Paul Berg pfp
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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Corbin Page pfp
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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0 recast
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antaur pfp
antaur
@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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Catch0x22 (Key Opinion Lyncher) pfp
Catch0x22 (Key Opinion Lyncher)
@catch0x22.eth
Yup
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mk pfp
mk
@mk
KYC didn't exist for a very long time, and everything was fine without it.
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polymutex pfp
polymutex
@polymutex.eth
All the while destroying everyone's privacy in the process.
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Francesco Piccoli pfp
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 pfp
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 pfp
Leo
@leohenkels
What's a viable alternative?
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Na pfp
Na
@naaaa
The harder we try to prevent bad actors, the more we make the experience less enjoyable for good actors. More thought goes into preventing badness rather than rewarding goodness.
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naktsi.base.eth⚡ pfp
naktsi.base.eth⚡
@pantlordnonso
Well said. Mass psychosis is the word
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Blue Panther pfp
Blue Panther
@thebluepanther
yeah. it definitely is.
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Visheh pfp
Visheh
@visheh
Exactly... I can't understand the nature and necessity of KYC
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Ikan pfp
Ikan
@kodok
Great content!
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L3MBDA pfp
L3MBDA
@l3mbda
exactly
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DEEPLCHAIN 🔵 pfp
DEEPLCHAIN 🔵
@deeplchain
KYC feels like a false sense of security. People think it stops bad actors, but the truth is, it's super easy to bypass. So, while it looks like we're keeping things safe, it doesn’t always stop the real threats. It’s more about looking secure than actually being secure.
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Kake238 pfp
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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