The misunderstandings in KYC (know your customer)

[semobo]

I have seen many hunters talk about the kyc with utmost hatred. Many wants kyc removed, many thinks it's not fair for hunters, while some say it shouldn't be for hunters, because hunters are not investors.

But the point is, if the company or start-up project asks for kyc from hunters, they are not wrong in any way.

Kyc are not for investors only, as long as you will hold or holds a company's or start-up project equity share and have voting rights, you are a customer. What this simply means is that whether you bought the token or through bounty hunting but holds this token with the so called investors, there is no different between you hunter and an investor with cash.

Both of you holds the same token from this company and share equal right with them, which means that what an investor can do an this particular company, you as hunter holding the same token can do also.

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 who needs KYC for crypto projects?

Most successful crypto "bitcoin" didn't even asked for anything?

So why these team have KYC as a part in it.

The fact is that in the course of my entire practice of participating in Bounty companies, not a single successful project set conditions to provide personal data to Bounty participants. For the whole 2018, not a single project was successful,

The biggest problem is not KYC generally, but the fact that some companies say no KYC is required and afterwards they change it.

It is just a tactic to steal investors money by saing that you didn't complete your verification.So if they need it really they have to ask for KYC initially then allow the investors to join on their projects.

[1714772276]

1714772276

[1714772276]

1714772276

[1714772276]

1714772276

[1714772276]

1714772276

[Barbut]

I have seen many hunters talk about the kyc with utmost hatred. Many wants kyc removed, many thinks it's not fair for hunters, while some say it shouldn't be for hunters, because hunters are not investors.

But the point is, if the company or start-up project asks for kyc from hunters, they are not wrong in any way.

Kyc are not for investors only, as long as you will hold or holds a company's or start-up project equity share and have voting rights, you are a customer. What this simply means is that whether you bought the token or through bounty hunting but holds this token with the so called investors, there is no different between you hunter and an investor with cash.

Both of you holds the same token from this company and share equal right with them, which means that what an investor can do an this particular company, you as hunter holding the same token can do also.

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 who needs KYC for crypto projects?

Most successful crypto "bitcoin" didn't even asked for anything?

So why these team have KYC as a part in it.

The fact is that in the course of my entire practice of participating in Bounty companies, not a single successful project set conditions to provide personal data to Bounty participants. For the whole 2018, not a single project was successful,

The biggest problem is not KYC generally, but the fact that some companies say no KYC is required and afterwards they change it.

It is just a tactic to steal investors money by saing that you didn't complete your verification.So if they need it really they have to ask for KYC initially then allow the investors to join on their projects.

I think there are two main reasons why icos ask for kyc. First is cause they are obligated by the laws of the country where their headquarter is, second is cause they wish to stop using multiple accounts for their promotion. What ever reason they have its the company policy and we cant do much about it, if we dont like we can go to other place. We have a choice to do it or not, I dont like them but if I like the project I do kyc cause I need it to participate in their developing.

[proTECH77]

I think KYC is not a problem because they want not to have many account users. And as long as they ask for KYC, we must check and be careful. But they also don't force you to do KYC. So you can also reject it, but as a result, you don't get tokens.

We all know that KYC is never a problem if your intention to do it at first is in you. Many Bounty Campaigns and Exchanges will not at first require your KYC but whenever they intend to payout their tokens to the participants then they ask for KYC including your Pastport and ID's, also, most exchanges will not demand KYC when making your deposit but demand when you request for withdraw. This is what i called "conflict of interest".

[yeniruieni]

Whatever the reason, it has become their company's policy, of course, as participants, we must follow the rules. Many projects use KYC and Bounty hunters get tokens because they can pass KYC. KYC is not a big problem in my opinion and the most important thing is that the project can succeed.

[PuertoLibre]

Whatever the reason, it has become their company's policy, of course, as participants, we must follow the rules. Many projects use KYC and Bounty hunters get tokens because they can pass KYC. KYC is not a big problem in my opinion and the most important thing is that the project can succeed.

KYC is mandatory in regular ICOs and passing KYC is a requirement in order to get your tokens from the team. Bounty hunter is another side of the coin and they don't care about the development of the project. That's why project runners don't like them and they are blocked by telegram admins. Just my 2 cents.

[semobo]

I think there are two main reasons why icos ask for kyc. First is cause they are obligated by the laws of the country where their headquarter is, second is cause they wish to stop using multiple accounts for their promotion. What ever reason they have its the company policy and we cant do much about it, if we dont like we can go to other place. We have a choice to do it or not, I dont like them but if I like the project I do kyc cause I need it to participate in their developing.

If they are going to stop multiple accounts then they can do it while joining so it is not the primary reason.

If you are ready to give your personal documents to someone is okay but you need to be caustious as well because it is going onto the hands of someone who you found on internet.

[mrdeposit]

KYC is indeed the pros and cons of the bounty hunters. I think everything depends on the regulations of each Bounty project. But they often change the rules they make themselves. At the beginning of the campaign they said that they did not use KYC, but they were after Bounty was finished. Each participant is given a KYC form and must pass KYC. This made some Bounty participants disappointed.

They put a gold rule about dynamic conditions on terms of the campaign in the bounty thread. KYC is not good for anonymous projects but bounty hunters are forced to cross it for having the rights to accept the bounty tokens.

[SixFigures]

I have seen many hunters talk about the kyc with utmost hatred. Many wants kyc removed, many thinks it's not fair for hunters, while some say it shouldn't be for hunters, because hunters are not investors.

But the point is, if the company or start-up project asks for kyc from hunters, they are not wrong in any way.

Kyc are not for investors only, as long as you will hold or holds a company's or start-up project equity share and have voting rights, you are a customer. What this simply means is that whether you bought the token or through bounty hunting but holds this token with the so called investors, there is no different between you hunter and an investor with cash.

Both of you holds the same token from this company and share equal right with them, which means that what an investor can do an this particular company, you as hunter holding the same token can do also.

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 who needs KYC for crypto projects?

Most successful crypto "bitcoin" didn't even asked for anything?

So why these team have KYC as a part in it.

The fact is that in the course of my entire practice of participating in Bounty companies, not a single successful project set conditions to provide personal data to Bounty participants. For the whole 2018, not a single project was successful,

The biggest problem is not KYC generally, but the fact that some companies say no KYC is required and afterwards they change it.

It is just a tactic to steal investors money by saing that you didn't complete your verification.So if they need it really they have to ask for KYC initially then allow the investors to join on their projects.

I agree, they should do their verification in the beginning and either allow or disallow a participant. However, the problem with this is that you give away data and if the project doesn't raise enough and gets cancelled you gave your data for nothing.

[milani]

You know, I did not have problems with passing KYC, but sometimes it happens that you face some problems with KYC passing because of the different reasons. But in case the real team want the project to be successful and in order not to loose the investors and appreciators of the platform they do their best to help you to pass it and do their best to help you to solve the problem. So I quite agree that it depends on the situation.

[Crypto24hrs]

The spirit behind of every law or principle is to solve a problem but what if the law or principle becomes a problem of what essence shall it be to the citizens? The so called KYC is bureaucratic and opposed to the spirit behind decentralization and worst of it all ICOs now use it as an opportunity to rob unsuspecting bounty hunters of their hard earned fortune 'their token'.

[Maamejane]

As the name suggest shows that the team wants to know the person they are dealing with due to the high rate of money laundering and many other negative vices that goes on in the digital world. KYC is not made for any target group and there if only you want to be a token holder you just go through. There is nothing to be scared of, nothing scary at all.

[CoinCollect]

I have nothing against the KYC procedure. Now the projects have to introduce this procedure. Fraud has increased not only among the projects, but also among the participants of the bounty. Therefore, you just need to choose a good company to participate and not be afraid of the KYC procedure.

[BUK2016]

I have seen many hunters talk about the kyc with utmost hatred. Many wants kyc removed, many thinks it's not fair for hunters, while some say it shouldn't be for hunters, because hunters are not investors.

But the point is, if the company or start-up project asks for kyc from hunters, they are not wrong in any way.

Kyc are not for investors only, as long as you will hold or holds a company's or start-up project equity share and have voting rights, you are a customer. What this simply means is that whether you bought the token or through bounty hunting but holds this token with the so called investors, there is no different between you hunter and an investor with cash.

Both of you holds the same token from this company and share equal right with them, which means that what an investor can do an this particular company, you as hunter holding the same token can do also.

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

The reason why so many hunters are clamuring for the removal of KYC requirement is because many of them uses alt account in participating in the bounty campaign and they don't want to be cut since they know the implication on their account. To some people, they don't want to give out their personal information and is why they are against KYC.

[Chachacoin17]

I have nothing against the KYC procedure. Now the projects have to introduce this procedure. Fraud has increased not only among the projects, but also among the participants of the bounty. Therefore, you just need to choose a good company to participate and not be afraid of the KYC procedure.

Choosing can be so hard for now, and I won't able to trust anymore for legit companies to choose for this time. I am tired to providing kyc's but it turned out failure of expectations and sadly after the project it was so hurting to be disappointed after all efforts made. I considered myself a victim of that fraud like projects, that's why new upcoming projects was too hard to offer or gather legit kyc because of that reasons.

[AtlantaFive]

I may agree on with that. Company do kyc to protect company from fraud or people who invest money came from bad doings. However when it comes to bounty hunters. I think they have right to not like kyc because first of all they are not investing money. They invest time and effort to promote the project. Having a kyc also is not a guarantee that the bounty hunters get paid for their work. There are a lot of ico asking kyc but in the end they just gone.

[Skroojee]

The bounty of the company for quite some time do not bring profit to the bounty hunters, so take KYC to participate in the bounty becomes less appropriate.

[MiniMountain]

The bounty of the company for quite some time do not bring profit to the bounty hunters, so take KYC to participate in the bounty becomes less appropriate.

Definitely true! some projects are not worth it to give your own information because they might be a scam or not successful one so bounty hunters must be very attentive with regards of picking bounties especially if the project require KYC.

[Cashi]

There is much misinformation in your OP, I will give it a short sum up:

I have seen many hunters talk about the kyc with utmost hatred. Many wants kyc removed, many thinks it's not fair for hunters, while some say it shouldn't be for hunters, because hunters are not investors.

It is not fair because Bounty hunters are not investors. They don't put money into it they only get free coins.

But the point is, if the company or start-up project asks for kyc from hunters, they are not wrong in any way.

Of course they are wrong. They are enforcing a high risk to bounty hunters to send kyc to scammers.

Kyc are not for investors only, as long as you will hold or holds a company's or start-up project equity share and have voting rights, you are a customer. What this simply means is that whether you bought the token or through bounty hunting but holds this token with the so called investors, there is no different between you hunter and an investor with cash.

Both of you holds the same token from this company and share equal right with them, which means that what an investor can do an this particular company, you as hunter holding the same token can do also.

No, there can't be money laundering because there can't be money invested if you are only bounty hunter.

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.  

Yeah, you wrote it here, why don't you get it???!!! Bounty hunters don't invest money so it can't be laundered.

So if you say that you can't pass through kyc because you are a hunter, then you are the cheater

Your advice is misinformation and a shame for someone being in crypto. It's like the politicans making laws and don't know the shit what they are doing. Exactly like your BS text.

[LUCKMCFLY]

I think that many times for the bounty hunters they demand their KYC, not only for investing their time in some task to obtain the tokens, but for the fact, that there are many  who want to take advantage of the system, that is, they create multicuentas and want to take tokens inappropriately, that way I interpret the reason for demanding the KYC.

For this reason, in the ICO, or STO, there must be a special KYC verification team that is very strict, only so that possible cheats are not leaked.

The part that many people do not like, is that many operators, like to remain anonymous, and do not like to reveal their personal data, because if the project turns out to be SCAM they will have their data in some database, being something very delicate.

In those cases, it is necessary to see if the bounty hunter risks giving his KYC or not, it would be a very personal decision.

[jcarlo]

The bounty of the company for quite some time do not bring profit to the bounty hunters, so take KYC to participate in the bounty becomes less appropriate.

Definitely true! some projects are not worth it to give your own information because they might be a scam or not successful one so bounty hunters must be very attentive with regards of picking bounties especially if the project require KYC.

I dont have objection about KYC because i think its good to comply government regulation. If we join in the campaign, we should be trust the project is good and i think its not a problem if we give information about us because government regulation on ICOs