Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Domithra on March 21, 2018, 02:52:40 PM
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The whole idea of cryptocurrency was built on anonymity. How then is that lot of ICOs and bounty programs are requiring KYC before they pay bounty hunters. Or are they collecting data of people to sell to phishing sites or the dark web?
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I do agree with you, I guess if we are not careful on submitting our identification documents they might use it for illegal purposes especially on the darkweb, I think it is not necessary to give our KYC to join a bounty program or even on ICO.
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I believe the fear is that you may be funding a terrorist organization and/or it's a way to legitimize the business so that it doesn't fall under SEC scrutiny. I think it will take awhile for adoption of crypto and platforms to be made available for us to do easy and protected P2P
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I believe it's because of many countries now have regulations for cryptocurrency related transactions and thus ICO's are required to have the KYC of their participants. ICO's are forced to require KYC to be able to be able to accept investors in those countries. On the other hand, I also disagree about that idea since we cannot be certain that our identities are safe.
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I believe it's because of many countries now have regulations for cryptocurrency related transactions and thus ICO's are required to have the KYC of their participants. ICO's are forced to require KYC to be able to be able to accept investors in those countries. On the other hand, I also disagree about that idea since we cannot be certain that our identities are safe.
Then where lies the anonymity? Is it that its losing its place in crypto?
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It's completely unnecessary to perform KYC for an bounty campaign. I believe most of the projects that require this have obscure purposes (scam, sell data, use personal data for on line crimes, etc).
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I believe it's because of many countries now have regulations for cryptocurrency related transactions and thus ICO's are required to have the KYC of their participants. ICO's are forced to require KYC to be able to be able to accept investors in those countries. On the other hand, I also disagree about that idea since we cannot be certain that our identities are safe.
Then where lies the anonymity? Is it that its losing its place in crypto?
Well, I also hate it but its a fact that most governments are against that anonimity, I guess we can't do anything about it but to just ignore bounties and ICO's with KYC.
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The whole idea of cryptocurrency was built on anonymity. How then is that lot of ICOs and bounty programs are requiring KYC before they pay bounty hunters. Or are they collecting data of people to sell to phishing sites or the dark web?
Well we don't know if what are they going to it about the KYC process but for another thing about this is for anti multi accounts and scammers also. It has been discuss that in the bitcointalk forum for the own purposes for the bounty hunters also. They want to limit the account of participants because it was totally unfair for the others.
But if that are they purpose for our account this would be a dissappointed teams and hope they don't go further about that.
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I believe it's because of many countries now have regulations for cryptocurrency related transactions and thus ICO's are required to have the KYC of their participants. ICO's are forced to require KYC to be able to be able to accept investors in those countries. On the other hand, I also disagree about that idea since we cannot be certain that our identities are safe.
Then where lies the anonymity? Is it that its losing its place in crypto?
Well, I also hate it but its a fact that most governments are against that anonimity, I guess we can't do anything about it but to just ignore bounties and ICO's with KYC.
To invest on an ICO, Ok. I agree, KYC is needed to regulation. But for receiving a bounty? It's free, a gift. It should not be necessary, in my opinion.
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It's ok to do KYC for ICO, for airdrop and bounty? No!
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Say No To KYC Airdrops! That's what I say on my twitter page at least :)
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for me I don't care about sending identification documents all I need is my payment that is all.
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i think even though the system is not made for it, it helps to reduce cheating of bounty participants. Some countries requires that kyc be done so it isn't their wish to conduct the process of identification.
By the way, this shouldn't be a problem if you're paid at the end. Investors who even use their own money are required to do kyc so what should be your problem?
With the issue of anonymity, i think the kyc is regulated, your info is not broadcast on a pubic ledger so it's okay for me.
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i think even though the system is not made for it, it helps to reduce cheating of bounty participants. Some countries requires that kyc be done so it isn't their wish to conduct the process of identification.
By the way, this shouldn't be a problem if you're paid at the end. Investors who even use their own money are required to do kyc so what should be your problem?
With the issue of anonymity, i think the kyc is regulated, your info is not broadcast on a pubic ledger so it's okay for me.
And what guarantees for keep your personal data gave you the last project in which you passed the KYC procedure?
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There is increasingly less anonymity in crypto, companies cannot run the risk of AML regulations. If you can run your security checks against a company, then likely they can run the same checks against you. If companies claim they can bypass these regulations, then (depending on where they and/or you are based) you could be running the risk of being caught up in unnecessary red tape.
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Companies that conduct a KYC procedure for bounty hunters can divided into 2 groups.
1. Companies that initially write that there will be a KYC procedure. To such companies there are no special questions, who wants to take part in their bounty campaign, he'll be, who doesn't want - will not.
2. Companies that first not planned a KYC procedure, and then, at the end of the bounty campaign, declare it necessary. Such companies are scammers, IMHO.
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I do agree in some comments. There ia no need kyc for airdrop
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The FIANCIA project in its spreadsheet published the personal phones of those who passed the KYC.
Does someone else want to go through this procedure?
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I do not think it is necessary but this is the regulation of bounty organizers to reduce multi account and fraud against campaign.
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I do not think it is necessary but this is the regulation of bounty organizers to reduce multi account and fraud against campaign.
Alas. All scammers will buy documents in a darknet and pass a KYC procedure.
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I do not think it is necessary but this is the regulation of bounty organizers to reduce multi account and fraud against campaign.
Alas. All scammers will buy documents in a darknet and pass a KYC procedure.
Yes I think so and before I follow the bounty I always ask dev if it requires kyc for bounty participants. Should not bounty participants need a kyc because the identity document can be misused for criminals.
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I do agree that KYC should not be mandatory to bounty participants but should be for big time investors in compliance with the Anti-Money Laundering (AML). Although i've seen some ICO's that posted the need of KYC for the bounty participants in the beginning of their campaign. It's a good thing though informing us beforehand, leaving the decision to us (campaigners) if we will still join or not.
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I understood that KYC became a prudent measure for ICOs when regulators starting to say they are going to pressure exchanges into delisting some tokens. Because the tokens are securities. So KYC and AML became a necessity when ICOs wanted to exit fro ETH into fiat into a bank account. Then the solution, at least I thought so, was airdrops with tokens being gifts and no investment of any kins present, so securities are out of question. And now I see there are ICOs requring KYC for airdrops, which I do not understand. Some believe ICOs are out to make some money on the side by selling the KYC data on darknet on something, but I find it hard to believe all of them would be doing it. So there must be another reason for it, I guess.
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The whole idea of cryptocurrency was built on anonymity. How then is that lot of ICOs and bounty programs are requiring KYC before they pay bounty hunters. Or are they collecting data of people to sell to phishing sites or the dark web?
Recently started a lot of new ico projects team which aims to the fact to collect money and abyss forever money investors, and bounty hunters doing only advertising in social networks using your accounts. So I think kyc have to take place that those who runs the ico.
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The whole idea of cryptocurrency was built on anonymity. How then is that lot of ICOs and bounty programs are requiring KYC before they pay bounty hunters. Or are they collecting data of people to sell to phishing sites or the dark web?
To be honest I don't trust ICO's with personal data at all. Bitcoin is only anonymous in my country if someone gives it to you, and you keep it in a wallet, any kind of purchase or sale to the exchange requires personal information. Full KYC for buying, and name and address for selling.
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It is possible that the management can sell the personal information specially when everything goes wrong. That is the unknown future and the risk by submitting our personal info. But I hope they would not do it.
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As far as I know, many exchanges, before adding a token, require the team of that project that all the coin holders pass the KYC procedure, and the bounty members of the campaign also. Therefore, I do not see anything strange in this
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I think KYC is not necessary for bounty but mostly ICOs investor is required to submit their identity because the bank required them so that they can identify who their investor is.
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I don't really like KYC's too, Our identities and documents are on risks if we will going to pass it for that kyc. Also we don't know if the project who's asking for kyc will really going to keep it for their own. What if the project turned to scam then what are they going to do to all documents they have about their investors and people who passed it.
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The whole idea of cryptocurrency was built on anonymity. How then is that lot of ICOs and bounty programs are requiring KYC before they pay bounty hunters. Or are they collecting data of people to sell to phishing sites or the dark web?
There is that risk of identity theft also. Bu I think KYC is mainly done for protection. If you are not comfortable with it, just move to another campaign and wait for those coins/token to be listed on exchanges.
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There is always a risk involved that your data will end up on the Deep Web, but I doubt this is the primary goal of projects. They are doing KYC to insure themselves from any potential violations of regulation.
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Depends on the Bounty Project. There are most of the Bounty Projects in Airdrop that require the user KYC or its members only to make the data as one of the members of the Project Bounty Campaign. But usually there is also a Boutny Campaign that does not need KYC. All this time there has been a lot of abuse of KYC is our lack of caution towards a project that we want to choose. The most important thing is we must be careful and not always believe in tempting offers and ask someone for KYC.