Topic: The misunderstandings in KYC (know your customer) - page 6. (Read 832 times)
legendary
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Marketing Campaign Manager |Telegram ID- @LT_Mouse
When a registered company is there, as per their country rules, they need to show their token distribution and ICO sales in order to maintain the taxes and other things. That's why everyone is required to do KYC. But it's risky to provide information to unknown person. What if they somehow compromise our data?
You do not hold rights to vote just because you have a coin, there is a huge difference between investor and bounty hunter in that bounty hunter is not spending any money which means they can't be money laundering.
KYC started out because government wanted to know who was spending money on bitcoin, both buying and selling. This was done so they could see if someone was trying to launder drug money or any other illegally made money. Now, if you sell a coin that means you just happen to come up with it, however if you buy a coin that means you have found fiat somewhere to spend it on that.
Investors give x amount dollar and sell y amount of that token, bounty hunters do not spend a single dollar, they are just given that token for their work which means there is absolutely zero chance they are money laundering. That is why bounty hunters are against KYC since there is mathematically no way of them money laundering by way of bounty hunting which makes KYC useless for them.
KYC started out because government wanted to know who was spending money on bitcoin, both buying and selling. This was done so they could see if someone was trying to launder drug money or any other illegally made money. Now, if you sell a coin that means you just happen to come up with it, however if you buy a coin that means you have found fiat somewhere to spend it on that.
Investors give x amount dollar and sell y amount of that token, bounty hunters do not spend a single dollar, they are just given that token for their work which means there is absolutely zero chance they are money laundering. That is why bounty hunters are against KYC since there is mathematically no way of them money laundering by way of bounty hunting which makes KYC useless for them.
I don't like KYC for bounty hunters because I have seen thousands of project dead after a few months and you have no idea what happens to your vital information, there is a report that they are being sold in the underground this is putting your life in risk.
This was the very basis why people who joined the bounty are not willing to take the risk of providing their personal information, as they are afraid with this idea, who will take the risk of being harmed for such a little amount of bounties which you are still unsure if the token will gained value
after it will be released or if the token will have any chance to reached good exchange to begin with.
Every bounty hunter has a personal decision and that cannot be forced. I agree you need to understand about KYC. I often get KYC projects and I also graduated. But many don't give me tokens and worse their projects are no longer active.
The question is clear, but if you do not understand, I think that you need to understand why this process is integrated. Do you really not understand that the SEC is now simply collecting a huge database of people who today use or are generally interested in cryptocurrency.
I don't like KYC for bounty hunters because I have seen thousands of project dead after a few months and you have no idea what happens to your vital information, there is a report that they are being sold in the underground this is putting your life in risk.
I feel it too. Many projects whose bounties are required to use KYC. And after that they disappeared. And the project is also dead. That actually often happens. But it is still a bounty hunter but it sends cyclets for tokens. And their identity is really threatened. 
I don't like KYC for bounty hunters because I have seen thousands of project dead after a few months and you have no idea what happens to your vital information, there is a report that they are being sold in the underground this is putting your life in risk.
The problem is that KYC is not always done properly or securely. Uploading your full ID to a random company who often have not even done the KYC themselves is a huge risk and not one worth taking
I already did some KYC procedures and It is really annoying to send your credentials to people especially you don't personally know just to have the profit for bounty hunter and to invest on part of investors. Make sure to send your credentials to reputable projects, research their team if they have history of accusations or something illegal so you'll know and be comfortable when KYCing. 
KYC is only needed for a business that is regulated and is forced by the law to implement and enforce KYC on their customers. not a single ICO has ever been legal let alone be regulated or even be a real business so them enforcing KYC is not understandable under any circumstances!
Yes, there is nothing wrong with the bounty hunter, but many ico developers are convoluted in terms of distributing tokens, so as to the detriment of bounty hunters, they sometimes complicate the process of kyc, make policy kyc suddenly and in my opinion the things are wrong so that the bounty hunter gets annoyed with the presence of Kyc
The problem is that KYC is not always done properly or securely. Uploading your full ID to a random company who often have not even done the KYC themselves is a huge risk and not one worth taking
What I believe the reason for KYC is , is to avoid double standard. That is to represent yourself twice like cheating the ICO. They introduced it in bounty campaign to avoid alternative accounts
However, ICO announcing kyc after campaign is bad.
However, ICO announcing kyc after campaign is bad.
I never hate KYC, but I really hate the bounty asking for KYC. I was their victim, in December 2018 I worked hard for 3 months and I could not pass KYC from them. Although I provided all the information as requested
Many people do really have experiencing a lot of trouble in submitting their KYC for them to complete all of their requirements because the ICO teams are not that convince with their verification. We all understand the purpose of KYC for them to know their participants or to avoid money laundering. 
I never hate KYC, but I really hate the bounty asking for KYC. I was their victim, in December 2018 I worked hard for 3 months and I could not pass KYC from them. Although I provided all the information as requested
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 have seen hunters getting angry on ICO teams because of KYC verification and I do agree with them to certain extent.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
The point is that the announcement of KYC is done after the ICO is over which I think is wrong. If an ICO wants a KYC then they should be announcing it before the ICO and campaign starts.
What is the point of announcing a KYC after the ICO is over ? It does feel like they are cheating us because many hunters don't like KYC or don't want to undergo a KYC.
Hence they loose their effort and time in the bounty campaign.
Having a KYC has a good side to the project as always, we, the hunters or investors were always at risk if we do that KYC especially if the project is a scam. Well, we can't blame them because there's a legit project that still requires KYC to prevent bounty hunters who abuse their project. Bounty hunters can join multiple accounts or even how many as they can if no KYC required. So, in this case, we know which better to give our personal data ort trusted one or much better avoid a project that not have KYC.
actually you are the one who is misunderstandings things!
these so called "projects" are either purely scams who are set to make the most amount of money which means they will sell your identity on the dark market to make more money from you and call that "KYC" or they are created by newbie idiots who thought if they ask for KYC their shitty projects would look more legitimate so they can fool more people into giving them their money. and their databse is easily hacked and the KYC documents would still end up in dark market.
and that is the main reason why everyone has been complaining about it. it has nothing to do with being an investor or not.
these so called "projects" are either purely scams who are set to make the most amount of money which means they will sell your identity on the dark market to make more money from you and call that "KYC" or they are created by newbie idiots who thought if they ask for KYC their shitty projects would look more legitimate so they can fool more people into giving them their money. and their databse is easily hacked and the KYC documents would still end up in dark market.
and that is the main reason why everyone has been complaining about it. it has nothing to do with being an investor or not.
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
That's what we have to emphasize to those bounty hunters who always complain about KYC. Yes it would be inconvenient to always do the same procedure in every campaign we join but at the very least we can see that the project is doing it for the security of their precious platform.
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
Actually, in most cases, it is not about that you are investor, customer or bounty hunter, but just because of the law regulations in the place where ICO as company was registered. Sometimes when developers are not sure if they should to ask for KYC verification or not, they choos to do this to avoid future complications.
The tokens purchased on the exchange where you don't have to go through KYC is this normal? Is this rightly for hunters and investors? For a penny many times less than the price of ICO. No, not fair.
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