Would you trust FB with your KYC details?

We can't trust anybody for our KYC whether it is a big giant or the worst one project. It is very evident that big companies are very prone to our KYC compromise with others with the selling of our data. So, FB also compromise our data for the world wide as it is the business all over the world.

KYC is the safety measure of any website that has a money involvement and it's fine with me as I know to myself that I'm not disobeying the law and my intention is not to scam people using their platform.

FB already operating for more than 10 years now and knowing its customer's detail is not a big deal anymore because most of us already gave our information and even our selfies to it.

With so much regulators enforcing in this so called cryptocurrency, it might not be as popular as you think. Sure it might be killer transaction protocol but i believe it ain't that easy to just send to anyone around the world, making new global businesses opportunities. Probably like any localized wallet which of course KYC and also keeping your fund in track. Some good use case is definitely facilitate transactions around markets, yet for me its just like a simpler layer of bank transfer. I do agree some weak currency countries can benefit alot from it such as hedging or wired transfer to their homeland members. Just imagining the involvement of authorities shivers me, its such as hassle to deal with these parties.

Facebook have all general details of its members and now they also ask for your verification documents if any wrong doing happen with your account to check your credentials for reopen and it is a normal thing. All sites which involve money transactions require KYC of there clients before doing any transaction.

They already have so much other information about you (basically KYC) now they will have control over your wallet and how you transact with family, friends and others. If anyone cares about privacy people should look in to Elixxir for a payments processing messaging app that obscures metadata

They already know us? So how would they not know how we transact between all our friends and family through their system? It doesn't make sense.

What we need is a payments and social messaging app that is actually privacy preserving. Something like the Elixxir project is what I have been looking forward to because of how the protocol actually obscures metadata instead of collecting it for business purposes.

I think that they will not manage KYC process, but they will pay some another reputable subject to do that. Like Basic ID that are focused in ID verification progress.

I think this is irrelevant. Facebook knows all about you already, don't forget, they hold most of your sensitive information and have access to them even without your permission. The question of whether to give them your kyc documents or not isn't really important. One can only hope that these information aren't used for something tarnishing.

Do you mean the KYC to join in the token sale of a coin by Facebook? Or the KYC for Facebook?
If the team is trusted, why not? So far, we are also obligated to do KYC process when going to become an investor is=n certain ICO or IEO projects. And this is no matter (except the shit scam). If the real team offered by Facebook, I will not be doubtful, moreover, every new coin has a chance to grow and we may not underestimate the coins in advance.

Quote from: Apes on June 19, 2019, 03:02:23 PM

many large companies affiliated are pushing for this coin, IMO Libra seems to be successful, but is it necessary to do KYC, I don't think it's necessary. if you want to save just buy it in the exchange market. easy isn't it. isn't KYC only mandatory for large investors. And there has been no official information of the KYC method for the coin owner.

One thing that pushed the developers to require kyc on this matter was for preventing illegal users, that might use these coins for fraud activities. Some potential crimes might associate with it, that could cause sudden crash with this crypto. They're more clever right now compared than before, and unlike those old days manipulators will easily do their bad desires.

Quote from: Tilbrook007 on June 18, 2019, 11:18:42 AM

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

You just don't think that Facebook is going to succeed without giving any reason, Facebook is going to succeed, they have everything to make their own coin a success, they are not a start-up company, they already have everything in place and they have the right kind of people running it, so expect Facebook to blaze their way to the market.

Facebook already has our names and date of birth and even our pictures. These details are needed for KYC, except for the ID card that they don't have. It is like your details are already with them so there is no need hiding and not wanting to do KYC.

Quote from: leonair on June 19, 2019, 03:09:36 PM

You're right, not big deal anymore. Especially now that various bounties require KYC from the participants, and we do it without much thinking, even though it is run by unknown people. So I will not hesitate to do KYC with a platform that has been going on for so long.

Quote from: cherryganda on June 18, 2019, 03:08:47 PM

I think this will be a big success in addition that they dont need to have a bounty program.
This LIBRA of FB will be a good thing to have, if KYC is required then go on.
We are already in FB and having our profile and family members on our friends list then we already had KYC.

Yes it will surely be a huge success given the social status quo Facebook has. Mass adoption will be effective owing to this believers of blockchain technology and cryptocurrency will boom this period.

I think its a good thing for Facebook to join crypto space with Libra and moreover I heard its a stable coin so it make lotta sense to me ,but if KYC is required I'm so against that

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.

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.

I trusted Facebook even with out their token LIBRA.
I trusted them by posting my pictures and my family.
I gave my name and address as on my info with my EMAIL.

Quote from: Tilbrook007 on June 18, 2019, 11:18:42 AM

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

I will read there terms and condition policy before sign up there is no assurance to keep your details safe from their insurance and conditions so I don't think it will not trusted about the KYC details will be safe here.

LOL! A company known for selling user data is now to be trusted for KYC? I don't even think they need to require KYC as they already know a lot of their users.