KYC for Bounty. Why do it?

[leea-1334]

I think KYC for generosity is a cat in a poke. The team has nothing to lose when it tells the hunter to go through KYC. Hunters do not understand why they should give their documents to an unknown project.

Wow,,, first time I have heard of such a saying or idiom;) But yes,,, I get what you mean. But you are wrong actually. The team has a LOT to lost if it is the one managing the KYC for their users,,, thanks to something called GDPR. Every mistake they make about the storage or use of personal data will be very costly to them. Today no one is pursuing teams for it but one day soon, everyone will be so careful about asking for data.

[Saisher]

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 not right to do KYC if you are going to get a 3 to $5 worth of their token when you sell it in the market, I don't see the logic why you want to sell your sensitive information, for pennies, but the ICO that you are selling your information cannot even guaranty that their token will be profitable when it hit the market.

[Plinteng]

I know KYC to avoid fraud or multi-accounts, and not only for prize hunters but investors also do the KYC system if you want to buy project tokens. the most important thing is you can't do kyc to get prizes from airdrops or unauthorized signature campaigns.

[Drai]

Most campaigns I know who require KYC for bounty hunters do so to stay in the right side of regulations, but it also has the indirect effect of ensuring that bounty hunters do not try to cheat the system as well, so it's a win/win anyways.

[mamesso]

Each bounty campaign has different rules, including being required to verify KYC for each prize hunter who wishes to participate in the bounty.  Actually the KYC verification process is required to prevent scammers and participants who want to register with a different account.  So every account that has passed the KYC process can be sure that the account is legitimate, so the work of the bounty team will be even easier.

[qweqwe2121]

To sell your personal data in case of bad token sales

Is it true ? honestly this is the first time I've heard this. If it's true that they sell other people's personal data is there a law that can ensnare them? I feel that some of the ICO scams that I participated in are asking KYC for hunters. I hope this is not bad with my personal data and the hunters.

[Bitze]

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.

Some bounty scam will take advantage of KYC to get your information and sell it. And if bounty legit, KYC will help them eliminate cheating, many accounts .. and ensure the legality of the project

that's a very important topic. so far i've always relied on my feeling.
often KYC is obligatory but the tokens are not worth it. sometimes you have to qualify via KYC at exchanges to get bounty tokens there.
you have to consider in any case whether the tokens are worth all the data to publish. it can not be answered in general, but i often go
risk and make KYC in the hope that in this campaign little to no cheaters to have.

[Torps1]

Asking bounty Hunters to pass KYC is not a big task as long as such hunter(s) is sincere in his/her work.
I think such information is needed by team so as to avoid cheating on the side of hunters.

[judeafante]

To sell your personal data in case of bad token sales

Is it true ? honestly this is the first time I've heard this. If it's true that they sell other people's personal data is there a law that can ensnare them? I feel that some of the ICO scams that I participated in are asking KYC for hunters. I hope this is not bad with my personal data and the hunters.

The authorities will have a hard time prosecuting them if they are going to sell the information in the black market, they sell it in the black market where everything is anonymous and, you should do your research first before doing KYC.

[sehoon]

There are advantages and disadvantages of doing a KYC. But as long as the project is authentic and won't play around my information, I think I could submit it. It is for security purposes and to avoid scammers and people who cheat on bounty campaigns.

[upyem2k]

I used to do it but not anymore. It is nothing but a waste of time. Some bounty managers believe it helps in reducing the multi participation whi h they think is responsible for dumping but it is still to failure.

[Vaculin]

I used to do it but not anymore. It is nothing but a waste of time. Some bounty managers believe it helps in reducing the multi participation whi h they think is responsible for dumping but it is still to failure.

It's not only a waste of time but you could be risking your personal info as they could sell it if they want to.

There are a lot of bounty campaign in the space and I don't believe the reason for KYC is to reduce multi participation, what I believe is that they treat their bounty hunters like their investors because they also own the same coins. If this is also to eliminate bounty cheaters, I think bounty cheaters are also smart to submit fake KYC documents to be able to comply and at the same time keep their real information safe.

[dedocry]

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.

I think this is done either to collect personal data for empty coins or to kick out the people and do not pay them  for the a bounty work done which has been done

[AngelJoshua]

Why do some projects do 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.

Its a good way to eliminate duplicate entries, scammers, etc.. Project team claims this when they go for KYC especially for bounty hunters.

To avoid spammers of multiple accounts because many are joining in a bounty campaign under different names owned by one person. And to ensure that bounty rewards are being rewarded by real people not just by a dummy name.

Well it's quite getting popular now that most of the bounty hunters are being too much greedy  when it comes to some promising projects that they think will going to have a good  result even risking their own participation just to cheat.

[moynul2050]

They do it to pay honest people who only use 1 account for one person, not cheating a project with several different accounts. thus harming other participants who are honest in conducting the campaign.

[FontSeli]

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 likely KYC in bounty campaigns is organized in order to stop the mass participation of multi-accounts. I do not know if this is so and how effective it is, however this is the only assumption that comes to my mind.
I try not to participate in bounty campaigns where there is a KYC, I just do not want my data to flow into the network.

[sentoy]

in the beginning it was just to prove that multi accounts could not participate in a project, and could not be misused by kyc prize hunters for bounty to be more thorough and good in dealing with a sophisticated era of trading and therefore made like this so as not to make a project become a scam / trash and get it using a passport.

[hohuan101]

Why do some projects do 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.

Its a good way to eliminate duplicate entries, scammers, etc.. Project team claims this when they go for KYC especially for bounty hunters.

Even if KYC, scammers still have a way to do it. This only further disadvantages the true hunters. I think they have to find another solution instead of KYC

[25 and over]

I would have thought it would be obvious to all that if you had both hands out you would receive twice as much as the person with just one hand out.  If you went to the end of the line and turned up with both hands out again, then the person with just one hand out would get four times less than you.  With KYC the person doing the giving can stop and say "Hang on, didn't I already give you some... yes I did..."

[timX5]

Some projects require KYC because of fear of the law, while others because of a desire to prevent users from registering with different accounts.

When you say "fear of law", what do you mean?  Is it illegal in certain jurisdictions to do bounty?