Topic: Why KYC should not be asked from the Bounty Participants! - page 5. (Read 556 times)
KYC is against the ideology of our crypto fathers who proposed decentralization and anonymity of the financial world. Carrying out KYC for bounty participants is like exposing their identity. Many crypto participants don't even have the materials for the KCY so some managers tend to deprived them of their bounty reward.
Well, in a perfect world I can agree that bounty participants shouldn't be subject to KYC policy. However, we are getting tokens and from legal perspective there is not much difference if we paid fiat or crypto to acquire the tokens or whether we did some work for it.
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.
I absolutely agree with your arguments. The KYC check is designed to prevent money laundering. Signature campaign participants are not investors of ICO campaigns, they do not invest their money and it is therefore foolish of them to require a KYC review. If you understand, then we provide advertising services for ICO projects and ICO campaigns are our customers. We do not pay them, but they pay us. Therefore, they are our customers. They should come to the KYC check, if at all. In addition, it is necessary to establish a minimum investment limit, the excess of which may cause such a check. And then we will soon get to such an absurdity that when we order the same cup of coffee, we will be required to pass a KYC test. In everything, a measure is needed and it is not necessary to turn a useful undertaking into an absurdity. 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.
Well KYC has advantages and disadvantages.
Know Your Customer (KYC) procedures are a critical function to assess and monitor customer risk and a legal requirement to comply with Anti-Money Laundering (AML) Laws. Providing identification information for KYC compliance may seem cumbersome but it is an important one-time activity that can now be done completely online. Using the KYC option you can reduce the hassles of physical documentation and complete the process easily and quickly online. Remember, by becoming KYC verified, you are only enabling higher levels of security, preventing identity theft and safeguarding your own interest.
The disadvantages of this is, what if they will use your identity for their own interest? What is your assurance that your identity is protected?
How legit they are?
I was really annoyed when bounty hunters was ask to do a KYC in the first place hunter is not a customer, second what for?
and lastly when they asking for a KYC, why ask for our passport as an ID if we can provide our government ID? Not all bounty hunters has a passport. That is unfair.
Know Your Customer (KYC) procedures are a critical function to assess and monitor customer risk and a legal requirement to comply with Anti-Money Laundering (AML) Laws. Providing identification information for KYC compliance may seem cumbersome but it is an important one-time activity that can now be done completely online. Using the KYC option you can reduce the hassles of physical documentation and complete the process easily and quickly online. Remember, by becoming KYC verified, you are only enabling higher levels of security, preventing identity theft and safeguarding your own interest.
The disadvantages of this is, what if they will use your identity for their own interest? What is your assurance that your identity is protected?
How legit they are?
I was really annoyed when bounty hunters was ask to do a KYC in the first place hunter is not a customer, second what for?
and lastly when they asking for a KYC, why ask for our passport as an ID if we can provide our government ID? Not all bounty hunters has a passport. That is unfair.
KYC for many unscrupulous project owners is one of the tools to not pay you for the work. Recently, this method of "scam" has become very common. Many project owners specifically do not say anything about it at the beginning of the bounty. They do this when all the work is done, which is also not right. I do not support this approach to business.
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.
Since ICO project owners and CEOs want to promote them on decentralized platform. They should ask the KYC details for both the bounty campaigners and the investors on pre and post sale time.
Actually this forum is operated for decentralized medium. So there is no place for the people who is getting promotion here and ask for KYC details from the forum member. They always looking to be anonymous in the forum and elsewhere too.
Also, to avoid the cheating system, like farming coins by tons of fake accounts, so KYC is a good thing to make it more fair for all members.
I don't see nothing bad. Kyc its a normal thing and many bounty have limit for participants above 18 years old .
I will partially agree with the thread starter i think bounty hunters generally play part in promoting the ico so they are the integral part of the marketing strategy for the ico to spread the word around in a targetted manner so they can be classified as marketing free lancers and do not fall in customer category but as they will be holding the tokens the company does have the right to know who they are sending their tokens too for regulatory compliance.
Imo its not so bad untill they start doing exit scams and sell our documents to other people.Kyc for bounty participants help out to fight people making a lot of alt profiles and taking part in bounty with them
if KYC to investors I strongly agree because they have a clear investment in ico
but if bounty hunter requested KYC, I strongly disagree as we are just a participant who wants to support the success of the project and what is the point of our identity as a hunter
what will be done with our identity if we already receive payment?
moderator must issue a new regulation about bounty .. do not just issue a merit system that makes it difficult to up rank ..
we difficulty up rank and now difficulty in receiving payment .. this is really unfair ..
but if bounty hunter requested KYC, I strongly disagree as we are just a participant who wants to support the success of the project and what is the point of our identity as a hunter
what will be done with our identity if we already receive payment?moderator must issue a new regulation about bounty .. do not just issue a merit system that makes it difficult to up rank ..
we difficulty up rank and now difficulty in receiving payment .. this is really unfair ..
KYC really seems like an extra measure for bounty programs. Moreover, it is much worse when verification is required not right away but at the final stage!
Of course, certain monetary operations require security measures, but in the bounty, the turnover of funds is not so large as to complicate the procedure so much. Nevertheless, as a way of minimizing fraud, it must work, but the number of those who want to participate in programs become less as well.
However, everything depends on the legislation of countries which want to limit anonymity and strengthen control over the cryptocurrency. Most likely, in the coming years this will be even more widespread. So, no matter how annoyed we are with this practice, we have to put up with the demands or refuse to participate, the complaints do not change anything.
Of course, certain monetary operations require security measures, but in the bounty, the turnover of funds is not so large as to complicate the procedure so much. Nevertheless, as a way of minimizing fraud, it must work, but the number of those who want to participate in programs become less as well.
However, everything depends on the legislation of countries which want to limit anonymity and strengthen control over the cryptocurrency. Most likely, in the coming years this will be even more widespread. So, no matter how annoyed we are with this practice, we have to put up with the demands or refuse to participate, the complaints do not change anything.
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.
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.
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.
KYC is bad in cryptocurrency,,
for investors or bounty participants, because its far away from the main purpose why cryptocurrency being created
as i know, basicly cryptocurrency focused on how to protect the privacy from all the users
for investors or bounty participants, because its far away from the main purpose why cryptocurrency being created
as i know, basicly cryptocurrency focused on how to protect the privacy from all the users
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.
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