Altcoins Talks - Cryptocurrency Forum
Archive => Sorting Box => Topic started by: Davidjones on September 22, 2018, 03:17:22 PM
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A lot of ICOs are facing a problem from their investors due to the KYC. Voluntarily complying with KYC regulations provides many advantages to the Offeror and its investors, even if they are not currently explicitly mandated to enact such a process.
1. Cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not properly implement KYC processes. Thus, not running such checks poses a long-term risk to a project. The Financial Times reported that New York Stock Exchange-backed GDAX says it “plans to list only a fraction of the hundreds of new digital coins that have been invented this year”
2. Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place. Such compliance allows easier reach to investors in America, Britain, Canada and elsewhere.
There are other restrictions also imposed from SECs and banks which greatly limit the activity of the company in the future.
We know not everyone is happy about KYC and some people don’t agree with it ideologically, especially when it comes to cryptocurrencies, where transfers are anonymous, or at least pseudo-anonymous.
However, for the adoption to seamlessly occur, the company holding the ICO needs to have KYC, which otherwise will create issues for the company in the long run, which is bad for both the investors and the holder of the company.
KYC is not done by a company to know where their money comes from. To be honest, a company rolling out its ICO cares about the cash inflow and not about their identity. It is a means of due diligence so that they are not prosecuted by their country of operation.
Enkidu has it's pre-sale going on right now. The minimum viable product has been developed before the pre-sale.
Join our Telegram group for more information: https://t.me/enkiduofficial
Join our token sale here: https://tokensale.enkidu.io
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A very clear review. KYC is verifying the identity of the investors or participants to facilitate the distribution of tokens after the project is completed. It is to ensure that the investors are legal to buy the tokens or coins in the ICO without any prohibition. In addition, the use of KYC is to avoid multiple accounts that have often happened recently. To decide whether we must pass our KYC or not, we must analyze whether the team is really trusted or not. Your decision will definitely influence the result.
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It's right. KYC is important for some reasons:
1. To reduce the spammers or scammers
2. To know exactly whether the participants or investors are real and allowed to join the ICO. Because some countries prohibit their citizen to join an ICO crypto.
3. It is KYC (Know Your Customer). This is important for the developer and the team to know who their customers.
4. It is also sometimes as a bank requirement of the ICO
But, we must be careful in deciding to sign the KYC or not. Analyze whether the ICO is not a scam.
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For investor, I think it is very important. Those you said above are perfectly true. The identity of every investor will be easy to be recorded and analyzed by applying KYC. Restriction and regulation needs KYC as the supporting part for applying them. I appreciate if a company or platform provides KYC for their investors, but I don't agree if it is applied for bounty hunters.
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To decide whether we must pass our KYC or not, we must analyze whether the team is really trusted or not. Your decision will definitely influence the result.
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To decide whether we must pass our KYC or not, we must analyze whether the team is really trusted or not. Your decision will definitely influence the result.
Yes, KYC must be passed in order to received the reward. However, before doing kyc you should think twice if the team is reliable and honest to their promises to project and maintain your security.
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KYC important because of that one of the rules we need some documentation for the company. That's just a security reason, with KYC we can identify the customer
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because the security of the world of crypto money comes at the beginning of the most denied. KYC is important to at least slightly alleviate this problem.
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I feel super weird about posing in a photo with my passport and giving it to god knows whom. I have a couple times to places that I "trust". But in general I think it kind of defeats the purpose of anonymoty of crypto.
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kyc is a rule in a bounty. as a bounty hunter or investor, we must obey it. with kyc, then we will collect our personal data and it will minimize the cheating. we also have to be careful in collecting our personal data, don't let our personal data be misused by irresponsible individuals.
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Kyc is one of the rules in a bounty.important or not a kYC,we must remain to obey it,with KYC we must collect our personal data and we must be careful with that.don't let our personal data be used for things that are wrong.Therefore we must be able to choose a good bounty in order that our personal data is safe.
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A lot of ICOs are facing a problem from their investors due to the KYC. Voluntarily complying with KYC regulations provides many advantages to the Offeror and its investors, even if they are not currently explicitly mandated to enact such a process.
1. Cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not properly implement KYC processes. Thus, not running such checks poses a long-term risk to a project. The Financial Times reported that New York Stock Exchange-backed GDAX says it “plans to list only a fraction of the hundreds of new digital coins that have been invented this year”
2. Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place. Such compliance allows easier reach to investors in America, Britain, Canada and elsewhere.
There are other restrictions also imposed from SECs and banks which greatly limit the activity of the company in the future.
We know not everyone is happy about KYC and some people don’t agree with it ideologically, especially when it comes to cryptocurrencies, where transfers are anonymous, or at least pseudo-anonymous.
However, for the adoption to seamlessly occur, the company holding the ICO needs to have KYC, which otherwise will create issues for the company in the long run, which is bad for both the investors and the holder of the company.
KYC is not done by a company to know where their money comes from. To be honest, a company rolling out its ICO cares about the cash inflow and not about their identity. It is a means of due diligence so that they are not prosecuted by their country of operation.
Enkidu has it's pre-sale going on right now. The minimum viable product has been developed before the pre-sale.
Join our Telegram group for more information: https://t.me/enkiduofficial
Join our token sale here: https://tokensale.enkidu.io
I personally dont agree about KYC. I thunk crypto currency is anonymous, So my identity is secure. I dont like to give my ID
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In my personal view, KYC is needed to eliminate scammers or fraudsters. The anonymity in crypto world will have many possibilities to attract both scammers or fraudsters. That is why the team project provides them to anticipate and eliminate.
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KYC is important for the team project only. But it is possible to bring negative impacts to bounty hunters or investors. In my view, crypto system should be set to take advantages both for bounty hunters/investors and the team projects. The solutions is to have a guarantee.
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A good review. Personally, I only think that KYC process is important for the investors that are going to purchase the token or coin on their projects of ICO. Some projects need this process because related to bank system or other condition. However, for bounty hunters? Well, it should be considered whether worthy or not.
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Kyc is a great way to identify the scams and fake ico and customer. Some Kyc are looking for I'd card verification and some other details information.
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Kyc is a great way to identify the scams and fake ico and customer. Some Kyc are looking for I'd card verification and some other details information.
Yes, KYC (know your customer) is very important for identifying real customers and fake customers. But kyc for bounty hunters are valueless i think. They can be verified from bounty thread or filling form. Some projects take KYC from bounty hunters for harassment like need only passport. Passport is available for those people who want to go abroad. Its percentage is not more than 5% of the total population of that country but National Identity Card is available for 100% people. So it is should be flexible.
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KYC is needed to avoid cheating by creating multiple accounts to participate in the bounty and airdrop program. Whereas the ICO is needed to prevent money laundering transactions. So KYC is very good to apply.
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I do not think that this procedure is important, for many projects it is simply not necessary, and I because of this implementation, many projects lose a large number of users
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The main reason is to prevent some illegal activity, so I consider that KYC is an important part of the crypto world
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I do not think that this procedure is important, for many projects it is simply not necessary, and I because of this implementation, many projects lose a large number of users
I agree with you. In some projects, the KYC procedure only brings a negative impact on the number of participants, especially for a bounty program. Many people are afraid to lose their secret data by doing KYC process. So, they only choose a bounty with no KYC procedure.
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Kyc is a great way to identify the scams and fake ico and customer. Some Kyc are looking for I'd card verification and some other details information.
Yes, Currently KYC is used for fraud. There was a huge fraud in the crypto market, due to which the market is still not good. So stay away from scam has introduced this method. This is a good method.so KYC is important.
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KYC checking is illegal for bounty hunters. Not a single ICO team was able to indicate on the basis of what regulatory act they require us to undergo a KYC audit. The KYC check is carried out for a specific purpose - prevention of money laundering and the fight against the financing of terrorism. What attitude do bounty hunters have if we don’t invest in ICO projects? KYC verification should not be used for purposes other than those for which it is intended, because it is in itself a violation of the right to the confidentiality of an individual. I mean that it can not be used to identify multiple accounts in one member on this forum. For this there are other and more effective methods.
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KYC is needed to prevent fraud in either the bounty or ICO program. Because our data will be used to validate our participation in the project. So KYC is very important for the project. If we want to comply with these rules, it must be followed, even if we don't follow it, it's okay.
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We all know that KYC will eliminate fraudsters and it is very needed for the team projects. I think it is a right way to provide KYC procedure. But I see there is no guarantee for the bounty hunter's data. It should be fixed to make bounty hunters feel secure and comfortable.
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KYC on the one hand is good. This increases the safety and quality of a project. However, if the project turns out to be a scam, then the documents can be used for unfriendly purposes.
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important is not important but if for the security or authenticity of the account, what is wrong!
if for the bounty I am a little careful to do KYC, especially projects that are less clear and ask for KYC at the end of the campaign, the results good according to I will KYC, if not I will not want KYC
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The KYC process is good and can reduce fraudsters who want to benefit from the fake identities they provide, I think if the new ICO requires KYC I will do it with a note that the projects I follow are really real
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Definitely passing the KYC procedure has a number of advantages, however this does not give any guarantees that the project will be of high quality and will not deceive its investors.
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Yeah, That's why it's really rare for me to do some KYC because it will going to give a risk to my documents. Think about it, I don't know but I'm also sure that some of them can really use those documents for something bad.
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I think KYC is important because it helps verify the identity of investors and kyc will reduced ico fraud from the cryptomarket.
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I think KYC is needed for investors and KYC is also needed to recognize the user's personal data.
So to minimize fraud, there lies the advantage of applying KYC. But if for Bounty Hunter, I don't think KYC needs to be done because the bounty hunter only gets money under 500 USD.
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From the replies I see it seems that people are mixing between KYC for investors and KYC for bounty hunters, I do not think that investors are interested in multi-accounting or even in scammers because simply they are the one who is paying money to receive. The KYC for investors is all about regulations and nothing more.
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There will no be any other options not involving KYC. You will just have to quit crypto or put up with it.
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For bounty hunters, checking KYC is not only irrelevant, but illegal. The KYC check should be carried out for the purpose for which it is intended - the fight against money laundering and the fight against the financing of terrorism. Bounty hunters cannot be suspected of this because they do not invest in ICO projects. ICO activities need to be regulated, including so that ICO teams do not abuse their rights.
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I think kyc is basicaly designed to filter out those individuals with no real interest in the ICO and only care about laundering their money so that it is hard to trace its true origins.
In addition, i think KYC is most important for ICOs but has less needed for bounties.
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I think KYC is important because it helps verify the identity of investors and kyc will reduced ico fraud from the cryptomarket.
It is used not only to identify investor's identity, but the team project also applies the KYC for airdrop and bounty hunters. Yeah, it basically can reduce fraudsters and scammers. KYC procedure is a good way to make fair for all parties, but it must be secure for all.
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There is no matter if the KYC process is required for the investors that are going to buy their token. But, for bounty hunters and airdrop participants? I don't think so.
Moreover, KYC process must be very secure, can they ensure us that our identity is absolutely secure and safe? We don't know them exactly.
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because with KYC we can avoid it
1. fraud.
2. multiple accounts.
3. theft.
therefore there are now lots of good bounties and airdrop using KYC
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It's right. KYC is important for some reasons:
1. To reduce the spammers or scammers
2. To know exactly whether the participants or investors are real and allowed to join the ICO. Because some countries prohibit their citizen to join an ICO crypto.
3. It is KYC (Know Your Customer). This is important for the developer and the team to know who their customers.
4. It is also sometimes as a bank requirement of the ICO
But, we must be careful in deciding to sign the KYC or not. Analyze whether the ICO is not a scam.
You confused KYC for investors and KYC for participants in bounty ICO campaigns. For investors, and large ones, the KYC check is carried out in order to prevent the laundering of dirty money and combat the financing of terrorism. For any other purpose, a KYC check shall not be carried out. Therefore, in relation to bounty hunters, it is simply illegal.
By the way, bounty hunters cannot be considered ICO clients, since they do not invest their money in these projects.
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To decide whether we must pass our KYC or not, we must analyze whether the team is really trusted or not. Your decision will definitely influence the result.
Yes, KYC must be passed in order to received the reward. However, before doing kyc you should think twice if the team is reliable and honest to their promises to project and maintain your security.
In fact, the requirements for participants in ICO bounty campaigns to be audited by KYC are illegal. KYC checks should be conducted only to prevent the laundering of dirty money and combat the financing of terrorism. For other purposes, it should not be applied.
In addition, in the relationship between bounty hunters and the ICO team, the clients are the ICO teams, because they pay us for the services they provide for advertising their project. Therefore, they must pass KYC tests before us, and not vice versa.
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I think KYC is needed for investors and KYC is also needed to recognize the user's personal data.
So to minimize fraud, there lies the advantage of applying KYC. But if for Bounty Hunter, I don't think KYC needs to be done because the bounty hunter only gets money under 500 USD.
I recently read the information that the FATF Commission decided that the KYC check should be passed to those who send funds in cryptocurrency in excess of one thousand dollars. True, it seems to be there said that this applies not only to those who send, but also receives such sums. If so, this provision will apply to bounty hunters. True, recently, we very rarely receive a reward of over a thousand dollars. On the other hand, the ICO campaigns will no longer be able to require us to pass a KYC check if the reward is less than a thousand dollars.
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There are no KYC compliance laws this is crap utter and total crap. If you feel you want to argue with me then please direct me to the exact laws you are referring to otherwise keep it to yourself.
Only your government and entities within it should ask KYC. For opening a bank account you need KYC. This is protected heavily. Your ID and motor license needs KYC and is protected heavily. When you apply for a job and go for an interview depending on the nature of the business and the payment you may be asked for KYC. This is done through a government system. You register for tax with KYC and it is safe. Only give KYC to government-approved companies or projects.
KYC does not in anyway prevent fraud. Fraud still happens. I was scammed by a company with a real address and location and nothing was done and I did not pursue it as I only spend $10 there and it would not be worth it plus the place is far away. Yes I agree it's about the morals but still. These people run this business using KYC for their bank account and still they steal. Many banks even say they have no responsibility for who you send your money to. Otherwise the bank takes the fall all the time and has to solve peoples personal issues.
If anything KYC increases fraud.
I think KYC is important because it helps verify the identity of investors and kyc will reduced ico fraud from the cryptomarket.
No it won't. It increases fraud actually. Stealing KYC is more easy than ever thanks to foolish people.
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For bounty hunters, KYC checks are additional problems and the possibility of losing earned tokens, if such a check is carried out at the end of the ICO. I hope that after the FATF rules for verification are soon in effect only if the amount of remuneration exceeds one thousand dollars, in many cases, given the fall in the amount of remuneration, we will no longer be required to undergo this humiliating test.