Interesting.

Wait until you hear about free software.

Notice the vibe and positivity in here. Everyone polite, helpful, generous, chill and friendly.

Must be a bitcoin maximalist thing 🤷‍♂️

Interesting.

Wait until you hear about free software.

My mom is virgin

Natural Family Planning

🧘🏼‍♀️

I am only here to spread love & laughter, learn and find ways to raise funds to less fortunate people & animals through this platform and my art. If we could join hands we can make the world a better & happier place 🌎🤍 #plebs

Zapped you bc I too love Jesus ⚡️⚡️⚡️⚡️⚡️⚡️ ?cid=2154d3d7cvxqxnd05ne6mwwqgr0vzf7b9wy5k4jzjdp6464o&rid=giphy.gif&ct=g

⚡️⚡️⚡️⚡️ enjoy, lord

From a technical standpoint I believe it can be done although the exact process would be too complicated to easily outline. For accounting purposes no. I think it is important to have clear distinctions so that you can stay in compliance with the rules and regulations of your local government. That is unless you want to become a martyr.

But would you be comfortable using Bitcoin that you purchased on Coinbase, sent to WoS, then sent to your cold storage, and considering that kyc? I wouldn’t personally but curious what you think… it’s a couple hops but not much, but LN helps

Stay in the light ?cid=2154d3d7qt52amr1qjanx8ozdpg7psbyzr1wamx0fdict0x3&rid=giphy.gif&ct=g

An on chain address to which you control the private key

To clarify wallet of satoshi is a hot wallet and should never be utilized to hold anything more than what you would carry in cash in your real wallet. Anything above should be looped out to an on chain address.

Entry into the Bitcoin economy should be considered one way. Past performance has proven that holding Bitcoin is the best option. Exiting to a centralized network exchange should a last resort and the tax implications need to be considered.

The point of entry can be coinbase cryptodotcom whoever. I assume coinbase doesn’t know who walletofsatoshi (could be you or anyone else). Bitcoin can be assumed spent at the moment in time it is sent to wallet of satoshi. Does wallet of satoshi require Kyc to loop in? If not wallet of satoshi could be anybody. However the law may assume it is you unless you can provide proof that it was used in exchange for a good or service from somebody else.

That’s true. A couple thoughts

- if you hold the Bitcoin for a while and it’s fiat value increases when you spend it, you could have a taxable event

- this doesn’t help a newcoiner begin building a proper kyc-free stack

Although it might be a reasonable point of “entry” if you need to lock the 20-30K sat anti-scammer collateral on robosats when making a buy, if you don’t have enough kyc-free sats to start out with

Correct me if I’m wrong but wouldn’t just using a custodial lightning wallet funded from a central exchange be private enough? How long you think Wallet of Satoshi can continue to operate without intervention? Seems like this is a great way to have a small cash account for people seeking privacy.

Just wrote a whole thing and it didn’t save 🤦‍♂️ let’s try this again.

KYC means “know your customer” and it’s a set of laws where financial services are required to collect a ton of your personal info to provide the service (the way bank or a Bitcoin exchange requires your name/address/social security number/etc.).

It’s “supposed” to help prevent money-laundering and tax evasion, but criminals know how to do their job and they can simply use cash.

Instead, it forces normal citizens to reveal a ton of private info to a centralized service, which can then be hacked or leaked. And, due to the nature of Bitcoin, once the sats are associated with your identity, your spending and saving can be tracked and it’s ultimately a massive privacy violation.

Non-KYC Bitcoin is the opposite. It’s usually acquired peer-to-peer, from another individual. Like Zaps ⚡️

There are also services that facilitate peer-to-peer buying of Bitcoin.

My opinion (and some may disagree) is that it’s perfectly fine to hold and use either/both kyc and non-kyc Bitcoin, *AS LONG AS* you always keep both stacks completely separate. Because as soon as you mix your KYC-free coins with KYC’d coins, then your identity gets linked to all of them.

So having two wallets that never send back-and-forth to one another is key here. And never sending KYC sats from a centralized service into your non-KYC wallet is also important of course.

Happy to answer questions, and I’m sure the #plebchain would be delighted to chime in with resources and newcoiner-friendly advice as well.

Happy stacking 💜