Replying to Avatar Vveerrgg

You’re mistaken protecting you from a company protecting their own liability.

The industry agreed on a level of compliance… they price the cost of fraud in … and leave the rest to the authorities. It never has been about solving fraud … it’s about protecting their intent.

Businesses don’t intend to enable crime … so KYC places the intent on those who falsify identity. And protects the company from prosecution.

EXCEPT WHEN THEY ENABLE CRIME & DONT LAWYER UP.
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youngMoney 6mo ago

If you think that kyc helps more than it hurts, you should get more knowledgeable about it, everyone it effects etc

Unless you are a totalitarian government or think that’s a good idea, it’s overall a negative thing. Period

Do some homework

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Vveerrgg 6mo ago

Depending on your government … your position on paying taxes, access to social system that fosters personally relevant trust, and ability to have a property address. Yes.

From this side of the screen KYC is a good thing. But I also fully recognizing that in our current world … this is not the norm.

KYC can be weaponized against the disenfranchised … which is why Bitcoin & Nostr matter more now than ever.