Would you trust FB with your KYC details?

[seleme]

I must quote CZ Binance on this one:

Facebook Libra coin don't need KYC. They have so much more data on the 2 billion people. Not just name, id, address, phone number. They know your family, friends, real-time/historic location, what you like... They know you more than yourself. And now your wallet too. Best AML!

Link to tweet: https://twitter.com/cz_binance/status/1140914571495927808

I must agree with him on this! Why would they need KYC when they collected so many informations about all their users. They have been accused of many things. I will stay away from FB coin, I don`t care about their centralized coin, and I advise all smart people to support decentralization.

It is no brainer to ask from crypto user to confirm the public profile details with personal documents. They have almost all required information about the Facebook users and the problems start here. What if they don't like the published material on home page? The management can freeze the Libra of that person in this case because of centralization.

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[adzino]

I wouldn't. I don't think this coin will succeed! What do you think?

Why wouldn't you? First of all you already use facebook. So that means they already know everything about you. The more you share contents on facebook, the more they learn about. You have your profile picture, your name and all those details attached to your facebook account. So, why would you be hesitating to fill the KYC form when in the first place you already provided them with all your personal details.
And Libra is not at all like the crypto currencies we have. It is a centralized financial system like paypal that will be using the blockchain technology.

[bloodyvio]

if they ask for kyc then i have to refuse it, I don't really want to trust them and moreover their scandal about data user leaked makes me worry about my personal information.

[South Park]

I think Facebook already have our personal information, supplying our kyc documents is only to double check it with our Facebook profiles.
The coin will succeed since Facebook is a trusted platform.

The coins might succeed due to popularity of facebook. Nothing else. Libra is going to be a centralized currency. Why would we need another centralized currency system, when we already have paypal and other e-wallet currency? If we will have to provide our details and identification then what is the difference between this system and paypal? The main goal of crypto currency was to create a decentralized platform which will give us financial freedom. We won't be getting any of those features through facebook coin.

There is not going to be any difference between the coin facebook releases and paypal or any form of fiat, so from our perspective such a coin is useless but from the perspective of facebook this is great, they will create their own coin and if they force their customers that any payment for their ads needs to done in their currency then you can bet that it is going to gain huge adoption all over the world, this is just speculation but maybe facebook does not want other institutions to know how much they are earning and creating their own coin could be a way to hide their profits.

[Husecomang]

I wouldn't. I don't think this coin will succeed! What do you think?

Well, the thing is that even if you don't give your information, there are lots of people who are going to do that. But are my going to give out info about myself just to make use of Facebook Libra coin?? That's what I can't really tell. They are already doing that, when you sign up for Facebook they try to make you give every information about yourself and even your location so they can sell it to advertisers. So I don't even know what would be their plans with this one. And another thing about the coin is that it is stable.. I'm a person that prefers volatile coins like Bitcoin so I can make profit from investing in them and trading as well. Since this one is stable, I don't know if I'm going to have interest in it, I had rather continue to make use of my bank and PayPal account cause there is no difference.

[welovedcrypto]

lol, one of the funniest question ever asked on forum.
Does Facebook need your KYC? They have more than what you have. Facebook knows everything about you then you know about yourself.
Did you every saw FB asking for KYC?

[Cat Coin]

Generally trust your data to anyone,this is a very bad decision because then you can your data be used for any cases,so I recommend to max your data is to try not to distribute, and protect them.KYC of course then can blagodar your data tracked on the blockchain where you are and what kolicevo money!

[mendra_2009]

So far I believe in this Facebook coin. For KYC, what needs to be doubted? Many people have been waiting for this coin, they will even wait until they are registered at the exchange next year 2020. Don't confuse me with your question. Thanks!

[kanmo]

I wouldn't. I don't think this coin will succeed! What do you think?

I don't think there is any big deal in submitting KYC to purchase the FB coin. I believe large percentage of the world population have FB account and it has already revealed each and everyone identity even before the FB coin.

[sngwinner]

I assume you are saying this because of the breach in their system reported some time back. I don't think this should be a basis to think they can't handle such important information by their customers. Fb is a reputable company and would do everything to maintain their standard

[Ranly123]

I wouldn't. I don't think this coin will succeed! What do you think?

It's not that I don't want this coins to succeed but also I don't like this to do KYC if ever I invest in this coin. It's enough that Facebook already has most of our data but if it includes to cryptocurrency then I would say no due to many hackers and the security is not that strong here.

[mahibul49]

facebooks libra coin is centralized coin and they are making this coin for making money and i think everyone should avoid libra coin but we have already lots of stable coin.

[Almasani]

I wouldn't. I don't think this coin will succeed! What do you think?

If FB really wants to run a project and launch coins, of course it will work. Because FB is the world's largest company that has been successful. Their stock are very large. Facebook's revenue this year is US $ 15.08 billion. That is, if they want to run a new project it's very easy.

[klaaas]

I must agree with him on this! Why would they need KYC when they collected so many informations about all their users.

It is always convenient when you agree with there terms so they can do anything they want with your personal info. ; )   Its needed for the countries that require it.

[pinoy.bolanon]

I wouldn't. I don't think this coin will succeed! What do you think?

For me yes, i know FB is a reliable business from the start, so i think FB deserves my trust and i know that they are confident that they could do their part as a business partner in a legal sense, and that we already know that Facebook exist for how many years, so i believe that their stablecoin could be more reliable than the other stable coins out there in the market, lets hope for the best for it and that business is all about trust and confidence.

[Bonwin]

I wouldn't. I don't think this coin will succeed! What do you think?

Even if it will succeed, I have nothing to do with it. I still wonder sometimes what it really will be used for, most especially when it comes to block chain technology. It I not going to be decentralized. So submitting my kyc to them might not be safe. I would prefer other coins to it.

[Machine Funk]

If FB thinks you not a real person it asks for an ID and selfie. I already don't agree with that and now they want more info? NO!!
Trusting your data to a company that makes money to sell data is so stupid.

I wouldn't. I don't think this coin will succeed! What do you think?

For me yes, i know FB is a reliable business from the start, so i think FB deserves my trust and i know that they are confident that they could do their part as a business partner in a legal sense, and that we already know that Facebook exist for how many years, so i believe that their stablecoin could be more reliable than the other stable coins out there in the market, lets hope for the best for it and that business is all about trust and confidence.

Do you know FB as leaking info a few months/years ago? Shows what you know.

[Mianae]

For my own,yes i will coz its FB and its trusted apps so if there's any thing or any bad happen it will cost untrusted rate,as for now may of us was using FB,so the witness of it will make more if that let happen.

Facebook already has our details the only difference is they don't have real information of some persons.

[SistaFista]

I wouldn't. I don't think this coin will succeed! What do you think?

I think facebook users information has been leaked before. So i don't know if i can trust it anymore or not.
If i know the company project is good, then i won't doubt to send my KYC details to them.
The promising ICO project in cryptocurrency is existing, but only few.

[Seetheummerallyeah]

You guys are honestly naive if you think facebook doesn't know who you are. They don't need to do KYC, you already gave them more personal information than what they can get from your ID. They know your friends, families, topics you're interested in, location, and much, much more.