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Ken Lazer 1y ago

nostr:npub1pmhevxtlt3478pvmdqt7dftnv6zc2mzpdc569yjm6ks4k2jhezcs53uksr can you explain how all BTC isn’t KYC free with a little work?

Hear me out. I buy BTC on an exchange that I’m KYC’ed on. Gov definitely knows that’s my BTC.

I then move it off to a wallet. Gov can assume that was my wallet. Fine.

I then make another wallet and move it there. At that point how would / could the gov prove those sats are still from my original KYC purchase?

Wouldn’t that be enough to create doubt to clear the BTC and make it anonymous?

Bonus question: if I now bring those same sats back to an exchange and sell them (which I would never do but if I did) how would they know what my original purchase price was for taxing purposes? These sats have moved to multiple wallets and potentially multiple exchanges.

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Ian 1y ago

On #nostr or on an upcoming episode?

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Ken Lazer 1y ago

Either is fine. I listen to all the episodes because I don’t really have any orange pilled friend who knows more than me. I do most of the orange pilling around here. Which is scary since I think I dont know shit. I get a lot of my education from you so I thought I’d reach out. If the answer is enough for a topic on the show do it there. Otherwise a note back here is great too. Thanks for being accessible! Your podcast is literally the best BTC podcast out there. I’ve been missing you guys. 🙏🏻

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Ian 1y ago

The short version is study this court case. We're going to cover it soon but it is about probability and chain analysis, which is extremely suspect.

#bitcoin

https://www.nobsbitcoin.com/roman-sterlingov-found-guilty-on-four-counts/

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Hazey 1y ago

Kangaroo court

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Allamex 1y ago

It’s mostly about likelihood of ownership. Some folks need complete anonymity which your plan would not provide.

If you are skilled with the coin, people can see the balance in your wallet when you pay them and don’t use coin join.

There is a lot to this topic that may be better answered in a convo, but citadel dispatch pod has a few episodes on this topic.

It’s important, but maybe not for what you need. Do more research to decide for yourself and what your threat model is.

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Michael Henke 1y ago

This is the moment where you learn about probabilistic chain analysis.