Do I need KYC for generosity?

[Vektrum]

Recently, more and more arguments have arisen that ICO generosity campaign participants really need to be tested by KYC in order for ICO teams to provide information that their tokens are distributed to specific people. In my opinion, this generally sounds like something stupid. Who and why should the ICO team provide such data? Tokens are not much different from any other product, and stating that merchants need to know who they are selling is stupid.
You welcome the situation when we go into the store and in order to purchase any product and we will be asked to first fill out a special form with your confidential data? Do you think that this is different from the situation with cryptocurrency?

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[Argoo]

Yes, the situation with checking KYC begins to reach the point of absurdity. Such verification is still justified for investors, especially those who invest heavily in ICO projects. However, for ICO generosity campaigners, who receive a small amount of free tokens for their services to promote the ICO project, KYC is in any case redundant.
This situation really resembles the purchase of goods in a trading company and it looks quite funny.

[rosezionjohn]

I believe that KYC requirement is mainly for protection of project founders from existing or future government regulations. Many ICOs originally never planned to require KYC from generosity campaigners but have to change rules for the same reason I already stated.

[NeuroticFish]

There are multiple causes for this ...

1. Some legit ICOs can use KYC to reduce the number of fake accounts trying to benefit their "generosity".
2. Some not-sure-if-legit-probably-no will sell the KYC info to the highest bidder.
3. Some bounty managers may use KYC to not pay for some work done.

All in all, since the ICO/bounty/airdrop is made my people you don't know and you are not sure about their intentions, it's safer to not give out your info so easy, since you may have nasty surprises later on.
Even if you'll lose a couple of easy bucks because of that.

[BitcoinHodler]

you have to ask yourself this: are they regulated?

the answer is simply NO.
they are running a token in an unregulated market, using a payment method with tokens and cryptocurrencies that are not regulated and they don't have a legitimate business either. and to top it all the method they are using (ICO) is not legal in most places in the world and is not regulated in anywhere.
so with all that not-regulated status why would they only choose one part of regulation which is KYC?

[oioioi]

for a while ago, KYC was unnecessary and sounded stupid if it was implemented into ICO, it only worsened sales, but for now, seeing a lot of ICOs with poor quality levels, I think KYC is one of the determinants, is ICO good or bad quality, because ICO with good quality, it needs to do a good security system with KYC

[MadGamer]

I'm honestly against KYC because it defeats the whole purpose of cryptocurrencies and anonymity. I understand the need of asking users for identity while investing because they have to comply with laws and regulations of their country but while participating in Bounties and airdrops? this sounds ridiculous and looks more like an attempt to collect and sell user's data.

[khoapham89]

In my opinion, this generally sounds like something stupid.

This is not stupid. There are some reasons for that

Because of their own benefit:

1. Some legit ICOs can use KYC to reduce the number of fake accounts trying to benefit their "generosity".

Because of legitimacy:

all the method they are using (ICO) is not legal in most places in the world and is not regulated in anywhere.

Some projects are placed in countries not accepting cryptocurrency. Or they are trying to get away from investors coming from restricted countries.

Because of Anti Money Laundering (AML), I think this is the main reason of almost KYC requirement. Because of the anonymity of cryptocurrency, they are worried that they will be involved in unlawful events. Do you want to be caught by interpol while you are deploying your project?

[Ramtapsbtc]

To participate in an ICO, maybe KYC will be needed as some countries don't allow their people to engage in such trade but for bounty participants it is sad to note that team are doing this maybe because they want to catch cheaters and not to know where their token will go to.

[Jadesola]

The idea is KYC for investors to me is not a bad idea but bringing bounty hunters into this is what i fo not agree with.This KYC of a thing is now been used to take people data for negative purpose.

[Ghebung Masam]

I am very uncomfortable in KYC requirements that require every investor to provide personal data. Whatever reason they give, I still disagree and will leave the ICO that has KYC requirements for its investors.

[l10no]

yes right, it's very suspicious, it's better to ask first than regret later on, if it really doesn't make sense, indeed there must be clarification before you submit your personal data

[GmBoom]

Recently, more and more arguments have arisen that ICO generosity campaign participants really need to be tested by KYC in order for ICO teams to provide information that their tokens are distributed to specific people. In my opinion, this generally sounds like something stupid. Who and why should the ICO team provide such data? Tokens are not much different from any other product, and stating that merchants need to know who they are selling is stupid.
You welcome the situation when we go into the store and in order to purchase any product and we will be asked to first fill out a special form with your confidential data? Do you think that this is different from the situation with cryptocurrency?

When you encounter projects like this that requires you to give out your KYC for in return for a coin. Seriously, get out on it. Do not intend to give your information on that easy. Protect you privacy with big confidentiality. Because it might be used so some cyber attacks.

[Anna Borisovna]

Recently, more and more arguments have arisen that ICO generosity campaign participants really need to be tested by KYC in order for ICO teams to provide information that their tokens are distributed to specific people. In my opinion, this generally sounds like something stupid. Who and why should the ICO team provide such data? Tokens are not much different from any other product, and stating that merchants need to know who they are selling is stupid.
You welcome the situation when we go into the store and in order to purchase any product and we will be asked to first fill out a special form with your confidential data? Do you think that this is different from the situation with cryptocurrency?

the very procedure of confirming that you are not a bot is good
but it’s also unpleasant enough for me to share my personal data with anyone, not with a specific person, but with the team and where this data can go further - it’s not clear
she is imperfect and risky
I think that you need to identify yourself, but you need an alternative and more confidential way

[ityandsyn]

There are multiple causes for this ...

1. Some legit ICOs can use KYC to reduce the number of fake accounts trying to benefit their "generosity".
2. Some not-sure-if-legit-probably-no will sell the KYC info to the highest bidder.
3. Some bounty managers may use KYC to not pay for some work done.

All in all, since the ICO/bounty/airdrop is made my people you don't know and you are not sure about their intentions, it's safer to not give out your info so easy, since you may have nasty surprises later on.
Even if you'll lose a couple of easy bucks because of that.

      Your thoughts are very specific and understandable , I highly appreciate to this , so KYC  requirement should  be included of the rules in the very bigenning and not included to their rights to change the rules , just to be fair and have the option either to join or not , after all we will be forced to render just to claim our tokens .

[pidie]

in my opinion, KYC is good for people who want to buy an ICO coin. because with the presence of KYC the ICO team can see someone's identity that is clear with their origin. thus the ICO team can monitor customer transaction activities.

[alian17]

ICO collects KYC's data information for submission in future supervision. They want to be exempt from regulation. Make ICO look legal. But I don't think it's necessary at all.

[Rustamm]

To participate in an ICO, maybe KYC will be needed as some countries don't allow their people to engage in such trade but for bounty participants it is sad to note that team are doing this maybe because they want to catch cheaters and not to know where their token will go to.

KYC verification is aimed at not restricting the use of multiple accounts in ICO signature campaigns. For ICO teams, it doesn’t matter how many accounts you use, just to write high-quality messages with their advertising for the ICO project. The requirement to have one account is more the rules of this forum, which in their conditions are forced to duplicate the joining of the ICO team.
The KYC check is used to prevent the possibility of laundering dirty money and cannot be used against bounty hunters.
 Therefore, if a KYC check is carried out at the end of the ICO, then it is only with a fraudulent purpose not to pay the earned tokens to the bounty hunters.

[Predator25]

Recently, more and more arguments have arisen that ICO generosity campaign participants really need to be tested by KYC in order for ICO teams to provide information that their tokens are distributed to specific people. In my opinion, this generally sounds like something stupid. Who and why should the ICO team provide such data? Tokens are not much different from any other product, and stating that merchants need to know who they are selling is stupid.
You welcome the situation when we go into the store and in order to purchase any product and we will be asked to first fill out a special form with your confidential data? Do you think that this is different from the situation with cryptocurrency?

It depends actually on the ICO youve joined in or youre invested in. It is good to have kyc for the ICO or managers to know who are really their customers or participants if theyre not bot or anyelse. Just so to know what are their intention. To earn greedily or to earn but honest. Its a matter of equality also.

[Ozero]

The KYC check for participants in the ICO generosity campaign is a very convenient reason not to pay bounty tokens to bounty hunters. Such a test does not require any state for bounty hunters; restrictions on participation in the ICO campaign of citizens of the United States and China are imposed only on those who invest their money in ICO projects. There are no restrictions for those promoting these projects.
The ICO teams abuse this right, applying it for selfish purposes against bounty hunters.