Paul Berg
@prberg
KYC is a form of mass psychosis where everyone thinks we're preventing bad actors from doing bad things but in fact we aren't
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Catch0x22
@catch0x22
Yup
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Corbin Page
@corbin.eth
@pmarca’s anarchy-tyranny: it punishes the good actors and doesn’t really stop the bad actors.
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↑ antaur ツ
@antaur.eth
one of the worst experiences online these days. Just experienced setting up a Revolut biz account in the UK, took 2 weeks with all the hoops.
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mk
@mk
KYC didn't exist for a very long time, and everything was fine without it.
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polymutex
@polymutex.eth
All the while destroying everyone's privacy in the process.
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Francesco Piccoli
@francescop
yes and no. You're putting additional obstacles for bad actors at the expense of user experience. Sophisticated bad actors will still get around it, but you're probably also deterring a long tail of smaller malicious activity
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Zeen Train
@zeentrain
Currently, we mostly just catch low brow criminals through current BSA systems Larger schemes are so much harder to capture because of information overload and lack of access to key data by the government
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Leo
@leohenkels
What's a viable alternative?
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Kake238
@kake238
How KYC is done today is in no way optimal. And the most sophisticated actors seem to get away. Although I do see the need for KYC and AML to stop bad actors. SSI, self sovereign identities, could be of good use here. That way users have control over their data, only sharing what is needed and with who they wish.
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Visheh
@visheh
Exactly... I can't understand the nature and necessity of KYC
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