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.
Yes, now the situation with ICO projects is kind of very strange. In order for investors to give their money to strangers, they also provide their confidential data and copies of the documents required absolutely arbitrarily. At the same time, the ICO teams receiving this do not themselves pass any KYC checks and in many cases turn out to be scammers.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.
ICO teams must be tested in front of the relevant government agencies that must monitor this process in order to prevent fraud in this type of activity. Hope this will be soon.
