That's my thought, btc for SOV, monero for spending, I could be convinced of LTC for spending possibly. But if I DCA with strike am I still gaining privacy by going to XMR and then back to BTC? Or am I just wasting funds
Discussion
Somebody will see you sent Bitcoin to an exchange that doesn't do KYC. Or received Bitcoin from an exchange that doesn't do KYC. That's it.
Right, so let's assume the nonkyc exchange is compromised. In theory they could trace that this user traded btc for xmr, and then that same user traded xmr for btc, right? Or am I misunderstanding how these exchanges hold records? Basically I'm trying to figure out if once I trade to xmr if I need to do a single transaction before going back to btc to have truly private cold storage. I am considering using this samourai beta for the swap if I can figure out the fee structure.
If you're concerned about somebody being able to deduce that you interacted with Monero at all, then yes this could be a potential problem.
Use two different exchanges for each swap.
Exchange A will know you swapped 'X' Bitcoin for Monero, but not know where it went.
Exchange B will know you swapped 'X' Monero for Bitcoin, but not know where it came from.
If you want to eliminate the small chance of collusion between exchanges, paranoia dial to max, do both swaps p2p with different peers using Bisq, Robosats, and/or LocalMonero
You can send everything to XMR for the first swap, but for the second swap - send different amounts to BTC and stagger the timing. A few days maybe.
LTC is pretty nice as a bridge to XMR since most exchanges have it and very cheap to transact. Also, MWEB (MimbleWimble Extension Block) gives very good privacy. It hides amounts and address completely just like Monero *BUT* spenders are visible very briefly when the transaction is broadcast (although you have to grab the data at the time it happens or it's gone forever) where Monero obfuscates spenders with ring signatures.
Not a lot of places accept MWEB directly (you have to peg out to a transparent address), no mobile support, and the pool is pretty small...but still very good privacy vs most crypto
Yes, you'll still break links to yourself if you first swap to XMR then back to BTC in different amounts and stagger the timing, but there will always be a record that you bought X amount of Bitcoin at Y time tied to your identity. That will eventually be leaked, hacked, and/or given to government. This stuff happens very often