105 sats \ 3 replies \ @rothbardllc 19 Dec 2022 \ on: Misconceptions about KYC-free bitcoin 🧵 bitcoin
@DarthCoin is exactly right, you have to consent to be KYC-governed by them.
Done right, their only true option is extra-judicial, i.e., renditioning you to Gitmo for waterboarding out your seed words.
My personal philosophy is to not worry so much about KYC. We lost that battle. I instead concern my thinking on how they could possibly enforce any KYC knowledge against me.
It is the question of enforcement where we win this war. As long as we are not afraid.
Personally I (may or may not) hold my bitcoin in "jurisdictional superposition" which mimics the security model of bitcoin itself. Any bitcoin I (may or may not) hold resides simultaneously in various offshore LLCs. The act of observing any of these LLCs by any authority figure automatically dissolves that LLC with zero assets and no record of any assets held by it, ever.
This is the Rothbard LLC, existing (and not existing) in all of my offshore nodes simultaneously, just like bitcoin exists in all nodes -- and no nodes -- simultaneously.
In other words, enforcing their precious KYC against me in any adversarial action would be an expensive and hopeless process.
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136 sats \ 2 replies \ @DarthCoin 19 Dec 2022
Many people are concerned about govs using that KYC info, but they are not the most dangerous in this game... Those companies that acquire your KYC data is the most dangerous, because they immediately sell that data to 3rd parties. And some of the exchanges are using dedicated 3rd party services for collecting these KYC info, they don't even have control over them.
YES, is recommended to avoid KYC, if is possible.
But let's be clear: after you bought that BTC, you withdraw it in your own wallet and done. NOBODY can take it from you, NOT EVEN IF THEY KILL YOU. If they kill you they get shit anyways.
All this bullshit scraymongering about KYC is more about those that are SELLING back for fiat their BTC. Yes, then is when the taxman is coming into place and you could get intro trouble.
But again, if you know how to protect your custody and finance, as @rothbardllc said, you put your wealth into a trust etc... you have nothing to worry.
Worry more for the bad guys that bought your KYC info from that company and could use it in other places. THAT IS THE REAL DANGER OF THESE KYC DATA.
Again, there's no such thing as KYC-coins. Stop saying this bullshit.
And STOP living in fear of a gov! GOVERNMENT IS JUST AN ILLUSION. A myth in which many people still believe. STOP believing in myths.
Watch and think:
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40 sats \ 0 replies \ @shyfire 19 Dec 2022
I also think Bitcoin is a journey, and I don't think it's fair to judge anyone for what stage their journey they are on.
Example journey:
  1. Hears excitement about Bitcoin and signs up on Binance to buy some
  2. Gets sucked in by shitcoin casino and buys a bunch of shitcoins
  3. Gets rekt and orange pilled
  4. Goes Bitcoin only
  5. Takes BTC off exchange and into radical self-custody
  6. Realizes on-chain privacy issues and gets into whirlpool/coinjoins
  7. Realizes KYC risks and goes full P2P
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21 sats \ 0 replies \ @chaoticalHeavy 19 Dec 2022
Thanks for posting those links @DarthCoin!
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