mrsaint
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December 01, 2017, 07:12:50 PM |
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There is a certain level of trust required when investing in an ICO -- you have to trust that the company is going to do what they say they're going to do. I agree. And this is where my problem lies and possibly also the problem of some other investors. Initially I trusted them and participated in the pre-ICO in September 2017. I kept all their documents from that time (with no KYC mentioned anywhere). Then things became... less predictable. The change of the ICO start date. The change of the ICO end date a day before the ICO should have ended. Misleading information on their website ("regulated by FINMA"). And most importantly, the changes of the terms and conditions prior and also during the ICO. I became more suspicious, less trusting, and started to ask questions. Most of the questions were left unanswered, or they were swamped over by hired chills from the bounties. Once they asked me to contact them directly by email as they were obviously not very keen to provide the answers in public. I stumbled over other issues like their questionable choice of director running utrust switzerland (someone with a shady past involving stock selling scams), the fact that the company was founded just a few days before the ICO (in other words, there was no company during the pre-ICO, at least that's what I assume since they didn't answer this either), the fact that no one of the actual team is registered as a director of the company, and the fact that they chose a highly questionable debt collecting agency to do the KYC for them. And now, after the passing of the ICO, there is their passivity, their lack of responses, all that after they got what they wanted (before I got tons of emails on a daily basis, now I get zero). Trust is a tricky thing. Once you lose it, it's very difficult to regain.
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Victory2015
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December 01, 2017, 07:28:14 PM |
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There is a certain level of trust required when investing in an ICO -- you have to trust that the company is going to do what they say they're going to do. I agree. And this is where my problem lies and possibly also the problem of some other investors. Initially I trusted them and participated in the pre-ICO in September 2017. I kept all their documents from that time (with no KYC mentioned anywhere). Then things became... less predictable. The change of the ICO start date. The change of the ICO end date a day before the ICO should have ended. Misleading information on their website ("regulated by FINMA"). And most importantly, the changes of the terms and conditions prior and also during the ICO. I became more suspicious, less trusting, and started to ask questions. Most of the questions were left unanswered, or they were swamped over by hired chills from the bounties. Once they asked me to contact them directly by email as they were obviously not very keen to provide the answers in public. I stumbled over other issues like their questionable choice of director running utrust switzerland (someone with a shady past involving stock selling scams), the fact that the company was founded just a few days before the ICO (in other words, there was no company during the pre-ICO, at least that's what I assume since they didn't answer this either), the fact that no one of the actual team is registered as a director of the company, and the fact that they chose a highly questionable debt collecting agency to do the KYC for them. And now, after the passing of the ICO, there is their passivity, their lack of responses, all that after they got what they wanted (before I got tons of emails on a daily basis, now I get zero). Trust is a tricky thing. Once you lose it, it's very difficult to regain. Exactly, and as far as I am concerned they lost it. They kept changing the rules. That's not acceptable and makes someone very unreliable. Keep changing the rules and telling people it's allowed and fair is how a child plays a game. An adult sticks to the rules, admits his mistakes and takes his loss. Potential customers and users of Utrust can read all this as well. And they will probably choose some other company, a company that's trust-worthy. So in the end all this hassle will turn out to be a huge loss for Utrust...
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jagster
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December 01, 2017, 08:06:13 PM |
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More competition in the online payments arena is always a good thing, especially for the end-user.
Good luck on this project!
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Basicball
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December 01, 2017, 10:45:45 PM |
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when did they add the video part of the KYC? this is the first i read avout it (for the X-tilllionth time), and I don't want to go buy a cam to access my UTK.
this whole ICO's just been a complete farce. they keep delaying the date the UTK will be made available, and they keep adding extra KYC things.
My Trust for UTrust is rapidly declining to zero.
does anyone want to buy an extra 13K? all you have to do is complete the KYC
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slimypuppy54
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December 02, 2017, 12:24:52 AM |
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Just found out there is a Telegram channel for announcements at https://t.me/utrustannouncements and as of 2017-11-29 they are searching for partners: "Do you have an online shop and want to help UTRUST revolutionize online payments? Join our survey here and we will reach out to you very soon: [...]" I'm far from being a marketing expert, but why do they keep silent about the KYC process and instead are posting something like this in a channel no one has even heard of? Linkedin, Twitter, Facebook, Reddit would have been better alternatives, no one has to actively join a channel there. Seriously, what the hell? @topswattashawn: Since you probably will comment on this... I tried really hard to find some positive development on this. But I just can't and it gets worse almost daily.
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Rigorous
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December 02, 2017, 12:35:32 AM |
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Several times in this thread I brought up the elephant in the room: are they able to scale up their staff to deal with the dispute mechanism? I hope what we see here with the KYC process is not a sign of things to come ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) Then again the tighter crypto regulations was not something they had enough time to prepare for. You have to remember the KYC/AML requirements happened somewhere around the time of the Chinese ICO ban.
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bandar
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December 02, 2017, 02:20:34 AM |
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Can anyone affirm that there is a way of proving your identity (KYC) without having to send them a digital copy of your signature? The procedure with the video-app: is that without the written statement? The signature is a dealbreaker for me (and I assume a whole lot of others).
repeat I spoke to UTRUST and you do NOT have to print out and sign the document by hand. They do require some form of signature so they know you agreed to the form, but it can be a digital signature (you don't need to sign it by hand; you can sign it with Adobe). Define: "some sort of signature" Sign it with adobe: 2 options: -handwritten signature scanned (exactly what I don't want to share and if I fake it, they can sue me (oh the irony). They even mention it is a fraud.) - typed signature: My name (which is legally bullshit) If they need 'some sort of signature' , they'll get the latter. NOWHERE in the whitepaper was ANYTHING about KYC in the first place (given that I'm a pre-ico investor). NOWHERE was to be found that they would need my signature. They can have my name under the document, no prob. But that's it.
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Pantoflascrypt017
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December 02, 2017, 09:26:22 AM |
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Seems that many people have been able to start their KYC process while i have still got nothing, was expect this to be much quicker!
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Victory2015
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December 02, 2017, 10:25:34 AM |
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Seems that many people have been able to start their KYC process while i have still got nothing, was expect this to be much quicker!
I think it is really an insult to investors that there is no communication at all. No updates on progress, no statement how they will handle the problems (people that invested when there was nothing mentioned about KYC), etc. I have send an email to legal@utrust.io stating I want my ETH back: no response at all. Not even a mail stating they received my email and they are working on a solution. It's arrogant and insulting.
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Victory2015
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December 02, 2017, 10:40:38 AM Last edit: December 02, 2017, 10:51:13 AM by Victory2015 |
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Just received an email: Unfortunately, and due to circumstances beyond our control, our KYC provider has informed us that they are no longer able to accept driver’s licenses as proof of ID. We are very sorry for any inconvenience caused and have updated the list above to reflect this.
And it goes on, and on, and on... Yesterday it was accepted, now it is no longer accepted. Why? And what about the people that passed with their driver's license, they need to go through it again? Such an amateurs...
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Kakumei (OP)
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December 02, 2017, 10:44:59 AM |
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Dear Community,First of all, we would like to apologize for the long wait — in the future, we will be enhancing our efforts to keep you updated, in a faster and more efficient manner. 💪 Last week, we have started the account verification process by sending out invitations to our investors. This is an automated process and invitations are being sent out in batches. If you haven’t yet, you will receive your invitation within the next 2-3 weeks.Once you receive the email, you will need both, an identification documentas well as a proof of address. For the former, please check out the approved documents here. 👈 Unfortunately, and due to circumstances beyond our control, our KYC provider has informed us that they are no longer able to accept driver’s licenses as proof of ID. We are very sorry for any inconvenience caused and have updated the list above to reflect this.For the proof of address, any official invoice/bill/letter from your utility provider (gas, water, electricity, internet, phone, …) as well as credit card bills, bank statement and similar will work as long as they are not older than 3 months.Our objective is to release the tokens in December. We intend to give all of our Contributors the opportunity to perform the KYC procedure before this time, but it is also your responsibility to ensure that you have all the necessary documentation readily available.All the best,Your UTRUST Team
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Victory2015
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December 02, 2017, 11:14:23 AM |
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I can see a class action law suit coming on strong very shortly if thes fools don't get there act together. ;
It makes you wonder how highly qualified all those team members that are mentioned on utrust.io actually are...
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Victory2015
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December 02, 2017, 11:27:14 AM |
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What's next? ![Huh](https://bitcointalk.org/Smileys/default/huh.gif) A statement that we only get our tokens if we resend the investment because Marc from Switzerland took everything and disappeared? ![Undecided](https://bitcointalk.org/Smileys/default/undecided.gif)
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Kakumei (OP)
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December 02, 2017, 11:46:25 AM |
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I can see a class action law suit coming on strong very shortly if these fools don't get there act together. It looks like they are doing there dirtiest to make it as difficult as possible for people to recieve there tokens. A photographic driving licence is a universally accepted form of identification by all govermental organisations.
I'm afraid you would be mistaken. There are different levels of KYC and we have to comply with the highest which include Nationality. Driver's Licenses can be obtained by anybody. For example, somebody from Iran (on the financial blacklist) could potentially (and easily) obtain a German driver's license. For this reason IDNow can no longer accept it and now only relies on ID cards and passports. We understand that for some people this may be frustrating, but we will do everything necessary to comply with active regulation to build a sound framework for years to come.
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mario2306
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December 02, 2017, 11:51:20 AM |
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Dear Community,First of all, we would like to apologize for the long wait — in the future, we will be enhancing our efforts to keep you updated, in a faster and more efficient manner. 💪 Last week, we have started the account verification process by sending out invitations to our investors. This is an automated process and invitations are being sent out in batches. If you haven’t yet, you will receive your invitation within the next 2-3 weeks.Once you receive the email, you will need both, an identification documentas well as a proof of address. For the former, please check out the approved documents here. 👈 Unfortunately, and due to circumstances beyond our control, our KYC provider has informed us that they are no longer able to accept driver’s licenses as proof of ID. We are very sorry for any inconvenience caused and have updated the list above to reflect this.For the proof of address, any official invoice/bill/letter from your utility provider (gas, water, electricity, internet, phone, …) as well as credit card bills, bank statement and similar will work as long as they are not older than 3 months.Our objective is to release the tokens in December. We intend to give all of our Contributors the opportunity to perform the KYC procedure before this time, but it is also your responsibility to ensure that you have all the necessary documentation readily available.All the best,Your UTRUST Team I did not receive any email about KYC procedure.
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jb2017
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December 02, 2017, 11:58:19 AM |
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Kakumei, KYC? and if i can't complete it before earlier than mid January as i'm at the other side of the globe, wtf? Can i receive a refund then or my tokens will be lost? ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) (((
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Victory2015
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December 02, 2017, 12:09:01 PM |
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I can see a class action law suit coming on strong very shortly if these fools don't get there act together. It looks like they are doing there dirtiest to make it as difficult as possible for people to recieve there tokens. A photographic driving licence is a universally accepted form of identification by all govermental organisations.
I'm afraid you would be mistaken. There are different levels of KYC and we have to comply with the highest which include Nationality. Driver's Licenses can be obtained by anybody. For example, somebody from Iran (on the financial blacklist) could potentially (and easily) obtain a German driver's license. For this reason IDNow can no longer accept it and now only relies on ID cards and passports. We understand that for some people this may be frustrating, but we will do everything necessary to comply with active regulation to build a sound framework for years to come. And you were not aware of that earlier?! And why don't you address all other issues and questions?
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Nuisible
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December 02, 2017, 12:10:29 PM |
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Kakumei, KYC? and if i can't complete it before earlier than mid January as i'm at the other side of the globe, wtf? Can i receive a refund then or my tokens will be lost? ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) ((( i also really need to know this from official dev team, so if we cannot complete KYC how its gonna be, we refund or we lost ? please answer
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Kakumei (OP)
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December 02, 2017, 12:13:38 PM |
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Kakumei, KYC? and if i can't complete it before earlier than mid January as i'm at the other side of the globe, wtf? Can i receive a refund then or my tokens will be lost? ![Sad](https://bitcointalk.org/Smileys/default/sad.gif) ((( Just take a proof of address copy with you (e.g. the most recent bill you paid). It doesn't matter where you are then.
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