Topic: Polymath Scam: Stay Away! (Read 1165 times)

KYC will be a must have feature after the next regulations and all the coins will implement it in order to stay in the game! I don't see why any one would call Polymath a SCAM, seriously, It's actually the anti-scam project, yea you could call that! After the regulations from SEC Polymath will be one of the top hits! The anonymity era is about to meet its end guys, lets face the reallity!

Yes, here it happens the same way, I like money loaded, waiting. Suddenly say that you are no more, and you're with a proud face take a picture of your passport:)

2017 is continued by 2018, Cryptocurrency "Bitcoin" indeed
is on the rise, because the value is skyrocketed.
as well as increased risks such as fraud (scam), hacking & theft.
Let alone those who give away for free, who need business and regular order
achieved the target, arguably a lot of scam (fraud).
Especially that just give free.
Even if not scam (fraud), but including ponzy scam that many in number.
For this thread, thank you for being warned to be careful.

I dont know of polymath is legit or scam..its better to be safe especially that im starting..I will continue to keep an eye on this thing, because I joined this project's airdrop too.

What happened with that project at the end? I'm really not that into it, but it seems like it is doing just fine, or?

I did join their airdrop back in the days, and submitted KYC, hope my ID information is safe there...

I think you are overreacting a little. There are regulations in place and the Polymath team had to obey those regulations.
The fact that they required another KYC is not absolutely a problem.

Are you in the wrong thread? I don’t see how someone is begging for merit....

That's seems like you are trying to beg for some merit 

I think the price will drop again to 30-40 cents ... However, the project is unique with enormous potential ...

We will see. Investors were quite disappointed after there was no big news during Polycon. I suppose that now is a good time to accumulate more POLY.

polymath will moon soon

I dont agree with this either, a friend got the airdropped tokens and its worth quite a fair bit now, not bad for a simple KYC
Stop creating FUD for no reason, or just because you missed out on the airdrop

KYC requirement makes sense and it is illegal in many Countrys to be involved in an ICO. Also they can't have scammers pumping out accounts for free coins to dump.

Not true -- had no issue completing KYC process

I also bought some more when it was quite low, which so far has been a very good decision.

 Everyone has right to have his her opinion but how can it be Scam they genuinely prevented BOTS and scamsters by seeking KYC documents . I see no harm as may be I was one of the lucky one who got 250 PolyMath   absolutely FREE OF COST cool 400 USD to bank . i am going to HODL  and try to accumulate more
  

I was going to invest on this ICO until I saw that they were asking for a KYC for a simple airdrop. It just did not make sense and there are many ICOs to choose from.

Actually never mind, you should be ashamed of crying like this because you didn't get a reward.

Please, don't accuse a legit project of being a scam only because you don't understand how it works.

Polymath is a registered and working company, all the team is publicly known and has years of experience in the field. They are not "amateurs". Software is being developed and you can see it at Github.

In order to buy the POLY token on exchanges you don’t need to complete KYC, it was only for those who wanted to participate in the airdrop. The platform will require KYC for people who wish to invest there. So those who participated in the airdrop should already be cleared for that purpose.

How is going to get big when they are asking a lot for their participants, kyc is a big no-no the consensus tells us that Kyc is a big no-no in the cryptocurrency industry, only a small is going to participate here and until the dev finds out it's useless to implement that KYC

Right, dose not make scene now but future is never truly set!

Well right now i am holding 250 POLY worth ~325$ which i got for free. Not scammy for me at least. :-)

I agree. It was the only option to be part of this project right from the beginning, since there was no token sale. KYC will soon be the rule rather than the exception so everybody can decide for themselves if they are willing to submit their ID or not.

kyc blah blah blah, get with it guys its the future

if u dont like kyc then dont do it we all have the choice

when the tokens reach 10$ thats 2500$ i will have got for sending a copy of my passport, seems like a gd deal to me!

It's easy for people to call something they don't understand scam.
Though am very much against kyc... But when your money gets stuck.. You have to do it.

But on airdrops,  that's nonsense and isn't a good thing.

I've got quite annoyed by their contraddictions myself. I have got their email, which promised me to get their token but then they lost me in their website's useless beaurocracy.

I got your point and undertand what may should be the problem then am trying to resume the situation in global for me and about the project. I am really interrested by the new regulations maded by this start up and admit that this will upset the old vision at the crypto based projects, not only for US-based companies but, for all the next generation of companies in the world that has clear vision provide new services to the world. My post was not to accuse the project or to whine people but i just mention that a part of the community will have doubts about giving their personal information and how this should work. Thanks for the explanation in your response. I will continue following the Polymath project.

What would be the financial risk involved if you participate in a free airdrop? I could only imagine that they sell your data. I have thus not submitted a copy of my passport but of my drivers license and the quality was not too great. There is no personal information on it that you couldn’t also find via Google.

At first, I was intrigued of their project concept. However, in my own instinct, I decided to pass with Polymath. I don't even want to participate in their airdrop or bounty program, even if it's free. I just don't know if Polymath is legit or scam, but I know one thing for sure.

ICOs are risky and we just proceed at our own risk. It's essential that you should understand all of the risks that you're taking, and be prepared if you expect to lose your money in some unpromising projects. I just don't know about Polymath though.

The fact they didn't request money from anybody makes them clean. How do you come about this your language? why is polymath a scam?

U are entitled to ur opinion but not  getting ur tokens is not enough reason to call it a scam. I know submitting a confidential document because of an airdrop is extreme but calling it a scam because u didn't get ur tokens is way extreme. A lot of people got their tokens. Distributing to about 50000 subscribers is no easy fit. There is bound to be problems which resulted in some people missing out. Someone cashed out when it was above a dollar though I am in for the long haul .so bro just lick ur wounds and wait for the next over hyped airdrop. Seems this year the the year of the airdrops

The only reason to kyc is for future growth price
At current rate surely it makes no sense
https://www.coingecko.com/en/price_charts/polymath-network/btc

Did anyone here remembered stellar airdrop or bitcoin cash? Market no rational

If you bothered to read the thread, you’d see I recanted. 

Going through a KYC process to get airdrop tokens is insane. The value of tokens is too low to submit personal documents.

You have a point, but uploading a very confidential document is a bad idea, during my KYC process in Polymath Airdrop, I uploaded just a simple I.D like driver's license an Expired one lol. I was surprised after filling out their 2nd registration they said wait and you will get your 250 POLYMATH tokens. I waited and received. Now im holding them.

In that case you need to submit your personal information because Polymath provided a KYC system some people right now not receiving their token and accucasing poly as a scam.
By the way Im currently received a 250 poly from their airdrop hoping it can have a good value soon.

got my 250 tokens, surely be worth 2500$'s at some point in the future, not bad for heehaw

KYC isn't the best thing to hit this Earth but it doesn't necessarily mean a scam. All it truly means is all the personal information of those who submitted is most likely on a centralized server. You should be worried about a hack, not a SCAM in this spot.

I joined the airdrop, got my 250 tokens from it. Worked fine for me as well. You probably forgot something due to which you didn't receive yours.

If you don't have your POLY yet, then I'm guessing you didn't get into the first 40k people, who were the ones eligible for that airdrop.  There were LOTS of people who joined after the 40k.  Chances are you maybe one of them.

OR... you didn't signup correctly, gave wrong info

OR... you didn't pass KYC.

For me, I got my POLY over 10 days ago.

As for the people calling SCAM on this... did you read/watch any of the materials available?  It has solid backing.  As for the delays, did you realise it was the KYC-providers system that failed to cope with 40K eager applicants at pretty much the same time.

For people complaining about KYC... welcome to the new world of crypto regulations, particularly for US-based companies.  Get used to it, or avoid them.

And they were free FFS. Stop whining people!

It's 10 Feb and still not receiving any tokens even i successfully completed the verification ID. From where you got that date that it is not mentioned in their official channels?
Even the project is professionally managed but i didn't watch any good rate of it in the sites that rate projects. They collect a lot of personal information and people start thinking about a scam attack.

Could you be a bit more specific? What do you mean by saying anateurish? What did your friend do for POLY? So far it seems to me that everything was handled quite professionally.

Hi, I have it from a fried who partially worked for them: don't invest into it, as the developer team is amateurish. So just a heads up here.

there are many ICO and airdrop KYC verification already available. Maybe I'm too relaxed. However, I did not encounter any harm. I won $ 300 and I do not regret it.

It’s just terrible. There are so many skams and hacker attacks + all these collapses of coins and an incomprehensible situation with the Chinese regulation of the market. Many who leave the crypt, but all this is not for weaklings!

I also got my tokens and am really happy to be part of this project. I understand that KYC can be frustrating for some but it seems to me that Polymath really just tries to comply with regulatory requirements here.

I understand your disappointment, but I think you're exaggerating, since most of my friends got their tokens, as they promised. But cases with verification of KYC are quite common both in ICO and in airdrop.

Well, guys got their poly in their wallets..one person cannot decide due to bad experience the whole project is scam. My thoughts.

Actually I keep seeing "ICO VIDEOS AND ICO THIS" but it says on their twitter they DO NOT HAVE AN ICO so whoever is out there with the ICO for this group is stealing.

Airdrop? It appears you would have had to submit by Jan 10 to be eligible. For now it looks like new people are SOL.

I keep seeing their telegram spammed like crazy but reading the comments shows that people are just asking questions with no answers.

This almost reminds me of a club that has a huge line going around the block yet the club is DEAD inside. The fees for entry is around $100 to get in and the music is terrible. lol

Still the marketing plan is genius because all of those people are sitting in that Telegram waiting for scraps to fall their way.

Besides I'm in U.S. so I wouldn't be able to participate in an ICO anyways.

Did you or anyone calculate what exactly is the value of the airdrop? Because going through the whore harassing KYC torture has a cost too - in terms of lost time, and we should really judge if it is worth it or not.

for me registration has completed successfully, hope I may get airdrop tokens by Feb 1st week

I also agree with you. It was really a bad project, I studied it and I felt that the project was very unreasonable and unrealistic. The communities they have set up are few and far between and are not the developers of this project. Be careful because such projects often do not work well.

I doubt they are scam. It's one of the many Airdrops that actually are successful, they have tens of thousands of followers on telegram.

I have to admit that it does not look good. It has a huge telegram group, but it is not organic, is just adoption paid with theoretical coins that are never reachable. Never send a passport without some mark on it.

nice post bud, dont get me wrong ive bought/or not bought on peoples posts, but at the end of the day u have to do a bit of research then trust ure brain and your gut feeling, dont jump in heavy, bit at a time and u be ok 

Good point, I will keep that in mind. basically I let other people experience first then check their review. its better to be safe specially that I'm just starting in the BTC business ^_^. but thank you for that insight.

I think the purpose of the KYC should be to prevent people from receiving airdrop more than one time, but if the number of airdrop coin is very small, it is not worthwhile to KYC.I will continue to keep an eye on this thing, because I joined this project's airdrop too.

lol honestly bud i think we got off on the wrong foot, do me a favour and go back and check the timings, i was writing my post when u posted yours, tis not my fault u were whinging (as we say from scotland) whining is probably english im not too sure

point is u opened this thread using the "scam" word which is all too easily thrown around  in the crypto world usually without any real back up or evidence, in this case it was cos u took the huff cos u couldnt manage to do ure kyc, no evidence of any wrong doing it was just cos u couldnt get ure way, as soon as u did (and honestly, it took some guts so at least some kudos for that) u admitted u were in the wrong, nothing wrong with that we cant be right all the time

water under the bridge to me, too much cash to be made, hope your successful as time goes by

peace

You don't know what a cheater could do with your passport data. Imagination is the only limit. So unless the value of their tokens and of this airdrop becomes really clear, or I will stay away. I have even received an email from them on how to get the airdrop, but then on their site is was totally another story.

I actually did post my groveling apology before you posted.  All you have to do is look.

And the word is whining, you dumbass.

just out of interest and not to antagonize anybody but whats the big hassle with kyc, we all have to do it to trade with the bigger exchanges, just interested to hear valid opinions (not just scream abuse, real reasons only)

surely polymath is not a scam, i promise u all im totally independent and by no way a shill just interested to know

incase ure dumb minds dont work properly i'll just remind u, we ALL need crypto to head towards mainstream it benefits us all

unless your a benefit claimant begging off the social (uk) trying to cover your arse i dont see a problem with legitimate projects, if u dont like it stay the fek away

yh it looks like they really spent some huge sums of btc for coinmarketcap top banner ad.lets see if those who were able to sign up for the kyc will even receive the tokens.

Requesting ID or similar such documents for an airdrop seems a little overdone. Smells fishy indeed.

thanks friend for the information. I did not participate in this KYC airdrop program. I read some requirement that must be filled before participating airdrop. one of them is to enter a document such as my ID etc. its really dangerous and wasting time for me.

In my opinion, it's definitely not worth sending your personal data, especially on the Internet to a project you do not trust 100%. Given that there is an airdrop that will bring you $5

Wow, yay, they spent more than a million dollars in just marketing and advertising if i am not wrong, everyday, i use to check coinmarketcap more than 20 times. And from those 20 times, 15 times Polymath was on the top header banner. This means that they paid a lot of money for that kind of advertisement.

im no way a polymath shill, i just signed up to recieve the free airdrop (basically free money, turn it down if u want) but if u read through this thread u will see the only folks moaning are them who couldnt manage to/or didnt want to register, why listen to a couple of fudsters when theres free cash sitting right in front off u

research the polymath token and they're team then come back here with an honest opinion bud, you wont be slated for it as at least u will have made up your own mind instead of listening to the trolls or the shillers

cheers

are you sure is Polymath a scam??? i dont belive this theory for now...

Thank you for this info. I'm just new here and now I know some Airdrop like this exist, where the goal is to scam people.

I'm glad I was able to get here, now I will make sure check for a lot of reviews before joining in on any promotions ^_^

lol fair play to you bud for fronting up, polymath to the moon!!

the people who say everyone is doing it and that its perfectly normal to send your info to strangers on an internet forum are just shills.

Idk call me paranoid but I wouldn't send in my ID or any other verification documents. But it's still good to know it worked.

Next time read the whole thread before you post.

Idiot.

stop your whinging man just cos you missed out on your 250 tokens, to call it a scam cos u couldnt or didnt want to register is like listening to a child telling his mummy he hates her cos she wont give him a drink of fizzy juice or similar lol

kyc is pretty much the norm nowadays with professional forward thinking companys, get used to it, unless your trying to hide all your stuff from the taxman?

I just want to go on record to eat some crow.

I was initially very frustrated with the Polymath airdrop.  I spent what felt like way too much time and energy on this -- staying up until very late at night the night the KYC verification process, trying like 15 times to upload my ID only to end up with the dreaded spinning wheel, checking back every 5 minutes for like a day and a half after the KYC site was taken down to clear the backlog, and then after all that getting rejected because I uploaded my drivers license and not a passport (my passport is expired).

Well, I submitted a support ticket.  I didn't hear anything back, but I just re-entered by ETH wallet address into the KYC site, and now it is saying that I am successfully registered.

I take back everything bad that I said about Polymath.  I am glad to see that they are trying to make this process work for everyone. Kudos to them for their patience with so many frustrated users.

I just uploaded my ID (outside the US) and got verified and passed verification in like 15 seconds.
I also put watermarks all over it.
Got a message I will be getting 250 in the airdrop.

It's another one that is trying to prove that they are not a scamcoin. There is a lot of coins that did the same thing and they were proven to be wrong.

Both me and my wofe got succesful registration. Be patient this is big

Things have gotten so bad that some people can even release their passport details and address just for some tokens which might even not worth as much as they expected at the end of the day but the information provided can no longer be called back. Its important that we all need to be more careful in the information we seeks to provide.


Asking for passport or drivers license is way to far in my opinion but won't say they are outrightly scam if you are not comfortable with their request, just stay away with their air drop. Its not compulsory and no one is being forced here.

Total Scam.

No human with a single working neuron would ever give one of these projects their passport or government ID.  They could be hacked, incompetent or straight criminals.  What if you passport get into the hands of terrorists and its used to gain entry for an attack?   

That being said when they lead us all in to do the work for them it was all good.  Then BAM KYC scam.  Bait and Switch. 

1) Do not give your personal information over the internet.  They teach this to my 7 year old kid in school.  If your giving your passport over the internet you need to seriously think about the consequences.

2) Never invest with a project that requires this and shun them at every opportunity.  Any project that requires passports knows full well they cannot protect the information 100%.  Thus they are taking your security away from you which goes against the entire concept of the crypto movement. 

Shame on you PolyMath, Bobs Repair and GoNetwork

It's not that they are requiring KYC.  It's how they are going about it.

Most of the airdrops/ ICOs are requiring KYC lately, by mid 2018 i see that being compulsory for all you want to join.

Possibly, it's not law or made for certain. It is an obsecure outline that has no solid basis behind it, it's just the way people want to interpert these laws.
Also, this is only in regards to the U.S.

And when things are that fucking complicated, or without backbone, then just avoid them entirely. Chances are, you will never be in trouble for it, because there are loopholes around them. Airdrops are donations, experiments, nothing more. The "anticipation of making $ off an airdrop" is never the intended goal, it's to be apart of a community network, bounded by crypto that they will believe will make a difference.

It's as simple as that, and the laws have no hold against you. Because i join airdrops to make a difference, to participate in potentially revolutionary experiments.


I stand by my word, never submit your documents to anyone in crypto. Not even to these corrupted cunts @ polymath. Very fucking dirty, if they can't even handle which documents they want. I wouldn't trust these fuckers with $1 of mine, let alone my ID.

Weird. One thing is for sure they spent good money on advertising.

Let's look at it from both sides.

I've heard that because of new regulations KYC is possibly also required for airdrops. If that's true then there's little choice but to comply if you acknowledge those regulations.

On the other side, some companies in charge of the KYC process have strange terms and conditions that allow them to use your information for both their own purposes as well as the purposes of their clients, in this case the team behind the airdrop.


That's not harmless boilerplate legalese. Turns out those clients may instruct the KYC processor to hand over the personal documents - and in case of Bittrex, transmit them over plain text, unencrypted e-mail.

https://cointelegraph.com/news/bittrex-leaks-user-passports-in-support-emails-says-russian-telegram-channel

Going one step further I wouldn't put it past bad actors to abuse the mandatory KYC regulation to harvest passports for identity theft.

I am understand your dissapointment, I have applied for the airdrop and I think I will get some tokens. Anyway they are free.

This project does not strike me as a fraud nor scam.

This is the fucking truth, and submitting your Documents just for receiving a few tokens that are going to be worth $0,50 each or so?

This is not worth guys, you are revealing your identity just for 100 tokens worth $0,50 or less each one of so.

So for me, it is a wast of time, and energy, i would never join that fucking airdrop who is asking about my ID all the fucking time.

I posted a thread, but noone really gave two shits. I warned you guys.

https://bitcointalksearch.org/topic/m.28063113

NEVER submit KYC documents to anyone, anywhere. Very fucking dangerous.

It's a scam for hyping the crap out of this thing, keeping 50,000 people waiting and hanging on their every word, and then making last minute changes so that hardly anybody will actually be able to participate.  Maybe it's not a scam in that they are not stealing from people, but they are up to something.  And even if they aren't, this trainwreck doesn't inspire confidence in the company.

wtf how is it a scam if they haven't made any money?? From what I saw there were too many bots and people using multiple accounts to get free POLY. In my opinion, I don't think that's fair. This is what they posted from their telegram:

"Hello everyone,

You have been an amazing community!

With the sheer volume of interested users there have been various issues people have encountered. Here are answers to some of the common questions:

1) Is the airdrop open? Yes. token.polymath.network

2) It says No allocation found. You needed to pre-register for the airdrop from Dec. 25 to Jan 10. If you did not pre-register then you will need to wait until those who did have a chance to go through.

3) But I swear I did pre-register! Please check to make sure you used the same ETH address as you did before. If you went through once already and were rejected by the KYC system, you will need to wait before you can try again.

4) Can I use my driver's licence? No. The system accepts passports only.

5) Will I get a verification email? Not at this time. You can confirm your status by visiting token.polymath.network and putting in your eth address again. You will either be verified, rejected, or pending review.

6) How long is the review? It may take up to 48 hours.

7) I uploaded a valid passport. Why was I denied? The verification requirements are very high. Please make sure you passport photo is very clear and matches your name and country that you input. This is the main reason applications are rejected. Other less common reasons are: invalid country, under 18, or your information matched a those on various sanction screening lists.

If you have another issue, please refer to our support team. We also love our community and if you can refer users to this pinned message it will help as well.

Our admins have done a magnificent job with our Telegram channel. With 50,000 users there is bound to be some bots or users promoting other channels. We actively ban those accounts. We appreciate all the support from a number of active users in our community, but will not tolerate foul language.

There will be plenty of time to get in. Remember, it's not a race. We set the allocation amount at a number we felt would satisfy the community. Due to the high verification standards this process may take some time.

In the meantime, please use this channel to ask questions about our platform and how you can use the token to access the ecosystem. ❤️"

Don't waste your time with these amateurs.

They super hyped airdrop got everyone excited.  First they delayed the release of their KYC instructions.  Then they took the KYC site down for two days while they "cleared a backlog." They've brought it back now, but they changed the rules.  Half the people who signed up are being told their wallet addresses are not registered.  And now you can only complete the KYC process by submitting a copy of your passport (drivers licenses and/or other government IDs will no longer be accepted).

Many of us spent hours trying to get approved for the airdrop.  I know I did.  What a huge waste of time!

I hope this project fails.  These guys are real scumbags.  Stay away!