KYC for Bounty. Why do it?

[Darker45]

Why do some projects require KYC for bounty?  Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs?  Are there jurisdictions which would require bounty to have KYC?  This is not a token sale after all.

KYC is mostly required for bounty hunters not as an initiative from the devs but because the legal registration or license commands them so. This is in line with laws or policies on anti-terrorism, anti money laundering, and so on. But you could always doubt that. After all, what is at stake here are your personal information in exchange for a few bucks. Take a little pause and compute whether it is worth divulging some personal info and get some little amount or avoid releasing them and not have that payment. All your choice!

[fuer44]

Why do some projects require KYC for bounty?  Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs?  Are there jurisdictions which would require bounty to have KYC?  This is not a token sale after all.

it is an attempt to close the possibility of 2 accounts from the same person. so if done kyc, then the identity of the bounty hunter will be clear, and on what account he does kyc. after that bounty hunters who want to cheat with multiple accounts will never be able to do it.

[Krabby]

In my opinion, the existence of KYC is to make it difficult for greedy people to participate in projects, because from 2017 many people have many accounts to beat up one project only to get very large results. so the KYC is very helpful to eradicate people's greed

If they have multiple accounts and they need to pass KYC, I think they will easily buy someone else's KYC information to make KYC account. Currently, KYC information buying and selling is very much and this is not a good way for projects to avoid greedy people.

[bright4mech]

Some project has been implementing KYC before bounty project start, which simply (known as Know Your Customer), and some bounty manager and team really want know how many participate, by showing identification before distribution, not to send Ghost token.  

[Williams_Leo]

In my opinion, the existence of KYC is to make it difficult for greedy people to participate in projects, because from 2017 many people have many accounts to beat up one project only to get very large results. so the KYC is very helpful to eradicate people's greed

If they have multiple accounts and they need to pass KYC, I think they will easily buy someone else's KYC information to make KYC account. Currently, KYC information buying and selling is very much and this is not a good way for projects to avoid greedy people.

Indeed, KYC is a proposal to limit the number of greedy people using multiple accounts to cheat in bounty projects, unfortunately, this calculation may be very difficult but for greedy people, they always have too many methods to overcome easily, therefore, to limit such people, projects need better methods. And the KYC problem is not a topic that many people like when there are many problems in the process, people often boycott projects that require KYC when many events selling participants' information have occurred

[hosseinimr93]

The purpose of kyc is to prevent scammer or some people that want to take advantage from the project, but for me its tainted the crypto purposes, and I don't want to submit my data to some random site or people, so whenever I see a project with kyc I will skip it, no matter how potential the coin, and its legal to ask for kyc there is no restrictions, but its better to avoid it

I try not to even enter into projects where they write that KYC is mandatory. but if I face the fact that the company announces KYC at the end of the bounty, then I pass it because I think it's better to go through than lose the reward

What if they are scammer? There have been many people think like you. They have lost their reward and their identity documents have been also stolen. In my idea, you should never give your identity documents to others unless you completely trust them.

[Tipstar]

Why do some projects require KYC for bounty?  Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs?  Are there jurisdictions which would require bounty to have KYC?  This is not a token sale after all.

They just wan't to be sure no users are using there farm to get most of the bounty tokens.
Of the several reasons for issuing a bounty, decentralization too is also a part. If a large portion of the tokens goes to a person farming 100s of account, it would not be according to the goal and would be unjust. So, they force KYC to establish person to account realtion.

[Oyarebu]

Why do some projects require KYC for bounty?  Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs?  Are there jurisdictions which would require bounty to have KYC?  This is not a token sale after all.

Most project required KYC because of the regulations that's ongoing with some jurisdiction  concerning cryptocurrency and some of them have taken it upon themselves to implement it. In some jurisdiction KYC is legal while in some jurisdiction like mine its not legal. Yes even though its not the token sales but remember that you are talking about token, either sale or airdrop they are all tokens.

[Agboola222]

I think basically some projects are not supposed to ask for kyc from bounty Hunter, but some hunters are becoming greedy and they are running multiple accounts which is very bad, that's why project are requesting for it

[TelolettOm]

Marketcap is currently still largely dominated by bitcoin. so in my opinion it's reasonable if we see that the price movement of altcoin still can't be that big and what happens is the price decrease

[farraddy]

Most bounty hunters are very ambiguous about the KYC procedure. They just advertise some project and it is not clear why their personal data should be in the project. After all, they are not investors.

[Stanlo]

KYC for bounties is to stop multiple accounts and bounty spammers but the truth is every bounties i promoted that has KYC implemented ends up not paying bounty hunters and the bounties with no KYC pays every dime,since then i dont bother to promote bounty projects with KYC implemented.

[sarmrakib]

Why do some projects require KYC for bounty?  Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs?  Are there jurisdictions which would require bounty to have KYC?  This is not a token sale after all.

KYC process actually work to know the customer.You can easily decrease the scammer and fraudster.I think it work much for bounty .The dev. team easily catch up the double entry scammer and remove them to rewards .I think there is nothing about illegality just make it clear to rewards the real hunter.

[Muzika]

Why do some projects require KYC for bounty?  Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs?  Are there jurisdictions which would require bounty to have KYC?  This is not a token sale after all.

KYC process actually work to know the customer.You can easily decrease the scammer and fraudster.I think it work much for bounty .The dev. team easily catch up the double entry scammer and remove them to rewards .I think there is nothing about illegality just make it clear to rewards the real hunter.

It is for the solution of the multiple entry but it wont cure the scam side of the team, how we are sure about the people behind the team if they are legit or not?

When it comes to legality there are international law about KYC process that must be done but it wont assure the payment for the participants.

[sinta23]

The average KYC is conducted for bounty participants because it is indeed to carry out verification that it is feared that bounty participants commit acts of fraud that often occur. and the existence of KYC Actually also still a controversy for many parties

[Turk Ace]

It is a scam so they can sell your KYC info. They don't keep it safe and they check it themselves which they not supposed to do. There is no legal reason they are just lies.

The bounty participants are not who we should worry about. They can barely hurt the team even if they make 100 accounts. The de team itself is where the focus should be. They can scam every single bounty hunter. If anyone should take KYC it should be the Devs.

[jazmuzika217]

I think they have a rights to ask the KYC of every bounty hunters to avoid some incident of scam and fraud but I think bounty managers will need also to present their KYC for the assurance of every bounty hunter that the bounty campaign is legit. And also to be just and right to same part between bounty hunters and bounty manager.

[ethereumhunter]

I think KYC for bounty is to prevent the cheater from joining in the same project so they can get bigger rewards. But with so many scam project and bounty, I think that is not worth if people send their document to the project because people don't know what will happens later with the project. Although the project can guarantee that they will protect the document, it doesn't mean they can do that in all day long because who knows, there is a hacker who can penetrate their system and steal the data.

[(o)(o)ilikeboobs(o)(o)]

Why do some projects require KYC for bounty?  Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs?  Are there jurisdictions which would require bounty to have KYC?  This is not a token sale after all.

It's good for both bounty hunters and bounty founders.
Hunters are always want to do more than 1 account in a campaign, to make more and more token, much as possible if that's a good bounty.
And founders want the opposite thing.
So it's fare for both. Things get equal.

And sometimes, they just want you information.

[ginobitcoiner]

Why do some projects require KYC for bounty?  Is this a legal thing or is it a way to make sure they are not being scammed by bounty huntrs?  Are there jurisdictions which would require bounty to have KYC?  This is not a token sale after all.

Currently, Know Your Customer (KYC) is not only aimed at investors who make token purchases, but is required to bounty hunters, because many people do multi accounts to get a lot of bounty rewards, therefore DEV doesn't want to lied to by multiple accounts carried out by several members of the forum, so they impose KYC on bounty hunters to get bounty rewards.