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When you buy/sell sats via Robosats or Bisq (or any other P2P platform), and you use banks as the payment method, can you really call it non-KYC?

I mean, both you and your trading partner had to fully KYC to open you bank accounts. They could easily tie all those bank payments that you are sending/receiving from randoms around the world, and know exactly how many bitcoins were involved, what prices were at that day/hour, and how much you owe in taxes.

Not to mention, with each trade you risk they closing your account and freezing your funds if they suspect you are doing P2P crypto stuff.

Thoughs?

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Discussion

Ronin 8mo ago

plausible deniability my bank transfer to bank x can be for anything, and my bank wont probably "talk" to bank X, its hard for them to coordinate like that and there is privacy rules they must follow, so they probably do not know the account owner , the data is partitioned between the two entities. They have little basis to block a regular bank transfer, but they can easily block a transfer to binance or coinbase.

FreedomTech 8mo ago

Oracle is the database all banks use.

Oracle was originally created for the CIA so the CIA could have a way to store all the data they were collecting

When I'm browsing my bank account transactions in a web browser, NoScript shows there is an Oracle script running in the background.

Why?

Oracle in my bank database. Oracle in the other guy's back account. They would never put 2 and 2 together.

Micael 8mo ago

They can freeze your account if you are doing many transactions and it’s suspicious for them that’s for sure.

But is still different from buying from an exchange with KYC.

If you are both using Bisq why would you inform the bank that it was a bitcoin transaction? Doesn’t make sense.

You have to make something up if they ask the purpose of the trx. You can say you are paying for a service, purchasing something or whatever.

If both do that is non KYC bitcoin.

Same as buying P2P even if you pay with bank.

𝐭𝐢𝐠𝐞𝐫 8mo ago

don't overthink it

FreedomTech 8mo ago

Mine Monero and use that to buy botcoin.

Skipper 8mo ago

McCoy 8mo ago

I'm buy cocaine and porn, not bitcoin, prove me wrong

Wonteet Zebugs 8mo ago

Plus, the other party probably has your name (depending on the payment method), and you don't know who that other party is. Could be *anybody*.

With Bisq, all the transactions are public, It should be trivial for a bank to triangulate the payment info they have with the timing and amounts of the transactions.

It is better than a KYC exchange, but not by much in my book.

Cash is your friend.

Walt Munny 8mo ago

KYC is a bank requirement, it is not required by Robosats, Bisq or your trading partner. With a centralized exchange, you have to KYC again on top of the bank verification. Why?

DarthCoin ₿⚡️ 8mo ago

Just earn BTC, not buying it anymore.

Demand to be paid in BTC.