I set out to write a piece on why KYC is good, and after researching, I realized it's fucking horrible.

What a turnaround. I started writing a piece about why we shouldn’t mind KYC unless we’re criminals, and through my journey, I realized I was totally wrong.

First, there’s a data breach; once a hack happens on all KYC data, the amount of info they will get would be astounding. They could literally take your ID and sell them to identity thieves if they don’t use them themselves.

The second is that all of that information you supply can be used against you without a warrant. Of course, if you are not a criminal, you think you have nothing to worry about. But there are more instances than not of people being wrongly implicated in crimes.

Third, people have to go through a lot of fucking shit to provide the necessary assets for KYC, and some people don’t have the means to do that.

This was definitely a lesson in DYOR for me. A total turnaround in viewpoint.