KYC should be for big whales - page 7.

axel2078

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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 should be required for all participants in ICO, which is a mandatory rule. But for bounty and airdrop, it's funny. There are no reasons or laws that require bounty and airdrop to KYC participants so they can receive rewards from their hard work.

xianbits

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Quote from: Denton on February 10, 2019, 07:26:54 PM

This is a very controversial issue. On the one hand, it is unreasonable to require the participants of the bounty to pass the KYC procedure, but on the other hand it helps to fight fraud. Therefore, KYC is not so difficult for them. Investors in any case must pass the KYC, this requirement is in almost all projects.

And it should not limit onlybto big whales as it is not their fault if they have enough big funds to buy as much tokens as they want. Big or small amount, if Kyc is being required, then everyone should submit.

mangsitin

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Quote from: Meryn on February 11, 2019, 02:09:14 AM

I agree. For a bounty hunter, it's unnecessary. only troubles us. it doesn't matter if you just submit your identity card. but, we are obliged to submit the bill and a photo of ourselves. we only get coins based on our work. moreover what we get is not much. but they actually make it difficult for us.

Yes, I strongly agree with you, I do not agree with KYC regulations for Bounty participants, because honestly I am very afraid of my personal data being used for bad things by them, because we know our free data is given to others only for a few Tokens.

TastyChillySauce00

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Quote from: Dasha88fed on February 11, 2019, 12:49:28 PM

I also believe that passing KYC in order to get a few dollars tokens in an airdrop is absurd. Even if a person buys tokens during an ICO in the amount of $200- $300, then this is also not so large a sum to require KYC. We do not show a passport and a receipt from the bank to buy some things in the online store.

Even if it is $200 or $300 it is still money and can be used for paundering. Imagine people splitting their money into that amount to avoid KYC.
However I do agree that airdrop should not require KYC because it is too risky for the users.

Jrfranco

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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

I think kyc should be for everyone and there should be no exception because this is for the good of the community and the project as well. Big whales should not be an exception but if the situation would be in favour of us, I would agree on this idea, there is nothing wrong about kyc, as long as we submit the right data.

Dasha88fed

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I also believe that passing KYC in order to get a few dollars tokens in an airdrop is absurd. Even if a person buys tokens during an ICO in the amount of $200- $300, then this is also not so large a sum to require KYC. We do not show a passport and a receipt from the bank to buy some things in the online store.

Groucho

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I am undertaking a lot of KYC as I am participating in airdrops joining new exchanges etc last one I joined to have any withdrawal facility you need to submit KYC. Crypto-currency always went by the argument personal financial anonymity this is certainly not the case even for us small fry but Binance like other exchanges always require KYC of access for withdrawals of large amounts of bitcoin & other crypto assets. I consider that whales do indeed submit KYC to trade on exchanges that are centralised large volume non-centralised exchanges are of course different personal financial anonymity

Meryn

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I agree. For a bounty hunter, it's unnecessary. only troubles us. it doesn't matter if you just submit your identity card. but, we are obliged to submit the bill and a photo of ourselves. we only get coins based on our work. moreover what we get is not much. but they actually make it difficult for us.

NewRanger

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Quote from: shesheboy on February 10, 2019, 07:43:46 PM

Quote from: dutechman on February 05, 2019, 11:44:20 AM

Honestly, KYC should be mandated for everyone especially bounty hunters. KYC should solely be for the larger holders of such coin. I think the main reason why hunters ate involved in KYC is mainly to discourage multiple accounts which is greed. Apart from that it should be for the market determinants - the whales.

No. Kyc is not invented to prevent bounty hunters from cheating but kyc enables you to increase your limits . not all service has a kyc , so if you are not a fan of it you can just skip them and find another less strict project .

Quote from: minttop on February 10, 2019, 05:09:27 PM

How jesus do you imagine KYC only for big whales? They can easily split their capital in order to avoid this procedure. I think every person should pass KYC and AML procedure!

Why split ? Kyc is verry simple , you only need to upload two i.d's ( passport and drivers license ) after that , you can now buy or sell bigger volumes .

in any exchanges if we passed 2nd tier KYC we will get more amount to withdraw.some exchanges already make rules that if we want to withdraw we have to pass kyc first.and we could not offer that rules.but for ico i am doubt what its used for.

Snaic

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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

It really is. The KYC check has the task of preventing the laundering of dirty money and fighting terrorism. If a small amount of funds is invested in an ICO project, there is no point in conducting a KYC check in this case. The ICO team may simply warn that China and the United States have banned their citizens from participating in ICO projects and before buying tokens investors must confirm that they know this and that they are not citizens of these states.
With respect to bounty hunters, checking KYC is generally illegal. We are not investors in ICO projects and should not undergo such testing.

malekbaba

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I think there should be no KYC for any user. Rather regulatory framework is needed for the respective persons of any project or exchange. So we know who is who in a project. Good project disclose valid linkedin profile of the owner. I think spme other measures can be added to secure our investment.
A whale can do anything with his own money, we cant control that

tuanytcc

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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

I agree with your view point, the KYC requirement has being overused by projects and be also the way they delay the distribution of the bounty's token

Perfect35

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I am looking forward to the time that, no project would ask for kyc again. That will make bounty participants to feel safe and would want to participate in much projects, to coverup for the shortcomings.
Even if whales would be made to do kyc, It should not extend to bounty participants.
Whales will only do it if they are investing.

shesheboy

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Quote from: dutechman on February 05, 2019, 11:44:20 AM

Honestly, KYC should be mandated for everyone especially bounty hunters. KYC should solely be for the larger holders of such coin. I think the main reason why hunters ate involved in KYC is mainly to discourage multiple accounts which is greed. Apart from that it should be for the market determinants - the whales.

No. Kyc is not invented to prevent bounty hunters from cheating but kyc enables you to increase your limits . not all service has a kyc , so if you are not a fan of it you can just skip them and find another less strict project .

Quote from: minttop on February 10, 2019, 05:09:27 PM

How jesus do you imagine KYC only for big whales? They can easily split their capital in order to avoid this procedure. I think every person should pass KYC and AML procedure!

Why split ? Kyc is verry simple , you only need to upload two i.d's ( passport and drivers license ) after that , you can now buy or sell bigger volumes .

Denton

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This is a very controversial issue. On the one hand, it is unreasonable to require the participants of the bounty to pass the KYC procedure, but on the other hand it helps to fight fraud. Therefore, KYC is not so difficult for them. Investors in any case must pass the KYC, this requirement is in almost all projects.

Koobtcgal

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Acewins.io

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

you are very right because in any institution, only people with huge amount of monies are checked very well. Most of the online payment gateways all do not allow very large amounts of money to be passed through them. To use large amounts, you must get verified. The same should be like investing in crypto if they are really into money anti money laundering.
On the part of bounty hunters, making hard verification for a bounty hunter who has a share of your tokens which are not even worth more than 100$ is very bad. There are many ways to check cheaters than asking for members ID cards and a sries of verifications that may even lead to the hunter not getting their coins.

minttop

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How jesus do you imagine KYC only for big whales? They can easily split their capital in order to avoid this procedure. I think every person should pass KYC and AML procedure!

capableuwa1

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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

I do not agree with this. As far as you are participating in ICO's i think there is need for each and every investors to go through KYC process because there might be some persons who might possibly run multiple and purchase the token then dump at any cost. So to avoid this, strict KYC measures should be put into consideration to avoid all this from happening.

electronicash

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team asking for KYC shouldn't be necessary but yes form the exchanges I guess we all have to comply to it including the bounty hunters. no matter how small the money involve. this is exactly the whole point here since the exchanges are already asking all the information we have when we register to the exchanges. I don't know why we have to entrust our data to a team that doesn't have security over our files.

Awoben

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Quote from: necromastery on February 05, 2019, 01:06:53 PM

Quote from: Olayinka225 on February 04, 2019, 03:07:24 PM

I agree with you that, kyc should be meant for the big investors those that have the larger percentage shares or token of a particular project and leaving the small of few shares hodler without kyc.

However, a system or regulation must be fair, because there is no comparison between large or small investors, they are all investors. If treated like that, it will only cause cause and endless problems. They like it or not, it must be treated like that.

I support your view, kyc is meant to be for all, that will help in regulating the the whole space.
I low investors are left out, this will create room for people cheating the system by creating multiple accounts to invest.

Topic: KYC should be for big whales - page 7. (Read 25305 times)