Comment by kragen
13 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.
You... want to replace KYC with iris scanning stations?
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.
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.
We're not allowed to say this but hashed biometrics with proof of liveness is probably the strongest authentication.