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Author Topic: KYC should be for big whales  (Read 25159 times)
Novatech8
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January 10, 2019, 07:11:09 AM
Last edit: January 11, 2019, 09:54:46 PM by Novatech8
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 #1

I'm here today to drop my own point about how KYC should be use
- KYC requirement for bounties and airdrops is so unreasonable ,KYC implementation is no doubt a good idea but it should be forced only on big investors that wants to buy large amount of a token either From Exchanges
- there should be limit for KYC requirements e.g like if an investor wants to buy 10,000$ worths of tokens upward then he or she must go through KYC ,just saying

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January 10, 2019, 07:19:15 AM
 #2

KYC for big investors is already required in every project, even small investors are required to verify KYC but not as complex as big investors, and KYC for bounty is to avoid multiple account fraud

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January 10, 2019, 07:22:12 AM
 #3

KYC for big investors is already required in every project, even small investors are required to verify KYC but not as complex as big investors, and KYC for bounty is to avoid multiple account fraud

yes you are right, indeed big investors should have to verify KYC. this has even been done by almost all projects. so there is nothing to worry about.

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January 10, 2019, 08:44:14 AM
 #4

I strongly agree with your opinions as KYC is to control money laundering and fraud and the bounty hunters only collect small amount of btc or dollars when it converts to fiat or BTC money, so it must be for big investor not for bounty hunters.

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January 10, 2019, 08:56:22 AM
 #5

KYC in the form of prizes only applies to avoiding multiple accounts while large investors have their own procedures for conducting KYC before investing with ico. I think the KYC limit for every large investor already has its own procedure, so there is no need to worry about limits for large investors or bounty hunters.

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January 10, 2019, 09:47:15 AM
 #6

Agree with you that mandatory KYC for airdrop participants is inappropriate and takes a lot of time for both participants and project team. Only should KYC with any bounty hunter earn an example amount of over $ 5,000, that is necessary
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January 10, 2019, 10:18:35 AM
 #7

I agree that major players must undergo a serious KYC, but I also don’t mind if the team members of this or that project also went through KYC, so that we would know who we work with!
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January 10, 2019, 10:23:49 AM
 #8

I completely agree with you that only large investors should pass KYC. Similarly, in the bounty campaigns, people who receive a large number of coins must pass this procedure. this is a very good decision

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January 10, 2019, 10:31:06 AM
 #9

Big or small it should be taken into consideration because the governments are talking about a national security. If you only know OP that KYC is not being implemented because a certain company just want to know every users detail but it is for the reference in the near future if something will going to happen then it could be traced by retrieving KYC information of the certain wallet holder.
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January 10, 2019, 10:33:48 AM
 #10

I'm here today to drop my own point about how KYC should be use
- KYC requirement for bounties and airdrops is so unreasonable ,KYC implementation is no doubt a good idea but it should be forced only on big investors that wants to buy large amount of a token either From ICO or Exchanges
- there should be limit for KYC requirements e.g like if an investor wants to buy 10,000$ worths of tokens upward then he or she must go through KYC ,just saying
Big whales will never do KYC, they are buying cryptocurrencies OTC (Over the Counter Trades) and there is no limit, no KYC and no rules Wink.
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January 10, 2019, 10:35:27 AM
 #11

I'm here today to drop my own point about how KYC should be use
- KYC requirement for bounties and airdrops is so unreasonable ,KYC implementation is no doubt a good idea but it should be forced only on big investors that wants to buy large amount of a token either From ICO or Exchanges
- there should be limit for KYC requirements e.g like if an investor wants to buy 10,000$ worths of tokens upward then he or she must go through KYC ,just saying
ICO team keep this as tactic to exclude some of the bounty hunters without any rewards,so don't expect them to make no KYC for airdrops and bounties.

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January 10, 2019, 10:40:32 AM
 #12

KYC for big investors is already required in every project, even small investors are required to verify KYC but not as complex as big investors, and KYC for bounty is to avoid multiple account fraud
Yeah, KYC should be done for everyone and if you are not comfortable with that, you can skip investing. Whales is here to move the market up, and of couse some of them manipulate the market. For sure they know how to play hide and seek, so its still hard to know the real identity of the whales though this is a good idea but i think it will not work.
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January 10, 2019, 10:41:01 AM
 #13

I completely agree with you that only large investors should pass KYC. Similarly, in the bounty campaigns, people who receive a large number of coins must pass this procedure. this is a very good decision
yes it is true that in campaigns that receive big prizes, they have to go through kyc like signature translators are always in big reward so it is very much needed for KYC.

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moynul2050
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January 10, 2019, 11:04:03 AM
 #14

a requirement that is KYC is really needed especially for large investors. this will be important data for each project. however bounty hunters always assume that KYC requirements only make it difficult for them

Harkorede
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January 10, 2019, 11:05:27 AM
 #15

Big whales will never do KYC, they are buying cryptocurrencies OTC (Over the Counter Trades) and there is no limit, no KYC and no rules Wink.

Logically, you're correct but I think they'll will still be required to undergo KYC if they're to withdraw theirs assets after the purchase since it will be very huge and most exchanges require KYC verification for such amount to moved from their platform.
However, I think OP is referring to Big Investors in ICO projects.

snip..
Big whales won't have any issue undergoing KYC IMO, It is under normal circumstance required by almost every project for big investors to be fully KYC verified before they could invest.

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ivannalog814
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January 10, 2019, 11:12:13 AM
 #16

I'm here today to drop my own point about how KYC should be use
- KYC requirement for bounties and airdrops is so unreasonable ,KYC implementation is no doubt a good idea but it should be forced only on big investors that wants to buy large amount of a token either From ICO or Exchanges
- there should be limit for KYC requirements e.g like if an investor wants to buy 10,000$ worths of tokens upward then he or she must go through KYC ,just saying
I agree with you but only partly because KYC is needed not because you invest a lot of money but because the state in which the project is registered requires that the project would not invest countries that are prohibited. I think that the project is not interested in checking the documents.

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January 10, 2019, 11:18:08 AM
 #17

Nowadays KYC is required and passed by absolutely every small or big investor, and what about the wales, so they are always in shadow, and they will never do it personally.
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January 10, 2019, 11:21:23 AM
 #18

I'm here today to drop my own point about how KYC should be use
- KYC requirement for bounties and airdrops is so unreasonable ,KYC implementation is no doubt a good idea but it should be forced only on big investors that wants to buy large amount of a token either From ICO or Exchanges
- there should be limit for KYC requirements e.g like if an investor wants to buy 10,000$ worths of tokens upward then he or she must go through KYC ,just saying
Investors really need to implement KYC so they can buy tokens, which is essential. But bounty hunters are not needed.
Why do they want to hold information of bounty hunters? we are just people promoting the project to them. So I think their goal is to hold our information to sell them to some technology businesses. That is the main purpose and we need to condemn this incident.

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January 10, 2019, 11:26:06 AM
 #19

It seems that XLM is launching an airdrop through KYC. In fact, mainstream coins or well-known altcoins require KYC certification. Except for the excellent tokens other do not need any KYC, because no one knows them.
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January 10, 2019, 11:32:01 AM
 #20

All of this sounds good, but the rules are made by the regulators. Given the nature of cryptocurrencies and automated bot and spam activities in the rewards campaigns, a sufficient amount of money can be moved even partially with transfers of a few thousand dollars, so KYC should be reasonable even for payments of 500$ and above.
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