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Can anybody tell why should I switch from revolut?

My use case is: buy kyc tether > my erc20 wallet > sideshift to liquid tether > swap to lbtc (mainly dca) > boltz to my lightning node > boltz to cold wallet when fees are reasonable.

This way they only know that I bought tether, so no gain (taxes).

tohrxyz 1y ago

okay so up until the point of swapping through sideshift it's trackable. sideshift however knows where it is sending liquid tether, and then if you're swapping it to l-btc, you're probably using sideswap, who also knows the input and output and they know it's "buying bitcoin" event. liquid to lightning to onchain - thats the part where its obvious it's bitcoin and not stablecoin.

your problem might be that they could potentially track your swaps through sideshift and sideswap, to learn you are buying bitcoin and not holding tether usd.

might be unprobable, but there's a chance. better to abandon kyc altogether.

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Discussion

Diacone Frost 1y ago 💬 3

I wish I could.

But good point. AFAIK these swaps should be fungible. Am I mistaken?

tohrxyz 1y ago 💬 1

[suggestion]

look at vexl.it app, it's p2p marketplace, that uses hash of your mobile number and hashes of numbers from contact list, to find buy/sell offers from people you know/ people from your contacts know.

everything is encrypted and private, until you choose to reveal identity in 1:1 chat.

satoshi labs, company behind 1st hardware wallet Trezor works on that. #p2pFTW

[are these swaps fungible?]

well it depends how far does the tax man want to look.

sideshift collects ip address, crypto addresses, times etc.. (so use good vpn that you pay for in monero or lightning (mullvad, ivpn, no shit like nordvpn)

they respond to law enforcement requests. so if tax man writes them email asking where they sent liquid bitcoin that was swapped from usdt erc20, they will tell on you.

if i had to bring some solution, i can say that if someone used exch.cx which is on belize and doesn't collect shit, and you can request deletion of a swap after its done, you could swap USDT on eth, to XMR , which renders any transactions beyond untraceable, and then you could swap this through them again to lightning.

or directly usdt eth to lightning. just be cautious and i cant recommend anything to you nor anyone, i can just point out what exists. be safe

Diacone Frost 1y ago 💬 1

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tohrxyz 1y ago 💬 2

well for stablecoins, you also have options to hold them on some eth l2 like Arbitrum or Polygon - cheap and fast txs.

there's also option to live inside cosmos ecosystem, cosmos hub, osmosis or other chains inside it. liquidity pools provide cheap swaps.

tohrxyz 1y ago

but try to not link any identity to those addresses on eth/cosmos, as they are completely transparent

Diacone Frost 1y ago 💬 1

I really don't trust these chains. I used to use avalanche for loans on aave but I'm over it. Now i just use things very close to btc timechain. actually avoiding everything else if I can.

tohrxyz 1y ago

sure, one of the ways to live in this digital world.

Diacone Frost 1y ago

Thank you for all the suggestions 🙏

tohrxyz 1y ago

if any tax man and/or officers from governments are reading these posts, please bear in mind that im not and its not even in my intention to explain how to do illegal things.

i very much respect the law and i think taxes are very good and everyone should pay them. every good citizen should tax every money event that they do and pay even more taxes than they are required to so that we can have roads and stuff.

i would never encourage anyone to do stuff that go against the law. thanks

Diacone Frost 1y ago

And doesn't disclose amounts?