S104: KYC vs KYV
TALK-THE-TALK | TECHNOLOGY SERIES | 11-JAN-2025
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TALK-THE-TALK (EP 16)
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NEWS
my love goes to people in Los Angeles. caught up in the fire spread. May God be with them.
Hal Finney: on the 11th of January, 2009. he tweeted. "Running Bitcoin" When Hal Finney, a renowned computer scientist and one of the earliest Bitcoin adopters, tweeted "Running bitcoin" on January 11, 2009, Bitcoin effectively had no market price. At that time, Bitcoin was in its infancy, and the concept of trading or assigning monetary value to it hadn't been established yet.
The first recorded Bitcoin transaction with an assigned monetary value occurred later in October 2009, when 5,050 BTC were sold for $5.02 on the BitcoinTalk forum, valuing Bitcoin at $0.00099 per BTC. Hal's tweet marked the beginning of Bitcoin's journey as an experimental idea, long before it had any market value.
KYC & KYV
this morning, as i begin to think about today's topic, KYC vs KYV, i wondered what must have lead to the concept of KYC/V in the first place. apparently, there was some bad people that was depositing a large amount of money to swiss bank in 1970, they now from there finance different crimes like terrorism financing (what we are saying is a group of men were had money to buy guns, enter into a secondary school and kidnap 276 girls in chibok to make a statement). and legitimate the rest.
when the group of investigators who uncovered the story traced the money, it was coming from anonymous account in swiss bank. this lead to the introduction of Bank Secrecy Act (BSA), with one major objective, "shine light on anonymous banking".
and after two planes fly into North and South towers of world trade center in the US, and a 3rd plane fly into pentagon. BSA became more strict.
but Bitcoin came back to introduce the same pseudonymous banking. this leads to the question of this week.
then when you take a flip side to this, people are always of the narrative that people who sells things need to know about their customers, what about me, don't i need to know the vendor that sells to me. it brings us to the poll of today's conversation.
Remember the rules
Engage the polls, engage the comment section, and show reactions so we can all have a wonderful experience today.
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Some key points to discuss today are
the essence of KYC?
The comparison of KYV?
Using KYC & KYV to your advantage?
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Shall we begin?
Session 1 - 10Mins
What is the essence of KYC
Why should i comply with KYC?
How much should you reveal in KYC?
steps to doing KYC in web3?
what is the state today
what will be the state tomorrow
Session 2 - 10 Mins
The comparison of KYV
why KYV in the first place?
is KYV necessary for a vendor to consider?
Interlude - 5 Mins
Read comments and poll update,
ask few speakers questions about the question of the day
Session 3 - 10 Mins
Using KYC & KYV to your advantage
Having done KYC, does it mean you can't transact anonymously?
How can KYC be sustained in the web3 era.
Ensuring that vendors do KYV
Comrade of the week
all medicine are poisons, but your job is to
Conclusion
If you don’t believe me or don’t get it, I do not have the time to try to convince you, sorry! -Satoshi Nakamoto (July 2010) Price of bitcoin: $0.08
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