Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Domithra on May 07, 2019, 02:20:28 AM
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Some bounty hunters are of the ideology that passing KYC to receive small amount of reward from bounty program is a great cheat to the bounty hunters . But I believe that KYC has nothing to do with the amount of reward received for joining a bounty program. KYC is for verification purposes and other legal matters that the project may need to deal with.
The main reason why bounty hunters must do thorough research into the program before joining the bounty in order to know the potentials and capabilities of the project hitting the jackpot.
What is your opinion of this topic?
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I still clearly remember that in 2018 I saw a lot of fraud at ICO which was caused by my lack of experience when I was part of the bounty program.
I did KYC Procedure at the end of the campaign and at that time the project #DevelopmentTeam said this was for the sake and security of the token when distributed, if it did not carry out KYC procedures then the tokens would never exist. At that time the project looked convincing with 3 exchange lists and I felt this is not a scam project. but in the end I did KYC and in the end the project proved to be a scam.
CIBUS is one project that deceives many people.
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it is true that KYC has nothing to do with the number of prizes we receive, because KYC is usually to avoid double accounts and also it is a rule about the law in their country or place.
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When a company or a bounty manager indicates at the very beginning of a bounty that KYC is needed is one thing, and most often happens that at the very beginning of a bounty is said that bounty not need KYC, but after the end of a bounty the rules change and bounty manager or company saying that bounty hunters have to go through a KYC and this is wrong.
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Most times, developers tell bounty hunters no kyc except for those buying the ICo's but after the end of the bounty, they come up with kyc for bounty hunters which is selfish knowing fully well that not all bounty hunters will pass the kyc. At the end of the day, most of those projects that asked for kyc that I did didn't even do well and some were scam, the others with less stress were more profitable.
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Due to the regulatory issue and AMLC requirements thats why many ICO and IEO campaigns is requiring KYC procedure to become legitimate they need to follow the requirements thats why bounties today has requiring KYC thou. But if the KYC is only announce in the end of the campaign will thats a different story.
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That's what I don't like if KYC at the end of time because it's very burdensome for me, I could have missed the Announcement which resulted in me not being able to receive tokens.
Then I also felt confused about the KYC made at the end of the story and I didn't like it.
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in my opinion the topic presented in the article would like to convey that bounty hunters must be smart and smart in choosing the same projects they follow, must learn very well about the many good and legitimate projects that must be had, before deciding to follow a project.
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if I encounter a KYC campaign at the end of the period I will see the form of the Kyc, as usual the initial bounty does not require Kyc and at the end of the day they only ask what bounty data we follow IT WILL I DO but if they ask for more data like Pasport, ID card I better leave it a 50% fraud indication
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Kyc is used as a tool to reduce fraudulent actions for bounty hunters and investors, but over time the KYC system has often been misused for fraud. Learn and be careful in choosing the projects to be followed, your identity data is more valuable.
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The KYC check really should not have anything to do with the amount of remuneration paid to bounty hunters for their services to ICO projects. Forcing bounty hunters to be tested by KYC is illegal regardless of the amount of remuneration. Such verification should be carried out solely with the aim of preventing the laundering of dirty money and fighting the financing of terrorism. All other good intentions of the ICO teams, by which they justify why they violate our privacy rights, are simply abuse of their rights.
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Most times, developers tell bounty hunters no kyc except for those buying the ICo's but after the end of the bounty, they come up with kyc for bounty hunters which is selfish knowing fully well that not all bounty hunters will pass the kyc.
I'm not in favor of adding bounty rules such as KYC at the end of the campaign, I believe it should also be announced from the start. But there are times when it has to be done to make sure all those who will receive their coins or tokens are legit AND to protect legit participants. I've spent sometime tracking farm bounty accounts in one campaign so I understand if the dev/bounty team imposes it.