The misunderstandings in KYC (know your customer) - page 3.

semobo

full member

Activity: 1498

Merit: 146

Quote from: Barbut on March 13, 2019, 02:27:10 AM

I think there are two main reasons why icos ask for kyc. First is cause they are obligated by the laws of the country where their headquarter is, second is cause they wish to stop using multiple accounts for their promotion. What ever reason they have its the company policy and we cant do much about it, if we dont like we can go to other place. We have a choice to do it or not, I dont like them but if I like the project I do kyc cause I need it to participate in their developing.

If they are going to stop multiple accounts then they can do it while joining so it is not the primary reason.

If you are ready to give your personal documents to someone is okay but you need to be caustious as well because it is going onto the hands of someone who you found on internet.

PuertoLibre

legendary

Activity: 1890

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Quote from: yeniruieni on March 13, 2019, 02:35:45 AM

Whatever the reason, it has become their company's policy, of course, as participants, we must follow the rules. Many projects use KYC and Bounty hunters get tokens because they can pass KYC. KYC is not a big problem in my opinion and the most important thing is that the project can succeed.

KYC is mandatory in regular ICOs and passing KYC is a requirement in order to get your tokens from the team. Bounty hunter is another side of the coin and they don't care about the development of the project. That's why project runners don't like them and they are blocked by telegram admins. Just my 2 cents.

yeniruieni

sr. member

Activity: 784

Merit: 250

Whatever the reason, it has become their company's policy, of course, as participants, we must follow the rules. Many projects use KYC and Bounty hunters get tokens because they can pass KYC. KYC is not a big problem in my opinion and the most important thing is that the project can succeed.

proTECH77

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Bisq Market Day - March 20th 2023

Quote from: Krismanto on March 12, 2019, 02:20:39 AM

I think KYC is not a problem because they want not to have many account users. And as long as they ask for KYC, we must check and be careful. But they also don't force you to do KYC. So you can also reject it, but as a result, you don't get tokens.

We all know that KYC is never a problem if your intention to do it at first is in you. Many Bounty Campaigns and Exchanges will not at first require your KYC but whenever they intend to payout their tokens to the participants then they ask for KYC including your Pastport and ID's, also, most exchanges will not demand KYC when making your deposit but demand when you request for withdraw. This is what i called "conflict of interest".

Barbut

hero member

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★Bitvest.io★ Play Plinko or Invest!

Quote from: semobo on March 13, 2019, 02:12:29 AM

Quote from: SixFigures on March 12, 2019, 03:17:56 PM

Quote from: HELLOFF on March 12, 2019, 03:10:15 PM

Quote from: semobo on March 12, 2019, 02:23:33 PM

Quote from: Sacramentus on March 03, 2019, 02:04:34 AM

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 who needs KYC for crypto projects?

Most successful crypto "bitcoin" didn't even asked for anything?

So why these team have KYC as a part in it.

The fact is that in the course of my entire practice of participating in Bounty companies, not a single successful project set conditions to provide personal data to Bounty participants. For the whole 2018, not a single project was successful,

The biggest problem is not KYC generally, but the fact that some companies say no KYC is required and afterwards they change it.

It is just a tactic to steal investors money by saing that you didn't complete your verification.So if they need it really they have to ask for KYC initially then allow the investors to join on their projects.

I think there are two main reasons why icos ask for kyc. First is cause they are obligated by the laws of the country where their headquarter is, second is cause they wish to stop using multiple accounts for their promotion. What ever reason they have its the company policy and we cant do much about it, if we dont like we can go to other place. We have a choice to do it or not, I dont like them but if I like the project I do kyc cause I need it to participate in their developing.

semobo

full member

Activity: 1498

Merit: 146

Quote from: SixFigures on March 12, 2019, 03:17:56 PM

Quote from: HELLOFF on March 12, 2019, 03:10:15 PM

Quote from: semobo on March 12, 2019, 02:23:33 PM

Quote from: Sacramentus on March 03, 2019, 02:04:34 AM

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 who needs KYC for crypto projects?

Most successful crypto "bitcoin" didn't even asked for anything?

So why these team have KYC as a part in it.

The fact is that in the course of my entire practice of participating in Bounty companies, not a single successful project set conditions to provide personal data to Bounty participants. For the whole 2018, not a single project was successful,

The biggest problem is not KYC generally, but the fact that some companies say no KYC is required and afterwards they change it.

It is just a tactic to steal investors money by saing that you didn't complete your verification.So if they need it really they have to ask for KYC initially then allow the investors to join on their projects.

cryptoaddictchie

legendary

Activity: 2268

Merit: 1379

Fully Regulated Crypto Casino

Agree to this, hunter shouldn't pinned point that KYC only is for investors. Sometime this is needed to protect the interest of both parties. It's actually simple, the only thing needed to do so is submit a legit info only to those legit ICO. If you send to a wrong or scammers ICO then you're done. They can used some info that you have sent and this is the scary on doing KYC which I presumed they hate about KYC.

Cemploon

member

Activity: 644

Merit: 10

CurioInvest [IEO Live]

KYC is indeed the pros and cons of the bounty hunters. I think everything depends on the regulations of each Bounty project. But they often change the rules they make themselves. At the beginning of the campaign they said that they did not use KYC, but they were after Bounty was finished. Each participant is given a KYC form and must pass KYC. This made some Bounty participants disappointed.

maxreish

sr. member

Activity: 1330

Merit: 326

Here is the reality why many are not in favor of KYC thing. We have to share our personal informations in which we do not want to share it with. Sometimes, they require you to show some IDs which is needed for verifications. Some may misuse our infos and i do not want that to happen. I am not attracted with these particular ICO which regulates KYC.

senin

full member

Activity: 938

Merit: 137

Quote from: Krismanto on March 12, 2019, 02:20:39 AM

I think KYC is not a problem because they want not to have many account users. And as long as they ask for KYC, we must check and be careful. But they also don't force you to do KYC. So you can also reject it, but as a result, you don't get tokens.

Now the big problem is that KYC verification is not used by ICO teams openly and before we join the ICO signature campaign. I personally can not provide some of the required documents regarding the confirmation of residence at the place of registration, as I do not currently live at the address of my registration. Therefore, I must first evaluate whether I can pass the KYC check, since there are no uniform rules for providing information and documents. However, a KYC check is usually carried out after the end of the ICO or the ICO team first asserts that there will be no KYC checks, and then, at the end of the ICO, they declare that they change their mind and such a check will be carried out. This is clearly an uncomfortable position, as they, in fact, force me to work for free.

SixFigures

sr. member

Activity: 798

Merit: 252

Quote from: HELLOFF on March 12, 2019, 03:10:15 PM

Quote from: semobo on March 12, 2019, 02:23:33 PM

Quote from: Sacramentus on March 03, 2019, 02:04:34 AM

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 who needs KYC for crypto projects?

Most successful crypto "bitcoin" didn't even asked for anything?

So why these team have KYC as a part in it.

The fact is that in the course of my entire practice of participating in Bounty companies, not a single successful project set conditions to provide personal data to Bounty participants. For the whole 2018, not a single project was successful,

The biggest problem is not KYC generally, but the fact that some companies say no KYC is required and afterwards they change it.

HELLOFF

member

Activity: 602

Merit: 10

Quote from: semobo on March 12, 2019, 02:23:33 PM

Quote from: Sacramentus on March 03, 2019, 02:04:34 AM

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 who needs KYC for crypto projects?

Most successful crypto "bitcoin" didn't even asked for anything?

So why these team have KYC as a part in it.

The fact is that in the course of my entire practice of participating in Bounty companies, not a single successful project set conditions to provide personal data to Bounty participants. For the whole 2018, not a single project was successful,

semobo

full member

Activity: 1498

Merit: 146

Quote from: Sacramentus on March 03, 2019, 02:04:34 AM

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 who needs KYC for crypto projects?

Most successful crypto "bitcoin" didn't even asked for anything?

So why these team have KYC as a part in it.

GreatOrchid

legendary

Activity: 1092

Merit: 1001

Quote from: quarkyplum on March 12, 2019, 09:37:55 AM

Quote from: Krismanto on March 12, 2019, 02:20:39 AM

I think KYC is not a problem because they want not to have many account users. And as long as they ask for KYC, we must check and be careful. But they also don't force you to do KYC. So you can also reject it, but as a result, you don't get tokens.

In my opinion, I think the KYC is useful for the investors who spend money to buy Tokens from the ICO project, the bounty members doing KYC is a waste time and not necessary because the token they earned is so tiny than total supply of token.

I've seen a lot of projects asking for KYC even for the bounty hunters. I reallt don't understand why bounty hunters need to pass KYC just to get few tokens? I do firmly agree that KYC should be a must for token sale and for each of the investor to know their nationality and strictly follow the rules and regulations which are been applied by various governments from countries like china and USA but this might perhaps not apply for the bounty hunters.
Bounty hunters may really feel lazy doing KYC verifications for each of the bounty they work for.

darewaller

hero member

Activity: 2926

Merit: 640

I might stand not to agree with you on this, I own a company and I included KYC because we don't want anyone carrying out heavy transactions on our platform that won't fall back to us since we deal with fiat and cryptocurrency, I think for my company it is okay to have KYC.

But, I don't see the reason why an ICO project carry out KYC for it's users when I am sure no one made payment using fiat therefore making it next to impossible to track a particular users transaction even if the government ordered the company to release the details of a user. ICO companies should do KYC for themselves and not actually the investors.

quarkyplum

full member

Activity: 378

Merit: 100

Quote from: Krismanto on March 12, 2019, 02:20:39 AM

I think KYC is not a problem because they want not to have many account users. And as long as they ask for KYC, we must check and be careful. But they also don't force you to do KYC. So you can also reject it, but as a result, you don't get tokens.

In my opinion, I think the KYC is useful for the investors who spend money to buy Tokens from the ICO project, the bounty members doing KYC is a waste time and not necessary because the token they earned is so tiny than total supply of token.

Tahdayi

jr. member

Activity: 350

Merit: 1

Quote from: Sacramentus on March 03, 2019, 02:04:34 AM

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

I agree , most hunters use a lot of accounts and then are unable to provide the documents , I think kyc it is a good tool to root out unscrupulous hunters

Babbylily1112

jr. member

Activity: 247

Merit: 1

I find nothing wrong with KYC, Once you are going to hold a project token, you are already a Customer so passing through KYC shouldn't be an option but KYC should be done for a reasonable amount of token not when we are given peanuts

tonibyuzen

jr. member

Activity: 168

Merit: 1

“Justice as a Service Infrastructure”

I am one of those bounty hunters who oppose the introduction of KYC. Yes, we as investors receive tokens of the project, but the amount of these tokens is not so great to share their confidential information. I have no guarantee that the project will not use my data in the future and will not give them to third parties.

arnoldrimmer

member

Activity: 358

Merit: 10

Kyc to me isn't a bad idea but where I don't like it is when the company wants to defraud bounty hunters of their token through KYC by introducing it when the bounty campaigns have ended and the tokens are about to be distribu. Both investors and bounty hunters should be entitled to KYC as they are all in possession of the project token ted

Topic: The misunderstandings in KYC (know your customer) - page 3. (Read 853 times)