If it was just about authentication then encryption as identity with a key pair would be more than enough and much harder to have taken over. But of course it isn't. It is about attaching as much data as possible to your true name the better to target, surveil and control you.
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/
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