Coinbase wants to know how I am getting money - what do I do?

Coinbase just sent me an email asking for my current employer/job. I don't have a job that can fund me for the amount I was buying. What is going on? Has anyone else experienced this? I do not sell drugs anymore so am not paranoid that they will catch me for that, but am wondering what is the worst that can happen.


Comments


[25 Points] eucryptic1:

Tell them you keep your savings in cash and do not trust banks. Better yet tell them you have stacks of gold and silver bullion and you are independently wealthy and presently self employed and it is none of their god damned business how you accumulated your stores of wealth and that any further questions on your character will be construed to be harassment and will be referred to both the states attorney office and better business bureau.


[7 Points] justwonderrinng:

Tell them you sell drugs for a living and you're buying bitcoins to purchase more drugs.


[5 Points] Blandysandy420:

You do porn camshows and people pay you in bitcoins


[3 Points] GenericName121:

They ask this? Wtf?

Dude just go to Circle. The next best choice.(Well I think its better than coinbase). I mean its entirely possible that Circle will ask the same question, but I've never heard of them doing that.


[2 Points] RosyPalm:

...what is the worst that can happen.

If they aren't satisfied they'll close your account.


[2 Points] Tuffy121:

Tell them you're A self employed "Artist". A Artist does not even need to pay taxes at all or anything.


[2 Points] 2cbking:

I think people tend to over think this. I agree, i think its totally bullshit they ask stuff like that. They says its part of KYC and and other financial regulations. Its retarded and none of their fucking business with your money or BTC came from. Sounds like you use them to buy BTC, for others its the other way around. You have alot of BTC that you want to trade on the exchange, as well as sell for USD. This wouldnt necessary work in your case, but when they ask the source of the BTC one can come up with all sorts of reasonable explainations for having it. You mined it. You mined it back in the day when no one was using it and it was worth almost nothing, and forgot about it until going through old files and found it, your currently mining it, whatever. They just need some answer, I dont think they really scruitanize it that much, because really, they have no way to. Dont act shady or nervous, and people dont usually put a whole lot of thought into you or what your upto. In the case of cash your turning into BTC, tel them you a consultant, IT or something, something that brings in currency but without much of a paper trail. THey cant and wont ask for a papertrail. Tell them you decided to sell your baseball card colection that was worth a shit ton. Whatever, it doesnt really matter, cause like I said, they dont really care. They just want to stay on the good graces of the law by saying they put in some KYC effort and were not openly pandering to criminals. Honestly, its not to different then its ever been when trying to hide illicit income. Come up with some plaucible excuse for having money that cannot be verified against some records somewhere. Tell them your investing, your moving your savings (that you kept in cash cause you dont like banks, or you had in gold that you liquidated or whatever) into bitcoin because you think it is poised to take off and make you a bunch of money. Whatever. I cant recall having to provide anything but identity proof and simply answering the question about the source of the funds. No further proof of where they came from necessary, and they couldnt expect any, because tere is not always some papertrail to back up having money. Think about it, come up with something good, and stick to it. Maybe one day we dont have to put up with this bullshit, because it kind of defeats alot of the purpose of bitcoin, but for know we do. Coinbase is taking it too far though, was just reading about them asking for social media account info, i mean wtf. BY law they dont need any of this shit from you, just ask you basic questions and verified proof of identity. But for whatever reason, they are taking there KYC to orweillian levels beyond what is actually required of them by regulation


[2 Points] DabloEscobarGavira:

It's just KYC, you can tell the truth, it's just a form that will never be read.


[2 Points] justwonderrinng:

You should just tell them you're an entrepreneur building a new kind of dildo for Bailey Jay and you're dead fucking broke but every now and then a horny angel from Silicon Valley gives you some money to complete your vision. They'll buy it.


[1 Points] DarkDickMarketplace:

Just use cash deposit on localbitcoins


[1 Points] lordredvampire:

use exchanged.i2p on i2p - no fees.. we just need MORE BTC sellers.. so we can get more buyers. Hence its a darknet exchange service. Fuck clearnet exchange service.


[1 Points] FecalPostingNutsack:

Tell them to go fuck themselves, if they don't want your business, you'll find another company that does.


[1 Points] SirFoxx:

Tell them you own an Import/Export business and also own part of a Waste Management company. That should do it for you .


[1 Points] None:

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[-1 Points] None:

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