Can we trust Blockchain.com? (Poll) - page 2.

Lucius

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Quote from: seoincorporation on January 10, 2019, 02:05:12 PM

Here is the issue.
Some months ago blockchain.com makes a giveaway. $125,000,000 dollars in stellar. The idea was $25 for each user. But when you try to claim the money they ask you to verify your identity.

I have account there, but I use it very rarely and my balance is always very low - I never trust online wallets, and it will not change in the future. I was not familiar with this giveaway, but I bet 25$ seemed very tempting for some users. In some way they pay you for KYC, but at the end all centralized exchanges will have to implement KCY&AML laws and regulations at one point.

Some exchanges will simply force users to do that if they want to continue to trade, others seem to have a different approach. The amount of money for this giveaway is probably symbolic, and I bet it is not only from blockchain.com wallet. This was a smart move from Stellar to promote their coin, they pay to be listed there, and they probably pay for extra promotion.

joniboini

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Quote from: seoincorporation on January 10, 2019, 09:09:43 PM

This is a good point, maybe we can trust blockchain.com but if they get hacked our info could be exposed for $25 Undecided

There is always a risk of something like this in every exchange. If you really value your privacy & identity then don't use centralized exchanges which require KYC and don't join giveaway or similar events.

Anyway, I wonder how can exchange verify real users without KYC in an event like that. It's quite hard to filter sock puppet accounts. Maybe physical airdrop? Or they could simply use the funds for something else like charity. It's also a good thing to push crypto adoption which is what they aim to achieve when they run the giveaway afaik.

Potato Chips

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Most giveaways has a mutual benefit though, one for the user and one for the company. I really doubt they just decided to whole heartedly give out free coins. I think there's more about this kyc considering that they have been releasing new products and features recently, I wonder if that has something to do with it? could be for another product or is kyc going to be required in the future? and this is just to prepare for that 'cause its a nice strategy to keep the demand and lessen the bad rep.

seoincorporation

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Ok, after reading your reply i realized they do it for security, looks like the question should be 'Can Blockchain.com trust their customers?' and you are right, maybe blockchain don't want the same user creating 200 accounts to claim the giveaway.

Quote from: leowonderful on January 10, 2019, 05:49:14 PM

... as I value security very highly in crypto and $25's nothing compared to the costs you could pay if your information is somehow stolen from Blockchain...

This is a good point, maybe we can trust blockchain.com but if they get hacked our info could be exposed for $25 Undecided

cissrawk

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The identity verification is used for exchanging your coins on their site if im not wrong. Yes we don't need to do KYC, since we can use other exchange without KYC but someone probably will do it to get that giveaway.

For trusting funds, i trust them but in short time and small amount of money.

adzino

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Quote from: seoincorporation on January 10, 2019, 02:05:12 PM

Here is the issue.

Some months ago blockchain.com makes a giveaway. $125,000,000 dollars in stellar. The idea was $25 for each user. But when you try to claim the money they ask you to verify your identity. So, in the end, it wasn't a giveaway at all, they pay their users to verify their identity. And I think it was a nasty move.

By the way, I don't think they will really giveaway $125M and I don't think they have 5 Million users.

We can just avoid the verification and still using their service, but why they want identity verification from their users? only they know the answer. I keep using their service but I begin to doubt if we can trust them. What do you think?

Can't trust them with huge amount. Can't actually trust any web wallet with huge amount. They are always prone to hacks no matter how much they emphasize on being "extremely secure".
They probably had some terms and conditions about the give away you didn't read. High chances of taking this move is to avoid users claiming multiple times with different wallet accounts.

leowonderful

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I typically don't give out my identity related information for a very small amount of money either, as I value security very highly in crypto and $25's nothing compared to the costs you could pay if your information is somehow stolen from Blockchain, however unlikely the odds may be. I've already heard of people cheating the giveaways by photoshopping images for free XLM and such, and I expect that's going to be a problem for Blockchain and the Stellar Foundation.

Definitely seems like Blockchain's trying to verify as many of their users as possible considering they have a bias for the oldest confirmed accounts in this giveaway; I do wonder if they're going to begin to require verification in the future for their service.

BitMaxz

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I can't trust blockchain.com as a wallet to hold a large amount of bitcoin because it's an online web wallet also I don't want to give my important ID's to them because anytime they can use my documents from other activity or sell my documents in the black market and use it in illegal activity. That is why it's not safe to give your real identity online. So they are just using it to take advantage of asking for KYC to get unique customers.

And they just want to make sure that the claimers or customers are unique just like Raja_MBZ said "people might abuse the giveaways by simply making multiple accounts" which is easy to do.

$125m is a really big amount of money and I don't believe that they can give away such a big amount maybe it is just a marketing strategy so that more people will attract and join.

khufuking

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I tried to over-think it as you did, but I figured that the answer might be really simple, they just want to avoid cheaters and make sure they have given the giveaway to legit right people and not just abusers.
I didn't apply for there giveaway, but I am just saying that they can reply with this simple answer and it will be 100% legit answer, and no one can blame them.

Raja_MBZ

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In giveaways like these, ID requirement is a must; otherwise, people would simply abuse the giveaway through multiple accounts (and attempt to claim more & more Stellar) as creating a Blockchain.com account takes nothing but an e-mail address.

BTW, it's not like that I'm trying to convince you that they're absolutely honest & won't do anything bad with your sensitive details. They can do anything at all with your information if they like; however, they just can't go ahead with a giveaway costing nothing but an e-mail address. Anyone who's providing them the private details should be well-aware of the possible consequences of it.

seoincorporation

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Here is the issue.

Some months ago blockchain.com makes a giveaway. $125,000,000 dollars in stellar. The idea was $25 for each user. But when you try to claim the money they ask you to verify your identity. So, in the end, it wasn't a giveaway at all, they pay their users to verify their identity. And I think it was a nasty move.

By the way, I don't think they will really giveaway $125M and I don't think they have 5 Million users.

We can just avoid the verification and still using their service, but why they want identity verification from their users? only they know the answer. I keep using their service but I begin to doubt if we can trust them. What do you think?

Topic: Can we trust Blockchain.com? (Poll) - page 2. (Read 460 times)