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> Currently to get crypto on Coinbase or wherever, one needs to go through a crazy signup process where you deliver photos of documents that enables anyone who
by radu_floricica 5y ago
> Currently to get crypto on Coinbase or wherever, one needs to go through a crazy signup process where you deliver photos of documents that enables anyone who gets ahold of these photos to identify as you and use these to sign up as you on other places.
Really? I'd like to see a civil suit where an institution says I owe them money and shows a picture of my ID as proof of contract.
There are ways of signing legally binding things online (DocuSign for example, which AFAIK was actually tested in a trial in EU), but they have more sophistication than that.
- ArtTimeInvestor 5y agoThis is a misunderstanding. What I mean is this: If online companies require a copy of some document as identification, then this document you just copied and sent out to them can be used to identify as you when signing up with other companies. The old brick and mortar way was better: When you walk into a bank to sign up for an account, the bank now cannot walk into another bank as you. A new crypto way would be better as well: Instead of copying data for identification, sign a message cryptographically.
- radu_floricica 5y agoI understand what you mean. I'm talking about liability. Will they be able to make a revolut account? possibly (although if I remember correctly, they also had video identification, which makes it about as secure as a real bank, but let's pretend). But having an account as me and having me on hook for something are different things. Revolut doesn't allow borrowing. Most things that involve liability still have better security.
- atatatat 5y ago> they have more sophistication than that Go on.