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0 sats \ 6 replies \ @OneOneSeven 12 Aug 2022 \ parent \ on: Anonymity in Bitcoin... bitcoin
There is no way to prove I didn't drop my KYC bitcoin wallet into a lake on accident, is that what you guys mean by "boating accident" ?
Yes, or so such scenario.... basically "my dog ate my homework" sorta argument.
Though legally speaking its BS (right?). Sure your "no longer" have possession of the hardware wallet but the is that wallet not now dead to you? As soon as you move the Bitcoin to another wallet...the entire history is there on the blockchain and it's now connect to that wallet, and the next wallet, etc etc.
I guess, the argument goes..."I dropped my hardware wallet with my KYC coin in the lake on my recent fishing trip... I guess someone must have fished it up and started moving my Bitcoin...but it wasn't me (sly smile)."
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What about my point that you can spend/ sell your bitcoin to someone in person by giving them your seedphrase. No bitcoin ever moves on the blockchain, but you are now sitting on a yacht.
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Giving someone your seed phrase is inherently insecure since you could have just copied it. To make sure the buyer is the only one in possession of the private key, he MUST move it to a new wallet.
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Unless you have a multi-signature setup where the parties' don't know each other and transfer the keys to the new parties.
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Oh good point, didn't think of that actually! I'm stumped then.
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This is why OpenDimes were invented. It's the closest thing there is to "physical bitcoin". It let's you verify that nobody has the private key and allows you to get the private key if you ever need to move it on-chain
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