How do you make some of your kyc stack into no kyc? Do you have to go as far as selling it on robosats and buying back in? Then transfer to new wallet?
Discussion
You can gain forward looking privacy on KYC’d coins, but the centralized exchanges and government will always know how much you purchased
If you wanted to convert, you would have to sell it back through the kyc exchange (and pay any applicable capital gains taxes) and then use the fiat funds to purchase kyc-free elsewhere
Damn
Depending on your stack, time of purchase, and funding, that may work for you.
Ex: any coins you purchased during the last peak, you could sell at a loss and potentially have a tax write off.
Then take the funds and buy back in.
Depends on everyone’s personal situation of course
How would one go about achieving forward looking privacy?
Primarily coin joining (wasabi, whirlpool, etc)
With KYC’d coins, these help to privatize your future transactions. For example, if your employer pays in Bitcoin but it’s none of their business whether you spend it on rent or a mortgage or Home Depot or the pub.
Coinjoins can anonymize it. But it doesn’t change the centralized entity knowing what you received to begin with.
In other words, don’t try to get out of taxes and stuff - privacy is simply valuable for its own sake.
To be totally KYC free you’d have to sell your whole KYC stack on an exchange and then buy back in with the cash using bidq or agoradesk or the likes.
You could also just keep your kyc stack and start a totally new one that’s non kyc so you’re not overwhelmed with selling and starting over.
Additionally you could use your KYC stack to buy miners and then they would be mining you Non KYC coin.
Many possibilities. Feel free to hit me up if you have more questions.
Yeah maybe just start from zero with non kyc. And every once in a while convert a little.
Do that until you learn the ropes of bisq or agoradesk. The last thing you wanna do is torch a stack of paper by having it lost in the mail or some shit. Start small, get comfortable, build relationships with people.
Exchanges will know how much you’ve purchased but there are ways without selling that they won’t know where it’s gone.
