The blub under Identibit is an oxymoron. Complying with "regulations" means you give them whatever info they demand and then you hope they don't give it away or use it against you (which they will).
But that's the calling card for Identabit; it's exactly the punch line they need to promote it with. It allows potential partners to comply, while most of them would be too scared to use something where you can't verify identities. You don't have to agree with what they are doing, but far from being an oxymoron, it's what separates Identabit from BitShares.
Oh I know it's Identibit's playground, but there's NO QUESTION it an oxymoron. You can't call "giving them whatever info they demand" privacy, unless you believe in doublespeak and that regulators have your best interests at heart.
I've been against IDB from the start on philosophical principle. Time will tell if my predictions about what it means to BitShares will come true or not. This is one time I truly hope I'm wrong, but we shall see.
I don't have a crystal ball, but I have an opinion and I can speculate with the best of 'em. Principles matter, but so does feeding your family.