Topic: Why KYC should not be asked from the Bounty Participants! - page 4. (Read 551 times)
KYC is not that important when it comes to bounty hunters cause they did their work in doing and earning a token.
Let me get this straight, we are seeing many bounty campaigns are asking for the KYC verification from bounty participants which is completely wrong!
KYC is Know Your Customer document that is taken as proof of validity. But this is applicable to the "Customers" and by legal means Customer is personnel who has got trade with the seller/entity/organisation etc. So its obvious that they should be known to the service providers as they are going to invest their money. Knowing customer let them know they are having track of right person, with rightful money etc.
In case of bounty participants, they have no rights to ask for the KYC as they are not the real customers and they are not having any kind of trade with the ICO companies. Thats the sole and perfect reason why they should stop asking the KYC's from the participants.
Conclusion : If bounties asking for the KYC then they are surely going to be scam one or they want to screen out most of the participant to save their money.
KYC is Know Your Customer document that is taken as proof of validity. But this is applicable to the "Customers" and by legal means Customer is personnel who has got trade with the seller/entity/organisation etc. So its obvious that they should be known to the service providers as they are going to invest their money. Knowing customer let them know they are having track of right person, with rightful money etc.
In case of bounty participants, they have no rights to ask for the KYC as they are not the real customers and they are not having any kind of trade with the ICO companies. Thats the sole and perfect reason why they should stop asking the KYC's from the participants.
Conclusion : If bounties asking for the KYC then they are surely going to be scam one or they want to screen out most of the participant to save their money.
Maybe we should be careful in finding the ICO project. For now, there are a couple of projects at the beginning of the project to the gift of the participants do not need to use KYC. And this is very helpful if at first you such information. And I feel the use of KYC very risky because it uses personal data to verify.
Kyc is good for for the contributing customers but I see no reason why bounty hunters should do kyc. They are not investors but promoters. The difference is clear.
That is the obvious thing I want to publish here and hopefully managers will see it and implement the rules for the same at the start of bounty. This way people can know that they are planning to get our KYC's done after the bounty and thus we dont end up loosing our time and efforts after working for the 6-8 months on single bounty! Thats really breath taking period to wait for the tokens and if they do something like this and if we dont trust the forming company then what? How can we get the tokens. Its better they should have some rules about this now a days.
P.s. Just personal opinion and i guess its free
Account farming is the main reason for this KYC matters and as this kind of strategy for those managing bounty campaigns, cheaters will be lessen so far. Multiple accounts is rampant now in the campaigns that has been roaming around the bounties sections. Some of them were endorsing scam project and some were failure ICO. That's why sometime in a bounty campaigns they didn't implement stric KYC.
They still need KYC for token distribution and if this is not done or does not follow their rules then the tokens are retained and not given to bounty participants.
Kyc is good for for the contributing customers but I see no reason why bounty hunters should do kyc. They are not investors but promoters. The difference is clear.
That is the obvious thing I want to publish here and hopefully managers will see it and implement the rules for the same at the start of bounty. This way people can know that they are planning to get our KYC's done after the bounty and thus we dont end up loosing our time and efforts after working for the 6-8 months on single bounty! Thats really breath taking period to wait for the tokens and if they do something like this and if we dont trust the forming company then what? How can we get the tokens. Its better they should have some rules about this now a days.
P.s. Just personal opinion and i guess its free
Well its know your customer and bounty members like us are total different from that, its usually used to keep businessed informed for who they are serving, like their investors, we are basically individual marketers and since the requirements are very clear about what should we achieve, it was unncessary to know who we are, an address will do.
Legislation with regard to crypto is vague at best, and interpretations vary wildly. I think a lot of ICOs are just trying to cover themselves in case of any attention from the authorities. I think the KYC stuff will continue at least until firm legal guidelines are established.
This is my interpretation too - at least for most projects anyway - basically just protecting themselves from future legislation, especially if they are based in a country that doesn't actively support crypto. Obviously there are scam projects that just want to grab some data, but most of these project types are (hopefully) relatively easy to spot if you follow the general checks.
I agree with you. The bounty participants should not cope with KYC duty but I dont see any difference between buying token or earning from bounties. They all have same meaning. Maybe, KYCs can be more simple when compared to investor KYC.
If all dev understands that,,, then we will not be complicated on the terms of KYC. I agree with your explanation,,, hopefully no more KYC is enforced.
People afraid of giving information in KYC.Kyc is good thing but people(participants) dont love this.I dont like too.Its very challenging.
Yes, I agree with your point of view, so I do not participate in any KYC bounty. I am really afraid of my personal information being abused.
im on your side bro.. cryptocurrency will be down because of kyc. KYC Kills the anonimomity of the crypto world.
Let me get this straight, we are seeing many bounty campaigns are asking for the KYC verification from bounty participants which is completely wrong!
KYC is Know Your Customer document that is taken as proof of validity. But this is applicable to the "Customers" and by legal means Customer is personnel who has got trade with the seller/entity/organisation etc. So its obvious that they should be known to the service providers as they are going to invest their money. Knowing customer let them know they are having track of right person, with rightful money etc.
In case of bounty participants, they have no rights to ask for the KYC as they are not the real customers and they are not having any kind of trade with the ICO companies. Thats the sole and perfect reason why they should stop asking the KYC's from the participants.
Conclusion : If bounties asking for the KYC then they are surely going to be scam one or they want to screen out most of the participant to save their money.
While I agree with your sentiment I'm not so sure that I agree with you argumentation, the whole point of know your customer.policies is to know who gets possession of the coins, and it doesn't matter if you get a million coins or just a single one they are going to ask that information of you since a bounty hunter is going to get tokens from the bounty. KYC is Know Your Customer document that is taken as proof of validity. But this is applicable to the "Customers" and by legal means Customer is personnel who has got trade with the seller/entity/organisation etc. So its obvious that they should be known to the service providers as they are going to invest their money. Knowing customer let them know they are having track of right person, with rightful money etc.
In case of bounty participants, they have no rights to ask for the KYC as they are not the real customers and they are not having any kind of trade with the ICO companies. Thats the sole and perfect reason why they should stop asking the KYC's from the participants.
Conclusion : If bounties asking for the KYC then they are surely going to be scam one or they want to screen out most of the participant to save their money.
KYC is not ideal when it comes to cryptocurrencies, but I can understand why some players require KYC when it comes to certain cryptos, especially cryptos that are deemed securities and not currencies per say.
E.g. there are established players in the financial industry that are moving into cryptos. They have the licenses required to take investment capital from the public, trade and/or invest on their behalf and market their tokens as securities. Whether we like it or not, they are required to do KYC.
Now if I as a bounty hunter receive compensation in the form of their tokens, which are securities, then logic dictates - whether I like it or not - that KYC is required of me as well.
In addition, given the flood of bad actors in many bounty programs as of lately, I actually welcome KYC to some extent (regardless of my previous thoughts on the matter). Another benefit of KYC is that it encourages one to take the extra mile when it comes to doing one's own due diligence. E.g. a project and associated bounty program must be of high quality and reputable before I will get involved, especially if KYC is required. I won't hand over that information to just anyone.
E.g. there are established players in the financial industry that are moving into cryptos. They have the licenses required to take investment capital from the public, trade and/or invest on their behalf and market their tokens as securities. Whether we like it or not, they are required to do KYC.
Now if I as a bounty hunter receive compensation in the form of their tokens, which are securities, then logic dictates - whether I like it or not - that KYC is required of me as well.
In addition, given the flood of bad actors in many bounty programs as of lately, I actually welcome KYC to some extent (regardless of my previous thoughts on the matter). Another benefit of KYC is that it encourages one to take the extra mile when it comes to doing one's own due diligence. E.g. a project and associated bounty program must be of high quality and reputable before I will get involved, especially if KYC is required. I won't hand over that information to just anyone.
Let me get this straight, we are seeing many bounty campaigns are asking for the KYC verification from bounty participants which is completely wrong!
KYC is Know Your Customer document that is taken as proof of validity. But this is applicable to the "Customers" and by legal means Customer is personnel who has got trade with the seller/entity/organisation etc. So its obvious that they should be known to the service providers as they are going to invest their money. Knowing customer let them know they are having track of right person, with rightful money etc.
In case of bounty participants, they have no rights to ask for the KYC as they are not the real customers and they are not having any kind of trade with the ICO companies. Thats the sole and perfect reason why they should stop asking the KYC's from the participants.
Conclusion : If bounties asking for the KYC then they are surely going to be scam one or they want to screen out most of the participant to save their money.
KYC is Know Your Customer document that is taken as proof of validity. But this is applicable to the "Customers" and by legal means Customer is personnel who has got trade with the seller/entity/organisation etc. So its obvious that they should be known to the service providers as they are going to invest their money. Knowing customer let them know they are having track of right person, with rightful money etc.
In case of bounty participants, they have no rights to ask for the KYC as they are not the real customers and they are not having any kind of trade with the ICO companies. Thats the sole and perfect reason why they should stop asking the KYC's from the participants.
Conclusion : If bounties asking for the KYC then they are surely going to be scam one or they want to screen out most of the participant to save their money.
this is my most confused, why bounty participants also play a role in the KYC when we do not contribute to the purchase of the project token,
the bounty hunter is actually just someone who helps introduce a project to the crowd in various ways that have been determined so that the project becomes an attraction for people who are interested to follow it
indeed some existing projects are now asking bounties to follow KYC otherwise their work will not be paid, how can this happen after the project is almost over and asked whether to follow or ignore it
I think that's because the bounty participant did not invest their money in the project. so strange if someone bounty participant KYC asked. and in my opinion KYC function is as a safeguard for someone not to use the ico platform as a money laundering container.
I think KYC shouldn't be asked of Bounty Participants personally and in general avoided, unless a coin or ICO is based on a jurisdiction that legally requires it.
If it is asked it should be the minimum legal requirements and in keeping with the maximum amount of privacy. I'm certain Satoshi never would have asked or agreed to it.
If it is asked it should be the minimum legal requirements and in keeping with the maximum amount of privacy. I'm certain Satoshi never would have asked or agreed to it.
I also believe that this is unacceptable when a bounty hunters are required by the KYC. Yes, I understand when KYC are held by investors, but not bounty hunters. I am afraid to send a KYC, because my documents may fall into the hands of fraudsters.
Let me get this straight, we are seeing many bounty campaigns are asking for the KYC verification from bounty participants which is completely wrong!
KYC is Know Your Customer document that is taken as proof of validity. But this is applicable to the "Customers" and by legal means Customer is personnel who has got trade with the seller/entity/organisation etc. So its obvious that they should be known to the service providers as they are going to invest their money. Knowing customer let them know they are having track of right person, with rightful money etc.
In case of bounty participants, they have no rights to ask for the KYC as they are not the real customers and they are not having any kind of trade with the ICO companies. Thats the sole and perfect reason why they should stop asking the KYC's from the participants.
Conclusion : If bounties asking for the KYC then they are surely going to be scam one or they want to screen out most of the participant to save their money.
KYC is Know Your Customer document that is taken as proof of validity. But this is applicable to the "Customers" and by legal means Customer is personnel who has got trade with the seller/entity/organisation etc. So its obvious that they should be known to the service providers as they are going to invest their money. Knowing customer let them know they are having track of right person, with rightful money etc.
In case of bounty participants, they have no rights to ask for the KYC as they are not the real customers and they are not having any kind of trade with the ICO companies. Thats the sole and perfect reason why they should stop asking the KYC's from the participants.
Conclusion : If bounties asking for the KYC then they are surely going to be scam one or they want to screen out most of the participant to save their money.
Ok, first of all, KYC is not solely required for customers, if you are out there working for an organization, even they do your background verification. May be what we require here is the term "KYC" is not correct, even though we are not customers to them, but in a way we are getting employed by them and we are employees to promote there project.
There is nothing wrong about KYC if you are joining legit bounty programs, on the other hand, joining scammy ICO bounties and giving your KYC documents to them is very risky. So you must decide well enough about there legitimacy before joining the program.
To me, bounty hunters are not customers that should do KYC, bounty hunters are just promoters of projects. So, since they are not buying, there should be no need for any form of KYC.
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