The Need For Privacy
One of the other days I moved some funds from Binance. I made a few small purchases and they just piled up. And I wanted them out of Binance.
Besides these on-ramp operations, I haven't used Binance since... I don't remember when.
So, to me, the grilling I had to go through to be able to move my funds away from them is relevant for what is coming for on-ramping platforms, at least.
They wanted to know:
- where did I send my funds (another exchange, my private wallet, or a different platform)
- the purpose of those funds
- the full URL of the website where I sent my funds
I think there was another question but I forgot it.
We may assume that Binance was coerced to ask for this information to ease the tracing of everyone's starting trails in crypto. Maybe that's true, or maybe, like FB, they just want to know, and then use the information they collect for their own benefit.
I wouldn't disregard the possibility of a combination of the two. Start collecting the information after being pushed into a corner, and then think: Hey, we can use this stuff ourselves!
I for one am tired and sick of police states and of my data being collected, transmitted, and used by various entities (and therefore their employees). And I became allergic to requests for personal information, even if sometimes they are justified.
Have you ever received phone calls from whatever parts of the world you have no connection with? I did. Sometimes often. I don't answer, because I don't have time to waste on them. They either bought bulk personal information details on the black market or they hacked a site that contained such information themselves.
Since I'm talking about phone calls, here's another story, this time from my country. I was once called and texted persistently to "pay up my invoices". After the discussion I had via text with the one that had money to receive, I am pretty sure the guy who had invoices to pay gave a random phone number, in this case, and it happened to be mine. Obviously, I didn't pay.
Privacy is quite high among my concerns. High enough to believe it's a mistake to associate full names with wallet information, which sometimes happens on Hive. Even worse if there's something that uniquely identifies you (because people with the same full names are easy to find in a large enough sample).
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I wasn't asked these questions on Binance when moving funds out of it.
When did you move them and what did you move? I moved bitcoin.
I can't us Binance in the US. Sounds like that is a good thing. Thanks for sharing.
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Don't worry, I read in the comments, Coinbase is/was doing the same thing.
This is getting serious. I thought of this as much. Tge issue of personal data mining and selling is becoming a thing of concern.
You're right about receiving strange calls. This keep happening to me all the time, but like you, I don't pick or respond to such calls. The emails I use specifically for crypto exchange platforms are bombarded everyday with unsolicited mails which most hapen to be virus.
This hasn't happened to me to the same degree. Maybe they get trapped in the spam filters.
It could be so, it gets on my nerves sometimes.
Uh, that was interesting to read. Maybe that's where we're going until they come up with an automatic way to collect information in the future. Or rather, not collecting it, but processing it.
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So it's not like this is going to become less of a problem, we are just going to be bypassed and many will feel better again.
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It's just Binance complying with government regulations in your jurisdiction.
Yeah it sucks, but they're the easiest on/off ramps right now if you still want to be a part of the legacy system.
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Most likely. But that doesn't mean they won't use this information. Knowing more about where their customers go and what for? That can be used. Develop their own products, buy up competition, come with a temporary better offer, sell information to interested parties, etc.
At some point, I was running ads on olx using multiple phone numbers, and one day it just started, I was receiving calls almost every day from UK numbers and people speaking with an "Indian accent". Sometimes they don't even need to buy or hack anything for that info, if you just leave your info out there and especially your personal info, it's not that hard for them to just use a scraping script and collect all the data they need.
Some people just don't care on what website they are and what data they are giving away for FREE, and if something happens then of course they feel sorry but that's usually too late.
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It is possible. This kind of information (phone numbers) was supposed to be obscured though, but I doubt they give a damn about security. I'll have to check back on some of those sites and see where I still need to remove my personal details from.
They do give some kind of "damn", you're supposed to click something first and then the phone number will be shown but I've already seen on a polish forum some scripts that will get past that and the entire website can be scraped after...
Can't be bothered with exchanges.
I hope one day we can transact freely and anonymously.
Unfortunately, they are the main gate in for fiat.
I was asked the same questions on coinbase a while ago... it is a regulatory thing. If you use mandala exchange as opposed to binance... the harassment will stop. Mandala is binance without regulation... and they ask for no ID or KYC or intrusive questions about what you are doing with your funds.
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I have an account on Mandala. But it's not an on/off ramp, as far as I can tell. Only an exchange.
It is interesting how governments start by requiring information to be registered under the guise of "the war on terror," but it is not long before the companies realize that there is a big market for that personal information.
I use a VoIP phone line that I use for any company that requires a phone number. It is a line that I now have going directly to voicemail, and I get a text message notifying me of the message. I get hundreds of calls weekly on that line but only one or two legitimate messages. Most appear to be autodialers that do not leave messages.
Information collection is a huge business that does not appear to be going away anytime soon.
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Interesting method with the VoIP phone line. Yep, I agree, many of them are autodialers. I once experienced a storm of such calls. I had to put up with 40-50 calls in a day. They used all sorts of techniques. Called from different numbers, so I couldn't block them, something like 5 minutes apart. Really annoying. I just moved the phone to another room and let it ring.
If the VoIP phone lets you set up a custom ringtone (or even a default ring tone), make one which is silent.
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I do that with my smartphone too, when I get unwanted calls. :) I let it ring 'silently'.
It's kind of annoying every time we withdraw from Binance to fill in those kind of questions.
Yes, we need to take care of our personal information. Maybe this is something much people is not taking the time to understand the implications and dangers.
Thank you for sharing!
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I agree. Surveillance went to another level. And they want us to know about it.
I don't use Binance because I am in the US but it just looks like they want more and more information. I dislike it but the exchanges are the fiat on and off ramps.
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Personally, I wish I'd never had to use them again.
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Privacy is very important to me and my husband as well. We don't answer the phone either. I love caller id because unless we know the name and number that comes up when the phone rings we don't answer the phone. All that data mining is more than a nuisance. It's intrusive and doesn't serve us, the people whose information they are taking and using.
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It's really bad that it has gotten to this. For phones, in particular. Because there are alternative means of communication, the youth especially uses them instead.
It really frustrates my father who is 91 and LOVES talking on the phone. But he loves talking in general. 😂 He doesn't get that most people, especially youngsters, prefer to text.
Have a great day.😀
Preach! Privacy is extremely important. Binance is a criminal enterprise parading around as a globally-accessible (just not in the US) cryptocurrency exchange that uses its own token, BNB, which was sold to the public in an illegal ICO, to pay for transactions on the Binance Smart Chain, as well as selling all manner of scam coins and ponzis.
They stole $500 from me in BTC that was bought below $20k, and this was when BTC was over $50k, so I missed out entirely on the profit. They will get their day in court, eventually, I just don't know when. They're super scammy, and I avoid them at all costs (the exchange). BSC is even more centralized than Solana, so it's hard to use in confidence, because there's so few nodes to begin with.
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Well, what do we expect? One of the few "mega-corporations" of the new world doing... corporate stuff.
Hence why we must use alternatives to give us control! Hive is just a solid foundation to build on
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Yes, it is.
I also like Session & Lokinet (built on the Oxen blockchain), Alter DApp (built on the Secret Network), Shade Protocol (also Secret Network - developing privacy-preserving software), Monero and THORChain
Of those, I have a little stake in Thorchain and the Secret Network.
Oxen is a hardfork of Monero, very fast and cheap to transact with, and I assume the team at Session is gonna be integrating in-app P2P payments at some point.
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