KYC should be for big whales - page 20.

WalkerIVIV

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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 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 should be applied to know if that can be included on the accredited investors or not. So far there was no strong reason to implement it to the bounty hunters even airdrop participants.
KYC should have putted to the big portion of buyers.

Red-Apple

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you only apply KYC to a business that is already complying by regulatory laws and the company itself must follow a lot of rules including KYC. but when it comes to ICOs and the likes of them, none of them are regulated or following any kind of laws whatsoever and that makes their move so absurd!

with that said, your criteria becomes invalid because because it doesn't matter if someone is investing $1 or $1 million, neither of them should give up their personal information to a shady ICO issuer who is anonymous themselves and are 100% going to abuse it.

labenea

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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.

Saisher

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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

That was and is the reason for so many ICO's but you will later the question the legality of this KYC after the project is gone or gone scam you start to think what will happen to your vital information, because the project developers are nowhere to be found and they are not even legal in the country where they operate.

Vilagra

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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 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 also has a good side, to some extent it can stop multiaccounters who take part in bounty and airdrops, because it is hard to find 100 documents to pass KYC for all their bots.

CryptoAlphaStar

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All of this sounds good, but the rules are made by the regulators. Given the nature of cryptocurrencies and automated bot and spam activities in the rewards campaigns, a sufficient amount of money can be moved even partially with transfers of a few thousand dollars, so KYC should be reasonable even for payments of 500$ and above.

clololck

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It seems that XLM is launching an airdrop through KYC. In fact, mainstream coins or well-known altcoins require KYC certification. Except for the excellent tokens other do not need any KYC, because no one knows them.

rose9696

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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 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

Investors really need to implement KYC so they can buy tokens, which is essential. But bounty hunters are not needed.
Why do they want to hold information of bounty hunters? we are just people promoting the project to them. So I think their goal is to hold our information to sell them to some technology businesses. That is the main purpose and we need to condemn this incident.

bitc0000

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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 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 also think that, KYC aims to prevent money laundering and bad people, so KYC should only be for big investors in ICO. And the bounty abused KYC to steal information of participants, I don't like bounty or airdrop using KYC

Riki31

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Nowadays KYC is required and passed by absolutely every small or big investor, and what about the wales, so they are always in shadow, and they will never do it personally.

ivannalog814

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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 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 with you but only partly because KYC is needed not because you invest a lot of money but because the state in which the project is registered requires that the project would not invest countries that are prohibited. I think that the project is not interested in checking the documents.

Harkorede

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Quote from: dearbesz1219 on January 10, 2019, 05:33:48 AM

Big whales will never do KYC, they are buying cryptocurrencies OTC (Over the Counter Trades) and there is no limit, no KYC and no rules Wink

.

Logically, you're correct but I think they'll will still be required to undergo KYC if they're to withdraw theirs assets after the purchase since it will be very huge and most exchanges require KYC verification for such amount to moved from their platform.
However, I think OP is referring to Big Investors in ICO projects.

Quote from: Novatech8 on January 10, 2019, 02:11:09 AM

snip..

Big whales won't have any issue undergoing KYC IMO, It is under normal circumstance required by almost every project for big investors to be fully KYC verified before they could invest.

moynul2050

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a requirement that is KYC is really needed especially for large investors. this will be important data for each project. however bounty hunters always assume that KYC requirements only make it difficult for them

bassbity

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Quote from: Metall303 on January 10, 2019, 05:23:49 AM

I completely agree with you that only large investors should pass KYC. Similarly, in the bounty campaigns, people who receive a large number of coins must pass this procedure. this is a very good decision

yes it is true that in campaigns that receive big prizes, they have to go through kyc like signature translators are always in big reward so it is very much needed for KYC.

creeps

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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

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.

Thanasis

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★777Coin.com★ Fun BTC Casino

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

ICO team keep this as tactic to exclude some of the bounty hunters without any rewards,so don't expect them to make no KYC for airdrops and bounties.

dearbesz1219

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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 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

Big whales will never do KYC, they are buying cryptocurrencies OTC (Over the Counter Trades) and there is no limit, no KYC and no rules Wink

.

jademaxxiss012

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Big or small it should be taken into consideration because the governments are talking about a national security. If you only know OP that KYC is not being implemented because a certain company just want to know every users detail but it is for the reference in the near future if something will going to happen then it could be traced by retrieving KYC information of the certain wallet holder.

Metall303

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I completely agree with you that only large investors should pass KYC. Similarly, in the bounty campaigns, people who receive a large number of coins must pass this procedure. this is a very good decision

Bitknick

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I agree that major players must undergo a serious KYC, but I also don’t mind if the team members of this or that project also went through KYC, so that we would know who we work with!

Topic: KYC should be for big whales - page 20. (Read 25360 times)