In today's edition, of YIYL, (You Invest, You Lose) we take a break from all the monetary issues for once and take a look at a process that I've always felt is only a lose-lose operation and that is the process of KYC and AML.
Now normies, statist cucks, and corporate simps will tell you that KYC is for your protection, we need to know what you are doing with your money. We need to remove your financial privacy so that criminals won't want to use this service because they would not want to get caught.
Yeah right!
KYC only applies to law-abiding citizens because only they would abide by it, its there to ensure that you're paying your fair share of taxes and it's there to ensure that if ever you become a persona non grata, that you can be found and cut off from your finances that's it.
KYC is a danger to you
KYC is not only an invasion of privacy but it can be a security threat too, financial institutions are not infallible and their data can be breached, when these lists are secured they are sold to hackers. They use these email addresses and phone numbers as ways and means of phishing users or try to secure their accounts and access the money from dox'd data.
KYC not only leaves you open to digital attack, but physical attack, if your balances are dox'd too along with your address being public.
KYC also paints a target on your back for those who want to misuse your identity to access other accounts. It's really a poor practice that offers very little upside and a large downside and has a track history to prove my claims.
Criminals don't use KYC
While the government claims KYC is for your protection, and to keep criminals out of financial institutions to avoid money laundering, let's look at how well that works.
Criminals aren't dumb, they're not going to hand over their details and are willing to throw others under the bus and have the cash to do it. Criminals pay what is called "KYC actors to run the verification for accounts they plan to use. These actors earn small amounts for each role with some making as low as $8. While the average ID doxer can earn between $20-$30 per deal.
The actors were mostly from developing countries and can be found marketplaces had a major concentration in South-East Asia, so your India, Philippines, Thailand, and the like. These people have no interest in crypto or shitcoins, they're just happy to secure a little income and are willing to trade their ID for it.
Once the criminal has the various KYC'd accounts they can fund money strategically into the exchange and then buy bitcoin or stablecoins and from there withdraw it on-chain and basically wash that clean cash to be spent somewhere else.
CertiK claims that over 500,000 members were found to be part of these KYC account selling and discovered that over 40 websites had run such fraudulent ads for this service.
So tell me, what is the point of KYC and why are we still pretending like it works?
Sources:
Have your say
What do you good people of HIVE think?
So have at it my Jessies! If you don't have something to comment, "I am a Jessie."
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It is the same with gun laws. Every now and then governments try to restrict more the availability of them, "to protect the people and prevent crime", as if the criminals not anyway use illegal guns.
That is true and then the centralised forces lets say the police have every incentive to be corrupt, either through direct force or selling that force to the highest bidder
I believe soon we will realize KYC is connected to the social score credit, and also with the greed of Govs to tax every citizen using crypto. Data and transfers.
Very likely which is why its so important to support P2P exchanges and help bring down the premiums on these sites
Can I ask...I know that a while back, a few months ago, some friend from Hive recommended that I should use P2P decentralized exchanges instead of Binance. Which one should I use? Which one is better in terms of bringing my fiat slowly in Hive without Binance or others that use KYC? Thank you so much if you intend to answer me. It means a lot so I can put my money safe in crypto.
Let's talk about Binance:
Read about it here
Ionomy, HitBTC, and Bittrex have always credited my account when there was a mistake in the memo after communicating with support.
There are no P2P exchanges for hive, you would need to buy bitcoin, its the only P2P market with any real liquidity, you can use something like Paxful or robosats to buy bitcoin for fiat and then from there you can do what you want with the bitcoin
Thank you, I will make sure to look at both markets and see from there what I do next. Thank you for taking the time to offer me feedback. Have a good Sunday!
Ya for sure these aren’t in our best interest at all, as usual lol.
Posted Using LeoFinance Beta
Why do you want to be an anon? What have you got to hide? Terrorist!
how is life? ... r we coming out of the bear at last?
just logged back in here ... since i quit twitter and my crypto discord is nearly dead i got no chatter, haha
peace
Life is good and your side?
I doubt we are out of the bear market, there will always be bear market ralleys but they are short lived and they will get crushed, nexo and dcg are on the brink and they would fall over at anytime
Lol the altcoin shills are really feeling the pain, and nature is working its way out
i thought my 'future' was set, but job was only short-term, so i'm back on the street, but otherwise stable. hv a good one
nexo and dcg, hmmm, ok
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