KYC as a Scam

[rickn]

There are a lot of projects that need an KYC of course it is a good idea also to protect their project so that they will know who's dealing with them.But there are some projects that starting from beginning they don't have an KYC required but when it come to the time that they need to distribute the stakes of bounty hunters they are asking for KYC,if the bounty hunter can not comply this where is their stake goes?if the project require an KYC they must announce it from the beginning not in distribution time.

This statement is true. Many projects do not require KYC for bounties, but when they are finalized, teams behind the project request KYC. This happened with ETAINPOWER, with XChangerate among other projects. Changing the rules of the game during the game is frustrating, but without regulation everything is allowed in the ICOs.

[nulan]

from some of the projects I have participated in, I prefer those without KYC because I was never sure the project was scam or not therefore I prefer to leave the conditional KYC. but if a lot of positive comments often I send my KYC so I always look at how the project is progressing.

[raptorez]

KYC is really something that is not very safe, because today the best thing to do is not to go through the KYC procedure at all because it has not become safe at all. Just expecting what's best called HODL right now.

[Pecunia non olet]

There are a lot of projects that need an KYC of course it is a good idea also to protect their project so that they will know who's dealing with them.But there are some projects that starting from beginning they don't have an KYC required but when it come to the time that they need to distribute the stakes of bounty hunters they are asking for KYC,if the bounty hunter can not comply this where is their stake goes?if the project require an KYC they must announce it from the beginning not in distribution time.

I thought that all ICO investors who are investing into real ICOs need to pass KYC, also bounty hunters should to that. I am okay with that, they need to protect them from the government.

[JayCue]

You are right! Some ICO projects would announce that KYC is not required and so investors and bounty participants hop in to join and invest in the project thinking that their identity is anonymous, later after the ICO period they change their minds that a KYC is required in order to withdraw your tokens. This issue, for me, is very disappointing especially when your very first reason why you participate is that there is no KYC. While some are legit, there are still those who would use our identity for their personal interest such as selling them on third party companies or even use it to do illegal activities.

[holySaint]

I am saying that this is not a correct action, the company should report from the very beginning that it is necessary for the company to undergo KYC. But if at the end it is reported, the company is immediately inconvenient with the hunters.

[xenomorphe1]

You are right that if KYC is required, they should announce it at the beginning of the bounty. So people don't lose their time if they don't want to do KYC.

[w33man]

There are a lot of projects that need an KYC of course it is a good idea also to protect their project so that they will know who's dealing with them.But there are some projects that starting from beginning they don't have an KYC required but when it come to the time that they need to distribute the stakes of bounty hunters they are asking for KYC,if the bounty hunter can not comply this where is their stake goes?if the project require an KYC they must announce it from the beginning not in distribution time.

I guess bounty campaigns should announce it as early as bounty program starts, so that bounty participants will have an idea about it. Not all bounty hunters are able to undergo KYC because of lack of valid ID or documents.

[beehimneff]

Yes, I agree with that! It is necessary to warn about KYC at once. This is not a good deed on the part of the project team. But on the other hand I do not see any problem. If I need to verify my identity, I'll do it!

[PanGiMoon]

There are a lot of projects that need an KYC of course it is a good idea also to protect their project so that they will know who's dealing with them.But there are some projects that starting from beginning they don't have an KYC required but when it come to the time that they need to distribute the stakes of bounty hunters they are asking for KYC,if the bounty hunter can not comply this where is their stake goes?if the project require an KYC they must announce it from the beginning not in distribution time.

I also think that companies need to warn them in advance that it will be necessary to do KYC. Unfortunately, there are many companies that do not warn about this. And those steaks of those who had to go through this procedure, but did not pass are often simply distributed in equal shares between the participants.

[Golstrim]

I don't consider KYC as a scam.
It is measure to prevent scam(if founders pass KYC) and to prevent money laundering ( if ICO participants pass KYC).

[Muzika]

There are a lot of projects that need an KYC of course it is a good idea also to protect their project so that they will know who's dealing with them.But there are some projects that starting from beginning they don't have an KYC required but when it come to the time that they need to distribute the stakes of bounty hunters they are asking for KYC,if the bounty hunter can not comply this where is their stake goes?if the project require an KYC they must announce it from the beginning not in distribution time.

KYC depends on the country of the team who register their ICO because there are some countries that requires the KYC procedure for them to be able to legalized the ICO but ofcourse anyone can do it and in the end the team turn their back on you and used the ID's that the participants provide.

[Moeda]

There are a lot of projects that need an KYC of course it is a good idea also to protect their project so that they will know who's dealing with them.But there are some projects that starting from beginning they don't have an KYC required but when it come to the time that they need to distribute the stakes of bounty hunters they are asking for KYC,if the bounty hunter can not comply this where is their stake goes?if the project require an KYC they must announce it from the beginning not in distribution time.

Actually KYC is only needed for investors. When a project fails, the developer of the platform can return investor money. And when they return it right on target. Whereas for bounty hunters only to avoid multiple accounts.

[Kevinatin]

There are a lot of projects that need an KYC of course it is a good idea also to protect their project so that they will know who's dealing with them.But there are some projects that starting from beginning they don't have an KYC required but when it come to the time that they need to distribute the stakes of bounty hunters they are asking for KYC,if the bounty hunter can not comply this where is their stake goes?if the project require an KYC they must announce it from the beginning not in distribution time.

I also think that companies need to warn them in advance that it will be necessary to do KYC. Unfortunately, there are many companies that do not warn about this. And those steaks of those who had to go through this procedure, but did not pass are often simply distributed in equal shares between the participants.

I think it’s time for us to understand that the time for anonymity has passed. We must be ready at any time to provide our ID. Or not to take part in the bounty campaign at all.

[ElenaN]

As a rule, such a procedure is attempted to reduce payments related to bounty companies!

[Babylon]

I agree some bounties doesn't tell their participants that they are recquired to submit their personal information,
It is really hard to do a KYC because the main thing about Bitcoin is anonymity and I think it contradicts it.
And of course we don't really know what would they do with our info they could sell it out ,
Just imagine a scam campaign that recquired a KYC that means they would only sell the personal information plus the total investment it would be a huge amount of money.

[nerlial]

I am upset by such projects. If I go through KYC, then at listing I immediately sell the coin. And no longer buy this coin.

[Miklight88]

Lot of scam project now that one can't keep its money with , if a project conduct bounty and in the start didn't ask of say what ever needed for the project , like kyc and reduction in reward then such project need to be sold fast and move away from cause they are in for quick money and have nothing to show or add to blockchain technology , it is bad not to ask for kyc at start and later asked which means they are looking for way to not pay some and I don't even like any kyc bounty .

[v_i_p]

As a rule, such a procedure is attempted to reduce payments related to bounty companies!

Kyc for bounty hunters is not a fraud only if it is announced in advance. If after the campaign, it is fraud and extortion.

[shadowdio]

yep they must announce requiring KYC for bounty hunters in the first place it's like they cheated us, some of us are not doing that just like me, I don't really join bounty campaigns that required KYC, what if they use our personal information to scamming people so no no KYC for me.