L0la L33tz's avatar
L0la L33tz L0laL33tz@cashu.me 7 months 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 👇
The Rage
Rage Weekly 022: 31 Reasons Why AML Is Retarded
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Replies (5)

Vveerrgg's avatar
Vveerrgg 7 months 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.
2 replies ↓
Vveerrgg's avatar
Vveerrgg 7 months 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.
sister_sam's avatar
sister_sam sister_sam@primal.net 7 months 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.
Hazey's avatar
Hazey hazey@iris.to 7 months ago
KYC is the illicit activity
L0la L33tz's avatar L0la L33tz
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 👇
The Rage
Rage Weekly 022: 31 Reasons Why AML Is Retarded
Rage Weekly is a weekly linkdump bringing the best content on financial surveillance and beyond directly to your inbox. Subscribe for free or read ...
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