Post
Topic
Board Hardware wallets
Re: Ledger Recovery - Send your (encrypted) recovery phrase to 3rd parties entities
by
Synchronice
on 02/06/2023, 19:47:27 UTC
What is the actual problem in KYC? The fact that your identity is revealed to some 3rd parties or the fact that your bitcoin address is trackable?
The main problem I have with KYC is that I have to trust them for doing the right thing, while many companies (and governments) have leaked private data in the past. This will happen again. At least if they don't have my data, they can't leak it. And this scenario is already undesirable even if the company doesn't do bad things with the KYC data on their own.

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your data is never safe, tons of people already have access to it and still you have to reveal it many times in real life.
All the more reason to share this data as little as possible. I've closed bank accounts because they wanted more data than I want them to have.
You can't live in this world without revealing your KYC documents. House/hotel/car rentals, you need to reveal your KYC documents to get medical help, visit a doctor, get prescribed meds (if any). You have to reveal it to start work. I mean, there are many cases where you have to reveal your KYC documents and we can say for sure that our data isn't as protected as expected but still it's inevitable to give away all of these info. So, let's assume our data has been leaked, what's the point of rejecting other services that ask for KYC? Or do you hope that while your data was leaked, there is a chance that it got removed or lost and no one holds it? Or do you hope that it will be in hands of some people and isn't public? I mean, is your aim to keep this number of your KYC holders as narrow as possible?

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Also, isn't it easy to remove watermark via photoshop?
Probably. A blue pen on a black and white copy shouldn't be that hard to remove digitally.
Of course it is Cheesy Btw passports and some id cards have a lot of patterns and when you try to remove watermark from them, you can mess up with it but if one digs deep into pixels, can really do wonders.

The solution is simple - avoid any platform which requires KYC.
Life gets very hard if you do so, especially if you actively travel. But probably that's the price of privacy, just wonder how long can one keep living in such a discomfort.