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0 sats \ 0 replies \ @davidw 4 Mar freebie \ on: Chainalysis Estimates 0.34% of On-Chain Crypto Activity is Illicit charts_and_numbers
And yet their business is convincing entities it is higher than it is. So that they need to use their services.
This is more for KYC than chain surveillance but… the scale of inefficiency and misallocation of human capital to this stuff is insane. In traditional banking too.
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- Imagine if you were an organic farmer at a market, quizzing customers on where their dollars came from.
- Asking clients for their phone number, address, income etc, holding up the line for everyone else wishing to buy their produce.
- Just in case 3.4 of those 1,000 customers from any given month, might have at some point in recent history used your tomatoes to mix with other tomatoes.
- You’ve employed whole new teams of staff to process those customers instead of growing your farming business and producing more food, increasing other employee salaries or retiring sooner!
How really did we get here? Someone should dig into the origins and growing inefficiencies of KYC, which is now becoming chain-surveillance. The ROI: measures vs results seem to only be getting worse.