Topic: Coinbase Legitimacy/Alternate ways of earning crypto (Read 330 times)

BITCOIN does not required KYC , this is what makes it GREAT! :-D #JOIN US

truth is that most authentic crypto websites are requesting for KYC to cub multiple accounts. No matter what people still do kYC to have full access offered by these exchanges. there are limits for users without KYC. same can be noticed about binance, bitmax,poloniex and the rest. it is a way to minimize scams and multiple accounts.

agreed^ ~yobit is an epic pit of daggerz & skeletons\\\*welcome to crypto*;-D..however coinbase actually kyc/froze my account thus stealing my BTC .. yobit never has done this.

To be fair, you are both right here. Coinbase are shady as hell. They partnered with Hacking Team who help authoritarian governments and dictators spy on, monitor, and oppress their citizens. They sell customer data to third parties without knowledge or consent. They listed a bunch of trash altcoins because their owners and investors needed somewhere to dump their bags. They froze markets and insider traded during their launch of BCH support. They track where your bitcoins have come from and where they are going, and will shutdown your account if they don't like how you are spending your own money. I don't trust them whatsoever.

On the other hand, the other exchanges which have been suggested are even worse. YoBit list coins which don't even exist and advertise "InvestBox" products which are entirely designed only to steal BTC from their users. YoBit is an outright scam, and should be avoided by everyone.

you noob here? lmfao !! cornbase stole peoples coins including me!!  + hired unethical hackers who previously worked for rouge governments ~ google it bruh !! :-D  pfft!!

===>

https://www.bloomberg.com/news/articles/2019-03-05/coinbase-cuts-ties-with-hacking-team-following-spyware-backlash

I would say that your English is "no good here" .. but maybe it is some special code that you need to know to become a beta tester ..  

The exchanges you mentioned have such a bad reputation that they won't even stand next to Coinbase by the end of the world.

i'm a coinbase BETA TESTER ..they have a long track record of screwing their customers and adding shitcoins like bcash lmfaoooo!!!

MONEY? LOL YOUR MONEY IS NO GOOD HERE!!! HAA

coinbase is not legit anymore for numerous reasons...
***here are a couple "verified" non-kyc exchanges ===>

https://freiexchange.com/

https://yobit.net/

 

cheers!

It's not very safe because your KYC can now be sold on the darknet by some malicious employees or by the staff itself.
If someone impersonates your identity then, he can buy goods or services in your name, sim hijack your phone number or steal your funds on exchanges by social engineering.  
You can read more about that in this topic from 1miau https://bitcointalksearch.org/topic/why-kyc-is-extremely-dangerous-and-useless-5221497

I agree and my little explanation is those steps (advised by KarkMakr) only help people have a little bit more safety with KYCs but it does not protect them entirely. They are only safe when hackers are busy with clean documents but when they finish with clean documents, they will move forwards with unclean documents. It is not too hard for them to crack those unclean documents.

I'm just going to say that if you want to be a Coinbase player, you have to play by their rules, and there's not much else to say. If you don't like their rules, you just have to look elsewhere and Binance is the only one of the big ones that doesn't require KYC up to a certain amount.

As for other ways to make money in the crypto world, you have a few choices :

- try to get involved in some signatures campaign that pays for BTC, which of course requires you to be active in the forum and to try to be useful to the community in some way.

- if you have some skills (programming, graphic design, marketing ...) you can offer them to forum members.

- do you have anything you can sell for BTC and what would be interesting to members of the forum?

- maybe you can start a website, advertise some popular services/products through your referral/affiliate links?

It is entirely possible to open a credit card or take out a loan without actually having to show copies of documents. There are plenty of providers who let you apply online, and if you can provide all the relevant details, they will cross check them and if everything checks out, give you a loan or credit card without actually seeing a document. Therefore writing an exchange's name across your KYC doesnt protect you. It might mean an attacker couldn't use your documents for something like medical insurance fraud, but they can certainly still rack up thousands of dollars of debt in your name.

The only safe KYC is no KYC.

Recent days, I read on another topic, one user said when he does KYC, he writes down his name, date (most of KYC requires those details, nothing new) and name of exchange he does KYC for. After write down all details, he take a photo and scan it, then write on the scanned file while he does that KYC, just shortly.

This KYC-verification method help to secure documents better because if your data lost by hacked, hackers will spend their priorities on easy compromised documents, that are surely not yours.

If I find that topic, I will add it here later. Yeah, I found it, there.

At the moment, most centralized exchanges require KYC verification. As far as I know, slowly all exchanges will have to make such adjustments. If you don't want to give your documents, you can still use decentralized exchanges such as IDEX or bisq.network.
I have been using Coinbase for several years and have never had any problems. Also, I didn't hear anyone having problems with them. In my opinion, this is the best secured exchange on the cryptocurrency market, but of course we will never have a full guarantee. Anyway I feel quite comfortable with them.

Coinbase is existing now for a long time, they are a decent both wallet and exchange. The one you are talking you can earn about small amount of crypto is called airdrop it is like a quiz from new projects that are listed om their wallet. But doing a KYC in their platform is really worth it? I guess not for few bucks in exchange with your data but if you trust them I guess its just fine but there is always a risk. If your purpose is just to trade better go on binance where KYC is not required.

There is zero chance that the IRS will stop there. Especially as bitcoin becomes more widespread, Coinbase becomes even larger, and the price continues to increase, the IRS are going to keep knocking at Coinbase's door (and that of other exchanges), and keep pushing harder and harder for the details of more and more customers. As more governments continue to pass more laws and regulations regarding bitcoin, trading, taxation, and so forth, it is only a matter of time before Coinbase (and all centralized exchanges) hand over the details of all their customers to the relevant governments, or are forced to shutdown. And as we've seen time and time again, exchanges are all too happy to sell out their customers if it protects their profits.

Absolutely not. You should never feel comfortable giving out your KYC documents. The risk is enormous, and the benefit, in this case, is merely convenience. Everything you can buy on Coinbase you can buy on a peer to peer exchange such as BISQ or localcryptos. It might take a bit longer and it might be a bit more work to set up the trade, but that is a very small price to pay for the benefit of not having to trust an unknown number of third parties with your details, and not having to trust an unknown number of third parties with control of your coins.

They weren't able to refuse completely. They fought the IRS in a year long court battle. In the end, they handed the IRS data on over 14,000 traders:


Now, if you surpass $20,000 and 200 transactions in annual volume, they send the IRS a 1099-K about you. Kraken and Gemini do the same, and others will likely follow. I interpret this almost as a direct response to the Coinbase case.

Long ago the IRS requested to Coinbase to send available information about US citizens, for tax purposes and other stuff. Coinbase was able to refuse but seeing how big it becomes with the time passing, perhaps in the near future, it won't be able to refuse and will have to obey.

You have to think about it, if a country is able to do this, other countries will be able to do the same. And if you're not reporting you gains/losses to your taxes department, you know maybe in the future you can be in trouble.

It's like if, during a tax audit, they ask you to give them the receipt for your purchases. What will you give? A screenshot of an account in which you used bogus name?

It is up to you, if the disclosure of your identity does not affect you or you want to trade in thousands of cryptos, then you must choose a reliable platform to trade and therefore you are obliged to send the personal data to Coinbase (Best option) "despite all the risks that this matter may cause."

If you want to verify your account for XX bounds, your documents are worth more than $ 50.

Don't sell your identity for some cheap tokens. Instead of doing that, save some money and use it for trading on non-KYC places like Binance (I bet you don't need more than 2 BTC each day anyway).

By submitting the KYC you're giving your important details which might worth millions of dollars when they 'trade' it on the market. On the other hand, you only get $50 or so.