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21 sats \ 8 replies \ @cleaningup12 13 Dec \ on: Can I de-kyc my KYC stack? bitcoin
Bet you wish you hadn't asked now 🤣🤣
Rule 1 - read darths guides
Rule 2 - if you not sure see Rule 1
But is a good question anyways. Is good when people ask and not blindly do stupid things.
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But your advice in this case is flawed.
Stop misleading newbies with flawed advice Darthcoin.
Once you have purchased BTC via KYC the government and its tax dept know you own that much BTC.
Until and unless you report the sale of that BTC and pay tax if any due they will remain of the opinion that you own that much BTC- with good reason.
Unless you sell the BTC it remains KYCed and attached to your tax records in your jurisdiction.
You cannot un KYC by any means other than selling and paying the tax due.
You could of course try the 'boating accident' ruse but even there if the KYCed Bitcoin is ever seen on the blockchain to move to any subsequent address you will be exposed as a fraudster and possibly prosecuted and even imprisoned for tax evasion.
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What if i lost them, but mixed them before, so that they do not come up in the chain again... What if i just say, boah that bitcoin i have no idea i used it in that time to buy servers and stuff... After how many transaction is it no longer considered yours?
Many questions regarding kyc on my side to be honest ...
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If you used BTC to buy anything that is considered disposal of the commodity and liable for tax at the time of disposal. If you did not report that disposal you are liable for tax evasion.
If you mixed the BTC before 'losing' it then you have failed to maintain sufficient records of the commodity and would potentially be liable for deliberate concealment of your commodity holdings and failure to keep adequate records of those commodity holdings.
The only certain way to un KYC BTC holdings is to sell and report that sale to tax dept and pay the tax due.
Then buy again via non kyc means.
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Of course one could buy an 'amount' through fully kyc cex's and fully comply with local legislative taxation obligations. Obviously I'm not saying this would be a decoy stash
And one 'could' keep a non kyc fully private 'amount'
Not financial advice
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Should I buy a ticket and some 🍿 🤣🤣
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I'm still reeling from my utxo questions lol
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i will have to start reading those guides more systematically because at the moment a question pops up, then i read a guide.
@darth you should consolidate them into a kindle book, or ebook in general and name it something with a clever Star Wars pun
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