I don't think you understand what that means. KYC applies to the purchaser, not the coins. There are no KYC coins, only people who acquired coins through a KYC source.
Example: I buy bitcoin from a KYC exchange, then I sell them to you. You did not have to complete any KYC requirements to obtain those coins, you obtained them by non-KYC methods.
It really is that easy.
I know what it means. As soon as they've been purchased through kyc, they can be traced. A simple audit and the person with the kyc'd coins needs to disclose where they were spent. After all, all transactions are taxable events
Sounds like you're constructing your own prison on this one. The information on tax forms are dates and prices to calculate the capital gain or loss. Nowhere are you asked to report who you sent them to. This is not a real issue.
Think it through a little.
I have, and that is the logical conclusion. Wake up and smell the coffee. You want to talk about bitcoin being co-opted? The people worried about playing by the fiat rules are playing right into the system.
I agree, but you have to see the writing on the wall. They are attacking all private forms of transacting on bitcoin and slowly gaining control of all on /off ramps, persecuting non compliant wallet programmers, and pushing everything into easily traceable/controllable systems. I'm not saying everything is stuck in that, but how are you going to use bitcoin privately when every wallet has to be kyc compliant? There will be large fines/penalties for those who attempt to operate outside the surveillance state. Soon the hardware themselves won't install non compliant software. It's coming quick. Not saying it can't be overcome, but there's a lot of work to be done
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That's not the way I'm using the system, but I'm talking about average people trying to use bitcoin.
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