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Ok so I have a question and it's a sincere question not trying to make folks angry.

I see a very real risk of regulatory capture for Bitcoin. I've been immersing myself in these spaces for a year now and I'm still not sure how one acquires non-KYC Bitcoin. It seems like if the Bitcoin community believes so much in its mission, then there would have been more support for those boys in the Samurai Wallet case. I see that as a real red flag.

The knots/core debate is one I see often on Nostr, much less so than the regulatory capture. Am I overinflating my concern about this issue?

I believe that money needs to be separated from the government as much as possible, and should be as private as possible. Anonymous cash transactions for individuals should be easy. I've heard a lot about Monero as an answer to that, but also see a lot of hate about Monero. (To be fair I also don't know how I would get Monero without KYC either 😅)

I'm trying to explain the path down these roads to my community, but I am aware of my own ignorance in a lot of these spaces.

I'd love to hear any relevant thoughts, opinions, and/or recommendations for explainer videos.

#asknostr #bitcoin #monero

Globe99 3w ago

FWIW I've used ATM's for a while, for most of them you only need SMS. Not perfect, but better than "give a copy of your passport to Coinbase for it to get leaked."

You'll pay a fee, usually right now it's around 15% but I think that varies based on region. But taking the "bull case" for Bitcoin long term, 15% is basically meaningless compared to 200, 300, 400%, etc.

Also there's increasing regulatory attention being paid to these, because they do wind up getting used for scams sometimes. I've seen some local news stories that are pretty bad... "This is called a 'Bitcoin ATM'. It's used by scammers.", etc.

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Discussion

Kip Ashlynn 3w ago

There's one in my town I've been too afraid to approach for exactly those reasons. I need to ovary up 💪

Daedalus 3w ago

You can buy an SMS number from smspool.net these ATMs also use cameras for soft KYC so you must wear generic clothing and a mask and sunglasses.

Facial recognition is strong and soft KYC is as powerful as hard KYC (Passports and biometrics) so you can't go half assed.

Retoswap is easier and safer.