Topic: Project Initiators and Team need KYC more than Investors (Read 524 times)
I can not agree with you. I consider kyc to be a necessary procedure for all project participants, as previously cases of money laundering through cryptocurrency were noted, and this procedure was introduced precisely for this.
I agree with you, because the main problem of all scam projects are unverified team members that are always going away with all collected money. I am joining only projects with a legit and verified team members.
The decentralized nature of cryptocurrency seems not be effective when it comes to investing in cryptocurrency, seeing that investors in most cases are asked to do KYC, bounty hunters inclusive.
I do not think investors should be compelled or made to do KYC by submitting their personal data and documents, because project initiators do not stand any risk of losing their money. Rather project initiators or developers should be made to do KYC, in order to gain the trust of investors, who want to invest in their projects.
This is necessary because we have seen cases of scam ICOs, which have made investors to lose trust in a lot of them. So to gain the trust back, we would need to know whom we are giving our money to as investors.
I can't agree more. KYC for bounty hunters is a must to prevent multiple accounts and KYC for the team offering the ICO is also to be considered to be sure that they are real people with real names and real credentials. I also don't like investors being asked for KYC considering they are those who can make the project happen and giving this kind of hassle is somehow shameful. I do not think investors should be compelled or made to do KYC by submitting their personal data and documents, because project initiators do not stand any risk of losing their money. Rather project initiators or developers should be made to do KYC, in order to gain the trust of investors, who want to invest in their projects.
This is necessary because we have seen cases of scam ICOs, which have made investors to lose trust in a lot of them. So to gain the trust back, we would need to know whom we are giving our money to as investors.
some projects require KYC to be able to accept their investment and with KYC you can get the results of the money you use to invest in the project, but from KYC there will usually be crime and it will make your identity known to many people, so You must be careful when you want to invest and do KYC.
KYC is asking by many new crypto projects because they want to eliminate the investor from that country where ICO Investments are restricted. But as you said this can cause our identity to be in the wrong hands so we need to be very cautious while investing and crypto projects with KYC procedure and only invest when you know that the project is legitimate and have much reputation.
It is fair to say that for the trust and tranquility of the investor to the projects it is not enough just the photos of the developers on the site. Organizers are required to provide accurate information about themselves with all the necessary contacts to communicate, otherwise fraud with the ICO will only increase
You are right mate and it has also gotten to the stage now where whitepaper is no longer enough to proof the authenticity of a project, even with white paper with all manner of photos and paid write ups, lots of investors are still being scammed, in as much as I understand that the block chain industry is created for main purpose of decentralization.I think ICOs should be excluded please and make them go through all manner of necessary legal registrations before they can promote their ICOs and that can only happen if many top countries to stop fighting crypto currency and give it a full back up.
It is fair to say that for the trust and tranquility of the investor to the projects it is not enough just the photos of the developers on the site. Organizers are required to provide accurate information about themselves with all the necessary contacts to communicate, otherwise fraud with the ICO will only increase
You are right mate and it has also gotten to the stage now where whitepaper is no longer enough to proof the authenticity of a project, even with white paper with all manner of photos and paid write ups, lots of investors are still being scammed, in as much as I understand that the block chain industry is created for main purpose of decentralization.I think ICOs should be excluded please and make them go through all manner of necessary legal registrations before they can promote their ICOs and that can only happen if many top countries to stop fighting crypto currency and give it a full back up.
This is the bitter truth that no one seems to care less about because most of the projects on fire today are without owners. Even up to now, we don't know who Satoshi Nakamoto is so the issue of KYC for project owners is less stress on when you consider how some pioneers didn't expose their identity.
By the way, if that's the case, then I don't think there us a need for KYC at all.
By the way, if that's the case, then I don't think there us a need for KYC at all.
its true, with many scam ICOs around crypto market, i think developers team or initiators team need provide identity more than investor because investor is the one who have risk on the project
This is the bitter truth that no one seems to care less about because most of the projects on fire today are without owners. Even up to now, we don't know who Satoshi Nakamoto is so the issue of KYC for project owners is less stress on when you consider how some pioneers didn't expose their identity.
By the way, if that's the case, then I don't think there us a need for KYC at all.
By the way, if that's the case, then I don't think there us a need for KYC at all.
Yes they do need it more, but my question is who do they submit it to you the investors or...? Only if there are some team in charge of that and if there is believe me investing might have been so good to people unlike today. I think that's why most people wish there can be governments intervention in crypto.
The decentralized nature of cryptocurrency seems not be effective when it comes to investing in cryptocurrency, seeing that investors in most cases are asked to do KYC, bounty hunters inclusive.
I do not think investors should be compelled or made to do KYC by submitting their personal data and documents, because project initiators do not stand any risk of losing their money. Rather project initiators or developers should be made to do KYC, in order to gain the trust of investors, who want to invest in their projects.
This is necessary because we have seen cases of scam ICOs, which have made investors to lose trust in a lot of them. So to gain the trust back, we would need to know whom we are giving our money to as investors.
Of course the project initiator and the team dev need KYC first. If they cannot KYC then they cannot force KYC investors because it is not reasonable. And those projects are usually scamI do not think investors should be compelled or made to do KYC by submitting their personal data and documents, because project initiators do not stand any risk of losing their money. Rather project initiators or developers should be made to do KYC, in order to gain the trust of investors, who want to invest in their projects.
This is necessary because we have seen cases of scam ICOs, which have made investors to lose trust in a lot of them. So to gain the trust back, we would need to know whom we are giving our money to as investors.
Cryptocurrency decentralization is a myth. All vriptocurrencies are created by someone and their creators have huge amounts of these coins on their wallets, which they can sell at any time and drop the rate to 0. There are really independent cryptocurrencies and they are not in authority.
It's not myth but the only consensus that truly decentralized is a coin which has used POW system. you must understand about ICOs used pre mined methong that linked to the POS consensus. you must understand about that first.
I totally agree with OP's idea! KYC for the team members will give some assurance that team is not fake and easy to find if something bad happen on their project. if I remember correctly some ratings site is doing KYC verification for the team members.
The decentralized nature of cryptocurrency seems not be effective when it comes to investing in cryptocurrency, seeing that investors in most cases are asked to do KYC, bounty hunters inclusive.
I do not think investors should be compelled or made to do KYC by submitting their personal data and documents, because project initiators do not stand any risk of losing their money. Rather project initiators or developers should be made to do KYC, in order to gain the trust of investors, who want to invest in their projects.
This is necessary because we have seen cases of scam ICOs, which have made investors to lose trust in a lot of them. So to gain the trust back, we would need to know whom we are giving our money to as investors.
I do not think investors should be compelled or made to do KYC by submitting their personal data and documents, because project initiators do not stand any risk of losing their money. Rather project initiators or developers should be made to do KYC, in order to gain the trust of investors, who want to invest in their projects.
This is necessary because we have seen cases of scam ICOs, which have made investors to lose trust in a lot of them. So to gain the trust back, we would need to know whom we are giving our money to as investors.
Yes, this is a very odd thing, why should investors who do KYC only for the reason "avoid AML" while the team has more potential to use investor funds for other suspicious activities. Doing KYC in both sides is the best solution to get rid fraud from investor and team itself
Maybe it is a very good idea so we can see the team from the project working in it so we can give confidence to get into the project to invest so that it is less likely to lose our money, if the investor and bounty can be asked KYC, why does the team not do this so we can continue to see the development of the project correctly.
Cryptocurrency decentralization is a myth. All vriptocurrencies are created by someone and their creators have huge amounts of these coins on their wallets, which they can sell at any time and drop the rate to 0. There are really independent cryptocurrencies and they are not in authority.
I am against going to KYC anywhere, as long as there is no guarantee that my personal data will not be sold to anyone else on the network. I like it better when cryptocurrencies remain anonymous as originally thought.
some projects require KYC to be able to accept their investment and with KYC you can get the results of the money you use to invest in the project, but from KYC there will usually be crime and it will make your identity known to many people, so You must be careful when you want to invest and do KYC.
KYC is asking by many new crypto projects because they want to eliminate the investor from that country where ICO Investments are restricted. But as you said this can cause our identity to be in the wrong hands so we need to be very cautious while investing and crypto projects with KYC procedure and only invest when you know that the project is legitimate and have much reputation.Today, almost all companies require this procedure, but I think in the future, many companies will cancel it because of this they lose a lot of customers, not everyone likes it
I don't think it would be cancel rather others would adopt it kyc know your customer is quite useful and helpfulI see it as a security measure
The decentralized nature of cryptocurrency seems not be effective when it comes to investing in cryptocurrency, seeing that investors in most cases are asked to do KYC, bounty hunters inclusive.
I do not think investors should be compelled or made to do KYC by submitting their personal data and documents, because project initiators do not stand any risk of losing their money. Rather project initiators or developers should be made to do KYC, in order to gain the trust of investors, who want to invest in their projects.
This is necessary because we have seen cases of scam ICOs, which have made investors to lose trust in a lot of them. So to gain the trust back, we would need to know whom we are giving our money to as investors.
Of course the project initiator and the team dev need KYC first. If they cannot KYC then they cannot force KYC investors because it is not reasonable. And those projects are usually scam I do not think investors should be compelled or made to do KYC by submitting their personal data and documents, because project initiators do not stand any risk of losing their money. Rather project initiators or developers should be made to do KYC, in order to gain the trust of investors, who want to invest in their projects.
This is necessary because we have seen cases of scam ICOs, which have made investors to lose trust in a lot of them. So to gain the trust back, we would need to know whom we are giving our money to as investors.
This was the case of Initial Public Offering(IPO) before ICOs came to push them in, most IPOs register their details before collecting money from investors and that is why investors could rely on an IPO investment when it comes with investing but when ever since ICO came with their mouthwatering opportunities and benefits that made many investors abandon the IPO system, they have been major victim of scams by some of these unreliable ICOs but I think this is why STO was introduce which is quite low now in gaining relevance but gradually, it will gain relevance and put a lot of these ICOs to check, so I agree with you that project initiators are the ones that needs KYC and not the investors
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