Facial Recognition Can Help to Come Out from Bitcoin Social Media Scams

[Pegiz]

It's cool that you can secure your funds in this way, but it would be justified if in reality we were talking about large amounts.

[20kevin20]

Oh, come on. Facial recognition will not make people avoid SM scams. If Twitter users were fooled so many times by non-verified fake Twitter replica accounts, then I doubt they will not fall for non-facially recognized future posts.

Facial recognition is more dangerous than it sounds. You're verifying biometrical information on a server. I hardly believe there are no ways this could be wrongfully used through breaches and exploits - identity theft would pose an even higher risk. From both a security and a privacy standpoint, pushing facial recognition like this means you would not have any more credibility unless you verify yourself either - so you're basically forced to do so, if you want someone to trust you.

Those who've been fooled by all those obvious Twitter and YT scams have learned their lesson and new Bitcoin users will pop up falling for future scams as well. It's a cycle we can't put an end to, unfortunately - and we have to accept that. While I obviously agree with ideas that may help with scam detections, let's just not push for even more privacy intruding features under the name of lowering the amount of scams.

[verita1]

It is completely true, security could be 100% effective but a data would be created where it would be affecting privacy and decentralization. The article does not mention how to protect privacy and who will have control of the data. That would be a point against but the proposed system would solve the problem of online scammers and especially of Bitcoin and cryptocurrencies.

[Coroline]

It is completely true, security could be 100% effective but a data would be created where it would be affecting privacy and decentralization. The article does not mention how to protect privacy and who will have control of the data. That would be a point against but the proposed system would solve the problem of online scammers and especially of Bitcoin and cryptocurrencies.

Hasn't our data been on the cryptocurrency exchange all this time?
We take a small example of our lack of concern for privacy, I have a BTC wallet, then I want to sell my BTC on Binance, as a condition of transactions on Binance, we have to verify our personal data in order to withdraw, so from here our data is actually already revealed. Then is there anything that should be done to protect our privacy?

[semobo]

Facial recognition and biometrics will not help you to stay away from scams only common sense will do that.When you see someone offering bitcoin double schemes then it looks to good to be true so never waste your time for such airdrops and giveaways.Anyone really want you to give their hard earned money? Will you?

[Stedsm]

There are possibilities that even facial recognition can be negatively used upto some extent and when noobs are here just for the sake of money and not interested in gathering some information before throwing their money away into scams, then they are ought to be scammed no matter if this facial recognition is in place or not. The ones who are only interested in turning into a millionaire overnight are those who fall for these scams tbh, else we aren't dogs here who bark, we come here with all the best information for noobs to be saved from getting involved into shit scam projects and non-sense airdrops.

[Clement Kaliyar]

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Actually it wouldn't even increase security. I think it would just open up another Avenue for scammers to take advantage of by making it easier for them to steal people's personal information.

That is true that facial recognition will not solve anything when you are holding your asset in a third person exchange as it can be manipulated if you are active in social media and if you have the habit of posting your images. Regulations and strict KYC will be a solution with second factor authentication and a good anti malware software could sort majority of the issues but what the OP is telling is a entirely different story, the only solution for that is to have common sense  .

[abel1337]

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Actually it wouldn't even increase security. I think it would just open up another Avenue for scammers to take advantage of by making it easier for them to steal people's personal information.

That is true that facial recognition will not solve anything when you are holding your asset in a third person exchange as it can be manipulated if you are active in social media and if you have the habit of posting your images. Regulations and strict KYC will be a solution with second factor authentication and a good anti malware software could sort majority of the issues but what the OP is telling is a entirely different story, the only solution for that is to have common sense  .

I think a reputable exchange won't manipulate their client's data since they have a reputation to hold on and it can severely damage their reputation though there is still a risk of getting identity theft by some hackers. I also agree that facial recognition won't solve anything, It also fighting the anonymity that cryptocurrency provides. A piece of better knowledge can solve the issue, Avoiding too good to be true offerings and checking background can help yourselves to avoid these scams.

[shield132]

I really can't figure out what the article is trying to say, it doesn't clearly explain the topic OP brought out.

Well facial recognition can help curb out bitcoin scams but to a mininal length, despite the fact that kyc exists bitcoin scams still persist

I'm so happy that I amn't the only one who didn't understand what's written in this article and what's the point in overall.

but if we log in exchanges or wallets using a security system with facial recognition. I strongly disagree with this, because decentralization is no longer available. Because we will no longer have privacy if facial recognition is actually realized on exchanges or wallets.

What difference does it make to centralized exchanges? If you have already completed KYC, then they already have a picture of your face, your name, address, and all your other details as well. You already have zero privacy when using these services.

Nowadays you can't be 100% anonymous. At least governments have all the info about you and there were cases when billions of people's info was leaked. For example, recently, there was hacked a databse of Election Administration of one country. All the info about everyone was available for public for a while by hackers. We aren't secured in this case, we can't trust to governments, we can't trust to banks, we can't trust to any company that has info about us. Forget it! But what you can do is to act only anonymously right now, so no one will knew that but this implementation of Facial Recognition really kills everything. Noone company cares about our privacy and I think we will endup like we all will find ourselves on black market, that's a really sad but in any way, crypto is a space that can beat that system. Not in www? Then in onion.