Would You Prefer a KYCed Team? - page 2.

cryptomaniac_xxx

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Quote from: DapanasFruit on December 12, 2021, 12:39:05 AM

Recently, I am seeing some good altcoin projects that boast of having the project and the whole team passing some form of KYC. I am not, though, familiar how the whole team KYC is done but I guess this is in conjunction with a known third-party verifier. Of course, there is no guarantee that a project and team that got its own verifiable KYC will not never run away or fail as there are many variables to be considered but then again this can be helping in boosting confidence on the part of the investor. Should this be the new standard when looking for a new project to support?

Yeah, I think it's with a 3rd party verifier. And I guess this is good instead of the team running anonymously and then going exit scam after they have manage to raise millions from investors.

And I think this has been practiced since 2018, but if I'm not mistaken there are still projects who still scam even if they have been KYC so I guess we are still not safe even if they exposed themselves to investors.

adiebitsler

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Quote from: pealr12 on December 12, 2021, 01:23:35 AM

A kyced team can give a certain level of trust even though it is not a guarantee to success which is not the sole aim of doing the kyc in the first place, it shows the team are ready and willing to do their best to gain investors trust and be at ease, if investors can be subjected to kyc, I don't see why teams shouldn't.

KYC for the project team is actually only to make them want to be responsible and not immediately let go when the project has failed or when the project does not reach the sales limit they want, so in general it should actually be mandatory for those who want to be part of the team projects.

Ozero

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It depends on who is doing this team review and how it is done. One of the main prerequisites should be proper verification of the identity of the team members and their previous experience in cryptocurrency. At the same time, their personal documents should be checked for forgery and their copies should be taken, as well as certain measures should be taken to check the documents for their belonging to the person with the data indicated there. Doing this should dramatically increase the credibility of the team and their project.

yazher

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There are lots of projects out there that failed even though they show everyone behind the project but it didn't work because they can't find some solid supporters especially on the funds to use for developing their project into reality or it seems like they are only good on their roadmaps but in reality, they don't have the necessary equipment or resources to claim what they can do. So even though they show themselves but their lack of talents causes them to fail because the outcome of their project is like what is shown in the picture.

meanwords

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Quote from: DapanasFruit on December 12, 2021, 12:39:05 AM

Recently, I am seeing some good altcoin projects that boast of having the project and the whole team passing some form of KYC. I am not, though, familiar how the whole team KYC is done but I guess this is in conjunction with a known third-party verifier. Of course, there is no guarantee that a project and team that got its own verifiable KYC will not never run away or fail as there are many variables to be considered but then again this can be helping in boosting confidence on the part of the investor. Should this be the new standard when looking for a new project to support?

A KYCed verified team is certainly going to help with minimizing the risk of investment. If you can see the background of the team and their prior experience in handling past projects, then you can see for yourself they are really worth the investment or if they can really pull off the plan that they are going to do. It also lessen the risk of being scammed or rugpulled.

OddyseyGames

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From experience. In the spring, I invested in a coin, it was a pretty hefty amount of about $ 380k.
In the middle of summer it was already 38k, on July 13-15 they were hacked and it became 0.
Their CEO - Brandon conducted AMMA sessions and went live, talked with the stars about the creation of NTF.
It didn't help anything, as they say, Brandon kept the private keys in an email.

Simply put - the more self-promotion and colorful statements, the more likely it is to fail after some time.

I don't look at the team, but I look at their code, at the product. This is my personal opinion.

makishart

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Quote from: DapanasFruit on December 12, 2021, 12:39:05 AM

Should this be the new standard when looking for a new project to support?

As far as i know the KYC requirement will always be implemented by the 3rd party that will be running IDO or IEO for the project team. This should become the new standard in the crypto and then the 3rd party can give guarantee to the investors about the team and project that will be launched through IDO or something else. Remember that so many scam projects were always created by anonymous developers. once they will be revealing their identity and then investors can know easily about who has been running the project. Sometimes when it was getting a problem and investor can create a report against the team and regulators can help the investors easily to jail them all. This is an important step that must be considered to become the new standard by those launch pad platforms.

danherbias07

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As you said, it's not a guarantee but it strengthens trust with their investors.
One good example are NFT's being created now, their reasoning behind non-KYC/anonymous is to protect themselves from future attacks.
What attacks? No answer.
This kind of activity creates a wall for a possible big investor that would like to buy a big chunk of share with your project. Not that I am against anonymity but creating a business needs a face and a name. You are not a regular guy anymore that needs privacy because you are looking for people to trust your service and buy it.

pealr12

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A kyced team can give a certain level of trust even though it is not a guarantee to success which is not the sole aim of doing the kyc in the first place, it shows the team are ready and willing to do their best to gain investors trust and be at ease, if investors can be subjected to kyc, I don't see why teams shouldn't.

ipanks

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That still does not guarantee if the project is legit as we are living on the internet which they can easily change their identity to other people or use the other people identity to convince their target. You need to search for more info about the team and get closer to them if you want to invest in their project. But maybe that can be a new standard for the team projects to try to convince their potential investors so the investors are not doubting the teams.

so98nn

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There is one way for this to improvise. I think these so called crypto projects should be registered legally in the local jurisdiction just the way they register for shops, small businesses or large scale industries. I’m talking about the licenses which are issued by government. The first step for these project should be the same. It must have offices, proper team their and be registered with their authorities to prove their identity.

I think this is enough to identify any project as legal one. I mean imagine, no fake team, or scammers would dare to operate like this because they know if they scam they will be caught right away by local authorities and May get raided by the police and court as they will have offices too.

So yeah such team is must and would prefer above strategy too.

josephdd1

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Quote from: DapanasFruit on December 12, 2021, 12:39:05 AM

Recently, I am seeing some good altcoin projects that boast of having the project and the whole team passing some form of KYC. I am not, though, familiar how the whole team KYC is done but I guess this is in conjunction with a known third-party verifier. Of course, there is no guarantee that a project and team that got its own verifiable KYC will not never run away or fail as there are many variables to be considered but then again this can be helping in boosting confidence on the part of the investor. Should this be the new standard when looking for a new project to support?

It is recommended to familiarize yourself with team members and get to know about their previous works and projects. If developers and founders have many successful cases, this project may also be successful. If the team has passed KYC it gives you even more confidence as then you are sure that they don't lie and they are those people who introduced themselves.

DapanasFruit

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Recently, I am seeing some good altcoin projects that boast of having the project and the whole team passing some form of KYC. I am not, though, familiar how the whole team KYC is done but I guess this is in conjunction with a known third-party verifier. Of course, there is no guarantee that a project and team that got its own verifiable KYC will not never run away or fail as there are many variables to be considered but then again this can be helping in boosting confidence on the part of the investor. Should this be the new standard when looking for a new project to support?

Topic: Would You Prefer a KYCed Team? - page 2. (Read 226 times)