Do you really feel comfortable giving away all the information Gemini requests?

[chennan]

Please also note that Section 326 of the USA PATRIOT ACT requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. This federal requirement applies to all new Users. This information is used to assist the United States government in the fight against the funding of terrorism and money-laundering activities.

What this means to you: when you open a Gemini and/or User account, we will ask each person for their name, physical address, mailing address, date of birth, and other information that will allow us to identify them.

I know the "patriot act" is supposed to protect us from terrorism and all, but do you really feel comfortable handing over SS#'s and everything possible to identify you as a person and track every single "bit" you are spending?

https://exchange.gemini.com/user-agreement

[brg444]

Don't like it? Don't use it

[BitcoinNewsMagazine]

No different from the KYC requirements of Coinbase.

[dothebeats]

If it's for safety, yes, but I think providing such details is too much and too invasive for the user. I don't like it, and I don't want to be under its jurisdiction.

[chennan]

Don't like it? Don't use it

This thread is more for a conversation of principal... not my personal feelings on the site.  I'd just like to get the general consensus of everyone here on bitcoin talk before the official release.

[ron7684]

[...] do you really feel comfortable handing over SS#'s and everything possible to identify you as a person and track every single "bit" you are spending?

When you open a bank account:

do you really feel comfortable handing over SS#'s and everything possible to identify you as a person and track every single "penny" you are spending?

Bitcoin can be used for legitimate purposes, and for those fully above board it is just another currency to do business in and then pay your taxes in your country's currency.

[Amph]

[...] do you really feel comfortable handing over SS#'s and everything possible to identify you as a person and track every single "bit" you are spending?

When you open a bank account:

do you really feel comfortable handing over SS#'s and everything possible to identify you as a person and track every single "penny" you are spending?

no but you're kinda forced, with bitcoin you can chose exchange that do not have to rely on your identity, well you are identified anyway because you will attach a bank account at the end...

[OmegaStarScream]

It's the same information's that you provide to your bank , or any other exchange that you deposit $ in them (most of them) and this is in my opinion why people shouldn't use exchanges because they simply defeats the whole purpose of Bitcoin and that's "being anonymous" . Still , that doesn't change the fact that I have a good feeling about Gemini and I guess it will bring Bitcoin to another next level . To da moon

[Hellacopter]

I think there is no problem, already many banks and financial companies request this info of each user. This isn't bothering if its used really on the right ways

[avatar_kiyoshi]

Depends on yourself, like coinbase there are still users who joined although it's need prove a real identity.

Well in the fact gemini exchanges is not designed as decentralization exchanges.
i see their preparation before make the site live is very seriously and professional.

[dothebeats]

[...] do you really feel comfortable handing over SS#'s and everything possible to identify you as a person and track every single "bit" you are spending?

When you open a bank account:

do you really feel comfortable handing over SS#'s and everything possible to identify you as a person and track every single "penny" you are spending?

no but you're kinda forced, with bitcoin you can chose exchange that do not have to rely on your identity, well you are identified anyway because you will attach a bank account at the end...

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.

[franky1]

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

[SerenaL]

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

[Kprawn]

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.  

[dothebeats]

-snip-
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.  

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.

[intristin]

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.

[coinpr0n]

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.

[Zombier0]

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

[Denker]

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

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.

[Mickeyb]

Don't like it? Don't use it

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.