[miki123211]

> For every…let’s call them ‘privacy-conscious’ user, there are 10 (or more) nefarious actors that present largely the same way.

And each one of these could potentially create thousands of accounts, and do 100x as many requests as a normal user would.

Even if only 1% of the people using your service are fraudsters, a normal user has at most a few accounts, while fraudsters may try to create thousands per day. This means that e.g. 90% of your signups are fraudulent, despite the population of fraudsters being extremely small.