KYC is probably the number one cause of fraud that has ever existed. I don’t have the data to prove this, but it just makes sense.
Discussion
If someone held your family at gun point and demanded x amount of bitcoin, you hand it out. Wouldn't you like to know the names of those people when they go to cash out 😅.
KYC is not helping the little guys. It's asset protection for the big guy.
I still don't like kyc tho😆
It's about surveillance. When it comes to capital controls/sanctions and some form of financial repression (e.g. yield curve control for govt. Bonds) they need to know where the money is, who owns it.
The only way to end fraud is to end KYC, think about it this way: "Is it possible to hack my bank account?" Yes. "Is it possible to hack my Bitcoin cold storage?" Not really.
There's your answer.
Because the data gets leaked?
Religion/Fiat (the VR we work in with global real stakes) is the biggest fraud by scale (so far). I think KYC is far more disingenuous.
Religion is a net positive across time IMO, albeit a civilizationally retarded one in the literal sense of the word. There are other more direct, less abstract ways to progrwss human affairs. Though they may be more difficult (slower).
That’s why I like DEX 😋
I know some hackers that could get you the data. 😏
KYC ultimately requires infinite invasiveness. Each time there is a leak that amount of data is no longer sufficient. Add another bit of KYC and repeat forever until every possible detail about every person is public.