Exchange asking to Login thru Facebook

[fudster]

By next year we shall see the result of the Libra development and if its going to be a successful launch, do you think one day we shall see a facebook login button on exchanges like binance? Would you login to it?    I have seen this on websites like medium.com. Worse is taht not only binance but also kraken and bittrex 

[Felisk99]

We will witness this, it's inevitable. Those exchanges which are going for large cooperation with Facebook and their Libra project will probably add such feature. Facebook is a supreme champion in gaining personal data of their users, data which could be very useful also for cryptocurrencies exchanges. And furthermore, it will have an impact on adaption of cryptocurrencies - Facebook is going to play a huge role here and personally I'm not happy with it.

[mr.relax]

Totally wrong location for a discussion like that.

[fudster]

Totally wrong location for a discussion like that.

Where must this be located?  Moving this from Marketplace > Currency exchange to Altcoin discussion after all this involves Libra.

We will witness this, it's inevitable. Those exchanges which are going for large cooperation with Facebook and their Libra project will probably add such feature. Facebook is a supreme champion in gaining personal data of their users, data which could be very useful also for cryptocurrencies exchanges. And furthermore, it will have an impact on adaption of cryptocurrencies - Facebook is going to play a huge role here and personally I'm not happy with it.

We have no problem with adoption, its the privacy that is going to matter most in the future.

And I think bitcointalk forum might just lose audience too. Right now there are bounty hunters earning here but if facebook libra runs later on, we might be seeing more crypto ads running on facebook than here in bitcointalk.

[Saisher]

By next year we shall see the result of the Libra development and if its going to be a successful launch, do you think one day we shall see a facebook login button on exchanges like binance? Would you login to it?    I have seen this on websites like medium.com. Worse is taht not only binance but also kraken and bittrex 

There's a possibility that it could happen, but we can opt not to do this every website that has Facebook integration can have other ways to sign up and log in, they just want to make it for first time user to sign up and log in, but if this happens I will never use that option.

[bartolo]

That will not happen, it would be a too insecure way to access an exchange account, hacking a social media account is very easy and frequent, any attacker who were able to hack a Facebook account could access the exchange account of that user and do whatever he wanted, it would be a mess.

[Rengga Jati]

All that might depend on the development of the Libra and its platform. Even if there is a login button in the form of Facebook in the exchange, I am sure if it is only one alternative, it is not a mandatory use. Of course, this is possible, but let's see how it will progress in the future.

[Dreamchaser21]

It can only happen if you allow any exchanges to connect with your facebook account. Well, we already lose our personal details and I don’t think we are still safe since we used Facebook ever since, Libra coin should not fully connect with Facebook because the trust issues can appear because of Facebook.

[Red-Apple]

by the time that happens we may have already seen the decentralized exchanges grow a lot more specially with the popularity of lightning network and atomic swaps increasing we are getting one step closer to that target.
also as the centralized exchanges get worse every day and betray the privacy they become less popular by their own doing.

[Lan75]

I don't think a log-in through Facebook is necessary as it's already some sort of a KYC. There are users who choose to remain anonymous and don't want to do that, but i think with the entry of Libra in the community things will change and i just hope that it's not one of them.

[mirakal]

I would prefer not to log in with my facebook on exchanges but if it does help easily to get my account verified especially when the law are more strict in the future, then I would do so as that would improve my verification as an owner of an account.
 
I have log in in my local exchange with my facebook currently and so far I have not encounter any problem, though there is a risk but the fact that they know my identity since my local exchange does not allow users to use the site when it's not fully verified, then there's no different if I will access with my facebook. But this defends on how a user sees the risk and I think it's not compulsory on the exchange side or other platform that might give an option like the above mentioned.

[aioc]

By next year we shall see the result of the Libra development and if its going to be a successful launch, do you think one day we shall see a facebook login button on exchanges like binance? Would you login to it?    I have seen this on websites like medium.com. Worse is taht not only binance but also kraken and bittrex 

You can use another way to sign up that's not the only option but I hope they will not install something like that, it's our funds, of course, we need a good authentication to log in and facebook login cannot be considered safe as a login tool.

[olamidey]

By next year we shall see the result of the Libra development and if its going to be a successful launch, do you think one day we shall see a facebook login button on exchanges like binance? Would you login to it?    I have seen this on websites like medium.com. Worse is taht not only binance but also kraken and bittrex 

This sounds really crazy. Login inwith your Facebook details???. Bit just a random website but a trading and Exchange platform with so much security lapses in play, it will be a great disaster of hacked or Facebook changes interface or security details. I feels it's not ideal nor the best. Facebook logins can't even be used for kyc or verification as most people don't use their major detay. With way, authentication will also be needed.

[fudster]

By next year we shall see the result of the Libra development and if its going to be a successful launch, do you think one day we shall see a facebook login button on exchanges like binance? Would you login to it?    I have seen this on websites like medium.com. Worse is taht not only binance but also kraken and bittrex 

This sounds really crazy. Login inwith your Facebook details???. Bit just a random website but a trading and Exchange platform with so much security lapses in play, it will be a great disaster of hacked or Facebook changes interface or security details. I feels it's not ideal nor the best. Facebook logins can't even be used for kyc or verification as most people don't use their major detay. With way, authentication will also be needed.

That is for now. But what about after Libra. Who knows what these exchanges will ask from us.
Facebook had been watching all the crypto users using facebook to promote projects from Casino to ICO sites, I bet all are there including the exchanges we've signed up. All the adoption we dream of has some negative side along with it.

[carrigan]

It is also possible that this will happen. If they really need to use Facebook to log in, chances are I will prepare a new Facebook account at this time. The risk of using a genuine account is very large. But I'm sure that is not the main way to log in button. remains an alternative,

[tsaroz]

I guess soon we'll have no options. Either be fully regulated or be labelled a criminal. The coins that satisfies the interest of authorities would be tradeable and the one don't would be considered illegal. Soon they'll make KYC a compulsion for trade on any platform.

[unusualfacts30]

Obviously. Once they have fully implemented Libra all exchanges that partners with them will use Facebook as one more to way to login on their website. It's difficult to say how many people will use it but I definitely see it coming in the near future.

[NeuroticFish]

do you think one day we shall see a facebook login button on exchanges like binance? Would you login to it?

From what I know (please correct me if I'm wrong!), if the button is there, they already know that you are going to log in there, even if you don't use their button. I mean that they know that you have opened that page.
If you are logged in to FB, they also know that it's you, else they'll have to rely on IP address (which may or may not identify you) and cookies.
And this can happen whether Libra is going to come to life or not.

[blue_nexus15]

That will not happen, it would be a too insecure way to access an exchange account, hacking a social media account is very easy and frequent, any attacker who were able to hack a Facebook account could access the exchange account of that user and do whatever he wanted, it would be a mess.

Agree with this. Whether it happens to have this login option on my favorite exchanges. I will not use it. Unsafe, many times Facebook revealed holes to hackers to steal users' accounts with recovery in the base. Maybe it brings simplicity to access or some combination in the future. But personally, I really feel familiar with the safety and ease with which the options are available at the moment.

[yazher]

If they implement this kind of idea I totally disagree with it because exchanges are not like some other sites. Exchanges have some high percentage of hackers trying hard to steal our money and in the worst cases our information too. If you log in it with facebook they will also have the access to scam your contact list on your Facebook and your family in your contact will be at risk too.

So its better for us to Login on the same method as we're doing now, If hacked we minimize the risk of damage we can get.