246 sats \ 2 replies \ @SirGalahodl 16 May \ parent \ on: Ledger is offering an ID-based key recovery service bitcoin
Shamir Secret Sharing: "the secret cannot be revealed unless a quorum of the group acts together to pool their knowledge"
Guess what? The quorum does not include you.
Not only that, this is a KYC service that requires government-issued ID to use.
š© Upload your keys to a trusted third party.
š© Submit government identification.
This goes against everything the bitcoin community has spent years building.
Might as well save yourself some trouble and use a custodial software wallet.
This. Government ID KYC already excludes millions of people from banking, credit cards, Paypal and Western Union. If the state refuses to print ID for you, there is no way to pass KYC, even if you wanted to. Bitcoin is the only option for digital payments that doesn't require ID.
Right now it is an "optional" feature, but an "optional feature" may become mandatory in the future... In 2018, many exchanges had optional government ID KYC (to increase trading limits), until it suddenly became mandatory for everyone, which meant that users were locked out of their accounts and lost their funds. Shotgun KYC is theft.
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