Bitcoin Forum

An interesting evolution:

Looks like the DataBlockChain/DBC.io project had some issues with their 2 bounty campaigns. It made them decide to change the initial campaign project, which was "the usual" token payment. They have decided now to reward bounty hunters with equity shares instead of tokens.

This means you have to fill out KYC, send a copy of your selfie with ID and even fill-out a tax form (!!) (https://www.datablockchain.io/bounty/).

I am not sure what to think of this evolution. Could this be a new step in bounty campaign rewards? What about user's privacy protection?

Also, these guys are really dancing on the limits of legality. If you're promising people to pay them tokens, you can't just go ahead and change the rules along the way. Even the most radical of libertarians or anarchists will agree that the principle of "pacta sunt servanda" is the basics of any system or society.

I think it is an awesome alternative for bounties, because in such way, they would avoid the bounty dump during the first listing and moreover hunters would be happy as well, because they will take part in equity shares of a great project.

This bounty to equity share transformation is looking like another lame excuse to delay the payment of bounty hunters as they also think the same way like other project that hunters are the dumpers but the sad reality is all hunters are not dumper. Have they given any clarification about how compensating bounty hunters with usual token to equity share will help hunters?

I hated KYC with usual bounties and now it can become a new standard. I hope it won't happen. I don't like to share my personal data with strangers so I won't participate in this kind of bounties.

How long will they be able to provide the equity shares and can they exchange it for BTC?

I have no idea what  equity shares can do to be honest but if they wanna prevent bounty hunters from dumping they could just distributed the tokens by quarter. This will prevent the price to dip much.

is this equity shares can be sold or just common equity share that give reward if there's a surplus in the company? because hunter can't gain anything if the project sudenly exit and abandoned.
most hunter wouldn't want to get paid with equity shares. you can imagine a tiny shares got divided to all participant so how much reward did we get from it.
and also hunter should comply to fill kyc for that was unfair if i would say.

That's a joke, if that was a shares and what's the point for the token to be traded on the market? This idea is totally doesn't make sense and anyway just try to avoid this one. We will see how much token will you get from DBC. there's not differences. Both still securities.

I don't understand the key advantage of equity shares for bounty hunters except some kind of guarantee of project legitimacy. This is a crypto market and one of key point is anonymity, at least some kind of. Plus I won't let my documents to go to some second hands to get verified in KYC I'm not assured in.

I affirm that it is a scam project, All their actions will become useless and they will soon disappear. I found out and found that they raised $ 17 million but until now their activities are trying to steal money from investors. And of course they will refuse to pay bounty hunters, you do not need to KYC to try to receive these tokens

All we need to do in bounty is to advertise the ICO project and use our accounts.
In this we just need our profile and account to fill there and be listed on their webiste.
Doing KYC at this initial time will not be a good idea. KYC is very dangerous.

Personally, I did not participate in this bounty campaign, but it is not surprising that in these market conditions some projects change the rules at the end of the campaign, because many projects want to reduce payouts, so they have some reasons for this. I hope, in the near future, we will, without any problems, receive our reward, which we earned through our work.

Having made translations and supported the signature campaign and being a Full Member (back then), I will be wasting a lot of bounty. But I am bending towards your opinion: just another lame excuse for not paying bounty hunters. I think it is about time these projects respect their own obligations and if they take themselves seriously, they have to take their agreements seriously. If they do not, we have to take legal action, it's as simple as that.

I think every campaign participant should be provided with what was promised during the campaign after the campaign end changing terms does not suit both professionally and ethically so i urge all campaign managers to stick to the initial promises and fulfil them now.

What is a promise worth tho, is there any sort of legal contract? no? it's a google sheet, this development sure is strange but is it done for their best, or to abide laws as good as possible?

I doubt that they will at least pay something. Paying shares is almost impossible. I participated in the signature campaign of this ICO, but I didn’t have time to do something there and didn’t pass the KYC verification. In the end, I got nothing. If there were no replacement of payment terms, I would receive earned tokens. This is not to say that this is a direct fraud, but there is a deception here.

I think that this measure is not forced for them, but still I think that this is not the best option and to participate in such bounty companies I would not.

Equity shares are good but it is complicated to get and sell. There would be a stack of paperwork to get through if it was done properly. For most bounty hunters i think they will prefer to get tokens and list them on the exchanges instead.

I do not believe that bounty hunters can receive payments in stocks. It is simply impossible to do technically. The above ICO, perhaps, in this case, saves your project and it is absolutely indifferent to them that in the end bounty hunters will not receive anything at all for their labors. There several times radically changed the essential conditions of the project. If they themselves violated the conditions, then they needed to do everything necessary to smooth out the inconvenience for bounty hunters. Instead, they began large-scale KYC checks for a long time. For me, this is just another fraudulent ICO.

Is it really worth-it for a KYC and privacy? If it is yes for you then go for it. I really think that there are alternative ways just to survive with this kind of bearish market. But we need to understand that all of us just wanted to have something that is fruitful and beneficial for us all.

If there is someone who tried it, please share with is your own personal experience so that we could learn from it somehow.

Since it's asking for KYC, I am not all in all for this system.  In cryptocurrency world, KYC should not be encouraged by any way. Who is going to ensure the security? Who will be responsible for any compromise of our data? No one. So, no to KYC.

Equity based project i think you can convert to crypto probably possible although i have little knowledge. Datablockchain was most promising project when ICO finished the team development changing their moto because they are not confident to lunching DBC in the bearish market. Also i participated in this project but their KYC process is really unpair.              

I think this is shady if participants weren't told about a KYC from the beginning as not many people like a bounty involving a KYC. It doesn't really matter if they are having payouts now in a different and better coins, not even Bitcoin or Monero would mean anything. I really don't think it's a good thing.

This isa  big deviation from cryptocurrency ideals. Principle should be primary in crypto world , while money should be secondary... People still don't get it.
How do they expect to have a decentralized, Censorship resistance coin if this is what they want for their project.

ever since the ICO hype died and all the new ICO creators started having a hard time to get people to give them their money, they started looking for new ways to incentivize people into giving them their money! in other words they upped their scamming game. one of these methods have been KYC and they are trying so hard to enforce it on their users so that they may be fooled into thinking their ICO is legit!

It looks complicated and shady. What is more there wasn't IPO, so this company will never be traded on stock exchange, so how are you going to sell your share?

Nope, not my thing. KYC is what makes me stay away from projects. I remembered I joined the bounty campaign of that project months ago but my reward hasn't been given yet. There's no way I'm giving my information to something because I'm not sure what will they do to it especially when information can be sold.

Stocks of course differ from the token, they are more stable and give a greater chance of profit, another question is who will agree to such a procedure, and in what ratio will the payments to the token be.

Depends on which country you're from, but I can confirm that any country which has Civil Laws based on Napoleon's Codes, accepts a "consensus" as legally binding. So yes, a promise can imply a legal contract.

I don't know why they are avoiding payment to bounty hunters, they are going to lose their reputation if they keep doing this, this is not right if they will implement that, they should do so before the start of the campaign, they are abusing their bounty hunters.

I think that they don't have permission to change rules which they gave from the beginning and require participants must provide personal informations to them. They are looking down on bounty hunters

it's not the right thing, it violates the life of the bounty campaign. should if the team wants to change payments from tokens, the second alternative is with platform coins, or with cash.

Well, I think on the contrary , the projects were paid the shares and nothing good will come out of it , I think the right to pay either in Fiat or in coins project !

I participated in this ICO project, fulfilled all their conditions, however, due to these constant changes in the terms of remuneration and checks, KYC missed one of the deadlines for KYC verification, and therefore lost the right to receive earned tokens. Changes in the conditions for receiving remuneration for KYC checks after the end of the ICO are now one of the main reasons why this activity for bounty hunters becomes very problematic. The ICO teams consider that we have nothing to do, as even months after the end of their ICO, constantly re-read their telegrams until they deign to write specific information about passing KYC checks.
In fact, this is one of the methods of fraud.

This is a revolutionary change when you will receive dividends according to line returns. But how do you know if you will get a profit if the project does not reach the desired target, it sets out how much it is? The sale of stock you own is impossible or yes?

The question is of course if you're happy to share not only your KYC information with the project but also send them a tax declaration form. It means you will be taxed if these bounty shares generate revenue.

I've decided not to do it. This means the fruits of my bounty work are lost forever.

Whats the point of equity shares? I don't think bounty hunters are going to make profit out of it when all they want is to trade it to BTC. They'd be comfortable with BTC than equity shares.  Are they able to exchange these equity shares to BTC after distributed? IF NO then this isn't just to prevent dumps but to scam not to mention they are not willing to send KYC after all the database hacks and selling of database.

Let's see if the bounty hunters will get shares of Datablockchain. I doubt it. As a result, the team will come up with another excuse not to pay out the shares, since they refused to pay us the earned tokens. In my opinion, getting shares in bounty hunters will be very difficult to carry out technically and organizationally. It may still last for months and years until it is forgotten.

it seems like some of the bounties have done that, where they require the kyc in the middle of the bounty or at the end of the bounty. but for the change from token to equity share, I was more interested in the reward given in the form of dollars.

It may be a good idea for projects and bounty hunters but do they really accept this idea? bounty hunters have participated in many ICO projects and they are really lucky that the project pays their rewards, I think this will be a good idea when there are more strict ICO rules

Yes this sounds very good and in favor for all bounty hunters. I also think that stakes or equity shares is better to have rather than tokens per week. Because it can be distributed equally and favorable for all.

I am quite confused how equity shares instead of tokens will work in paying out bounty hunters? I guess it is still efficient to pay their own created tokens instead of this new kind of payment.

I also hate KYC thing. Thus i am in favor for just a token rewards. Sharing personal infos are unsafe at all. But we can't deny the fact that the new equity shares tactics for bounty programs is pretty good than tokens. And other members are also open for KYC unlike me.

What if they deliberately doing that so they can reduce the payment to the hunters by not paying who failed to submit KYC ?
They should announce at the very beginning of the campaign that hunters required to doing KYC to get the reward.
Offering share of company instead token is a good option, but i think the hunters will having difficult to sell the shares later.

Hahahaha.. Bounty hunters are really seeing hell these days. I participated in that bounty, when I saw that change of rule, I took it as one of those things because it's becoming the trend now. It's just so unfair and I wish hunters can come together to curb such treatments.

I am not confident with the campaign. They didn´t provide updated spreadsheet, nobody knows how much has earned, but everyone was pushed into KYC. For me it seems fishy.

Sooner or later no one will participate in bounties and without marketing ICO will be history. This is collecting all private information including bitcointalk profile, telegram, phone number, email and that is not needed for kyc. Some projects looks like government is behind them and they want to collect everything for tax purposes.

I don't think I am comfortable with this. They should have spelt out the equity shares payment from the start of the campaign. They may end up not rewarding some people at the end.

That sounds very interesting. If the project is successful, then I think that the bounty hunters will get a good profit. It will be good if in the future there will be more such bounty campaigns.

I find it funny to want to give out so much information to a coin that hasn't been listed on an exchange and not to talk of the value at the end of the day. This is the first time it's happening to the best of my knowledge but I am definitely not comfortable with it.

They are killing the purpose of ICO and i think, its not easy to change this program. a lot bounty hunters wants to receive the money they work for so i think changing it to equity is not good. They are collecting our informations for some black reason, but I don’t think government will too desperate to get our information I think some private groups behind this one.

It is unfair to change the rules at the end of the campaign, especially in such important details as personal data and documents, such essential changes should be warned in advance, this shows respect for the work of the bounty hunters.

If that is their last resort and it is genuine, I think not is a good step ahead. Some projects are now finding ways to comply with regulation. Most especially as related to their jurisdiction.
I was also aware of the changes made by DataBlockChain. I participated in their campaign, but I got a little reward, which makes me not to be interested in sending my details for such peanut

For those of you who are still interested, I decided not to accept their offer, as considered and already mentioned above, meaning I lose the bounty (although I worked for it...).

I will however continue to follow up to see where this is going. Applications have been closed for a few weeks now and I am quite curious to see if and when and also HOW the equity shares will be distributed. If they deliver the way they promised, I will be the first to admit it is a very impressive step but it has yet to be seen...

I prefer the old way of earning with bounty projects too than accepting the offer of new projects that want to pay in equity shares to bounty hunters. There is no regulation in many ICOs and these unregulated conditions let the project management to pay however they prefer to bounty hunters.

I think in the end it will all depend on how seriously they are taking their bounty/equity policy and how and if bounty hunters will be paid correctly as promised. Which is exactly why I will try and keep following where this one is going and keep you posted.

Cheers guys.

if the equity shares will worth something then i don't see anything wrong in getting paid through this means neither do i see the big deal for requesting kyc to claim your reward, besides it is a matter of choice, hunters can decide to go through kyc or not, it is up to them.
also i do feel this method will definitely curtail the usual dumping attitude of bounty hunters immediately they receive their payment, if you are not paid in tokens then there won't be any dumping ;D

Actually, it wasn't their plan when they started the DBC token sale, I asked them in PM, one of the Datablockchain admins replied me that DBC ICO raised over 25 Million USD but they will not come in the exchange, the team changed their minds but still, they will be working based on blockchain technology. Many projects ignored bounty distribution when they launch new things like Tokenpay bounty. But datablockchain is very honest here, they are giving DBC shares as a bounty reward. I was feeling bad so I expressed that to an admin, he replied you should be happier because DBC share will be backed by the big partners.

I wonder if this legit or they are trying to steal identities.

If legit, they are choosing a higher road, we never see any other bounties before.

This is too good to be true right now, since if they give equity shares instead of bounties then how they can liquidate that and who will be the on to buy that equities. I still see that giving some part of your coins are more ideal than to make bounties as part of the company, it will be hard for a hunter if they don’t understand a system like this.

i do not think it's a good idea to change the rules in the running, while the bounty campaigns are already taking place and oblige the bounty hunters to the kyc procedure, just hope this does not become a habit and i also hope it will not be repeated with other ico, at the start of bounty clear pacts payment in token utilities that possibly should be left to an escrow...

Of course, the subsequent change of rules should be restricted. But this is expanding recently. If there have restricted countries, I do not know any other way about how to solve it. Also, it aslo creates difficulty against bounty hunters about cheating.

Yeah, I remember that scam. Don't rely on that, because they just want to collect your data and that's it.
Stay away from scammers, mate! Datablockchain is verified scam!

It would be good for bounty hunters, but then you need to do a more rigorous selection of participants. After all, not all bounty hunters will use the company's shares wisely. This already implies a certain responsibility.

Its quiet unfortunate when the rules change, it does affect many but i also think equity share is not bad and its a long term investment either than just the issuance of tokens.

The thing is that even if a campaign wants to reward the bounty hunters with equity shares or anything else this should be announced right at the start and not after the end of campaign because a large majority may not be interested to follow the kyc and other procedures so if they know at the start they can skip that campaign. Projects need to make things easier and to the point for bounty hunters and not abuse them.

I experienced that change of rules that definitely unfair to the bounty hunters. Most of the bounty managers prefer to use the stakes system for bounty payments. As far as I am concern, that system cheats! Not everyone can calculate accurately how many tokens one will receive at the end of the bounty. I prefer by far the fixed amount system so we know that for a certain period of work, this is what we will receive.
If they have to change it in the end, maybe the best way to do is a fixed payment instead so it will be easy to calculate the unforeseen circumstances that may occur at the end of the campaign period.

I'm extremely confused, what bounty hunters will do with what they call "equity shares". If they do not pay for bounty hunters with tokens, they can pay with ETH, BTC.

This is a common tactic, they say nothing about KYC until the very end just to piss people off and not have to pay out as much.  Even some of these shady casinos do similar tactics, they let you deposit as much as you want but if you win big they stall you with KYC and endless background checks.

I really do prefer of EQUITY SHARES or staking process of paying bounty hunters instead of tokens per week. In this way, bounty participants will encourage to work for their best so that they can have higher stakes than others, especially in video making or article bounties and social media bounties which commonly depends on the amount friends or followers the allocating stakes.

It look's promising idea but i dont think its an easy task to do since most of the time Bounty Hunters are just after the Tokens to sale when it was already listed on exchange thats why its very hard to impose it on particular people or group of bounty hunters as a whole its a difficult and complicated task to do I think? it must went through a more comprehensive study for its effectivenes.

Equity share for bounty hunters it not a Fair deal because the process that is involved is not clearly stated if the share will be driven from the total found raised during the sale or the share it holds with an equity company. If this aspect is not clearly stated then it can not be guarantee that the bounty hunters will get a fair deal.

Yes, we never have to send our KYC proccedure to any bounties for any rewards, there was not such a thing a year ago. But now we have to send our KYC nearly all bounty project.. I think i have send more than 50 times to collect my rewards and thats something not good.. But in the other hand this system could work for bounty hunters and the owners. Specially for the price dumping, with this way it can be avoid i think.

Not sure about if that will be different considering the equity shares still represented with the token. A lot of people are still feeling doubt with it, and we will know what will be the truth as soon as possible.
But it's still not yet proven