Token distribution using KYC verification

[Botude23]

several bounty projects, are now beginning to implement KYC on the distribution of their tokens
when I send my identity card is this safe? could it be misused?

There is advantages and disadvantages for implementing the KYC. Advantages is to not scamming the profile of yours. You can hold strong identity that you own that profile.

Disadvantages of this KYC is someone tell that the other projects are using the profile in the blackmarket or other stuffs. This was dangerous for us.
So better to know about this project before you enter.

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[Socioman]

Since now there are a lot of scam projects on the ICO market, I think that it can be dangerous. It is not clear why we will draft our KYC data. This is suspicious in any case.

[ss890]

several bounty projects, are now beginning to implement KYC on the distribution of their tokens
when I send my identity card is this safe? could it be misused?

The thing is you have only two options while investing your money, either you submit the ID and then get verified share holder or else do not invest at all. The third option would be buying the coins when it hits the exchanger but thats will make you miss the opportunity to buy the coins at lowest prices and be a early bird.

KYC is Madame thing by all the governments now, so exchangers have to submit it so that they can asses the real person is investing money. Also this helps the safety and security of the funds at times.

We can not surely state that they are safe because we are always seeing that there are so many fraud cases of ICO project itself. Now giving our original docs to such people is far difficult to imagine in first place. But as I said we are limited on the option.

[Agaton]

This is a very nice questions that mostly people can relate on such the same situation, it is about our safety and security purposes, and only those people have a long experience in KYC system can give the accurate idea on this particular question. I'm waiting for next opinion of people that have more experience and knowledge about KYC.

[quanghoa7911]

It is true that KYC may lose personal information and may be abused, but with cooperation on the internet there is no easier way to identify honesty and responsibility.

[Freezingel]

I think kyc is fine but only the basic if it's for bounty because i read some weeks ago that some project sell the participants data so it's very dangerous. Bounty participants also have to choose what project to give their data for. If the project is great and the amount is a lot, it's worth to do the kyc but if the amount is only a little then i think it's not worth to do the kyc.

[Electrified]

I think the reason why they use KYC in token distribution is to prevent double account, and for now I see it all safe, at least we didnt give any private key

Your are right, some bounty projects need KYC in order for dev team to verify  and double check if that identity is really existing or just a dummy at all.  I dont see any danger as long as you have trust and confidence with project and its team.

[Nakaba]

several bounty projects, are now beginning to implement KYC on the distribution of their tokens
when I send my identity card is this safe? could it be misused?

It is not safe and it could be use in illegal activities if it falls in the wrong hand. Selling personal data in darkweb is also rampant that is why I suggest that don't join in a bounty where there is a KYC requirements. Bounty managers must also announce it before the campaign to avoid any problem and report to the DT's that may affect the credibility of the project.

[drawoh14]

several bounty projects, are now beginning to implement KYC on the distribution of their tokens
when I send my identity card is this safe? could it be misused?

It could be either safe or misused, it is safe if the company requires to do KYC for their token holders to avoid illegal conducts and it could be misused if the company has an anonymous team they can use your identity to do illegal things.

[linkybit]

I think the bounty thread needs to resist KYC data.
Because no one knows what these KYC data are used for, I think it's a very dangerous thing to give our KYC data.

I totally agree with you it is very risky to provide your personal data just for some tokens. I stopped participating in the bounties those requires KYC documents.

[orions.belt19]

I think kyc is fine but only the basic if it's for bounty because i read some weeks ago that some project sell the participants data so it's very dangerous. Bounty participants also have to choose what project to give their data for. If the project is great and the amount is a lot, it's worth to do the kyc but if the amount is only a little then i think it's not worth to do the kyc.

That's true. Giving out your personal information is dangerous. It can be used for scams or your identity may get stolen. In participating in bounty campaigns with KYC, we have to be cautious and secure of our personal information. There are many phishing sites out there that fool a lot of the people. Of course, KYC is done to avoid fraud but we must be cautious ourselves.

[LightNestling]

I thought KYC are just for investors and not for bounty campaign participants. Why would the bounty manager needs a KYC for signature campaigns?

[Disclaimert]

several bounty projects, are now beginning to implement KYC on the distribution of their tokens
when I send my identity card is this safe? could it be misused?

The thing is you have only two options while investing your money, either you submit the ID and then get verified share holder or else do not invest at all. The third option would be buying the coins when it hits the exchanger but thats will make you miss the opportunity to buy the coins at lowest prices and be a early bird.

KYC is Madame thing by all the governments now, so exchangers have to submit it so that they can asses the real person is investing money. Also this helps the safety and security of the funds at times.

We can not surely state that they are safe because we are always seeing that there are so many fraud cases of ICO project itself. Now giving our original docs to such people is far difficult to imagine in first place. But as I said we are limited on the option.

I understand and agree if the KYC system is addressed to investors, because they need valid data about their company's investors but I am just a bounty hunter, I am not an investor I feel uncomfortable about ICO rules that enforce this KYC for bounty hunter

[kotajikikox]

several bounty projects, are now beginning to implement KYC on the distribution of their tokens
when I send my identity card is this safe? could it be misused?

Had many people disagree for the kyc verification because need to show the identification of the user but u think there nothing problem for this requirement i also submit kyc verification to claim my coins as participant in bounty campaign before I participate in the btc signature campaign, so far there is nothing bad feedback for my safety.

[Seetheummerallyeah]

Any legitimate ICO will have some sort of KYC/AML procedure. The reason for this is that every coin eventually wants to be listed on the major exchanges, and to do so would require them to follow the laws. Unfortunately the law is pretty clear that some sort of verification process needs to occur in order to prevent money laundering / fraud.

This is why it is essential to only invest in legitimate projects. It is NOT SAFE to send your ID/Passport to a random ICO. These documents reveal a lot about you and can be used in identity theft. If you want to participate in an ICO that requires KYC, make sure the ICO team is trustworthy.

The safest way to invest in a lesser known coin you believe in is to buy it once it gets out of the ICO phase. The price on an exchange after the ICO phase is often the same or cheaper than during the ICO (many people invest in ICO's just to dump it immediately once it hits an exchange). This way you still receive the coin at similar/cheaper prices, and you don't have to send personal documents to random people on the internet.

[kristinkamal01]

For me, this is absurd, since all this market was founded in order not to disclose their identity and here they ask me to send them my documents. I think this is not correct

[vasil777]

several bounty projects, are now beginning to implement KYC on the distribution of their tokens
when I send my identity card is this safe? could it be misused?

This is not always safe, you need to look at how good this company is, because they can use your personal data for their fraudulent purposes. It is necessary to think several times before sending your personal data. I once faced fraudsters who sent a KYC verification message to the email, but when they contacted the company, they replied that they were not their email and they did not send such a message.

[Profuter]

several bounty projects, are now beginning to implement KYC on the distribution of their tokens
when I send my identity card is this safe?

I think not.

could it be misused?

Especially if the project turns out to be fraudulent, the with likely 90% your documents will be sold somewhere.

[X-ray]

I thought KYC are just for investors and not for bounty campaign participants. Why would the bounty manager needs a KYC for signature campaigns?

Because they are trying to make sure everyone participating in their bounty campaigns are not from the majority of countries are banned the crypto and prohibited the citizens to participate in any ico activities. It looks like become the real reason why there is a project implemented KYC verification to the bounty participants but it can't be appreciated in my opinion.

[vetrovppp]

several bounty projects, are now beginning to implement KYC on the distribution of their tokens
when I send my identity card is this safe?

I think not.

could it be misused?

Especially if the project turns out to be fraudulent, the with likely 90% your documents will be sold somewhere.

If the project is fraudulent, then 100% that the documents of all those who passed the verification procedure will be illegally sold in a black market for good money. And this is very bad, with such projects it is necessary to fight !!!