21 sats \ 8 replies \ @BlokchainB 30 May \ on: The benefits of no-KYC Bitcoin | Freedom.Tech bitcoin
I often think about this issue but I’m with Darth on this. After you buy it and secure the private key you can send it to an open dime and it becomes a bearer asset. Sure they have record of you buying it just like the bank has record of you taking out cash but if I lose the open dime or give it away I no longer have control and the ID link is broken just like cash.
I often think anyone who complains about KYC and no KYC better have 100% a cash balance for everything they do. Every thing in the western world needs ID to transact and I just think it’s a solution to all the fraud humans take part in throughout time.
The real problem with KYC data is that is just a matter of time until it get leaked. Is not about if, but about when.
That KYC data is more dangerous than about how much BTC you bought and on which address you send it.
The danger of leaked KYC info is that it gets in wrong hands. Govs doesn't give a shit about how much BTC you bought. If you never go back to fiat, you have absolutely nothing to worry.
Only fiat maxis are worried about sats bought on a KYC exchange.
If you are already living in a Bitcoin standard, you absolutely don't give a shit about that.
NOBODY can prove any jurisdiction or authority over my own money (bitcoin).
You worry only if that KYC data will get leaked.
And that's why is better to avoid as much is possible any KYC services.
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@DarthCoin, you must have a bunch of bitcoin hiding under your mattress. I don't think this is the case for the rest of the world. Are you living in like Nicargua or something? I say this because this is a country that the US wouldn't go through lengths to extradite you. Especially if you're anon.
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Please find that passport in the name of Darth Coin...
and btw... I identify as a Darth-Cat. Govs can kiss my ass.
Are you living in like Nicargua or something?
I am living in a far far far away galaxy... on my Death Star
The ID link is not at all broken because Bitcoin is a transparent, easily surveilled ledger.
It's trivial for an exchange to follow your activity after you withdraw and happens all the time, even with people's accounts being closed because they did something the exchange didn't like after they withdrew.
Lots of examples here: https://sethforprivacy.com/posts/fungibility-graveyard/
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those stories are about IOUs, not about Bitcoin. 1 BTC = 1 BTC when you open a lightning channel. It is fully fungible. Period.
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Or an interaction with the fiat system . I don’t see anything that is peer to peer that got flag for being “dirty” Bitcoin
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But the Open dime is a bearer asset. If I go to a bitcoin conference and give the open dime to a random person who comes to my booth. And that person never uses it to get fiat and they keep it or spend it anonymously then the link is broken. If chain surveillance tracks the utxo from my own identity they still more data to find out who I gave the open dime to at the conference
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