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26 sats \ 2 replies \ @DarthCoin 5 Mar 2023 \ on: Using Muun to withdraw from a CEX cheaply and without KYC links bitcoin
Facts:
- on Muun the xpub is controlled 100% by Muun servers. That means they know all your movements. You CANNOT control Muun xpub.
- Muun is NOT a LN wallet. It just fake it using submarine swaps, with expensive fees and bloating the network.
You have many other options to achieve your goal.
Read:
- https://darthcoin.substack.com/p/lightning-wallets-comparison
- https://darthcoin.substack.com/p/lightning-network-submarine-swaps
- https://darthcoin.substack.com/p/private-lightning-nodes
- https://darthcoin.substack.com/p/lightning-cleaning-machine
- https://blixtwallet.github.io/guides#guide-ism and https://blixtwallet.github.io/guides
Thanks for the thorough response, that's a lot of reading material.
I realize Muun is not an LN wallet and only pretends to be one, and that using it for LN payments leads to blockchain bloat. However, in this case I wouldn't be using it for LN payments, but rather as a way to withdraw funds from the CEX into cold storage while hiding the final address.
Most people just withdraw from the CEX to cold storage directly, which creates an on-chain tx anyway and it has to. My routine wouldn't be bloating the chain considerably more: instead of a direct withdrawal I'd have a submarine swap into Muun (which is still one tx) and let's say every 10 LN withdrawals from the CEX to Muun I'd submarine swap from Muun to cold storage.
Another option would be to LN-withdraw into Coinos instead of Muun and swap to BTC for a 0.1% fee. But:
- I'd rather avoid the percentage fee and just pay one BTC tx fee
- Coinos is custodial (I know you consider Muun custodial, but I still feel my funds are safer in Muun than Coinos).
I made a mistake in my OP: withdrawals into Muun would be expensive for Kraken to subsidize regardless of their value, because it's a ppm (%) thing rather than a fixed fee.
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Pay attention to the guides. Yes, indeed there's a lot to read.
Yes Coinos is custodial but could be really anonymous, non-KYC.
Instead Muun is tracking you because you CANNOT install Muun WITHOUT Google services. That means they already know WHO you are, where you are.
Just keep in mind that.
But you will never learn new stuff and how to better use bitcoin if you do not read.
All my guides are made after I tested all solutions, during all these 10+ years in Bitcoinlandia.
Are not there to bullshit you.
Read, analyze, choose the best solution for you. If you still want to use Muun, so be it, but is better that you would know all the aspects.
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