Which is such a lame and flawed mechanism to avoid letting them access anyone's data. I mean what are you even trying to prove here? That banks care about customer's security when they can't even implement a secure 2FA which is not just an unencrypted text message
“Give a man a gun and he can rob a bank, but give a man a bank, and he can rob the world.”
That there are more options than holding your hands up and arguing the company couldn't have done anything further in terms of implementing effective controls.
CS can validate without knowing the details, the same way you don't enter a password and then check to see if that matches the password in the system.
The fact that they keep blaming overseas customer support is pure blame shifting - you still hired someone and gave them access to all this data, Coinbase!
The question was about customer support. AML and KYC regulations do not require that customer support persons know your PII. That can be kept firewalled from them.
Isn't the whole point of crypto to keep PII out of it completely? If not, what is all this non-sense for exactly, other than the typical goals of pyramid schemes?
The main point of crypto IMO is to have a large-denomination bearer asset.
This is overlooked most places but if you examine around the time the FATF finally pretty much eliminated bearer bonds, bearer stocks, and large bank notes was exactly the time crypto really took off.
It's simple. They want to centralize crypto and dickheads like armstrong are happy to be in line to make that happen. Just look at tether, what's the point of it? It's nothing but a front for inflating the price of bitcoin. It has NEVER been audited and has been found to NOT have any USD backing at all
You know how your bank asks you to verify details when you call?
Without the right details the customer support people don’t get entry into the customers account details.
Banks have been doing this for 30+ years..
This also wouldn't be particularly difficult to implement.
Which is such a lame and flawed mechanism to avoid letting them access anyone's data. I mean what are you even trying to prove here? That banks care about customer's security when they can't even implement a secure 2FA which is not just an unencrypted text message
“Give a man a gun and he can rob a bank, but give a man a bank, and he can rob the world.”
> I mean what are you even trying to prove here?
That there are more options than holding your hands up and arguing the company couldn't have done anything further in terms of implementing effective controls.
CS can validate without knowing the details, the same way you don't enter a password and then check to see if that matches the password in the system.
The fact that they keep blaming overseas customer support is pure blame shifting - you still hired someone and gave them access to all this data, Coinbase!
Where do you see blame, this is a fact and it's relevant.
If they didn't say this, there would be pitchforks out about not giving enough information.
We don’t know if they had access to everything. They got data for “less than 1% of monthly transacting customers”.
A shared or hashed secret would do it.
Plenty of exchanges don't know their customers, and in fact that is how they get their customers.
No. Coinbase deals with fiat money, therefore subject to AML and KYC regulations.
The question was about customer support. AML and KYC regulations do not require that customer support persons know your PII. That can be kept firewalled from them.
That's not related to customer support, though. It's more like customer surveillance.
1 reply →
Isn't the whole point of crypto to keep PII out of it completely? If not, what is all this non-sense for exactly, other than the typical goals of pyramid schemes?
The main point of crypto IMO is to have a large-denomination bearer asset.
This is overlooked most places but if you examine around the time the FATF finally pretty much eliminated bearer bonds, bearer stocks, and large bank notes was exactly the time crypto really took off.
this? https://www.investopedia.com/terms/b/bearer-instrument.asp
1 reply →
Coinbase is a bridge between digital currencies and the traditional world.
Unfortunately government regulation does not make that possible for exchanges. It also is not the point of crypto.
Not if you are dealing with a regulated exchange that facilitates fiat money transactions.
You can receive crypto privately to your own wallet without sharing PII, without any exchange.
The PII is required by governments, to convert crypto money into real money.
It's simple. They want to centralize crypto and dickheads like armstrong are happy to be in line to make that happen. Just look at tether, what's the point of it? It's nothing but a front for inflating the price of bitcoin. It has NEVER been audited and has been found to NOT have any USD backing at all