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Author Topic: Bounty needs KYC to receive reward?  (Read 2159 times)
joeperry
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September 13, 2018, 05:32:08 PM
Merited by ArkiCrypto (3), aioc (2), boranes (1)
 #1

I've been in the bounties in this past few weeks in order to do something in order to have some earnings in my free time, probably to join a signature campaign since it's doesn't required a full time to do it and you hold your own time to complete the tasks needed by the campaign.

After hovering for a couple of page there's one campaign that gets my attention because of its presentation and the concept and solutions of their project to the existing problem (Whitepaper) so to make it short it's a legitimate project, after reading the thread there's a note stated that "Campaign requires KYC." well i'm not from the US but this concerns me, for what I've known a KYC stands for "Know your CUSTOMER" so basically it's for the investors or the customer of the certain project.

According to Wikipedia a "Know your customer is the process of a business verifying the identity of its clients and assessing potential risks of illegal intentions for the business relationship. The term is also used to refer to the bank regulations and anti-money laundering regulations which govern these activities."

In my understanding a KYC is a document needed in order to know the credibility of a certain person (investor) if the money they going to invest came from illegal works, money laundering and also to know the status of a person if he/she is has a criminal records for the certain country, etc. but in this case it's required in order to get the rewards.

As a bounty hunter and a fellow forum user this concerns me. Giving personal details to anyone on the internet is VERY DANGEROUS in today's era we can't live without using technologies including online banking, etc. it means they can use your personal datas in order to do illegal works and the likes, but let me give you the advantages and disadvantages of it (According to my own perspective) why they're requiring users to pass KYC documents in doing bounty works.

Reasons:
- To control spam
- To avoid users who uses multiple accounts
- To avoid cheaters
- To avoid abusers
- To get personal infos and used to illegal works (It might be right?)

Effects: (For bounty hunters)
- Risk

Summary:
There are different possible reasons why the project requires the users to submit KYC documents. Probably a good reason or a bad reason but no matter what sending a personal documents or a personal valid ID is very risk for the users.

Solutions:
There are some ways in order to avoid risk in sending personal details/KYC to bounty campaigns
- Review the project
- Read every technical details
- Review each team member
- If the projects seems unprofessional it's a scam

but the safest way is not to send any information of yourself on the internet.


Disclaimer: All of the statement, solutions, etc. above are according to my observations, opinions and perspective on the said topic it might be right to others or wrong to others. This section might be wrong (I don't know where to post, maybe in meta? please correct me.) but I posted here because most of the bounty hunters are wandering in this section.

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September 13, 2018, 06:21:50 PM
 #2

We should not undergo KYC in name of getting some tokens. It is some kind of personal choice, I do not hesitate  to put my details if I found the site legitimate but I decided to not to go to KYC for the tokens that were worth of $250 at that time in market because i was not comfortable to share my info with them.

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September 13, 2018, 06:33:16 PM
 #3

Yes it's true KYC for bounties are having a purpose on why you need to do it. Alll people are being worried because it is a big risk to give your identification that's why there are bounty hunters are against to bounties that need an KYC, but we can do nothing but to follow the rules.


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September 13, 2018, 06:36:37 PM
 #4

Reasons:
- To control spam
- To avoid users who uses multiple accounts
- To avoid cheaters
- To avoid abusers
- To get personal infos and used to illegal works (It might be right?)



All of those reasons are accepted but the bolded part would be the main for sure.  Wink

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September 13, 2018, 06:42:35 PM
 #5

Some bounties requires KYC while some don't. It's just to ascertain that you don't belong to countries that are restricted in crypto activities because of their laws.
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September 13, 2018, 06:43:36 PM
 #6

usually when i joined bounty campaigns before i avoid bounty programs that needed KYC at the end of the campaign, i think its not worth it giving your information in exchange for a token, who knows what will they do with the information they have probably do some shady stuff.


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September 13, 2018, 06:46:25 PM
 #7

Reasons:
- To control spam
- To avoid users who uses multiple accounts
- To avoid cheaters
- To avoid abusers
- To get personal infos and used to illegal works (It might be right?)



All of those reasons are accepted but the bolded part would be the main for sure.  Wink

If these are the reasons they give, for bounties it could be understandable as a lot of people participate in bounties with multiple accounts just to get more tokens. How they keep up with them all, I do not know. But when ICOs require the same KYC for investing in their token sale, what do they stand to achieve though?
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September 13, 2018, 06:49:29 PM
 #8

SOME REASONS TO DO DO KYC FOR BOUNTY REWARDS:
- To control spam
- To avoid users who uses multiple accounts
- To avoid cheaters
- To avoid abusers
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September 13, 2018, 06:51:22 PM
 #9

Reasons:
- To control spam
- To avoid users who uses multiple accounts
- To avoid cheaters
- To avoid abusers
- To get personal infos and used to illegal works (It might be right?)



All of those reasons are accepted but the bolded part would be the main for sure.  Wink

If these are the reasons they give, for bounties it could be understandable as a lot of people participate in bounties with multiple accounts just to get more tokens. How they keep up with them all, I do not know. But when ICOs require the same KYC for investing in their token sale, what do they stand to achieve though?
When you do talk about KYC for investors side then most likely they ask it out due to law that they do follow on where the project is residing.Come to think that there are countries which are being restricted to invest into ICO and thats the main purpose of kyc on investment and i would rather treat this as a considerable stuff rather than on having a kyc when you are just a bounty hunter.On what for?


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September 13, 2018, 06:58:05 PM
 #10

i recently attended a bounty and overlooked that it demands kyc. but now i prefer to do without my tokens, rather than send my data. kyc is a thing for me that i am not supported.
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September 13, 2018, 07:20:51 PM
 #11

I think the main reason is to avoid scammers. I remember in one project's bounty some guy asked admins to combine all his accounts in one to get whole amount of tokens. He has created about 1000 accounts with 50 tokens per each. And due to KYC he was not allowed to combine them.

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September 13, 2018, 07:26:06 PM
 #12


I take it normal, the identification of investors and developers becomes an integral part of the development of large and successful projects.
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September 13, 2018, 07:26:16 PM
 #13

Actually this is a good kind of discussion, well all of you've stated might be right the bounty hunters shouldn't need to submit a KYC documents it supposed to be for the investor of a certain project. Just to add to the solution, just remember that if you're not an investor you have the rights to claim your reward because you're just a promoter/worker of the project and they don't need to know your credibility as long as you do the task/job they've given to you.
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September 13, 2018, 07:28:38 PM
 #14

You stated the problem and the solution and it helped my knowledge
I think not all bounties needs KYC

Just few projects that wants to prevent massive dumping of their token does that
As long as it’s a good legit project
You have no problem

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September 13, 2018, 07:31:47 PM
 #15

This system has its own cons and pros and it's up to you if you want to participate or not in fact not all of the projects that launch bounty every day requires KYC if you are not a fan of KYC then avoid all those type bounties there's a bunch of campaign without it but be wary to encounter scam projects you may not know unless you've done some good research through the ICO as the last part of the OP point might happen to your information.

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September 13, 2018, 08:05:19 PM
 #16

This system has its own cons and pros and it's up to you if you want to participate or not in fact not all of the projects that launch bounty every day requires KYC if you are not a fan of KYC then avoid all those type bounties there's a bunch of campaign without it but be wary to encounter scam projects you may not know unless you've done some good research through the ICO as the last part of the OP point might happen to your information.
Agreed! you're right even if the project looks like legit after researching information but nobody knows if on the end will ending with scam.
for example from my experience, i've passed kyc and bounty get paid but the token is not yet listed in the market then they made a drama as if there was chaos in the team when in fact all of it was deliberate, as a result the project suddenly disappeared even though from the beginning the project was very promising.

so back again it's up to you if you want to participate or not  Grin
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This system has its own cons and pros and it's up to you if you want to participate or not


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......BOUNTY......
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..ANN THREAD..
the13thsymphony
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September 13, 2018, 09:09:40 PM
 #17

For bounties KCY will only make sense and will protect the integrity of the project if only done by the correct people and management, the reason why many bounty hunters does not like KYC in the bounty program is because of the risk of their personal information being used against them, specially if the project is only being started without any assurance that it will deliver its promise.

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delton22
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September 13, 2018, 09:13:36 PM
 #18

why it seems as if i trust bounties which require KYC is that passing KYC shows seriousness of that projects. which means that the project could be 80% real and investing into such project will also be cool
Master of Shitcoins
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September 13, 2018, 09:15:13 PM
 #19

KYC for Bounties is another attempt from scammers to steal your personal data and sell it for scammer's own profits. My advice: avoid every KYC to prevent a loss of your own data.

why it seems as if i trust bounties which require KYC is that passing KYC shows seriousness of that projects. which means that the project could be 80% real and investing into such project will also be cool
Or only some scammers searching for dumb participants which hand out their personal data for free.

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KuyaBreezy
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September 13, 2018, 09:15:47 PM
 #20

The thing is, that a lot of bounty campaigns say that they require KYC almost by the end of the campaign itself, leaving the bounty hunters with no choice, otherwise they will get no rewards for their work.

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