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0 sats \ 9 replies \ @megaptera 13 Aug \ on: What to Do if the Bulk of My Bitcoin Holdings Is From Centralised KYC Exchange? bitcoin
The only way is to sell them back to fiat on the same exchange, transfer the fiat back to you and buy kyc free coins somewhere else. Even then there is the record about you buying bitcoin. If you "just" mix them, then the exchange does not not where your coins are but they know you have/had them.
If that will bite you in the future is hard to say. It really depends what you think is your thread model. (Taxes, $5 wrench attack etc..)
Maybe you just keep them and from now an you try to get kyc free coins and put them on another wallet.
The only way is to sell them back to fiat on the same exchange
That's just stupid.
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why? At least you have a "proof" that you do not have the coins anymore... Depending on the situation it does or does not matter.
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proof for who?
I don't give a shit about govs knowing how much coins I have. They do not have any power over my self-custody coins.
I give a shit when bad guys got my personal info from leaked KYC data and use it for other shit...
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Well, it’s definitely not the only way:) there are different mixers, like wasabi , or you can remove kyc through lightning or cashu, though if stack is big, it can be quite inconvenient. But why are you so worried about kyc in the 1st place? As long as you have them in cold storage no one can rug you.
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I think is is a misunderstanding that you can get rid of the kyc through mixers and the like. The "dangerous" part about the kyc is in my opinion that there is a record on a central exchange which state that you bought X Bitcoin on date Y. Obviously you can get rid of the traceability of your coins by mixing them but the "buy" kyc record will be there forever.
But why are you so worried about kyc in the 1st place?
In this situation, this is probably the right question :)
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The "dangerous" part about the kyc is in my opinion that there is a record on a central exchange which state that you bought X Bitcoin on date Y.
WRONG! That's not the part you should be concerned.
The real danger of KYC is that your personal information circulate freely on internet without your consent!
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Yeah, obviously. Its not that big of a problem if only the exchange knows. But as we all know, this is rarely the case.
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