The one and only econoalchemist of the 256 Foundation discusses the only way to close the loop of KYC bitcoin.
Discussion
i have heard the argument before
but i dont buy into this
first of all i deleted most of my kyc accounts
and second i did a lot of coinjoin
so i think i can fairly say that i lost my coins
because the government doesnt know
which my addresses are....
third if i would cash out like this (in the video)
the banks would ask me where all the money is coming from
and even if i provide the information
if i would buy all back no kyc, withdraw cash
and buy at an ATM
everyone looking at my bankaccount
could guess that i bought back in with cash
maybe they cant proof it
but they also cant proof my addresses after heavy coinjoin
Yea totally agreed
It solved the problem but raised several other problems😅
maybe you can do it like this if you are new and just learned that kyc is bad. i would say you could do it like that.
but if i would send my sats back to an exchange now after some years the fucking exchange can just rug pull me or the bank could freeze my account. its to risky for me.
Too risky to send back and sell and buy back non-kyc ones.
I’ll try to learn how to coinjoin those coins withdrawn from exchanges .
So many things in my to do list😅
Use lightning withdrawals and then swap using boltz. Problem solved.
Can’t undo the damage. Selling is probably the worst thing you could do unless you have a very smol stack and can easily start over on p2p exchange.
its the only way.
2nd best is just isolate those coins and start building an entirely separate no KYC stack.
but the importance of NEVER connecting the two cant be overstated.
2nd option is probably best for most ppl. There must be some extraordinary circumstances to want to sell your entire stack and start over. IMO
really just depends on your level of confidence in state protections/overreach
selling and starting over is better than having it get 6102'd for example
Exactly I would classify that as extraordinary circumstances.
some would say its a predictable outcome from attempting to disintermediate entrenched power structures
Also shouldn’t make knee jerk decisions based on possible outcomes. A P2P stack is a good insurance policy for this. Don’t need to sell your entire stack tho. The likelihood of being able to get back to where you were previously is slim to none.
i dont sell
and maybe i dont comply
worst thing they can do
is put you in jail
and that they could do all the time
Totally agree keeping them separate is the golden rule. Once you mix those stacks, it’s like handing over your keys to the KYC police. Anyone got tips for juggling the two without slipping up.
Don't buy from exchanges.
