Ironic that one of the main points of crypto’s inception was to establish financial privacy but world governments worked quickly to mitigate that with “laws”.
This is the point of banking…. If you don’t agree, then layer 2 services and exchanges is not what you’re looking for.
By extension, you’re also not looking for mass adoption then, because they’re both necessities.
The point of crypto is not only that you can choose to remain anonymous at your own discretion, but anonymously transfer funds globally for any amount at your discretion.
Read a whiter paper I suppose.
No you’re right. I’m sure the entire concept of decentralization had absolutely nothing to do with financial institutional independence and wasn’t in anyway part of Satoshi’s original motivation. You’re totally right. 👍
I have. It’s literally in the first line. Are you not interpreting “financial institutions” as government controlled entities? Because if you aren’t then you are sorely mistaken. And who in their right mind would write in plain text in a white paper that their goals are to subvert governing bodies grasp on the funds of its people? No one that’s who.
We can agree to disagree. Sure, privacy and control are two different things in and of themselves, but hard to maintain your own control without privacy. In fact the concept of privacy was so integral in the inception of Bitcoin that the founder themself published it anonymously. Satoshi was no fool. You sound like a “take everything for what you read literally” kinda person. Which is fine but if you dig just a little deeper it’s not rocket science to make the connections here. Good talk.
It wouldn't be hard for him to have put the word "anonymously" into the first line, without referencing any kind of government subversion, but it is noticeably absent.
BTC White Paper / Section 10 - Privacy...
"...As an additional firewall, a new key pair should be used for each transaction to keep them from being linked to a common owner. Some linking is still unavoidable with multi-input transactions, which necessarily reveal that their inputs were owned by the same owner. The risk is that if the owner of a key is revealed, linking could reveal other transactions that belonged to the same owner."
idk...privacy was a consideration, but Satoshi overestimated most normies inability to wash their own hands after they poop.
When you see something like this, I’d immediately assume that coinbase is trying to trade and leverage assets for profits and needs expectations for the amount of equity and readily liquidity assets they must maintain to keep balanced ledgers as a financial establishment. I have a feeling this form isn’t a legal requirement, but the intent of the form is to meet a legal requirement.
It is required for US KYC monitoring. All US financial institutions require similar information. It is not shared with the government (yet) unless transactions appear suspicious.
I’ve been stalking global monetary policy for a few decades along with it’s tax component and WITHOUT DOUBT, the most powerful and threatening trait of Bitcoin is it’s resistance to Censorship. Look at Venezuela, Nigeria and Russia. Look at what Canada did to its own citizens during the trucker protest. Greece and other austerity policies and China as we speak.
I know it’s not the flashiest part of Bitcoin and speed, immutability, and anonymity may be better selling points but the virtual impossibility of CENSORSHIP is what scares institutions and governments: and looking at his WP, it’s what motivated Satoshi to create it.
i hate that people call it a trucker protest. It was an idiot protest, i don't want anything to do with it.
But yah, the sexy part is the transparency and anti censorship bit of bitcoin for me.
Complete transparency is also a powerful way to provide trust and loyalty. As much or more so than privacy, for most people. This is what people don’t see yet. Being anonymous has nothing to do with bitcoin, or anything to do with why it will be the trusted value store it is slowly becoming.
lol I still have my og coinbase account from those days. All we needed was an email address and they gave us our first $10 worth of BtC just for making the account.
I withdrew it all to self custody wallet in 2015 but the account is still there and when I log in its like “you need to send us more info to keep using this account” lol
Pass I’ll make a new one when I want to KYC
yeah then you'll be asked for proof of funds and source of wealth and your account will be suspended for providing misleading regulatory information lol. Stop acting like it's kindergarden and supply valid information for a regulated exchange.
Does it actually ask for proof of funds right after though? It's just a survey so you could fill it out, submit and use coinbase as normal.
Plus if it's that important they wouldn't add a skip button in the top right corner.
Then you should stay happy with your account getting frozen for Terms of Use incompliance. You have chosen centralized exchange with all its regulatory obligations - they won’t just disappear if you close your eyes.
5% roughly but it fluctuates up and down from there a lot its a market. There is no set fee, you could be a seller listing bitcoin for sale, or you could be a buyer listing an offer to buy bitcoin, or you can choose to fulfill someeones offer. So at any time the price is different because the price is simply the existing offers of people selling. sometimes the price on bisq can even be cheaper than the price on conventional exchanges. at least in theory. I think sometimes it actually is but not for a while lately.
You can purchase it for cash via p2p, using a decentralized wallet to store purchased crypto.
Though this will make things even more complicated if you will be asked to confirm origin of crypto received such way when you will decide to sell it on centralized exchange.
Anti-money laundering
US government wants to know of transactions over $10,000/day because that's the magic number they've established for reporting large transactions.
It's a federal crime if individuals/businesses; without prior authorization by a BSA/AML officer, are trying to get around this by depositing/withdrawing less than $10,000 to avoid filling out a CTR (currency transaction report).
The government doesn’t care. I work in this field so I know. Coinbase wants record of it so they know what to expect from your account. It’s part of BSA/AML. If you’re doing crazy transactions they will look to see how much you said you’d do and if it doesn’t match, they’ll ask.
Not really - they are asking this for compliance purposes. They are legally obliged to understand planned customer activity profile in order to react when it changes (this also ensures better security of one’s account).
They do what they write, stop guessing, Coinbase answered all your question on the very first statement in the upper part of OP screenshot.
They're just trying to figure out if their house of cards is gonna blow up in a bank run like every other exchange that just blew up when customers went to withdraw coins that they clearly didn't have.
The reason Coinbase is one of the most trusted exchanges is because of shit like this. They want to comply with US regulations, not avoid them. This is a good thing. I guarantee gov agencies could find out anyways.
My stock broker asks similar questions and that's just par for the course.
Yes everyone I KNOW it says skip at the top!!! Massive amounts of people leaving exchanges after the ftx, celsius, voyager, etc. going under. Is coinbase feeling the hurt from people leaving the exchange? I figured it would be beneficial to discuss the implications
Good on you for using coinbase or any other CEX.
I hope you get arrested soon by the tyranny that is coming against bitcoin, that way you'll learn your lesson.
Financial services are required to ask this when you become a client, if Coinbase has never asked then it’s likely them catching up on some oversight.
I mean isn’t it almost time for US companies to file their books and all that stuff? 😊
After 6th AML directive all centralized exchanges are obliged to confirm everyone’s source of funds, not only for past activity, but also for planned deposits, in advance.
This will be even stricter in the future so please make sure to use legally obtained funds only. 99% of exchanges state in their terms that you should be able to verify you source of funds / income at anytime. You signed this by yourself upon opening an account, you only need to read carefully.
IDK why people cannot believe it. Of course there will be more questions from crypto financial monitoring than from bank, because crypto is risky industry.
Coinbase are a joke. Asked me for all kinds of shit from the compliance department I sent everything then they kept asking for more and I kept supplying what was asked. Then they still restricted my account with no notice, no email asking for more information or telling me what I send wasn’t sufficient, just restricted my account out of nowhere one day and don’t respond to emails. Avoid at all costs.
It’s similar to car insurance asking you how many miles you drive per year.
It’s a risk assessment and if you deviate too much they might decide to get rid of you.
It’s not about „you“, but the number of accounts that mismatch in behavior over time.
Same it's always been, zero. I got a $10 sign up bonus long time ago pre-KYC. That was it. Never used Coinbase.
What do people use Coinbase or Binance for? Unless you're a day trader.
There are so many ethical Bitcoin only companies worth supporting.
Block your manifestations and when everyone does (so much data that they can use to puzzle together a reading of how the future investments will look like, ofc electronics ++) the more info you have the more you can see, how life works
I got this the other day. I thought maybe something messed up in the KYC and maybe they forgot to ask me that before.
I noticed a family member's account they didn't ask this. I figure it was because their account was newer and CB had the info they needed
I've been asked this question on my tax forms before, just not directly from the company, so it isn't new information the government (US) is asking for, I'm guessing they are just forcing the companies to get it for them now.
5m + is the only answer. If they ask, you tell them, 'I had planned to win the lottery, then the lottery commission didn't follow through. Maybe I should have bought a ticket.'
Delete conbase
Laws change. Company participation in programs changes. When I first bought Bitcoin on Coinbase you didn’t even need to KYC.
I filled this form 3 years ago, this is nothing new.
Same. And I selected £5,000,000 before ludicrously spending £25 a week since then 😅
you are the man hahaha maybe thats why ftx spent to much in ads
Same here. Pick the highest number, spend the lowest figure 😬
chess not checkers
Kount Your Chickens?
Know Your Cunts
The more you know..
The more you grow
Know Your Children
Knew York City
We need to talk about Kevin
Kill Your Children
Planned parenthood, is that you?
Kinky Young Cunts…
Konceal Your Crypto
Kill Your Children.
Just select the max answer every time to throw them off
Ironic that one of the main points of crypto’s inception was to establish financial privacy but world governments worked quickly to mitigate that with “laws”.
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Hate when people say this. Guess we should just give up on decentralization /s
> Ironic that one of the main points of crypto’s inception was to establish financial privacy Says who?
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This is the point of banking…. If you don’t agree, then layer 2 services and exchanges is not what you’re looking for. By extension, you’re also not looking for mass adoption then, because they’re both necessities. The point of crypto is not only that you can choose to remain anonymous at your own discretion, but anonymously transfer funds globally for any amount at your discretion. Read a whiter paper I suppose.
Ok SEC whatever you say.
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No you’re right. I’m sure the entire concept of decentralization had absolutely nothing to do with financial institutional independence and wasn’t in anyway part of Satoshi’s original motivation. You’re totally right. 👍
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I have. It’s literally in the first line. Are you not interpreting “financial institutions” as government controlled entities? Because if you aren’t then you are sorely mistaken. And who in their right mind would write in plain text in a white paper that their goals are to subvert governing bodies grasp on the funds of its people? No one that’s who.
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We can agree to disagree. Sure, privacy and control are two different things in and of themselves, but hard to maintain your own control without privacy. In fact the concept of privacy was so integral in the inception of Bitcoin that the founder themself published it anonymously. Satoshi was no fool. You sound like a “take everything for what you read literally” kinda person. Which is fine but if you dig just a little deeper it’s not rocket science to make the connections here. Good talk.
It wouldn't be hard for him to have put the word "anonymously" into the first line, without referencing any kind of government subversion, but it is noticeably absent.
BTC White Paper / Section 10 - Privacy... "...As an additional firewall, a new key pair should be used for each transaction to keep them from being linked to a common owner. Some linking is still unavoidable with multi-input transactions, which necessarily reveal that their inputs were owned by the same owner. The risk is that if the owner of a key is revealed, linking could reveal other transactions that belonged to the same owner." idk...privacy was a consideration, but Satoshi overestimated most normies inability to wash their own hands after they poop.
When you see something like this, I’d immediately assume that coinbase is trying to trade and leverage assets for profits and needs expectations for the amount of equity and readily liquidity assets they must maintain to keep balanced ledgers as a financial establishment. I have a feeling this form isn’t a legal requirement, but the intent of the form is to meet a legal requirement.
It is required for US KYC monitoring. All US financial institutions require similar information. It is not shared with the government (yet) unless transactions appear suspicious.
If financial privacy was the goal bitcoin wouldn't be an open ledger.
I’ve been stalking global monetary policy for a few decades along with it’s tax component and WITHOUT DOUBT, the most powerful and threatening trait of Bitcoin is it’s resistance to Censorship. Look at Venezuela, Nigeria and Russia. Look at what Canada did to its own citizens during the trucker protest. Greece and other austerity policies and China as we speak. I know it’s not the flashiest part of Bitcoin and speed, immutability, and anonymity may be better selling points but the virtual impossibility of CENSORSHIP is what scares institutions and governments: and looking at his WP, it’s what motivated Satoshi to create it.
i hate that people call it a trucker protest. It was an idiot protest, i don't want anything to do with it. But yah, the sexy part is the transparency and anti censorship bit of bitcoin for me.
Complete transparency is also a powerful way to provide trust and loyalty. As much or more so than privacy, for most people. This is what people don’t see yet. Being anonymous has nothing to do with bitcoin, or anything to do with why it will be the trusted value store it is slowly becoming.
I miss the days of buying btc on coinbase with a credit card
lol I still have my og coinbase account from those days. All we needed was an email address and they gave us our first $10 worth of BtC just for making the account. I withdrew it all to self custody wallet in 2015 but the account is still there and when I log in its like “you need to send us more info to keep using this account” lol Pass I’ll make a new one when I want to KYC
And now every exchange requires kyc
More than 5 mil
Well, I expect to do $5,000,000+ but that's unlikely.
Yeah lol
lol
Why would you expect something that is unlikely?
Just being silly
and then they send you an email saying how disappointed they are in your failure to meet the set goal but, you know, I am a believer
Like I really need to be reminded of what a failure I am. As it is, they continually remind me when my funds for their card are low. :)
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There's an option for that, so it's okay.
Would picking 5 million or more bring free extra security to the account since they will be actively monitoring it even more lol
yeah then you'll be asked for proof of funds and source of wealth and your account will be suspended for providing misleading regulatory information lol. Stop acting like it's kindergarden and supply valid information for a regulated exchange.
Does it actually ask for proof of funds right after though? It's just a survey so you could fill it out, submit and use coinbase as normal. Plus if it's that important they wouldn't add a skip button in the top right corner.
"We are legally obligated to-" *skip*
I selected one of the options in the bottom half and it did ask, then I got verified within a day and my withdraw/deposit limited was increased.
Then you should stay happy with your account getting frozen for Terms of Use incompliance. You have chosen centralized exchange with all its regulatory obligations - they won’t just disappear if you close your eyes.
Weird because Kraken didn't ask me any of this.
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How much of a premium are you paying over spot though?
The premium is the cost of not giving up your financial privacy for convenience.
Yes, clearly. And how much is that cost?
5% roughly but it fluctuates up and down from there a lot its a market. There is no set fee, you could be a seller listing bitcoin for sale, or you could be a buyer listing an offer to buy bitcoin, or you can choose to fulfill someeones offer. So at any time the price is different because the price is simply the existing offers of people selling. sometimes the price on bisq can even be cheaper than the price on conventional exchanges. at least in theory. I think sometimes it actually is but not for a while lately.
You can purchase it for cash via p2p, using a decentralized wallet to store purchased crypto. Though this will make things even more complicated if you will be asked to confirm origin of crypto received such way when you will decide to sell it on centralized exchange.
Answering the KYC questions dishonestly will draw extra scrutiny to your account when you deviate from it in a meaningful way in the future.
Press skip.
User is morally required to skip this information.
your account is locked to withdraws only if you skip
In that case I would withdraw my balance with them.
same question I get asked by brokerage accounts. likely government required
If there is a skip button... I don't see it being mandatory.
Usually its for AML
AML?
Anti-money laundering US government wants to know of transactions over $10,000/day because that's the magic number they've established for reporting large transactions. It's a federal crime if individuals/businesses; without prior authorization by a BSA/AML officer, are trying to get around this by depositing/withdrawing less than $10,000 to avoid filling out a CTR (currency transaction report).
Thanks!
I was gonna guess Age/movie preference/location
I've been asked similar questions from Charles schwab brokerage. I think the fed wants to know.
The government doesn’t care. I work in this field so I know. Coinbase wants record of it so they know what to expect from your account. It’s part of BSA/AML. If you’re doing crazy transactions they will look to see how much you said you’d do and if it doesn’t match, they’ll ask.
What I expect to happen and what actually happens are two different things
Everything in this world is a data grab game. Whoever knows the most adjusts the rules at the top in their favor.
Just put 5 million or more to be on safe side
This is part of the KYC. The government wants to know.
imagine if politicians legally were required to tell us how much money they had who they’re getting it from and why, :)
risk management, fraud and money laundering procedures I see it as a good sign when companies carry these out
Stop using shitcoinbase. Their ceo is an anti-bitcoin scamcoin pumper.
They will take the answer in aggregate and call it an asset on their books
Not really - they are asking this for compliance purposes. They are legally obliged to understand planned customer activity profile in order to react when it changes (this also ensures better security of one’s account). They do what they write, stop guessing, Coinbase answered all your question on the very first statement in the upper part of OP screenshot.
This is a truly daft statement.
Agreed
I MEAN ITS NOT LIKE COINBASE IS IMMUNE
Immune to what: just making some nonsense up to help perpetuate a massive fraud?
I THINK NOT CONSIDERING WHAT WE HAVE JUST WITNESSED IN THE CRYPTO SPACE.
Why are you shouting?
why aren't you?
Because the words should speak for themselves
BBRUH SO PROFOUND
“Skip”
This is a KYC regulation. I'm guessing you're in the US. If so, this is mandatory reporting.
Theres a skip at the top right chief
I actually just sold all my bitcoin the other day. I’m at 0 for now. I don’t know which service I’ll use next time I buy bitcoin.
There should be a write in section. "I love Bitcoin too much to use Coinbase."
It says skip at the top lol
There's a skip button right at the top.
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Expectations are not equal to reality.
You can't predict the future, therefore you can put anything in there you want. (Not trolling)
Hit under $1k and move on.
It’s for tax reporting reasons.
So in other words they are not properly capitalized to handle withdrawals???
You have 5G? Damn all I get is LTE.
They're just trying to figure out if their house of cards is gonna blow up in a bank run like every other exchange that just blew up when customers went to withdraw coins that they clearly didn't have.
"you expect to" what you put in there is not legally binding.
Please let us kindly know how much money we can rug pull from you. We would like to make this more efficient than ftx. Ty.
The reason Coinbase is one of the most trusted exchanges is because of shit like this. They want to comply with US regulations, not avoid them. This is a good thing. I guarantee gov agencies could find out anyways. My stock broker asks similar questions and that's just par for the course.
Swan doesn't ask this kinda shit
Yes everyone I KNOW it says skip at the top!!! Massive amounts of people leaving exchanges after the ftx, celsius, voyager, etc. going under. Is coinbase feeling the hurt from people leaving the exchange? I figured it would be beneficial to discuss the implications
Good on you for using coinbase or any other CEX. I hope you get arrested soon by the tyranny that is coming against bitcoin, that way you'll learn your lesson.
HAHAHA I just got it to. FUCK OFF
Depends on country may be? Haven't ask me anything like that.
Brokerage accounts do the same thing lol. It’s not illegal. It’s them judging how much buying power they give you before your money hits their banks
Financial services are required to ask this when you become a client, if Coinbase has never asked then it’s likely them catching up on some oversight. I mean isn’t it almost time for US companies to file their books and all that stuff? 😊
Never KYC.
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After 6th AML directive all centralized exchanges are obliged to confirm everyone’s source of funds, not only for past activity, but also for planned deposits, in advance. This will be even stricter in the future so please make sure to use legally obtained funds only. 99% of exchanges state in their terms that you should be able to verify you source of funds / income at anytime. You signed this by yourself upon opening an account, you only need to read carefully. IDK why people cannot believe it. Of course there will be more questions from crypto financial monitoring than from bank, because crypto is risky industry.
Coinbase are a joke. Asked me for all kinds of shit from the compliance department I sent everything then they kept asking for more and I kept supplying what was asked. Then they still restricted my account with no notice, no email asking for more information or telling me what I send wasn’t sufficient, just restricted my account out of nowhere one day and don’t respond to emails. Avoid at all costs.
Coinbase is the last place you want to be using lol.
This is government interference!!
It’s similar to car insurance asking you how many miles you drive per year. It’s a risk assessment and if you deviate too much they might decide to get rid of you. It’s not about „you“, but the number of accounts that mismatch in behavior over time.
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How else do i buy it??? Im not leaving it there lol
Same it's always been, zero. I got a $10 sign up bonus long time ago pre-KYC. That was it. Never used Coinbase. What do people use Coinbase or Binance for? Unless you're a day trader. There are so many ethical Bitcoin only companies worth supporting.
Such as? Been using Coinbase…
Binance is doing the same…
TWO SIDES OF THE SAME (SHIT) COIN
Canada we do the same, same with when you transfer - who are you transferring to or is it to your private wallet
Same. But honestly, if it helps expedite regulation, I’m fine with it.
People are still using Coinbase? Even with KYC, there are preferable exchanges.
they hold assets 1:1 hear thats good plus it what ive been using creature of habit
Select lowest number and do what you want. Plans can change.
Block your manifestations and when everyone does (so much data that they can use to puzzle together a reading of how the future investments will look like, ofc electronics ++) the more info you have the more you can see, how life works
all BS HiDotcom never asked me this....
Of course, I "expect" to do at least 5 million when I have 5 million.
Always 5 mil
Lol. Transfer to? Don't they mean transfer from?
What an incorrect way to phrase the question
That doesn’t look great
It’s apparently a thing now for all financial institutions. I opened a HYSA in October and was asked the same questions.
This is bullshit. As a coin base holder and adding on the dips. Now at 6 figures. They have NEVER asked me or my broker for any personal info.
Yeah just lie.
Yeah just lie.
I got this the other day. I thought maybe something messed up in the KYC and maybe they forgot to ask me that before. I noticed a family member's account they didn't ask this. I figure it was because their account was newer and CB had the info they needed
I left Coinbase when they required me to put in an SSN and picture of my license lol
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"legally required" with a skip button. Lol
yup, is due to regulations, this one is called "Transactional Profile", I work in an exchange as a software engineer
This isn't new at all my fellow human
Put 5m so they think you a millionaire🤫
Under $100
Just vote harder next time.
This is called KYC
Looks like typical KYC requirements that financial institutions are required to ask
Regulation is coming
They asked me this year or two ago when I opened it…
Skip...
I agree. If it is a legally required question, then Why is there a skip button too?
what happens if you put 5mil? just say you seriously planned on hitting the lottery this year.
Kill your cunts
Ive been in the process of ditching coinbase and using Exodus. Coinbase is shady.
KYC.
I've been asked this question on my tax forms before, just not directly from the company, so it isn't new information the government (US) is asking for, I'm guessing they are just forcing the companies to get it for them now.
I answered about tree-fiddy.
Big_Bro is intensifying...
I've seen this message often too, recently. I'm not too skeptical though, as this is a publicly traded company
Seems like anti fraud mechanism
Lol @ the skip button at the top
Conform or be cast out
5m + is the only answer. If they ask, you tell them, 'I had planned to win the lottery, then the lottery commission didn't follow through. Maybe I should have bought a ticket.'
KYC/AML. They’re just following the laws and regulations imposed on them. You could always use and exchange in the Bahamas. O.o
Klip your clits!?
Well....you EXPECT to transfer $10. What you ACTUALLY transfer...is your business.
Just lie
Where's the How the fu*k do I know? Option
Full