Kyc deadline extended


#1

Twitter link …

YouTube link for video…

Richard explains why…

Extending till the back end of year so everyone can get sorted…


Wait is kyc not happening on the 12th?
#2

This shouldn’t have had to happen. Yoti were a terrible choice.

People were patient and reluctantly very understanding. It seems barely anything was put in place to deal with these good people in a reasonable manner.

So many problems from all over the world.

No dynamic system/ solution from Yoti. “Sorry or system doesn’t allow such and such…” Yoti system is too narrow in its scope to deal with real world and real people situations.

Solutions should have been in place from the start. I bet many thousands of hours combined have been wasted ending in refusal, and then there’s the collective stress of it all.

Even myself in an English speaking EU country whose driving license is advertised as being accepted by Yoti was refused.

Sorry Electroneum but this is an embarrassing mess and this 2nd delay looks bad.

Not even a solid deadline now such is the debacle of it all.


#3

Look on the bright side it’s being dealt with , etns had many delays . We’re only a year old :cake: , I know this has been a pain and I agree this was rushed in and backfired but hey :poop: happens better being sorted late than never.


#4

Don’t get caught up in the fake short term drama…this really is nothing.

It has no affect on the project as the KYC deadline only affects the users whom do not do it. It’s voluntary right now. All this does it pushed back the date to where people will be forced to do KYC before accessing their online funds (which is only one way to store them might I add).

This will undoubtedly drop the price, but so what. It’s only a temporary drop and it will bounce back. No company is immune to short sighted investors. Use Apple as an example…they screwed up WAY worse than ETN ever has (I mean, who fires Steve Jobs?! Seriously) and they are one of the richest companies in the world now. Keep calm and HODL on as this actually only helps those that are unable to get their KYC done due to whatever issues they face in their country.


#5

No, I’m not saying the sky is falling down or anything so terminal.

But it is important I feel to express a little discontentment when applicable and it is very applicable here.

Richard and the Electroneum team get heaps of praise most of the time and we all appear very supportive for the most part, rightly so.

But we can’t blindly think everything is awesome all the time, particularly when it’s not.

The KYC is far from awesome and it needs being expressed. It’s weeks since I’ve said anything about it, so I can’t be accused of over-stating the point (I’m not saying anyone is accusing me).

Electroneum is getting tons of coverage regarding KYC and now what will that coverage say…??

So in that regard, no deadline is a shocking new development and it needs saying respectfully.

And if you’re calling me “short sighted” then you’re way out of line.

If we can’t criticise where it is due then we might as well consider this a cult and not a crypto.


#6

I sorta agree with you. Yoti was a bad partnership and now Electroneum is wasting its resources by trying to pick up their slack.


#7

I agree with you :grin: I’ve felt the same way at every set back and still do even so right now with the price dropping , etn is the only crypto I’ve took a gamble on so yeah I have high hopes for this to work . I’m gambling my hopes on actually having some money in the future. But I’m optimistic I have to be as I’ve had a crappy 20 years flogging my backside off working, which has caused many many health issues.

I agree on all counts. I really don’t want this first UK coin to be the laughing stock of the crypto world. Richard and the team do need to step up their game and sort out this kyc ( I have said this in previous posts ) otherwise this could be a potential :poop: storm. But again I have faith , I have too I have nothing else to look forward too ( pass the hankies :joy: )

So @Jo_Boo I personally agree with you but still stand by my statement , mistakes are made in a hurry . They need to slow down do the homework get things right before pushing things too fast , Rome wasn’t built in a day …

Chris


#8

I’m not calling you short sighted at all, I’m calling those that sell in panic short sighted. My statement was in no way an attack on you.

Here’s the bottom line. Every long term investor in the history of projects needs to ask themselves two basic questions;

  1. Am I investing more than I can afford to lose?

    • If the answer to that that question is yes, don’t invest
  2. Is the project moving forward?

    • If the answer is no, sell
    • If the answer is yes, ignore the FUD

The KYC requirement is not something Richard believed would be a major issue until they got to the lawyers. The plan all along was to institute it regardless, but the timeline got pushed up big time once the lawyers got involved. What happens to anyone doing anything when they are rushed when not expecting to be in a rushed situation? Answer, a half arsed result.

That’s where we are now. I’m not saying the team is perfect but they have done A LOT to get to the point we are at now. The foresight has been immense. But being human beings, no one can account for everything all the time. KYC was a hiccup that was not expected so soon so they are doing the best they can to keep the timelines in tact with the vendors.

Is it clunky? Yes. Does it suck right now? Yes. Will we get through it? Yes. Will it affect the overall project? No.

So what I’m saying is people need to relax and stop acting like this is a big deal, because in the grand scheme of things it isn’t. This is actually helping the millions of people that are having trouble with the current iteration of KYC in a field that has never had it. That’s all.


#9

You are from Ireland ?


#10

…came up reply for me lol


#11

I think we may be too ambitious I have followed etn since ico and I can’t help but think that RE is a “perfect man”. Sometime in business something just got to give. Scaling has been a big issue right from the start (remember he said he wished he knew how big the response was going to be during ico and peri ico stage hence the manic of scaling up) and perhaps rather than trying to go for the world we should have targeted specific area first bringing people with local knowledge on board to avoid issue like kyc with Iranian and Nigerian etc. We can then expand and increase our market share. I just feel etn is not big enough to chew the steak on the plate at the moment.


#12

That is a fair perspective that you are certainly entitled to, absolutely.

Personally, I avoid making judgments without substance. Right now, there is no indication the project isn’t moving forward. There are delays on KYC, sure…but there are delays in every aspect of business (and life for that matter).

What we know based on what Richard has actually said in previous updates is they are ready to go. The only thing holding them up is KYC, which again, is not something he foresaw being such a big issue so early. It’s just another hurdle they have to jump and I don’t see it being one they can’t jump. They were presented a problem and they are proceeding with resolving that problem. I have full faith they will.

Outside of that, we are go for liftoff. All other perceptions are just that, mere perceptions which are not reality unless confirmed by the horse’s mouth directly.


#13

Delay is inevitable but a great man never repeat a mistake more than once. Kyc was delayed twice. Failure is not measured by a complete stop of project progression but is relative to it’s competitors. Judgement can be objective or subjective and as an investor unfortunately the major determining factor is price. Subjective judgment is just one’s opinion and therefore should be respected but granted that it can also be different.


#14

For me the mass adoption route was the right way to go, thus mobile… It’s ETNs major appeal.

But I’m only repeating myself now - the KYC should have been significantly better prepared, prior to starting it.

Perhaps they should have had a SOFT DEADLINE and used that to iron out issues with early KYC adopters. But be dynamic enough to adapt quickly and implement solutions. Instead of Yoti’s BS that their system doesn’t accept X document, as though the “system” is the decision maker.

Then we could have had into a later HARD DEADLINE with lessons learned and minimal negative impact from the multitude of same type of refusal, with countless people getting ticked off.


#15

I could not disagree with that statement any more if I tried. We’re not here to measure Richard Ells as a man. We are here to invest in a revolutionary company on the verge of doing things that have never been done before. Mistakes will happen and those mistakes may be repeated in different scenarios because we are trying to do what has never been done before.

In terms of the major determining factor of a company being the price…that’s just flat wrong. The determining factor of a company is their progression. Price comes after that progress has been realized. At the present time, the company is still en route in their progression. The price will come later.


#16

I can agree with that statement @Jo_Boo but that goes back to them simply not being prepared to be rushed into something they clearly were looking to do later. They probably had proper plans like that but the lawyers forced their hand way too early. It’s okay, we’ll get through it. It’s just a little rough right now. No big deal. The team is doing everything they can to make sure no one is left out.


#17

Regarding the determining factor you are perfectly right if you are looking at it from the company’s perspective but as an investor profit always come first.


#18

yes, this is true…but the scope in timeline is what differs. Long term investors look at long term to make real money. Short term investors (AKA day traders) look at short term. This is where the short sighted people come into play…these are not true believers in the project. They are in it just for a quick buck…and that’s a very dangerous game to play on a rocket ready to take off. To each their own.

Real investors go back to the two rules I mentioned above. Anything less is not what I would call an “investor”


#19

I don’t see it as long term or short term it has always been a risk and benefit decision. Bigger profit has always come with bigger risk (and by that I have factored in opportunity cost). Slowly this is presenting more risk for me and may outweighs the benefit if we keep on repeating the same mistakes.


#20

Understandable. Then by your definition, question 2 from my post above for you is no.

If that’s how you feel, then that’s your right. Do what you need to do. But investors put money in and look long term ignoring the price. Price is most volatile in the first couple years of any business. You can’t judge a company on startup volatility.

I’m repeating myself here…but they are literally doing something that has never been done. If you don’t think they will succeed, by all means take your money out.