Topic: Do you really feel comfortable giving away all the information Gemini requests? (Read 1403 times)

I won't give my information when I don't need have too. Specially when I don't know about how they handle their security.

Then I will not use Gemini

I am not sure I can trust Gemini to safeguard my private information. I know there are AML/KYC regulations that require them to collect our information, but are there regulations that require them to safeguard said information? For credit cards banks have to comply with PCI regulations. For medical records hospitals have to comply with HIPAA. Most fincancial service providers require yearly audits for SAS70, SSAE16, etc. Do Bitcoin exchanges even need to comply with anything as far as protecting our information is concerned?

If you want regulation you need complete regulation that includes those intended to protect the customers of the exchange ... not just to satisfy AML/KYC. I am not sure we are there yet.

There is no escaping these requirements, each time there is a BTC-fiat interface.
In any case, the main target for Gemini will be institutional investors who will have no problems in giving this information.

Just curious, what else can you research about the site that's not already on the user agreement form? Everything that they would hide is in there, and from what I read it isn't something I would want to be apart of... But because of the circumstances of where I live might force me to sign up. I don't know what to do to be honest.. All the exchanges doesn't give the customers one lick of privacy at all, I guess it helps us because of the whole Gox thing, but still... Just doesn't feel right.

Surely not. But I will research as much as I can to make sure the exchanges is what they say it is. If everything is right, I will happily test out their exchange.

I also don't like the fact that Bitstamp has my personal information and a high res scan of my identity. At this point we have no choice other than to provide them our details.

Of course not. One of the reasons that Bitcoin was created was to give their users privacy. It seems that they are not regarding this...

No, I don't feel comfortable at all. So much that I'll never use that service. More than that, I don't feel comfortable in my home country, nor do I feel much comfortable when I'm traveling the US. I believe that very soon the only place when an average guy would be able to feel truly comfortable will be the open sea.

So they made two deposits into my account to verify my bank account. The two deposits came out to $1.49 in total, lol. I got some of that Facebook money now, thanks Zuck! I'm gonna buy me a coffee with this at the corner store and tell the cashier it's on Zuck! 

I wouldn't mind giving that information at this moment. It is only for acquiring and trading your bitcoins anyway.

Also, probably the only reason not to is because you want to avoid taxes if you live in the USA.

No, and that is why I won't be using Gemini. But every other exchange collect similar information, and even if you share your bank account  (this is required with 95% of bitcoin exchanges) they can track you and extract every bit of your personal information directly from the Bank.
So I am not sure what are some of you so angry about.

Exactly. Many people don't care about this and they will provide all the necessary informations. The people that do care about will find a way to buy bitcoins elsewhere.

Anyways I don't think that's possible to open an exchange anywhere in the US without providing those informations, especially in New York where there is also a BitLicense thing.

This is an exchange for everyone who wants to use it as far as I know. No difference between being a average joe or a big company.
And because of being fully regulated of course their customers will have to give all needed information.No difference in a bank.
However if you're not located in New York or in the states I guess there is plenty of other option you can choose from to buy your bitcoins.

Gemini is made for serious companies to use it not for small people, so they need to keep it all legal and documents on file

I don't think there is much they can do about it. They chose to set up shop in (probably) the most hostile of places. I guess it could reap them some benefits in the future, that's probably why they're doing it. I personally do not need to open an account with them and would probably choose another exchange if I really needed it.

As I said in the other thread, I don't have a problem with it at all. I like the fact that I can buy bitcoin instantly at a very low few via my debit card/bank account. Plus live in New York, I don't really have many other options as most exchanges won't allow US customers to deposit fiat currency, and those that do don't allow New York residents because of the stupid NY BitLicense requirement. I mean there are more expensive and time consuming options that I could use. Funds deposited into Gemini are FDIC insured, so even if someone hacks them and steals everything, I get all my money back guaranteed. Even the Bitcoins you deposit are stored in a cold storage vault and are insured. So there is 0 chance of a repeat of Mt. Gox. And giving up personal information is the price one has to pay for that security. 

At the end of the day, Gemini wasn't created for people who use Bitcoin to be anonymous or hide their purchases or wealth from Government eyes, It was created to provide a platform for Wall Street types and general consumers to have a safe and easy to understand platform to use and trade Bitcoin. Ultimately Wall Street money means the price will most likely go much higher as demand for the coin increase with the influx of new users who would otherwise never have touched the stuff. It's going to broaden the appeal of digital currency and that benefits everyone that uses Bitcoin, even people who never use the platform and wish to continue to be anonymous.

So am I. I'm glad that I live in a country wherein using bitcoins isn't a crime or isn't being watched to or regulated by the government. It just sucks that regulations were needed to be imposed on such a decentralized system. Basic identification should do it, not that kind of invasive KYC regulations.

The Twins have to adhere to the KYC regulations or they will not be allowed to operate in NY.. Do we really need to work through them... Nope?

The investors who will work through them, already adhere to these regulations, when they deal with the other platforms... So it will be nothing new to them.

I am just glad, not every country on this planet have these strict regulations and some people can still have some financial privacy. NY are really over doing it.  

There are other places to trade. You can even trade on localbitcoins in cash or something like that.

i would be happy to give gemini the details if:
1) they were actually on the NYSE
2) they were regulated properly and actually insured
3) that they also give out all their home addresses of their employee's so people can sue them if they Gox it up.

gemini has alot of fame and has some money transmitter licences of half of america.. but i still dont see them doing anything consumer friendly/protecting..

if you learnt anything from facebook.. peoples info is worth money. so id be cautious giving details to third parties unless they were fully consumer protection complient

Yup, and I don't think it is right and appropriate for companies to force you to give detailed information about yourself just to use their services. Bitcoin gives the right to people who use it not to disclose certain information in using it, though there are some exchanges who require personal details about the user before they can execute a single trade with them.