I remember Dan Larimer - when he was still at EOS - launched with big expectations a Twiter-like(?) platform that required KYC.
In the meantime, Dan Larimer is no longer at EOS, EOS is hardly what it used to be, and that platform is not the social media platform he envisioned, instead one for NFTs, still requiring KYC on withdrawals (they say upfront at signup you need KYC if you want to withdraw money).
Governments surely love KYCs, AMLs, and all these 3 letter words that enhance their surveillance capabilities. Hackers too, for the wealth of information they can get their hands on.
I believe it's been a few years since I went through such a process. I avoid them because I consider them degrading in the first place. The KYC process started to resemble more and more with being taken a police mug shot front and side.
The last time I went through one of those (maybe I didn't even finish it), it went something like this:
- you send copies from a bunch of documents, including your passport/ID or something equivalent
- you were taken a picture holding your ID (you deserve it, you thief, what if you send the picture of someone else's ID?)
- you were taken head pictures all by yourself (front, turn your head left, turn your head right, no behind?)
What am I saying mug shot? This is much better! Police should get upgraded, they are in the stone age! KYC kicks ass. When will a fingerprint be required? But that's old school. When will DNA be required for KYC?
Of course, if you are the subject of the KYC, you may start to think what is the difference between you and a criminal? I know: you are the criminal they haven't caught yet.
Here's the interesting part: you, as a mostly honest citizen, are much easier to catch than a real criminal.
Why risk trying to catch real criminals, when they can have a full world of potential criminals to monitor?
Hmm... I wonder if you guessed I'm not really fond of KYC. :)
Are you?