1/9) There is a scam bigger than any other scam in crypto: KYC/AML
(Know Your Customer, Anti-Money Laundering)
(Know Your Customer, Anti-Money Laundering)
2/9) KYC forces banks, businesses and startups to spend billions of $ tracking every single financial transaction
3/9) KYC keeps billions of people unbanked – it hurts the weakest people and countries in the world
4/9) KYC creates untold billions in opportunity costs, in innovative services that are never developed because they don’t fit the regulatory mould.
5/9) KYC is a massive violation of privacy and creates huge honeypots of private data in millions of databases that are regularly hacked
6/9) And for what? The proponents of KYC – the financial, global big brother – justifies all this cost by saying that it prevents crime and terrorism
…but is there ANY proof that it is effective?
…but is there ANY proof that it is effective?
7/9) How many studies or cost-benefit analyses have been performed to prove they are effective? How many have the supporters of KYC even commissioned?
The answer is ZERO.
They don’t have proof. They don’t want proof.
The answer is ZERO.
They don’t have proof. They don’t want proof.
8/9) If there was a crypto project burning as much cash as KYC practices do, and no one knew if they were actually delivering on their promises, it would be called a SCAM
9/9) And you know what happens when a scam is successful? The scammers start a new one:
Cashless Society.
But that’s a rant for another day.
Cashless Society.
But that’s a rant for another day.
