Bitcoin Forum
September 22, 2019, 03:12:37 AM *
News: Latest Bitcoin Core release: 0.18.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 [2]  All
  Print  
Author Topic: Do ICO's need KYC and AML checks or will that kill innovation?  (Read 515 times)
buwaytress
Legendary
*
Offline Offline

Activity: 1106
Merit: 1002


I bit, therefore I am


View Profile
October 31, 2017, 02:04:23 PM
 #21

Good observations that I agree with. In our defence we’ve committed to building the OlympusBC blockchain whatever happens with funding since we need it for our main business platform and business plan which is Plutous. Plutous came first and was originally planned to run on Ethereum which would be the easier path for us to follow but because of reasons it became a problem using Ethereum which made OlympusBC necessary for us as a business.
It’s perhaps a bit of an unusual situation where we are developing a blockchain to enable us to do our business of Plutous but we believe others will have similar business requirements that makes OlympusBC a useful blockchain in its own right. OlympusBC was first discussed at the end of 2012 and started to take form more over the following years. If we can raise funding to support the development of OlympusBC then that would be far better than trying to develop the blockchain on a tight budget and extended timeline which is what has driven the ICO.

I think there are many reasons for ICO’s today, sadly most are just get rich quick schemes with no real business case or purpose. Hundreds of millions of dollars for a tweaked Bitcoin branch or a handful of smart contracts for some personal interest. Among them though are some great business plans and innovative smart contract based businesses or blcokchains. As with the .com boom, the challenge is to spot the unicorns because I have no doubt that we’ll have some major successes akin to PayPal, Amazon and Google.

That's the spirit of enterprise! I think in this crowded space with scores of projects launching daily and all of them vying for the attentions of a rather limited number of adopters, you have to remember how the earliest projects started: with a few people working diligently amongst like-minded individuals, all believing in something without any immediate gain. In fact, despite what people may think, a lot of the early developers of Bitcoin (and even ETH let's say) spent years on the ideas and building up the tech, and have little to show for it today except the recognition and experience. If they are to be believed (and I do take some of what they say at face value), not every early developer sat on mountains of crypto in the hopes that they would be fabulously rich.

Some of my largest holdings are coins which had no fundraising origins. Bitcoin is doing well of course, while others not so, but the belief has remained with the developers, and that has bought my belief (I want to say trust almost).

If you look at all the self-acclaimed angel investors and crypto billionaires, you'll find that none of them (my generalisation here) were programmers or developers. Simply people who bought up or mined coins.

Nevertheless, at least your project seems to have started from a desperate need, to enable Plutous as it is. And it may not be necessary to be a unicorn to provide something that is useful and beneficial... in my real life example, I continue to use the same free, open-source tools that may never gain the fame and recognition of bigger enterprises, but I am happy they remain relevant 20 years after I first used them.

1569121957
Hero Member
*
Offline Offline

Posts: 1569121957

View Profile Personal Message (Offline)

Ignore
1569121957
Reply with quote  #2

1569121957
Report to moderator
1569121957
Hero Member
*
Offline Offline

Posts: 1569121957

View Profile Personal Message (Offline)

Ignore
1569121957
Reply with quote  #2

1569121957
Report to moderator
1569121957
Hero Member
*
Offline Offline

Posts: 1569121957

View Profile Personal Message (Offline)

Ignore
1569121957
Reply with quote  #2

1569121957
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1569121957
Hero Member
*
Offline Offline

Posts: 1569121957

View Profile Personal Message (Offline)

Ignore
1569121957
Reply with quote  #2

1569121957
Report to moderator
ByteFan
Sr. Member
****
Offline Offline

Activity: 509
Merit: 260

Also seb486


View Profile WWW
January 18, 2018, 05:36:02 AM
 #22

I think it would be better for ICOs to use KYC from a regulative standpoint, however there is no doubt in my mind it will absolutely destroy the industry. Most companies will not or are not equipped to even do this to begin with, let alone how much extra work it is even if they are.

Turnkey solutions are now coming

London, UK, 17th January 2018 – Leading digital identity verification provider, Jumio, has teamed up with smart cryptocurrency payments platform, Byteball, to support it in optimising “Know Your Customer” (KYC) processes for users taking part in Initial Coin Offerings (ICOs).

https://www.jumio.com/about/press-releases/byteball-ico-identity-layer/

Byteball payment gateway for web merchants https://byteball-for-merchants.com/ - BEEB  (Blackbytes Exchange Bot): https://www.beeb-bot.com/ (closed)
Network map, stats, Top Richests and Byteball world map at https://byteball.fr/ (closed) - Hub operator featuring the cashback witness https://byteball-cashback-witness.com (closed)
QuadeBarrier
Newbie
*
Offline Offline

Activity: 64
Merit: 0


View Profile
January 18, 2018, 06:33:11 AM
 #23

I wanted to participate in an ICO, but couldn't because I live in the US, and I guess they didn't want to deal with all that. So it was horrible for me. It killed it for me.
Pages: « 1 [2]  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!