Ninjastic
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Board Altcoin Discussion
Re: Token distribution using KYC verification
by
South Park
on 03/04/2018, 16:03:30 UTC
Quote from: Janademir4 on April 01, 2018, 03:55:53 AM
Quote from: South Park on March 31, 2018, 08:31:20 PM
Quote from: Disclaimert on March 31, 2018, 06:23:42 AM
several bounty projects, are now beginning to implement KYC on the distribution of their tokens
when I send my identity card is this safe? could it be misused?
Yes that is a risk, there are some good icos around but taking into account that most of those projects are scams that are never going to become successful at all then I will probably avoid sending any kind of documentation to them this mean that you'll probably be unable to join many bounty projects out there but in my opinion your personal information is a lot more valuable than just a bunch of tokens.
then what if we have sent identities and after that just found out that the bounty project is a scam? whereas we have already sent our identity? how to identify the good or bad of each bounty project?
If you have already sent out your information and your documentation to the ico developers of a particular coin then there is nothing to do except hope that they are honest people that is precisely what we were trying to avoid by using cryptocurrencies, to try to avoid trusting in other people to manage our information and our money, I find it very high ironic that we are falling on the same pattern of banks and if that is the the case then there is no point for cryptocurrencies.