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L0la L33tz 6mo ago

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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Discussion

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ODELL 6mo ago

i know you know this but worth reiterating:

these schemes are not designed to stop fraud or crime, that is just the excuse to sell them, they are designed to control people

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BottleTeams 6mo ago

Imagine walking into your corner store and having to create an account and show an ID just to walk in.

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Vveerrgg 6mo ago

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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L0la L33tz 6mo ago

Thank you for mansplaining this to me, I would have never guessed

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Vveerrgg 6mo ago

Balancing the argument. Thank you for raging on why KYC sucks from a consumer perspective.

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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.

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21 Stackage 🦡 6mo ago

The people who need to hear this the most are the brainwashed jannies who think that auditing and regulation can solve foundational flaws or revise a system to do anything other than 'what it does'

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MoneRogue 6mo ago

KYC = Know Your Criminals

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sister_sam 6mo ago

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.

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zhou caixu 6mo ago

Digital ID won’t stop fraud, but a yacht for sale might distract me enough to forget about it. https://www.yachttrading.com/

At least yachts don’t ask for my retina scan.

KYC my anchor, not my identity.

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MindMining 6mo ago

Exactly