Topic: Project Initiators and Team need KYC more than Investors - page 3. (Read 539 times)
Yeah, that's a good idea. I have repeatedly passed the KYC procedure and I was always wondering why the project team needs to know their investors. The main thing is that they bring money to the project. But the team would do well to provide their data to us so that we were sure that they serious. Then the cases of fraud would also be reduced.
ICO teams need more extensive checks than KYC checks and should be carried out by government agencies on the basis of specific laws or regulations. I think that soon it will be, many states have already developed or are developing relevant regulatory acts to regulate the activities of ICO. We need clear rules of the game and clear rights and obligations of ICO participants. States can not long stand apart from numerous frauds in this type of activity.
I agree with that because not only investors and bounty hunters are required to verify themselves but the team must do it so that fraud can be minimized because if it is implemented, the team will not dare to cheat, the reason is because their personal data is known and every ICO must pass the regulations first so the scam can be completely destroyed
It should be done both ways. If they require their investors and bounty hunters to do a KYC check then they themselves should go through the same process by a reputable company and who can inform everyone that the team have passed KYC
That is so true I have seen so many scams ICO photoshopped their team to make them appear part of the team fortunately for us they are caught, it's the team or people behind the project that really needs KYC to prove to the community that they are real people and not the other way around.
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.
I totally agree. I have long argued that the ICO process needs a clear control of the state. He did not fulfill the road map on time-a fine,did not pay a bounty-a fine. Repeated violation can be punished by prison. And of course, the founders of the ICO should be fully tested by the state authorities.
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.
You god damn right
ICOs try to rise so much money and in most cases we can't even be sure that the team is real and legit. Doesn't it look strange? There are dozens of options how project's founders can cheat their clients, but only investors should go through KYC. It's insane.
This is a good point from the OP and I agree with that. It has now got to a stage, where we now need to start ensuring that the team of a project is first verified.
ICObench does that to the team of the projects that list on their site and I think there are some ICO listing sites who are also into that.
There are also certain projects that do not ask for jkyc from investors, because it is not necessary.
ICObench does that to the team of the projects that list on their site and I think there are some ICO listing sites who are also into that.
There are also certain projects that do not ask for jkyc from investors, because it is not necessary.
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 fully agree with you, and I also believe that before forcing investors and participants in bounty campaigns to make KYC, it is necessary that the entire project team and all those involved in this should also provide their reliable data and information. Because often, the data provided by the creators of the project are fake.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.
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.
I think this is a good suggestion and a welcome development for the salvation of the cryptocurrency investors community from continuous scam activities,if project initiators could carry out KYC it would go a long way to check the crypto community from fraudulent activities
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.
What they need is regulation for the entire project, its team, members, and developers. In order to make the crypto investment a good place to spend your money with profit. That makes sense, KYC for Customers.
For me KYC is important for investors to buy ICO and from anywhere in the country because some countries are also banned so there is nothing wrong with the team doing that.
Correct to say,as how many projects it was a Scam and if the check would be the project inventory would not risk their money,but the opposite turns out that the investor besides the fact that risking his money and still needs to pass the test of authenticity that he is a real person?!Just absurd,but everything is done for total control of people just
This is one of the greatest idea I ever read. If i only have a merit, i will give you some for sure. I am totally agree with this and we should know better about those ICO team members to be sure that we are dealing with the correct people and not just a stolen identity. ICO nowadays and on 2017 was very alarming where investors were being a victim of money and indentity theft. I hope that there will be a government agency that will handle KYC procedures for ICO 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 think they are not forced upon you at all. I mean yeah there are some projects that require those things but they are not forcing you to join them, so if you see KYC in some funding than don't put your money in those things.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.
However, it is good and cool for projects to do that because it shows they are legit and really taking this seriously, I have seen in my time ICO's that was so much scam that the "team members" section was the same guy with fake mustache and all that and also seen one ICO where after it was funded dude changed the website to say "penis" and that's it, all money was gone. So, when you have these professional people who require KYC and so forth to go along with the government and register there you know they are a decent company to say the least.
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.
Agree that,they also need to do but already they are giving all their personal data on the website where they are selling their tokens but if that is scam ICO the details will be fake so you need to verify the documents about the team before investing on it. 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.
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.
I don' think you guys get it, it is a wrong assumption to think developers want to go through the hassle of spending money collecting investors data and verifying it, this wasn't so before until the SEC comes out with their DAO report which brought about the verification of investors identity. No developer wants SEC to come after him or her because it is bad for business.
ICO teams need more extensive checks than KYC checks and should be carried out by government agencies on the basis of specific laws or regulations. I think that soon it will be, many states have already developed or are developing relevant regulatory acts to regulate the activities of ICO. We need clear rules of the game and clear rights and obligations of ICO participants. States can not long stand apart from numerous frauds in this type of activity.
I think that KYC is not dependent on the project team, they are forced to do so, it is not their fault. KYC's work so they can confirm that investors are not from countries that forbid their people from joining the ICO
Most likely you are right, in order to see and interest investors the organizers themselves need to pass KYC!
Of course, the test, which is much larger than the KYC, must be passed in front of the relevant state bodies by the members of the ICO team, since fraudsters are often ICO teams rather than investors. We have statistics that more than half of all ICO projects are now scammers. Are there any data how many investors tried to launder dirty money by investing in ICO projects? It seems to me that the effectiveness of this venture is almost zero. This is one of the methods to discourage the population from using cryptocurrency.
On the other hand, we know that KYC testing is only for investors, not for bounty hunters, demanded by the United States and China. At the same time, we do not know what form they need to do. Maybe it’s enough just to warn investors that the ICO project is not for citizens of these countries. After all, in the end, it is for them to decide whether this event is risky or not.
And with regard to bounty hunters, checking KYC is generally illegal, because no one is demanding such testing against us.
On the other hand, we know that KYC testing is only for investors, not for bounty hunters, demanded by the United States and China. At the same time, we do not know what form they need to do. Maybe it’s enough just to warn investors that the ICO project is not for citizens of these countries. After all, in the end, it is for them to decide whether this event is risky or not.
And with regard to bounty hunters, checking KYC is generally illegal, because no one is demanding such testing against us.
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