Replying to Avatar Rich Nost

To give you an update of what a farce the real estate mortgage underwriting process is:

I have dollars in my bank account that are proceeds from selling bitcoin in April. These funds are magically aged to the satisfaction of the underwriting department. These funds are blessed.

I have dollars in my bank account that are proceeds from selling bitcoin in June. These funds are too new to consider magically aged, so they will need additional provenance. I will have to painstakingly show how long they were in a self-custodial wallet before they moved to an exchange. I will have to use diagrams, paragraphs of text and finger puppets to show how the transactions are related to the Kraken deposits. Because the funds did not magically age by 60 total days in the bank.

I am dumber for having learned this.
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Tracy 1y ago

Damn the KYC/AML crap. And it likely won't change. (Perhaps with Chevron Deference falling it'll be challeneged?)

But the solution is a Bitcoin circular economy ending-around this garbage.

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Rich Nost 1y ago

Honestly, between having to dox my wallet rather hard and going to closing with just the April proceeds, I prefer the latter. Then I can just re-cast the loan once the June proceeds are magically aged. First month mortgage payment is rather steep, but my privacy is preserved.