Why don’t institution miners open front-facing desks to sell their BTC direct to the public? They are already selling their BTC as a business, it’s not triggering different regulation. Pleb miners should have tables at farmers markets selling their commodities just as farmers do corn, wheat and Lima beans. I would much rather purchase direct with someone watering the network with the electricity from my own neighborhood and support their work.
12 sats \ 0 replies \ @P2P_bitcoin 7 Jan 2023
Firstly, they are in the bitcoin mining business. They must focus on bitcoin mining.
Depending on this jurisdiction. In the U.S., doing that can be categorized as being a "money service business", which comes with requirements for money transmitters (e.g., AML/KYC for buyers, reporting requirements, compliance staff).
They are generally selling (at least, what they don't hold) to over-the-counter (OTC) brokers, and on exchanges (sometimes institutional, sometimes retail).
Pleb miners might also sell (what they aren't stacking) on exchanges, but if the reason they are mining is to obtain bitcoin without having to do KYC/Identity for it, then they are likely to then sell person-to-person, ... either on KYC-Free bitcoin P2P trading platforms or to buyers they have met who expressed interest in buying bitcoin free of KYC/Identity as well.
You can do that! Most P2P trading platforms have a "face-to-face" (F2F) / in-person payment method where cash is used for the trade. No guarantee that the seller is a miner, but a fair percentage of P2P sellers are miners.
The problem is liquidity. In a bear market like now, there are more buyers than sellers on the P2P platforms. So any offer by a seller at a fair price get snapped up quickly, leaving only the offers that incur a larger premium (e.g., 10% or more). And for F2F/cash there's even fewer sellers, so it may take some length of time to find a seller with an offer in your area. But there are sellers who don't list offers and instead look for buyers who are local and have an offer to pay with cash. The buyer can even draw in a reluctant seller by offering to pay a premium above spot (e.g., 5%), though that might increase the odds that the seller is not necessarily a miner but instead a trader trying to earn through arbitrage (selling to you at a premium, and buying back at near spot price from an exchange).
Here's a list of P2P trading platforms. The ones that are KYC-Free are marked as such:
Person-to-Person bitcoin Trading Platforms
https://cointastical.github.io/P2P-Trading-Exchanges/
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2 sats \ 0 replies \ @Hermit 7 Jan 2023
Looks like there is wisdom in the other side of the Styx.
Here are some Sats for the boatman.
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