People Are Using Basic AI to Bypass KYC 

Author

Mr. GoBrr
February 08, 2024 • Reading Time:7 minutes

GM. Today on Money Printer Go Brrr newsletter:

  • 4 things you should know;

  • What hapened on twitter;

  • ENS collaborates with GoDaddy to link web domains with blockchain names

  • Dogecoin is currently sick

  • People Are Using Basic AI to Bypass KYC 

Top Crypto Gainers (24h)

Top 10 Crypto gainers (24h). Click on image for more details.

4 things you should know:

What hapened on twitter:

ENS collaborates with GoDaddy to link web domains with blockchain names

ENS and GoDaddy are now BFFs, making the internet and blockchain mingle like long-lost pals.

Over 20 million GoDaddy peeps get a VIP pass to the crypto party, no fancy dress code required.

The goal? – Connect traditional domain names with blockchain-based ENS names.

ENS is one of the most used blockchain naming standards:

  • 2.14M names

  • 492 integrations

  • 800k owners

It's like turning a maze into a straight line, but way cooler because it's all about the internet and your digital wealth!

Of course, ENS wasn’t the first one to invent the wheel, we have someone that might be even cooler.

💡 The heck is ENS (Ethereum Name Service)?

⇾ readable names for Ethereum addresses,

⇾ think of them as your internet nickname that even your grandma could remember,

⇾ replace long hexadecimal addresses with simple, memorable names (eg: “gobrrr.eth”),

⇾ people can send crypto on your ens domain name,

⇾ they can replace: wallet addresses, websites URLs, & emails,

Namecoin, was the first altcoin ever, the first Bitcoin fork.(April 2011)

It was the first to implement merged mining (2 or more crypto are mined simultaneously) and a decentralized DNS.

Their slogan? – Bitcoin frees money – Namecoin frees DNS, identities, and other technologies.

💡 What could you use Namecoin for?

⇾ .bit domains were resistant to censorship and centralization

⇾ linked email, social media, and websites to it

⇾ could secure and private communication channels

Dogecoin is currently sick

DOGE dev flags network congestion issues as inscriptions flood system.

Timothy Stebbing, our crypto doc aka the dev, has diagnosed the issue: too many inscriptions throwing a party on the network.

Of course, because the hype was so big many blockchains followed like the recent dead Solana, Algorand, BNB Smart Chain, Polygon, Avalanche, and a few other EVM chains. 

And of course, our today’s star Dogecoin 😀.

There 2 takes on this:

  1. 👍 – inscriptions allow for a big inflow of money in the project/chain.

  2. 👎 – inscriptions make the chain more expensive (‘cause of the aditional data added to blockchain), and more laggy.

There is also a Why do inscriptions matter: they simply allow the blockchain to evolve, pushing developers to innovate further.

Bitcoin NFTs were the first to be truly decentralized, not like some NFTs that are stored on don’t-know-what Amazon servers – because this is the reality – 99% of NFTs are stored on IPFS servers.

If those servers want to get your picture down, it’s down.

Here's a friendly heads-up: in the crypto world, congestion can mean slower transactions and higher fees. 

So, if you're a Dogecoin enthusiast, keep an eye on the situation and maybe don't plan any big moves until the traffic clears up. 

And remember, the crypto highway is always under construction, so stay informed and drive safe!

💡 The hell are inscriptions

⇾ it all started with Bitcoin on Jan last year,

⇾ you can store and transfer data on blockchain (images, text, png, videos),

⇾ the inscription is the process of attaching data to a satoshi (the smallest Bitcoin unit),

⇾ Ordinals is the name of the protocol that uses inscriptions,

⇾ this generated the Bitcoin NFT hype,

👉 How do Ordinals work

⇾ each sat is assigned a unique identifying number when they are created/mined 

⇾ each sat identified by the Ordinals protocol is an Ordinal

People Are Using Basic AI to Bypass KYC 

Now moving to the dark side of crypto, something that I guess you’re used to already 😃.

We know we all care about our privacy, and how important it is.

But is this the right way? For sure no.

There is a service out there named OnlyFake (you know the reference) and for the price of a decent pizza ($15), you can get an ID that'll make bouncers and bots do a double-take.

How are they doing it?

⇾ AI tech – specifically Generative Adversarial Networks (GANs) and diffusion-based models,

⇾ neural network – employs neural networks to generate high-quality, realistic images,

⇾ trained on a vast dataset of real IDs, enabling it to replicate every small detail,

⇾ with each interaction the AI networks improve.

 A digital Frankenstein's monster and a massive photo album teaching the AI to mimic your mug. 😆

These IDs are so slick, they've slipped past the digital doormen at some crypto exchange – they managed to pass OKx verification systems.

Diving into this might seem like a spy movie thrill, but remember, Big Brother's got his eye on the prize.

The digital cops (a.k.a. law enforcement) are probably already on the trail.

💡 Remember, just because you can, doesn't mean you should. Stay on the straight and narrow, or you might find your digital shadow in a lineup!

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