Ok, KYC does not mean my utxo's have my name on them.
KYC means the company you are buying from will tell the IRS.
If i give btc to a family member now they have non kyc btc because they did not buy it on an exchange.
If they send to an exchange well now it KYC btc
If they in turn sell it on that exchange, who’s responsible for the capital gains?
I would say the person that sold it. So my cousin is fucked hahahah
Because to sell on an exchange my cousin needs to kyc first before the actual sale happens
Especially with your cousins cost basis of zero.
Just playing devil’s advocate here:
What if he buys a car with that bitcoin and those utxo’s find their way back to the exchange. Do you think the utxo’s wont be tracked back thru chainalysis to you? Knowing that you bought them originally and now it’s clear that you no longer custody them. I guess it would depend on how far “they” dig. Time will tell I suppose.
Ya i thought of that too. And for doing this we will be called a criminal. Its wild to break it down and think. I guess we will found out down the line. Btc has been gifted a lot the last few years tgat wont be sold in a long time so lets see who falls into this situation and we hear about it.
Send your cuz a few of my zapped sats and we’ll be in this together. All for one and one for all. 🤙
