307 sats \ 6 replies \ @chairman_pretense 26 Aug 2023 \ on: Should I mix my KYC-bought Bitcoin? bitcoin
So whoever has collected the KYC information, will always have a record of that amount of bitcoin to your name, no matter how much mixing you do.
This might be a concern if you think your government may one day come knocking on the door demanding your coins (rather like the gold situation in the USA in the 1930s).
The only way to clear this record is to sell the KYC coins back to the KYC exchange, thus settling the balance to your name to 0.
If that isn't a threat you're worried about, then mixing will still offer forward privacy. It will obscure from the KYC entity where you later spend your coins. This may still be valuable to you.
All depends on your threat model.
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30 sats \ 4 replies \ @franzap 26 Aug 2023
That's why you give them fake addresses
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22 sats \ 3 replies \ @orthzar 26 Aug 2023
Do any exchanges actually verify the information you give them?
If they don't have access to government ID databases, it's impossible to verify any information. Even ID cards can be faked.
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100 sats \ 2 replies \ @franzap 26 Aug 2023
Correct. I have a friend who did this. Avoid the ones that require selfies.
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22 sats \ 1 reply \ @orthzar 26 Aug 2023
Correct. I have a friend who did this.
I would expect that to change once the government asks for KYC info for an important case and the info turns out to be faked. Perhaps the US government would require every exchange to use an API to verify IDs.
Avoid the ones that require selfies.
Those could probably be faked via AI/social media and Photoshop/GIMP.
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0 sats \ 0 replies \ @franzap 27 Aug 2023
I think at that point it's simply easier to move to Bisq or Robosats
Faking selfies already requires more than just Photoshop. Some exchanges ask for live verification so something like a deep fake video generator is necessary.
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1 sat \ 0 replies \ @orthzar 26 Aug 2023
The only way to clear this record is to sell the KYC coins back to the KYC exchange, thus settling the balance to your name to 0.
It is worth noting that the records won't go away. The government will see that you bought and sold some amount of BTC. This matters, because it is means you could plausibly own more BTC that you didn't buy KYC. This is why KYC is such a serious problem.
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