The misunderstandings in KYC (know your customer)

[panganib999]

The problem is that KYC is not always done properly or securely. Uploading your full ID to a random company who often have not even done the KYC themselves is a huge risk and not one worth taking

I already did some KYC procedures and It is really annoying to send your credentials to people especially you don't personally know just to have the profit for bounty hunter and to invest on part of investors. Make sure to send your credentials to reputable projects, research their team if they have history of accusations or something illegal so you'll know and be comfortable when KYCing.

[coin-investor]

I don't like KYC for bounty hunters because I have seen thousands of project dead after a few months and you have no idea what happens to your vital information, there is a report that they are being sold in the underground this is putting your life in risk.

[iyah adrian]

I don't like KYC for bounty hunters because I have seen thousands of project dead after a few months and you have no idea what happens to your vital information, there is a report that they are being sold in the underground this is putting your life in risk.

I feel it too. Many projects whose bounties are required to use KYC. And after that they disappeared. And the project is also dead. That actually often happens. But it is still a bounty hunter but it sends cyclets for tokens. And their identity is really threatened.

[makerst]

The question is clear, but if you do not understand, I think that you need to understand why this process is integrated. Do you really not understand that the SEC is now simply collecting a huge database of people who today use or are generally interested in cryptocurrency.

[cewekimut]

Every bounty hunter has a personal decision and that cannot be forced. I agree you need to understand about KYC. I often get KYC projects and I also graduated. But many don't give me tokens and worse their projects are no longer active.

[matchi2011]

I don't like KYC for bounty hunters because I have seen thousands of project dead after a few months and you have no idea what happens to your vital information, there is a report that they are being sold in the underground this is putting your life in risk.

This was the very basis why people who joined the bounty are not willing to take the risk of providing their personal information, as they are afraid
with this idea, who will take the risk of being harmed  for such a little amount of bounties which you are still unsure if the token will gained value
after it will be released or if the token will have any chance to reached good exchange to begin with.

[coinplus]

You do not hold rights to vote just because you have a coin, there is a huge difference between investor and bounty hunter in that bounty hunter is not spending any money which means they can't be money laundering.

KYC started out because government wanted to know who was spending money on bitcoin, both buying and selling. This was done so they could see if someone was trying to launder drug money or any other illegally made money. Now, if you sell a coin that means you just happen to come up with it, however if you buy a coin that means you have found fiat somewhere to spend it on that.

Investors give x amount dollar and sell y amount of that token, bounty hunters do not spend a single dollar, they are just given that token for their work which means there is absolutely zero chance they are money laundering. That is why bounty hunters are against KYC since there is mathematically no way of them money laundering by way of bounty hunting which makes KYC useless for them.

[Little Mouse]

When a registered company is there, as per their country rules, they need to show their token distribution and ICO sales in order to maintain the taxes and other things. That's why everyone is required to do KYC. But it's risky to provide information to unknown person. What if they somehow compromise our data?

[CopMom]

IMO, I think KYC is needed for both ICO project and bounty campaign. You guys also know that almost ICO projects at the moment don't allow investors come from US or few countries to invest in their projects that why they have to know their customers identity to make sure that they're not come from countries which banned. Beside KYC is also a good way to avoid cheaters ruin bounty campaign.

[Sundaey]

You do have a point which I think is not valid enough, although for both bounty and investors to participate in kyc is not a wrong thing but, it's more important for the investors as far as they're the real customers here concerning the word itself, bounty hunters are just workers who work for the project and get paid for what they're told to do not necessarily to your customers, you have to think of the difference there.

[LUCKMCFLY]

I have heard a lot about this problem, in fact, they have requested or ordered the KYC for those who are whales, or who buy large quantities, some of those who work in the campaigns, want to maintain their anonymity, because they do it. By not wanting their data to reach different agencies and follow up, the KYC problem can start to be handled from a general point of view and, from an intrinsic point of view of the project, is giving a lot of talk, in the projects in which it is. It is convenient that its users have KYC to verify the authenticity and with that reduce the frauds.

[2tang]

I have never objected to KYC verification, but if possible, of course I would prefer not to provide my personal data because in addition to privacy issues, KYC requirements are sometimes also difficult because there are several projects that require participants to provide personal data in the form of actual passports not everyone has it

[oemar bakrie]

For me kyc must be given only to investors because or given a special way to make kyc, differentiated kyc for hunters and kyc for investors so that all can provide convenience ..

[Wayrey2020]

I think we all need to forget about kyc stuff and I also believe that most bounty managers see these every day and most of them these days are abiding to people complain buy introducing kyc before any bounty and probably sated on the bounty you are about to participate into.

[fortelen]

In my opinion, KYC is not a problem because it has good goals. Using KYC procedures for fraudsters can be removed. But what made me a little disappointed with the KYC procedure was that the projects they were running were not all successful.

[rijaljun]

KYC is not available bad thing for bounty hunters actually. But, maybe most of bounty hunters haven't had any personal identity card yet that's why they are concern about that. Or maybe most bounty hunters using multi-account that make the can't receive any payment because they muat pass kyc proccess.

[rosezionjohn]

I am wondering what the OP has to say about projects giving utility tokens as rewards. Where owning such does not give hunters equity shares or voting rights but are still required to go through KYC.

Refusing to give out your personal information does not necessarily mean you are a cheater. Burn that in your brain.

[Yaunfitda]

The only difference is that the investors invested their cash and you invested your time and both of you holds the same token and shares equal rights.  So if you say that you can't pass through kyc because you are a hunter, then you are the cheater

But how about ICO's not telling bounty hunters in the beginning that they need to go to a full KYC before the rewards are given, do you think it's fair?

Maybe there are hunters who really doesn't want give their identify in the first place. Crypto is supposed to be psuedo-anonymous. If ICO doesn't want cheater to their campaign then they should do a good job filtering all the candidates and hiring those who they think are legit.

[bangjoe]

there are many people who hate KYC for various reasons which in my opinion do not make sense, actually KYC is very useful for reducing fraud committed by some bounty hunters by using multiple accounts in one campaign so that for cheating participants they can only claim one account and This is very beneficial for bounty participants because the allocation for bounty is not reduced because it is sent to participants who commit fraud

[Omela44]

Kyc certainly has advantages and disadvantages and we all know them, but i do not send my personal data to any stranger. Everyone just has to decide for themselves whether they trust a project with their data or not. Even though i am not a bounty cheater, i still do not entrust anyone i do not know with my personal information. That has always been so and i will not change in the future.