Digital IDs cannot solve KYC fraud, ever.
Users already sign up with data that is stolen from KYC databases, generated with AI, or sold to them by verified users.
If a guy will sell me their verified Coinbase Pro account, you can bet your a** they’ll sell me the keys to their personal eyeball app.
It does not matter how much “verification” you’ll attempt to slap onto this system, because the system *itself* does not work.
KYC is a scam that *enables* financial crime at the cost of all of our privacy.
Read: 31 Reasons Why AML Is Retarded in this week’s newsletter 👇
https://www.therage.co/rage-weeky-022-31-reasons-why-aml-is-retarded/
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.
Thank you for mansplaining this to me, I would have never guessed
Balancing the argument. Thank you for raging on why KYC sucks from a consumer perspective.
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
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.
