A lot, a lot of talk about the use of KYC / AML procedures lately (unfortunately). I will not try and discuss (too much) why it's bad, but rather why “a stick can be dangerous in the hands of a monkey”.
First is first, not many people even understand that personal data is a huge centralized financial asset. It's a surveillance system. It's also a violation of a simple right. Privacy and freedom.
Second of all, is that not many people realize that up to today not a single company (and I am talking governments, institutions, CIA etc…) has not managed to store data safely. All of “them”, lost it, and revealed it, over and over again (whether on purpose or not). This essentially means, that - storing personal data is not secure. It essentially means, that giving away your data is practically hacking yourself.
And now the so-called “resume”: try and think for a second of the number of crypto startups, exchanges, pseudo-banks (they all a scam, but those are even worse)... that ask you to (or responsible for) go through KYC / AML procedures. Do you honestly think that they can safely store your data? And I'm not even talking about the disaster of KYC itself. Bollocks with it for now. Do you really believe that startups, run by 15-year-old boys and girls can safely store your data? Just do yourself a favor and think, where will your data end up, the next time you go through a KYC process with a startup =)
In code we trust and may the code be with you: https://blocksult.com/
Do you think we have to go back (or forward, inovating with old style) and do with personal data what we do with our home door (physical key and not non friend shareable)?
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I truly believe that everything is dependent on "the case in question". But I honestly don't trust crypto startups (even being a crypto maximalist), with my data, seeing how they evolve.
But theoretically - yes. (In my opinion) Its better locked then shared.
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