Are You Afraid of KYC?

[Capt00]

I will soon do a KYC in Adabsolutions, I believe in the project and have promoted the project for 4 months I don't want all my efforts to go to waste and besides, Adabsolutions is one project that I believe has a good potential even though some people think it's a scam, it's everyone for himself when it comes to investing.

Do the KYC if the trust the team, there is a risk but if you trust you won't mind the risk.
The bounty campaign nowadays have change, they require KYC for participants which we think they are suspicious but that's the rule now, so either we follow and join the bounty or look for another bounty.

Yeah. It will depend on you. Go with the KYC or stay on that and find another company that not require KYC. Is that very simple why you continue promoting if you know how to handle it? I noticed that most projects now is has implementing KYC. So, maybe let us just accept that all project now had KYC.

[RamBahadur.Gurung]

Other users may be OK with the KYC process, but my situation is very precarious. In my country all forms of crypto-currency is banned and anyone caught trading crypto is arrested and charged with criminal offenses. A few months back some Bitcoin traders were arrested in Kathmandu. They were released on bail only after spending two weeks in prison. If I submit my KYC documents, then it will expose my identity and put me at the risk of arrest.

[robelneo]

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

I don't know who started this KYC for bounty hunters, I have apprehensions doing KYC because  I read so many sensitive information being sold in the black market and I can only do KYC to our government institutions, and private banks because they are compliant, and nobody can guaranty these online projects will not make a turn around and run with your money and sensitive information.

[olliecrypto]

Other users may be OK with the KYC process, but my situation is very precarious. In my country all forms of crypto-currency is banned and anyone caught trading crypto is arrested and charged with criminal offenses. A few months back some Bitcoin traders were arrested in Kathmandu. They were released on bail only after spending two weeks in prison. If I submit my KYC documents, then it will expose my identity and put me at the risk of arrest.

this is exactly why I think kyc and any government involvement within cryptocurrency is a bad direction.
bitcoin was supposed to be decentralized so that governments couldn't prevent it's use, yet people still aim to allow the government to overstep its boundaries and arrest people for seeking a better way to exist.

[Ozero]

I will soon do a KYC in Adabsolutions, I believe in the project and have promoted the project for 4 months I don't want all my efforts to go to waste and besides, Adabsolutions is one project that I believe has a good potential even though some people think it's a scam, it's everyone for himself when it comes to investing.

Do the KYC if the trust the team, there is a risk but if you trust you won't mind the risk.
The bounty campaign nowadays have change, they require KYC for participants which we think they are suspicious but that's the rule now, so either we follow and join the bounty or look for another bounty.

It is hardly possible to raise the question of trust in the ICO project team, then read their documents and look at the submitted photos as members of the ICO team. Doubt will be here anyway. Therefore, we have to risk our time and effort and participate in signature campaigns and other bounty campaigns of ICO.
No one can say for sure if there are any regulations that would oblige us, as bounty hunters, to undergo a KYC test. I believe that such responsibilities do not exist for us. Requiring us to undergo a KYC check is an invention of the members of the ICO themselves.

[jonaire99]

Some of us are wary in the real intentions of the KYC but if you made a research on the ICO before joining their bounty, your worrying might be lessened. Several countries had already imposed some regulations on their crypto exchanges and initial coin offerings and this include KYC on every participant/investor. ICOs that requires KYC are increasing so it better to find first if the coin offering is legitimate before buying their coin or joining their bounty.

[Iqra.s]

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

I am afraid of KYC because I just hate to do that I feel like a waste of time on it seriously I think that to create an account and confirm your account is enough this KYC is like disgusting that I really never want to do that

[STT]

Do the KYC if the trust the team, there is a risk but if you trust you won't mind the risk.
The bounty campaign nowadays have change, they require KYC for participants which we think they are suspicious but that's the rule now, so either we follow and join the bounty or look for another bounty.

Thats fine if a requirement is stated clearly before the campaign.   The iffy part is when they alter details after the fact, allowing participation but then introducing a new rule for payment not previously stated.    Its not security related admin if the biggest risk to people is the operators of the KYC

the only thing that concerns me is my vital information will be made public or a third party which has nothing to do where I submit my information will have access on it, I am ok with doing KYC to a bank because they are compliant but never to ICO which admin we don't know are indeed real.

KYC should be done independently of the people paying out really.   Especially for a startup because who are they to be deciding worthiness and the main reason is there is a bias to forever forget a payment is due where KYC is a given reason.    Wiping amounts owed with KYC as a reason means there is a benefit to finding fault where there is none

[dark1234]

cyc is now commonly used in several platforms and its main bounty projects are exchanges and I don't think there is anything to fear and it's just that I hope the Kyc service providers have user-friendly widgets that will make seamless KYC difficult

[Twinkledoe]

I don't have anything against with KYC procedure, because I already done that with my local crypto exchanges. What I'm hesitant with this procedure is from those unknown exchanges, where you don't know if they have license to operate or not. Most of them are just faking their licenses.

[sharifbar]

You have a very comprehensive forum
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چاپ برگ زرین

[onrise]

cyc is now commonly used in several platforms and its main bounty projects are exchanges and I don't think there is anything to fear and it's just that I hope the Kyc service providers have user-friendly widgets that will make seamless KYC difficult

People now only give KYC where they think it is trustworthy and project could be worth it rest in bounty people have stopped it giving due to the KYC and not sure about the project as well. Due to which now days not many are successful in their projects.

[Netnox]

I will soon do a KYC in Adabsolutions, I believe in the project and have promoted the project for 4 months I don't want all my efforts to go to waste and besides, Adabsolutions is one project that I believe has a good potential even though some people think it's a scam, it's everyone for himself when it comes to investing.

You are talking about the Adab exchange, right? I would be more cautious, as the user who had posted the ANN and bounty threads is having red-trust. Also, I checked their bounty thread and there is no requirement for KYC there. If SOME people think that it is a scam, then study the allegations carefully before sending your scanned copy of the passport to them.

EDIT: I think that the Adab project is indeed a scam.

Their first bounty campaign ran for almost one year and became dead last month. Obviously, no one received any reward. The thread is here:

https://bitcointalk.org/index.php?topic=4722627.0

The second bounty campaign is currently running:

https://bitcointalk.org/index.php?topic=5133048.0

[Ojengonggu]

.. members of the ICO bounty company should have nothing to do with KYC verification at all.

You have nothing to do just obey or avoid KYC implementation that acute incident and the majority of ICO bounty company are implementing now KYC especially those exchange platform. Maybe let's accept the fact that nowadays we need to pass KYC/AML just for our own security and the company as well, they are implemented to reduce cybercrime such as fraudulent, scamming and others that involve money and to become to protect both parties from any possible scanning happen.

I think there is nothing we have to fear from KYC because as said @sheenshane all have used KYC. and we can't avoid that even a few days later this forum implemented KYC too but unfortunately it seems the program was canceled

Not all task/project that require a kyc are legit . what if what if they are shady or scam ?  And the worst thing is that you already send your kyc to them ? They can use your info to do unwanted things  . kyc is seriously dangerous  .  we must not do it instantly without doing a proper research to the company that we are dealing with . not all have used kyc , only few maybe .  and the kyc on the forum that you are talking about is only an april fools joke  .

I think we certainly are not arbitrary by joining the project / ICO because we are also watching closely when we are sure and examining the project is real then why not ...... we cannot be afraid to fill the kyc ....

[Ojengonggu]

I will soon do a KYC in Adabsolutions, I believe in the project and have promoted the project for 4 months I don't want all my efforts to go to waste and besides, Adabsolutions is one project that I believe has a good potential even though some people think it's a scam, it's everyone for himself when it comes to investing.

You are talking about the Adab exchange, right? I would be more cautious, as the user who had posted the ANN and bounty threads is having red-trust. Also, I checked their bounty thread and there is no requirement for KYC there. If SOME people think that it is a scam, then study the allegations carefully before sending your scanned copy of the passport to them.

EDIT: I think that the Adab project is indeed a scam.

Their first bounty campaign ran for almost one year and became dead last month. Obviously, no one received any reward. The thread is here:

https://bitcointalk.org/index.php?topic=4722627.0

The second bounty campaign is currently running:

https://bitcointalk.org/index.php?topic=5133048.0

for further details on whether the project is scam or not, we better discuss it at the forum

Scam Accusations, Reputation |

so those who know about this project give the truth of the project ... is it a scam

[Tylev]

I will soon do a KYC in Adabsolutions, I believe in the project and have promoted the project for 4 months I don't want all my efforts to go to waste and besides, Adabsolutions is one project that I believe has a good potential even though some people think it's a scam, it's everyone for himself when it comes to investing.

You are talking about the Adab exchange, right? I would be more cautious, as the user who had posted the ANN and bounty threads is having red-trust. Also, I checked their bounty thread and there is no requirement for KYC there. If SOME people think that it is a scam, then study the allegations carefully before sending your scanned copy of the passport to them.

EDIT: I think that the Adab project is indeed a scam.

Their first bounty campaign ran for almost one year and became dead last month. Obviously, no one received any reward. The thread is here:

https://bitcointalk.org/index.php?topic=4722627.0

The second bounty campaign is currently running:

https://bitcointalk.org/index.php?topic=5133048.0

I participated in the subscription campaign of the ICO project ADAB and so far I can not say that this is a scam. The ICO has been held since July last year and its holding period has been extended several times. It was first announced that it will last until November 11, then until December 30, then until March 31 of this year and for the ICO signature campaign it was completed on March 31. In the ADAB bounty branch it was constantly stated that there would be no KYC checks and this also caused me to join this ICO. However, at the end of the ICO, in their group of telegrams, they first began to indicate how the KYC verification is possible, since this is the First Islamic Cryptocurrency Bank, and then they began to assert that the KYC verification would be necessary after completing all the additional ICO-related activities. Now we have counted in the table the final amount of tokens due, KYC verification is expected in about a month, they promise that it will not be too big.
I hope that this project will be successful for bounty hunters.
From the point of view of the KYC audit, of course, it is not very pleasant when the ICO team already changes its opinion during the course of the audit, and all the more such a check is carried out a long time after the end of the ICO. Many projects use this technique in order not to pay bounty hunters tokens earned by them.

[Netnox]

^^^ I am not surprised. I have seen this many many times here in Bitcointalk. These bounty campaigns never mention about KYC in the beginning. And initially they are supposed to run for one or two months. They extend this duration several times and in the end the campaign which was supposed to be over in one month takes more than one year.

And once it is clear that they can't extend the campaign anymore, the next trick is revealed. KYC. They announce that KYC is mandatory, in case the participants want to receive their rewards. Now this KYC process is going to take a few months and by then the team will be able to complete the ICO process, pocket the funds, and vanish.

Here KYC is one of the many tools being used to scam people.

[Maheshkumar_Hrangkhawl]

I am against undergoing KYC in exchanges and ICOs. Very few of these exchanges are regulated and some of them are based in countries where the legal status of cryptocurrency is not clearly defined. Even in case the exchange is regulated, there is a strong chance of someone stealing the documents from there. And regarding the ICOs, it is a clear no-no. Never give the KYC documents to any of the ICOs. Not worth the risk.

[veleten]

^^^ I am not surprised. I have seen this many many times here in Bitcointalk. These bounty campaigns never mention about KYC in the beginning. And initially they are supposed to run for one or two months. They extend this duration several times and in the end the campaign which was supposed to be over in one month takes more than one year.

And once it is clear that they can't extend the campaign anymore, the next trick is revealed. KYC. They announce that KYC is mandatory, in case the participants want to receive their rewards. Now this KYC process is going to take a few months and by then the team will be able to complete the ICO process, pocket the funds, and vanish.

Here KYC is one of the many tools being used to scam people.

in this case KYC is used as yet another tool to not pay people what they have earned
ICO's are 80% failures and around half of them are scam from the get go
I would never trust my data to one of those shady people , think of it as selling your papers on the street for 20$ to a guy who promises to never show them to anyone 
hell I don't understand those who send their docs to blockchain to get free stellar , many friends of mine have done it already and even boasting they signed all their relatives up
besides I'm sure many ICOs sell the KYC data to the agencies or whoever is willing to pay for it
think twice before you are sending your papers over internet , 20-100$ is simply not worth it IMHO

[andra-ierma]

At present, KYC is a procedure that must be completed by every investor and bounty hunter.
I am a bounty hunter, apprehensions that I face in resolving KYC is when I cannot pass KYC to get some ICO token.
However, with KYC all the actors involved in the ICO, can prove that they are not fraudsters or bots. It is feared that the absence of this procedure could increase the losses incurred by ICO's company.