A new post. I hope it starts a conversation :-)

A new post. I hope it starts a conversation :-)

https://generative-identity.org/when-dedication-to-decentralization-undermines-it/

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Yes, when I ran NOCHEX 20 years ago (UK’s PayPal before PayPal was available in the UK) we did secondary KYC (random deposit into bank account), but only after lengthy consultations with the appropriate government department.

But it’s not so much about the institutions that have an obvious regulatory requirement today, but all those that just decide it would be ‘cool’ that they can now just ask at negligible cost. Pollution.

also ironic that reusable kyc startups often struggle as institutions won't rely on third party kyc even if they can legally.  Maybe that is timing but it doesn't matter as with crypto we all own our own bank so we need to do kyc on others.

thought provoking piece thanks @sheldrake.  I put a lot of stock in users having agency over this data and fact that you have to look at transactions the other way around - ie before I pay you, I need to know who (or what) is behind that wallet address. This does have to be developed responsibly.