KYC should be for big whales - page 2.

catsmile

full member

Activity: 476

Merit: 100

Quote from: Novatech8 on January 10, 2019, 03:11:09 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

In fact, big investors are always required to kyc, so this recommendation is not necessary. Besides, bounty hunters are required to verify their identity because the project wants to be fair to everyone. There are many people who create multiple accounts.

Leema

copper member

Activity: 210

Merit: 1

I think the reasons for kyc in bounties is to tackle multiple accounts users. It's not fair if a participant earn more than 10% of a particular campaign by adding so much clones, sometimes , too much requirement shouldn't be asked from bounty hunters, but a few documents is fine.

Chomsy

copper member

Activity: 364

Merit: 1

The way KYC is being handled now is not good sometimes but in other way, it's useful. Kyc fishes out bounty or airdrop farmers, this is the positive aspect of it.

rachman mahesa

full member

Activity: 966

Merit: 111

Quote from: heni_april on May 26, 2019, 11:13:52 AM

Quote from: nutriagrigia on May 26, 2019, 11:03:42 AM

just the difference is that if you send your data somewhere to the wrong company, your data can be used on the black market/dark net

that's what I've been afraid of with the KYC process that was requested in the campaigns I followed. if there is an error or misuse of data, we can be in trouble.

If you do the Kyc on the right project, it certainly won't be a problem. If the project is suspicious, of course, don't ever do KYC there. As said above it will be misused and as you say also that we might get into trouble if the identity is used by irresponsible people or on the black market

heni_april

member

Activity: 179

Merit: 10

Quote from: nutriagrigia on May 26, 2019, 11:03:42 AM

just the difference is that if you send your data somewhere to the wrong company, your data can be used on the black market/dark net

that's what I've been afraid of with the KYC process that was requested in the campaigns I followed. if there is an error or misuse of data, we can be in trouble.

nutriagrigia

sr. member

Activity: 1270

Merit: 254

Oikos.cash | Decentralized Finance on Tron

Quote from: robaya on May 26, 2019, 10:09:47 AM

Quote from: Adriano2010 on May 26, 2019, 10:04:45 AM

I'm also against KYC but if use fiat money and bank deposit or card then the KYC is mandatory for obvius reasons, to use your own card and not stolen and to protect against money laundering.

actually KYC is what we should and often do in trading and banking activities. if the KYC in the campaign or to register for the exchange is still very reasonable.

just the difference is that if you send your data somewhere to the wrong company, your data can be used on the black market/dark net

profitgenerator212

sr. member

Activity: 714

Merit: 251

Quote from: Novatech8 on January 10, 2019, 03:11:09 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 KYC is required for every investor putting money into a cryptocurrency project regardless of how much you intend to invest. It is a statutory requirement needed to checkmate money laundering and the likes

robaya

full member

Activity: 348

Merit: 100

Quote from: Adriano2010 on May 26, 2019, 10:04:45 AM

I'm also against KYC but if use fiat money and bank deposit or card then the KYC is mandatory for obvius reasons, to use your own card and not stolen and to protect against money laundering.

actually KYC is what we should and often do in trading and banking activities. if the KYC in the campaign or to register for the exchange is still very reasonable.

ukloon

sr. member

Activity: 798

Merit: 281

It is ridiculous that some ICO require bounty hunters to take a KYC when the payments are only worth a few dollars, and as they are not even listed you can argue that they are completely worthless. Definitely for whales only, not for everyone

Adriano2010

hero member

Activity: 1414

Merit: 516

I'm also against KYC but if use fiat money and bank deposit or card then the KYC is mandatory for obvius reasons, to use your own card and not stolen and to protect against money laundering.

Jpt

jr. member

Activity: 374

Merit: 1

I am not in favour of providing KYC information. It is not reasonable to provide KYC information to the project unknown, and who guarantees that our personal details are not used for other purposes than required? The market has many types of projects, genuine and fake. In case of fake projects, I doubt that they may use our KYC information for illegal purpose. Some projects fail to survive and discontinue. And in this case also, our KYC information may be used illegally.

wdnj

hero member

Activity: 762

Merit: 500

KYC is a mandatory for all investors and bounty hunters if the team dictates it.
I am not into KYC as i am against on this for the security of our identity and our documents.
Though there are facts which the team should do KYC. they should prevent people from having their tokens which are into restricted country.

Mrsparks

jr. member

Activity: 406

Merit: 5

I-CHAIN - The Revolution of Digital Advertising

Quote from: CryptoTech_ on January 10, 2019, 03:19:15 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

I completely disagree with your point of view.. Anyone who wishes to run multiple accounts can still use nefarious means to secure documentation.. I think KYC for airdrop and bounty hunters is a complete heist to rip bounty hunters. KYC in full means Know Your Customer and Bounty hunters are not customers but rather workers who engage in marketing for this burdening projects.. Asking such individuals to provide personal information and documentation is an insult...

DainSLane

full member

Activity: 784

Merit: 112

No one will disagree with that KYC should be for big whales because lot of money they investing for that project to avoid money laundering, even the small investors also are providing KYC for the sake of the project. The bounty hunters should not provide kyc they are only participants.

Averim

member

Activity: 515

Merit: 12

Quote from: Novatech8 on January 10, 2019, 03:11:09 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

KYC measures should be available for everybody because money laundry is a big deal. The thing that i don't like regarding this measures is the safety of the given personal data.

WannaCry

full member

Activity: 742

Merit: 101

KYC for investors in mandatory, i think they are the so called big whales as they have the power to buy so many in cheap price;D..

reality18

member

Activity: 938

Merit: 14

Earn more with Earn Network

The idea of KYC does not matter the status of the investor or holder. KYC means "Know Your Customer", hence every holder irrespective of the amount in possession must be known by the project developers. Aside this, KYC is for verification purposes in order to check double and bot entries so i don't see the need why KYC must be restricted to on whales.

Globen

copper member

Activity: 138

Merit: 0

Many bounty hunters have lost their reward due to this kyc issue, this isn't because they don't want to do the kyc, but because those at the distribution end just wants to deny them their reward by failing the kyc they have done. You see them bringing strigent measures to see that bounty hunters fail. I think kyc should just be put to an end for bounty hunters and be left for investors.

DragonETH

sr. member

Activity: 588

Merit: 250

https://www.projecton.pro/

Quote from: gaj ahmada on March 28, 2019, 07:36:06 PM

KYC does aim to reduce cheating like multiple accounts on a bounty or airdrop, but many bounty hunters don't agree
with KYC in a bounty, for me it's not a problem filling KYC if the project is potentially good in the future

the problem is that many teams are very unaware of the data obtained as a result of the ICO and KYC. Personal data goes to very different places where it is collected and illegally processed.

qmclak

jr. member

Activity: 275

Merit: 2

"Trade with profit"

Agree, KYC should be for thoss people who hodl thousands of dollars in Trading Exchange. Small investors tend not to play with their small investment compare to Big Whales they manipulate the market. And also KYC/AML should be for Big Whales since they are the one who hold huge money in crypto-space.

Topic: KYC should be for big whales - page 2. (Read 25305 times)