Topic: The misunderstandings in KYC (know your customer) (Read 853 times)
I also consider it fair to prevent multiple accounts, because all participants have the same rights and cannot be greedy.
I believe there is no misunderstanding in KYC even I would say there are some hunters that wants to remain anonymous on the other hand there are some people whose personal data has been misused so they will remain against it because they do not want to make the same mistake again that's the reason some people are afraid to give their personal details. Personally I don't have any issue to pass KYC to get the coins even we all know very well some project has to follow their country rules and regulations that's why they ask KYC.
For honest if in case there's real chance for developers to know if they are trustworthy, but considering the risk KYC still being questioned by many hunters who's joining the campaigns, as they doesn't like to complete this task as potential of risking your personal information.KYC will still unclear for people who didn't bothered to weight the real essence and reason behind, developers / bounty managers are still in control
about how to handle things like this,.
I believe there is no misunderstanding in KYC even I would say there are some hunters that wants to remain anonymous on the other hand there are some people whose personal data has been misused so they will remain against it because they do not want to make the same mistake again that's the reason some people are afraid to give their personal details. Personally I don't have any issue to pass KYC to get the coins even we all know very well some project has to follow their country rules and regulations that's why they ask KYC.
Maybe this regulation must be changed and KYC informed at the beginning of the campaign. So Bounty participants who want to join must pass KYC. So the Bounty participants who joined also went through a rigorous election. And some projects also have KYC at the start of the campaign.
i dont mind if the bounty asking about kyc
but the problem that not happend on first time, it happend when bounty end then we need to complete kyc before distribution
many bounty didnt ask kyc at first time then at the end they did
not all people join bounty can pass kyc
but the problem that not happend on first time, it happend when bounty end then we need to complete kyc before distribution
many bounty didnt ask kyc at first time then at the end they did
not all people join bounty can pass kyc
KYC almost becomes the issues that never loses in the crypto world. The presence of KYC has positive and negative sides. ALl about these have been told by the members in this thread.
Well, I personally don't mean to fulfill the KCY process as long as the project is trusted, they have trusted and professional team, and big rewards for it.
However, what makes me feel worried is that we offer our identity, our private card to someone that we really don't know whether they are real or not, trusted or not. I'm sure that not all KYC processor is a scammer, but, there are also some projects doing KYC and it is a scam, so for what our identity? That is what makes me worried, to offer my identity to the KYC process, because I cannot put my trust fully to them.
Well, I personally don't mean to fulfill the KCY process as long as the project is trusted, they have trusted and professional team, and big rewards for it.
However, what makes me feel worried is that we offer our identity, our private card to someone that we really don't know whether they are real or not, trusted or not. I'm sure that not all KYC processor is a scammer, but, there are also some projects doing KYC and it is a scam, so for what our identity? That is what makes me worried, to offer my identity to the KYC process, because I cannot put my trust fully to them.
You have to make difference between STOs and ICOs. STOs are a different animal and asking for KYC there is legally a must. Asking for KYC in ICOs for hunters is a nonsense. They are getting a small amount of tokens which is not worth for risking your personal data. Many ICOs doing the KYC process themselves which is not secure at all.
I understand your points that you have made. Anonymous owners of a company you are working in? That does not sound like a good idea. However, all participants should be aware of those requirements before they have joined a particular bounty. Many feel betrayed when they do not receive what belongs to them just because someone has changed requirements at last minute. A deal should be as clear as it can be before any action is taken. Otherwise, you will not attract many people with an unstable attitude 
.
. 
KYC is not a bad idea but I believe it should be stated before the start of the bounty. I have been denied some tokens from projects I did simply because of KYC which wasn't stated before I started the bounty campaign
Yup that is true. Some of them will only ask for it when it is time for you to withdraw your earnings. That is very wrong, they should state it that you will need KYC at the beginning and not when you’re about to withdraw, that’s very wrong cause they are doing what’s not of the agreement. But one thing I do know is that KYC is important , just that they are doing it the wrong way. KYC is not really bad as some people think, but the thing is that some ICOs are now using it as a way to kind of play tricks on hunters or something. But I do know for sure that KYC is a very important thing to be done in every ICO, but you should also be aware of those that are doing it for the purpose of stealing your info and selling it on the dark web.
It also should be handled extremely professionally by a dedicated third party provider. Do you feel comfortable giving your ID to 2 guys running an airdrop for a coin? That's the problem. Nobody on this forum should ever do that. It is not worth it.
KYC is not a bad idea but I believe it should be stated before the start of the bounty. I have been denied some tokens from projects I did simply because of KYC which wasn't stated before I started the bounty campaign
Yup that is true. Some of them will only ask for it when it is time for you to withdraw your earnings. That is very wrong, they should state it that you will need KYC at the beginning and not when you’re about to withdraw, that’s very wrong cause they are doing what’s not of the agreement. But one thing I do know is that KYC is important , just that they are doing it the wrong way. KYC is not really bad as some people think, but the thing is that some ICOs are now using it as a way to kind of play tricks on hunters or something. But I do know for sure that KYC is a very important thing to be done in every ICO, but you should also be aware of those that are doing it for the purpose of stealing your info and selling it on the dark web.
Well any project that requires kyc for people to be part of shareholders or something is not really a true blockchain project. A real cryptocurrency that needs unique identifications could get it without having direct access to them nor keep them on centralized platforms .
I think all projects that require kyc should probably go through STO to raise funds and get all the identification they need. It is a bit confusing to portray cryptocurrency space as anonymity/privacy friendly space and then doing different thing entirely in violation of the principle.
I think all projects that require kyc should probably go through STO to raise funds and get all the identification they need. It is a bit confusing to portray cryptocurrency space as anonymity/privacy friendly space and then doing different thing entirely in violation of the principle.
I agree with you and think that KYC process is a must for every investor as well as for all bounty participants, because as soon as they have got their tokens, they have the same right as investors because they are also holding their tokens.
I have seen many hunters talk about the kyc with utmost hatred. Many wants kyc removed, many thinks it's not fair for hunters, while some say it shouldn't be for hunters, because hunters are not investors.
But the point is, if the company or start-up project asks for kyc from hunters, they are not wrong in any way.
Kyc are not for investors only, as long as you will hold or holds a company's or start-up project equity share and have voting rights, you are a customer. What this simply means is that whether you bought the token or through bounty hunting but holds this token with the so called investors, there is no different between you hunter and an investor with cash.
Both of you holds the same token from this company and share equal right with them, which means that what an investor can do an this particular company, you as hunter holding the same token can do also.
The only difference is that the investors invested their cash and you invested your time and both of you holds the same token and shares equal rights. So if you say that you can't pass through kyc because you are a hunter, then you are the cheater
But the point is, if the company or start-up project asks for kyc from hunters, they are not wrong in any way.
Kyc are not for investors only, as long as you will hold or holds a company's or start-up project equity share and have voting rights, you are a customer. What this simply means is that whether you bought the token or through bounty hunting but holds this token with the so called investors, there is no different between you hunter and an investor with cash.
Both of you holds the same token from this company and share equal right with them, which means that what an investor can do an this particular company, you as hunter holding the same token can do also.
The only difference is that the investors invested their cash and you invested your time and both of you holds the same token and shares equal rights. So if you say that you can't pass through kyc because you are a hunter, then you are the cheater
I do understand your point, KYC is a must for everyone as it is for the protection of the ICO team as they dont want to participate a restricted citezen of a specific country.
Though, what most bounty participants want, is to announce the KYC at the beginning of the campaign and not after it.
We all want to be transparent so people who can't do KYC will not join the bounty anymore.
I have seen many hunters talk about the kyc with utmost hatred. Many wants kyc removed, many thinks it's not fair for hunters, while some say it shouldn't be for hunters, because hunters are not investors.
But the point is, if the company or start-up project asks for kyc from hunters, they are not wrong in any way.
Kyc are not for investors only, as long as you will hold or holds a company's or start-up project equity share and have voting rights, you are a customer. What this simply means is that whether you bought the token or through bounty hunting but holds this token with the so called investors, there is no different between you hunter and an investor with cash.
Both of you holds the same token from this company and share equal right with them, which means that what an investor can do an this particular company, you as hunter holding the same token can do also.
The only difference is that the investors invested their cash and you invested your time and both of you holds the same token and shares equal rights. So if you say that you can't pass through kyc because you are a hunter, then you are the cheater
But the point is, if the company or start-up project asks for kyc from hunters, they are not wrong in any way.
Kyc are not for investors only, as long as you will hold or holds a company's or start-up project equity share and have voting rights, you are a customer. What this simply means is that whether you bought the token or through bounty hunting but holds this token with the so called investors, there is no different between you hunter and an investor with cash.
Both of you holds the same token from this company and share equal right with them, which means that what an investor can do an this particular company, you as hunter holding the same token can do also.
The only difference is that the investors invested their cash and you invested your time and both of you holds the same token and shares equal rights. So if you say that you can't pass through kyc because you are a hunter, then you are the cheater
I do understand your point, KYC is a must for everyone as it is for the protection of the ICO team as they dont want to participate a restricted citezen of a specific country.
Though, what most bounty participants want, is to announce the KYC at the beginning of the campaign and not after it.
We all want to be transparent so people who can't do KYC will not join the bounty anymore.
KYC is not a bad idea but I believe it should be stated before the start of the bounty. I have been denied some tokens from projects I did simply because of KYC which wasn't stated before I started the bounty campaign
Absolutely agree with you! If a KYC is needed for bounty hunters, please report it at the start of a bounty campaign. I also came across cases where the need for a KYC was reported at the end of a bounty campaign, and it was not always possible to successfully pass a KYC later.
KYC is not a bad idea but I believe it should be stated before the start of the bounty. I have been denied some tokens from projects I did simply because of KYC which wasn't stated before I started the bounty campaign
In my opinion, KYC is a good procedure. KYC for Bounty arises because many people violate regulations. ICO companies don't want their coins to fall on people who cheat. KYC is a procedure that must be done even if you oppose it.
I agree that KYC is only used for bounty hunters, but unfortunately at the moment there are many ICO projects that require KYC so that investors don't like it, crypto is anonymous so anyone who has crypto doesn't need to know their identity.
In my opinion, KYC is a good procedure. KYC for Bounty arises because many people violate regulations. ICO companies don't want their coins to fall on people who cheat. KYC is a procedure that must be done even if you oppose it.
Silly reasoning. The KYC check is carried out in order to prevent dirty money laundering and to combat the financing of terrorism. Conducting it for another purpose is illegal. The guillotine (clipping head) also treats headaches. But is it worth it for this to apply? Checking KYC with unregulated activities ICO does cryptocurrency and participants of the cryptocurrency market more harm than good.
the only problem with KYC is the risk that might you get from passing your KYC to the team, imagine they can used it to their own purposes like they pretend that they were you and used it for some legal or illegal purposes without your consent, that is what people are avoiding. Since sometimes KYC was announced after the campaign then the scammers are the team behind it because they were not transparent from the start, although they had the authority to change the rules but the image of them will be broken.
The KYC system often makes bounty hunters reluctant to join the project, in the end they always think that KYC is not commensurate with their work, whereas on the other hand I think KYC can also help reduce many accounts.
Jump to: