reply on: What Collateral To Use On Robosats? \ stacker news ~bitcoin

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119 sats \ 10 replies \ @siggy47 OP 26 Jan \ parent \ on: What Collateral To Use On Robosats? bitcoin_beginners

No, what I mean is the non bitcoin asset used to buy or to accept in exchange if you're selling.

I would never sell on RoboSats because it opens you up to a lot of counterparty risk imho.

I know several people who had multiple bank accounts shut down because they sold sats on RoboSats.

I only buy with RoboSats.

I use Revolut with EUR, CHF, and USD. I exchanged sats to EUR only a couple of times to learn how to do it for a couple of EUR each time, so I don't know what might happen if I received fiat often or larger amounts.

I usually pay fiat to receive sats, I load my Revolut accounts with debit cards or SEPA transfers, and I haven't had any issue there.

50 sats \ 7 replies \ @ek 26 Jan

I use Revolut and pay with EUR. Had absolutely no issues with it unlike with SEPA Instant. In one trade, a seller had to give me three bank details until one worked. No idea why the others didn’t work.

109 sats \ 6 replies \ @siggy47 OP 26 Jan

Okay. My point is, if you are using revolut, or in the US cash app, venmo, paypal, etc, are you gaining much over a straight KYC exchange, privacy wise? FYI I don't really understand how revolut works

146 sats \ 0 replies \ @Jon_Hodl 17h

If the counterparty is a fed/chainal/bad actor, then they know that your Revolut account is being used to buy bitcoin and they can attach that sale to your KYC’d identity.

If the person selling is an honest actor, then it just looks like you paid them for something and that’s all but I can 100% guarantee that Revolut is building a social graph with each and every transaction regardless of what it’s for. They can absolutely recognize patterns and quickly determine who is doing something “unconventional” and will begin to monitor your account.

Amazonngidt cards with cash is the best way to privately buy on RoboSats because it’s the only payment method on the site that can be sent electronically without the need to KYC to buy.

I can also 100% guarantee you that Amazon is doing their own “chain analysis” of when and where a gift card is purchased and then compare it to when, where, and what account applied the credit.

If you buy in San Diego with cash and that card is applied to an account in New York later that same day, I guarantee that raises some suspicion with Amazon and may illicit an “investigation”.

41 sats \ 4 replies \ @ek 26 Jan

They see that you paid someone but they don’t see for what. So the sats you receive are KYC-free.

30 sats \ 1 reply \ @siggy47 OP 26 Jan

Thanks for the explanation of your reasoning. The reason I'm asking is it's tiring and inconvenient as hell to drive around to different stores to buy Amazon cards with actual, cash dollars.

79 sats \ 0 replies \ @ama 26 Jan

I see that's got to be a real pain. I think any app for direct payments, like Rev, CA, Venmo, etc. should be perfectly fine for small amounts which won't "call" for attention.

As @ek said, the receiver sees minimal info of yours (@RevTag, first name, and second name initial only), and the app sees only the payment. Robosats users are discrete and don't like any note with the payment or anything, which is convenient for privacy, too.

0 sats \ 1 reply \ @Satosora 23h

Arent there easier ways to receive kyc stats?

9 sats \ 0 replies \ @ek 23h

Become a journalist, send press inquiries for KYC stats to companies and governments