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Thoughts on how to un-KYC. 🤔⛓️

Aren't a lot of mixers hot wallets essentially? Where if they went poof, goodbye, everyone gets rugged?

Yes. Federated side chains are the epitome of trust. But there is no such thing as completely trustless. (Think about it). From the software kernels to the hardware devices to the Core and mempool interfaces, we're using some limited trust often.

Liquid is what I consider a lukewarm wallet.

Adam Back IMO has been here since day 1 and has a good reputation for being all about the tech. He's low key and sticks around to build interesting stuff. Not a lot of ego. Just a computer and finance geek enjoying tinkering.

Blockstream makes good FOSS stuff too IMO.

Whereas, Sparrow, for example, when mixing, at some points is hot. Your coins and getting zipped around and you have to trust they'll come back.

IMO, Liquid has a good reputation and trusting them in small, measured doses is a point some of us can consider.

Fees to peg in and out are 0.1%. Lowest in the game for what's trying to be accomplished.

Caveat: no I don't work for them. I just went down the rabbit hole and literally came up with: liquid, coinjoins, or atomic swapping off chain with something like XMR.

In each scenario trust was involved at some level, as were fees.

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Discussion

Sovereign Matt 2y ago

Saberhagen The Nameless 2y ago

Impossible to un-KYC. That's why you shouldn't do it in the first place.

The best you can do is sell back to the same place you bought on the same account to "cancel out" your balance. But it will always be known that you were interested and bought Bitcoin at some point. And that list is going to leak or get hacked eventually.

Ideally: Buy non-KYC + practice forward privacy (by using Monero or coinjoining Bitcoin)

Yes, nothing is perfectly trustless, but some things require more trust assumptions than others. Minimize this trust.

That is not how Sparrow works...you are always in full custody of your Bitcoin when Whirlpooling or using spending tools. You are just coordinating with other users.

No trust necessary. Several atomic swaps in one direction already exist:

BTC --> XMR: https://unstoppableswap.net/

Samourai is close to releasing an atomic swap in both directions BTC <-> XMR

Liquid sucks for myriad of reasons. Permissioned network. Only hides amounts (Monero hides amounts, sender, IP, and reciever). They *just* barely open sourced Liquids code a few weeks ago...And check out Matt's screeny in your comments.