merit: 0

KYC is for every individual, it’s not only specific for big investors. Every crypto exchange provide this function in their service so that they can verify the authentication of the customers.

Benefits of conducting KYC verification:

Confirmation of verified identity
Approval to initiate your trading at the cryptocurrency exchange

vhns222

full member

Activity: 504

Merit: 105

KYC is reality,for investors and even for bounty hunters and if moths ago KYC for bounty was 10% now, i think 90% of all projects need KYC,both for hunters and investors so,we alrerady have KYC.

Japinat

hero member

Activity: 3052

Merit: 685

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 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

I believe that KYC should only be for investors but there are some project that really enforce KYC to bounty hunters.
As a bounty hunter, you should be aware that it's part of the requirement in order to be eligible to claim the reward, but if KYC came after the ICO, then I think it's not fair to bounty hunters.

Cnut237

legendary

Activity: 1904

Merit: 1277

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 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

I think a lot of this is companies just trying to cover themselves in an uncertain legislative environment. It can be a pain, and it does also allow for scammers to set up fake campaigns to harvest valuable personal information... but I can see why the projects do say they need KYC.

coinuser4000

member

Activity: 110

Merit: 10

Big whales are institutions and not just one person, how will you check the kyc of some company? That is not possible. Also these investors are not trading on classic exchanges but they trade OTC.

Caladonian

hero member

Activity: 1302

Merit: 540

Quote from: ccsang on January 11, 2019, 01:55:23 AM

most of the project is require KYC for who's want to buy large amount of tokens, beside that some of them is require all the token holder(include investor and bounty hunter) must verify their identities to confirm they’re not on any prohibited lists and assessing their risk factors. So you can't control the project team decision, just don't join the campaign if you must process the KYC verification. to receive your rewards.

That's the point, not unless change just showed up KYC procedure should be declared when the bounty/ico's got started, so no one will join if they don't want to provide any personal information, if they feel that they are not comfortable with such rules better not to join and move to another project, even you are a small investors or big whales nor bounty hunters you are free to choose.

Bittalk12

member

Activity: 434

Merit: 11

KYC is applicable to any level of investors because it will be unfair if the whales will only do the process right? Besides, this big investors can also use other people just to hide their wealth since the only thing you need in KYC are valid photo ID and a selfie right? As much as I know, the type of KYC you are requesting already is effective on Bithumb.

Matthewmorris4

member

Activity: 350

Merit: 10

BitbondSTO.com | Germany’s First STO | Earn Stable

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 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

I am sure, ICOs that have passed and are currently certain to make a KYC process so that investors can participate, but not all investors want to admit to having large funds, or they might just be able to pay people to be able to use other people's identities and then share assets to be invested

burky155

member

Activity: 532

Merit: 12

Yes, you have mentioned something that i am sure we all would agree with you! The KYC procedure should perform with big buyers and traders. But usually it practice with the small investors and bounty hunters.. Unfortunately this is very unfair implementation for us..

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.

nebuch

member

Activity: 588

Merit: 11

KYC was formed intended to regulate scammers. Possible there are instances investor is also a bounty hunter. But I am really agree about it is not reasonable for hunters because hunters does not put some money into the project only investors does. There are disadvantages and advantages in KYC that somehow used to scam the people and steal their personal information. Very risky KYC.

panjay

sr. member

Activity: 1079

Merit: 352

nah they don't want to take a risk for their business. Let said that they got the problem with the government about security stuff, the more they prepare about the administration and distribution of their tokens, the easier the life or company get.

ccsang

full member

Activity: 910

Merit: 103

most of the project is require KYC for who's want to buy large amount of tokens, beside that some of them is require all the token holder(include investor and bounty hunter) must verify their identities to confirm they’re not on any prohibited lists and assessing their risk factors. So you can't control the project team decision, just don't join the campaign if you must process the KYC verification. to receive your rewards.

mitsos2017

newbie

Activity: 49

Merit: 0

Quote from: creeps on January 10, 2019, 05:40:32 AM

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

Yeah, KYC should be done for everyone and if you are not comfortable with that, you can skip investing. Whales is here to move the market up, and of couse some of them manipulate the market. For sure they know how to play hide and seek, so its still hard to know the real identity of the whales though this is a good idea but i think it will not work.

KYC should be done first from all the people who are running an ICO, and should be available to all investors (and bounty hunters).
It's a crazy thing, to have scammers stealing the money of people and the hard work of bounty hunters.

zulfi125

full member

Activity: 1382

Merit: 105

You'r right and i agreed with you, KYC should be set a amount may be $1000 but when paying for airdrops little amount this is not good and some users not joining due to fear of misuse of data.

betty11

copper member

Activity: 448

Merit: 3

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 ,

Because some persons are always in the habit of cheating, thereby depriving others of their right, some projects do come up with KYC for Airdrop/bounty hunters. There are also some security tokens that is require by law that holders or any buyers at the point of inertial offering must pass through KYC, there is just nothing the team can possibly do than to comply in order to see the survive of their project. Am not a fan of KYC except for large sum of money Been submitting my passport for an airdrop, it keeps telling useless jargons, I have just choose to dump the project.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

Quote from: labenea on January 10, 2019, 06:39:37 AM

yes I agree with you for bounty hunters I think there is no need to do KYC unless the project can be managed seriously it might not be a problem., KYC is more appropriate for large investors who match the acquisition of prizes as well.

You guys are living in fool's paradises for sure. Yeah big investors are the whales and whales never show their real faces in public because they know they would be attacked then by robbers and criminals. What they do is they take up someone else close to them to do the KYC and then grab the tokens and run away. Seems like a story to you? No it isnt because in many time they will offer the KYC doer some price and would themselves enjoy the impersonation and get the tokens for themselves.

The bounty hunters in this forum need to get new jobs. Stop running after every new shittoken being printed out there and get a proper real life job.

Topic: KYC should be for big whales - page 19. (Read 25360 times)