Bitcoin Forum

I want to Express my opinion, I am sure that here I will find support among the forum participants, but some will oppose my opinion.
The crypto-currency market is relatively young and as you know it is not regulated by anyone, there are both minuses and pluses in this. So I want to touch on the topic of ICO and KYC in the projects that we invest.

How can someone on behalf of the administrators, project team ICO, which you don't even know, not having officially registered legal address, the presence of which is in the Internet to confirm your personal, confidential information, including your passport, identity card, driving license or an invoice for payment of utilities!

I agree that in this way, large TOP projects are trying to protect themselves from a large number of scams and exclude the use of false accounts, but this is a very unreliable way to exclude such cases! A scan of the passport, documents, place of residence in my opinion is overkill, as a last resort even soglashus selfie with your passport and the date to eliminate the use of your passport by other persons.
What if these people you trust are scammers? What if these people are connected to terrorists and are looking for real dates to forge documents? And what if your photo will be used in the porn industry or on suspicious sites? Yes, I do have a lot of questions because we provide our data to strangers in a safe way to make a profit.
You will not be able to prove his innocence in any case if something of the above suddenly happen to you. Therefore, while the cryptocurrency market is not regulated by the organization have no right to require you to scan your documents!
Moreover, very often projects resort to passing the KYC after you have bought tokens and to pick up you need to pass the test. I hope that such projects as Komodo will help us to go another way and start implementing decentralized ICO.

I agree that the provision of their documents in the projects is not necessary, especially for participants who participate only in bounty companies! If you do not invest in the project and only work on advertising the project for which the organization to provide your documents. They can easily fake and show a lie, this measure will not save from the influx of participants of the bounty, and investors do not necessarily provide their personal data.

KYC is one of the most embarrassing procedures for getting a bounty reward.
 One can understand when easy kyc is carried out to confirm that.  To get rid of the bot accounts.  But when they require almost the entire package of documents, this is already overkill.  Many people are left without a well-deserved reward, just because they do not want to risk it.  After all, when sending documents it is not clear to whom, this is a huge risk.

it's good that it's a risk, but if we weren't this procedure, we wouldn't get its reward, it's a shame, but not always the documents we provide, and are afraid to send their data are not included in the coma.

I fully agree with the author of the post. But I want to say a few words.
The ICO organizers do not force you to go through this procedure, if you are willing to participate in their project, then go through, if you do not want to go through this procedure, then choose another project.
I am sure that in the future regulators should pay attention to this.

I agree with you. Today our data many from whom there are. We often have to reveal our identity. Banks, airlines, even some stores. we make purchases in Applestore and everyone wants our data. then we get a lot of spam. and then we can find out that someone is shopping in your name. And I am against the fact that these projects want my data and therefore I do not participate in such companies.

I beg you. People in 2018. KYC procedure is not protection. This is not a guarantee, even if the entire project team passes the test. If a team of hunters will be tested. And investors will be tested. KYC - where are the guarantees that the documents are not fake. Where are the guarantees that the documents are not purchased. Where at least any guarantee. I am not a KYC. Our data later come to mashenikam. And they just sell them. That's all. Especially Ardrops.

Well I think the whole issue of KYC is because of the regulations going on with the space, the truth is that most of these projects are residing in a country and they are trying to protect the project and that's what brings about the whole kyc issues, leave the team with their choice, they won't demand kyc because it takes them time and resources.

I think Kyc itself as a prerequisite to get bounty rewards is a huge scam on it's own being perpetrated by the ICO team and maybe bounty manager. Undergoing Kyc is very risky and I hope there is regulation in the crypto industry

It's a teams prerogative to have KYC, they're almost certainly doing it because they're required to do so by some governing body. It's work and cost for them also so they'll avoid doing it if possible. It needs to be accepted that the crypto market will become more and more regulated in time.

There is no reason to do so except for the fact that the government wants to know what kind of money people are making because if they do not know what you are making then they do not have anyway to actually tax it. Also there are some projects who do it so they can have the identity of people which they can later sell on the black market for cash

I respect your opinion concerning release of some vital document to third party all in the name of participating in token sales but as we all know it that some project are operating within countries that strictly into regulating cryptocurrency and some countries also require this before company can be setup. Even though there are many scam ICO I believe that there are still legit one that are fully register in the business location and are fully in compliance to rules and regulation within licence is issued.

This is not true. In the absence of some other disadvantages of introducing KYC, KYC for bounty hunters can help curb cheaters and multiple alt account holders. from my experience, I have discovered that most bounty that introduce KYC for bounty hunters do not usually have many participants compare to those one that doesnt. this is largely due to the factors that the Op have explained and also due to inability of cheaters not be able to get their reward if they participate.

KYC is for the team to avoid unnecessary conflict with the SEC and other Government agencies. SEC says ICOs are Securities but most of these developers do not want that, so they need to prevent US Citizens and other countries where they could fall foul of this regulations not to invest in their project and how do you do this if not by conducting KYCs

My conspiracy self says it's all just another way for the .govs to monitor, track, and know what you are doing.

Period. 

Them having total control over us is paramount to them.

Your point is valid regarding personal information and thieves.  From that angle, it would seem the .govs know it is risky for individuals to put out their personal info, yet they make it a requirement in many cases.  Hmm.

Kind of sort of sounds like far greater importance is placed on the actual bulk collection of the data rather than the safety of the individuals involved. 

And pray tell, just who are they protecting us from by demanding KYC?  No one.  KYC is just a government imposed regulation to slow down the adoption of crytocurrencies, plus make it easier for the .govs to organize their files on people.  In other words, they want Wall Street alone to have the monopoly on your money and the right to steal it.  Sound familiar?

I totally agree with you. I really don't understand why we have to pass KYC for projects especially when you a bounty hunter. Many projects now requires kyc, releasing vital documents in the name of participating in tokens sale. It's risky, I have been hearing of identity theft and these ICo's KYC issue is one of the things that exposes one to that.

The KYC procedure does not have to be mandatory for everyone. it is not right. if I want to take part in the project but do not want to send my place of residence to the network, then why should I do it.

I think its happen because come regular business to the crypto.
Companies which dont have nothing common with blockchain and it must do KYC procedure.
For real crypto projects we dont need to do any kyc's

I don't like to do kyc for any coin, i will avoid such coin.

Some project did ask people KYC for avoiding multiple accounts, I think they should prove themselves first or at least provide their admin name on their website. There are too many scammers out there. I can understand how KYC important to limit scammers. I think even for invest project, I prefer to look around the project which introduce their project leaders name and also their background first.

For a legal business operation, legal documents are required and that's why sometimes some ICO requires KYC process so that they can show all legal documents to their govt. Anyway, I would never go through KYC.

It is a great question, because one of the core ideas of crypto currencies is the anonymity. But on the other hand, how can you be sure, as a team, that every investor only gets its maximum cap? Or that a bounty hunter does not use multi accounts to earn more?

We have to pass the KYC in order for us to purchase the token in the ICO sale. Not all projects that are having token sale are required to do KYC, but there are projects that requires. It is not the requirement of the project, but it is required on their country. We must abide and respect their rules. Just make sure to know the project more.

I think the only thing I can use my kyc for now is centralized exchange in which my money is , but we have so many exchange that does not even require kyc too, but many ICO and bounty are now requesting for kyc which I don't think is a best ideal to my knowledge , as this same token will get listed on exchange and anyone from the exchange can buy and sell the token but those who bought in ICO have the kyc submit but might not even hold or use the token for long before selling, we are yet to have regulatory body and we are talking about decentralize not centralized, well raising funds through ICO has made many token to be centralized which will be called security and need to be regulate.

KYC for decentralized investment and application just go against the very idea of open project and and privacy centred techmolgy! I am in cryptocurrency because I believe it will  help me ensure my right to privacy now, cryptocurrency project are asking for KYC! What a contradiction!

I think investors are required to pass the KYC in a reason that, the country that they belong might be restricted for the rules and regulations of investing to a foreign project. KYC is ensuring that every participant of the project is allowed without breaking the laws of their respective countries.

From what i understand about KYC is, something to verify about the token purchaser.
It used to limit the purchaser that perhaps came from a country where it is forbidden for them to own a cryptocurrency.

Not all ICO projects must use KYC and you can still get good projects and without using KYC. Actually, in my opinion, KYC is a very good procedure. Many projects use KYC because of good intentions and no fraud. But now facilitated by the ICO project, KYC, they made an announcement at the beginning of the campaign.

I agree with you mate KYC is very hassle for investors and bounty hunters.Hunters will do everything inorder  to get the token reward,without even thinking that the documents being send to the team is quite dangerous on our personal information.We become desperate when the developers urgently need our KYC but the near fact that we will recieve our payments we will just take out some possibilities that this may harm us.KYC for me is not necessary hope they will stop this because this might be a good procedure for a legitimate projecr but how about us who become a victim of scam ICOS,developers also on that project are criminals,thats why im worried of.

I think it is very important to hold a KYC for any ICO, because it helps to check every contributor and to assure that this person has not cheated or tried to scam the project. I do not take part in ICOs that are not doing a KYC procedure.

Many ICO projects are using KYC to reduce false accounts, but I don't think this is their original intention, because the ICO project does not provide us with any guarantees, they may also be fake!

ICO projects that need KYC not doing this in order to use our data and because they make a godudarstvo of a particular country.

For investors I guess is not a bad idea though the procedure may be stressful and giving out vital info like that is something that is not easy but it helps to reduce scam,but for bounty hunters,I don't think is necessary.

The Idea of doing this is against the principle why crypto was been created, we should continue being anonymous and have a free access transacting online without a trace, but because of many unwanted cases such scumbags this KYC went out from the picture, we can't exactly say the real reason behind but most of those legit projects only concerned for their investors but for those scam projects they can also use kyc for more damaging ways.

I agree with ICO decentralization, indeed the use of KYC is very used for investors, but in my opinion it will be increasingly complicated for investors to join

no one has yet come up with any alternative verification, will have to take risks and provide their personal data to unknown hands
but you can choose projects without procedure KYC
the truth is sometimes the need for its passage becomes known at the end of the project, or after buying tokens

I do not understand the need for KYC before a bounty hunter who did not invest a dime will be paid his bounty reward. The project you promoted does not have any legal office address only a website whose hosting is even rented. They claim they want to be sure of the source of the fund that is invested with them and yet there is no documentation  from the project teams. Some people are saying that it is risky sending our legal documentation to faceless people whose intention is not even known.