Thread - Nostr Hypermedia

Once you move your freshly self-custodied #bitcoin away from its first home outside of the exchange to the next wallet address, it is no longer KYC bitcoin. Sure it tracks back to you, but that new wallet address could belong to anyone. There is no way to prove that you control those sats anymore. The same is true if you trade bitcoin for Monero. The bitcoin will always trace back to you forever. The difference is that you don’t have any control over how your Monero trading buddy spends your previously KYC’d bitcoin. Why not just spend it yourself? Personally I think the KYC question is a type of FUD that will resolve itself over time. As people begin spending their bitcoin on goods & services.

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Replies (4)

Ape Mithrandir apemithrandir@apemithrandir.com 2 days ago

Tell that to Roman Sterlingov. He traded P2P with someone who bought Bitcoin Fog domain name. Sent that BTC to KYC exchange and got locked up for the chain analysis tying the BTC that touched KYC to Bitcoin Fog domain purchasing. That was the only evidence.

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Sovereign Assyrian 2 days ago

Absolute retarded take. How many people need to be locked up, questioned or even robbed because of KYC You think the state reasons with people You think criminals give a shit about your hops when they cutting off your fingers?

Cykros psyche_eros@iris.to 2 days ago

Moving coins is definitely not enough. Coinjoins and lightning swaps can go a long way of course. There is always still the concern though that you did visibly buy bitcoin, and if it was a large enough amount to be interesting, well, nobody's gonna believe you just spent it all on zaps and shit at the farmer's market on a Square terminal. Non-kyc methods of purchase should always be something we are driving forward -- Vexl, Bisq, Hodl Hodl, Robosats, and you know, actually transacting goods and services for bitcoin. Exchanges are a honeypot.

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Saberhagen The Nameless 20 hours ago

KYC isn't about what happens to the coins afterwards. It's about a list showing you bought X amount of coins on Y date being tied to your real identity that governments and criminals will know (this info will leak eventually it always does - just search all crypto exchange data breaches for this year alone). You can't "unKYC" by coinjoining or swapping to Monero. Does nothing to erase that list. Goodluck convincing the state and criminals that "there is no way to prove that I control those sats anymore". Doesn't matter if it's true or not. They aren't going to believe you. You're guilty until proven innocent. You're now a target.

GitHub

physical-bitcoin-attacks/README.md at master · jlopp/physical-bitcoin-attacks

A list of known attacks against Bitcoin / crypto asset owning entities that occurred in meatspace. - jlopp/physical-bitcoin-attacks

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