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Comment by dowager_dan99

14 hours ago

Let's hear you repeat this position after your Coinbase account is compromised and you're looking for recourse.

5 comments

dowager_dan99

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kragen  14 hours ago

You seem to believe that AML/KYC regulation exists to benefit customers or to prevent or recover from account compromises. It does not, and I have no idea why you would think it does. Something like a Yubikey or iris-scanning stations could help to prevent Coinbase account compromises, but AML/KYC regulations do not require or even encourage them, though perhaps someday they will.

  • ceejayoz  13 hours ago

    You... want to replace KYC with iris scanning stations?

    • kragen  9 hours ago

      It has real drawbacks, but I wasn't talking about what would be a good idea; I was talking about what would be a useful measure for preventing or recovering from account compromises. Iris scanning would be; KYC isn't.

    • coolcase  10 hours ago

      That is know your eye, not know your customer.

      Yeah I know eventually these will be linked by some data broker and will meld into the same thing.

      But I compare it to using a fingerprint to unlock a password manager on your phone. That ain't KYC.

    • wmf  11 hours ago

      We're not allowed to say this but hashed biometrics with proof of liveness is probably the strongest authentication.