Topic: Would you do KYC for a bounty hunt? - page 4. (Read 769 times)

it seems like ICOs should know beforehand that they're going to demand KYC.. but maybe they keep it quiet,
until people have bought/finished the bounty campaign?

If they were open about requiring KYC, that could likely lower investments a bit since many projects doesn't appear "100% professional",
and would make people avoid giving their info away.
Same for bounties, demanding KYC would probably make alot of people not join any of it. I don't know the legal aspects, but why is it necessary?
Isn't the bounty just "giving away" in a way, it's no money exchanged so to say.

If they're upfront initially I see no issue tho, at most it would damage their own project sales to demand KYC for bounty hunters,
but those who add a KYC demand afterwards, that's really bad, and a really bad sign in generall since either the team didn't know about the legal aspects,
or they intentionally chose not to disclose it.
(KYC can also be good and show it's a serious project, if announced from start, since it shows the team has a good idea of what they're doing, legally-speaking)

I personally have only ever given my documents to one project and I have changed my mind about investing in numerous projects,
after hearing they demand KYC. Partly it's because they anyway have cheap presales for big investors and the price will likely dump shortterm after launch,
so could just grab them at that point on an exchange without KYC, and with that, not having to risk my documents being used for something malicious.

A project that fails might do a sale of documents on the deep web or something, noone would really know the source of the documents.
If they fail, part might be because of technical reasons, and they end up being hacked and documents, emails, passwords gets stolen, because they suck.
(just speculation, no idea if this is the way to go about selling documents)

So to summarize I'd say it's better to be really cautious when it comes to KYC for bounties or just regular investing, but if you do bounties you atleast
wouldn't lose any actual money if they tell you about KYC afterwards. But if it's a good project with a legit team and all that, sure could do KYC for the bounty.

on that topic I did write a thread about analysing ICO teams and such that might be of use

Unfortunately we have to do it else it's our loss. They won't lose anything but we lose our hours of hard work. Most of bounty campaigns will ask for KYC upfront or atleast they will announce it.
Also KYC could avoid multiple account bounty abusers.

I am a bit scared that  some ICOs and recently a well-known bounty management group have decided to ask for KYC for bounty hunters. For me, that puts me on the spot of choosing if I want to risk to send my documents on line for not much money or just decide that I should not do any bounty.

The worst thing is that sometimes the KYC is asked after the promotion is done. For me that is just blackmail. What would you say if I agree with you to pay you 300$ to paint my fence and once you finish I decide that I will only pay you if you give me your address, copies of your documents and a picture of your wife or husband.