A new look to KYC, from a customer's perspective.

[Kay94]

KYC is a good and reliable thing to do because aside traders and investors, there are scammers around and so investors need to know who they are giving money too. Its very necessary.

[pleci]

KYC is a good and reliable thing to do because aside traders and investors, there are scammers around and so investors need to know who they are giving money too. Its very necessary.

Yes, I agree with KYC. Actually this supports well, besides preventing some KYC accounts, it also enhances relationships with developers with their personal information. Most who don't like to say are scam and risky but from what I observe we are too focused on seeing the downside.

[senin]

The fact is that only investors can be considered clients in ICO projects. ICO bounty campaigners are not clients because they don’t invest in new tokens. In the relationship between the ICO team and bounty hunters, the clients are just the ICO team. Therefore, bounty hunters should not be tested by KYC, this is contrary to the purpose of such an inspection.

[Script]

KYC is really needed to reduce fraudulent ICO. And not only for investors there is a need to know about the authenticity of the team, as well as for us bounty hunters when choosing a company to work. In general, everyone benefits from this.

[96InnIvanova]

Hey guys, I suggest you take part in a cool reward from the Gexan project!
NO KYC! Payments monthly! The GEX coin is being traded on the exchange!
Bounty started yesterday and will run until June 30th.
May 10, 2019 Gexan project will hold IEO on the exchange, which is included in the top 25 Coinmarketcap. Thus, by the end of the award, the GEX coin will be sold on exchanges.
This is a very cool offer!
Sign up for a reward in the bounty thread: https://bitcointalk.org/index.php?topic=5136521
link to ANN thread: https://bitcointalk.org/index.php?topic=5136520
Web-wallet Gexan: http://lottery.gexan.io/
Web site: http://gexan.io/

[pinoycash]

KYC is really needed to reduce fraudulent ICO. And not only for investors there is a need to know about the authenticity of the team, as well as for us bounty hunters when choosing a company to work. In general, everyone benefits from this.

It will not stop fake ICO projects, Nowadays KYC can be easily fake by buying fake documents in the black market. The only way to prove the authenticity of the team members is to do a Video with the whole team and explaning and sharing their company. this is the best way to check if the team members are legit or not.

[Ben Shedly]

KYC is know your customers that is not wrong think if admin is not scammers or if don't sold our information. We should says KYCEO by investor before invest any types ICOs. But CEO don't accept it, this people aren't sure that they could be rise their funds.

I never provide my cus information. I prefer to invest in projects where it is not needed. I do not buy shares, I do not conclude a contract, then why do developers need my KUS information? I agree to provide it only on mutual terms.

[Danslip]

I think that is a very good and useful idea. Among the project teams there are also a lot of scammers and therefore investors need to know who they give their money to.

Project teams are afraid of change and they don't want to be a first person to apply the new rules. The cryptocurrency markets are not simplified but some pro traders can handle it easily.

[sarul]

KYC is really needed to reduce fraudulent ICO. And not only for investors there is a need to know about the authenticity of the team, as well as for us bounty hunters when choosing a company to work. In general, everyone benefits from this.

It will not stop fake ICO projects, Nowadays KYC can be easily fake by buying fake documents in the black market. The only way to prove the authenticity of the team members is to do a Video with the whole team and explaning and sharing their company. this is the best way to check if the team members are legit or not.

Yeah indeed, since many things on internet can be easily faked, video authenticity is the good option and can also be trusted. So, if a project can't make the video with all of team members, deserve to be suspected. However, at this time only a few did it, some only made videos because they had been requested.

[Keadyar]

I think having that part to be fulfilled by the people who runs campaigns should be needed. This will be a huge help for the community since we can now have a much more easier way of verifying the people behind these projects. They don't want participants who will waste their time and trust but us participants also do not want to waste our time on scam projects and fake people.

Unfortunately, projects and the truth very often deceive members of the bounty. It turns out that you spent your time and energy for several months and received nothing in return. This is very sad.

[joshua123]

I guess many of us already doing it or have some protocol on how to handle and do some due diligence for choosing a project. I guess we can say that many in the past has been victimized by runaway ICOs and no doubt that the reason for this is the lack of efficiency or researches before they participated. I like how the stuff set up now compared before. IEO which means Initial Exchange Offering clear up some doubts on rising projects snce they are the one doing it for us and nevertheless helps a lot on choosing. Bullish and hype aside, I think IEO is much profound and can be trusted than a regular ICO.

[Cellerex]

I guess many of us already doing it or have some protocol on how to handle and do some due diligence for choosing a project. I guess we can say that many in the past has been victimized by runaway ICOs and no doubt that the reason for this is the lack of efficiency or researches before they participated. I like how the stuff set up now compared before. IEO which means Initial Exchange Offering clear up some doubts on rising projects snce they are the one doing it for us and nevertheless helps a lot on choosing. Bullish and hype aside, I think IEO is much profound and can be trusted than a regular ICO.

Certainly the level of trust in the IEO is much higher than to the simple ICO. There is an audit, selection, testing and examination of projects.

[bellaayu]

It's stupid if you're too easy to give your identity. I see the information on Facebook that someone sells photos of other people's identities. From the case I found it, I would be very careful in doing KYC. We must check and recognize the CEO. So we are not stuck in a fake project.

[pinoycash]

It's stupid if you're too easy to give your identity. I see the information on Facebook that someone sells photos of other people's identities. From the case I found it, I would be very careful in doing KYC. We must check and recognize the CEO. So we are not stuck in a fake project.

Some people are force to complete their KYC due to monetary reason. Sometimes when people are in need they will do anything for money and KYC is no issues with them.

Most projects that are asking for KYC for their investors should be complete KYC first themselves by showing their real identity that can be verified online if its true or not.

[Mcmich]

So, what does KYC mean? I always hated that thing, mostly because I feelt it is an unnecesary leak of information.

With these times and all the shitcoin scams and real waste of time and money I came to the resolution that we need a new meaning for KYC.

Know Your CEO.

The best way we could prevent or atleast act in the case (most certain) of one of any new project being a scam is selecting a number of trusted users of the community to verify the "Team" of any coin just the same way we are verified in most sites.
Since most of the new coins claim the "Team" is the people shown in the pictures they shouldn't mind verifying it to this peculiar non snitch trustworthy gathering of users.

In the case a project is to be compared to bitcoin or ethereum and the team crave anonimity you shouldn't need an ICO or could provide code before launching and provide a service.

Any ideas? Would anyone actualy ask for this before investing? and keep the word and not invest without the check?

I think it is more than a fair price for trusting someone with perhaps thousands of bitcoins.

Edit: I has another interesting post few ahead for (for the ones that read op only)

Great post.. Honestly, the reason behind KYC is grossly abused or incorrectly done in this crypto space. Lime you said, a set of individuals from the Investors should nmbe mapped out to verify the identity of the so called team members of a project too.

[Successmaniac4]

Well, there are so many projects that the CEO and other team members want to remain anonymous. They do not want to disclose their identity, meanwhile they want customers to disclose theirs before they purchase tokens. I think its a fair deal if both customers and team members know each other.

[Fredomago]

Well, there are so many projects that the CEO and other team members want to remain anonymous. They do not want to disclose their identity, meanwhile they want customers to disclose theirs before they purchase tokens. I think its a fair deal if both customers and team members know each other.

If the team required the participant especially those investors, it's fair to say that the developers and everyone involved from the development of this project will also provide and submit their own KYC, both needs to verified and to give some little assurance that they will not hide anything behind
while developing the projects.

[bravehearth0319]

KYC here in the forum was only implemented for the investors and bounty hunters depending if the project are requiring it to all their participants. But it is good to know that if the team behind the project will also submit their KYC, so transparency to their community will not gonna think any negative about them. Instead, they will boost more about the project for sure.

[veraro]

This is a very good idea actually. I believe it will be necessary requirement for project if it want launch ico in future. I suppose legal regulations will require kyc of all team of the project. That have more sense than kyc from investors or bounty hunters.

[lyks15]

I think this is a good idea. Because there is so many scam bounty. Hunter will give time to perform into campaign and when the time of token distribution they can receive a token without any exchange site so it will be useless but when Know Your CEO will implemented that kind of bounty will surely afraid because they will have a personal information included.