de-KYC Sats? \ stacker news ~bitcoin

1588 sats \ 38 comments \ @BTCoInSite 13 Nov 2023 bitcoin freebie

I stacked hard since 2017 run up. Lost it all on a rug pull exit scam. Then bought back and still stack. Problem. KYC all the way. I know hate on me for being a noob, normie, didn't DMOR.

Now I get it. How to safely un KYC my bag.

Constructive ideas that are easy to understand and follow appreciated.

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766 sats \ 2 replies \ @ek 13 Nov 2023

Download Sparrow and use the integrated whirlpool

278 sats \ 0 replies \ @oomahq 13 Nov 2023

Just to make it clear, the only way to truly de-KYC a stack is selling it on an exchange and restart from 0.

Conjoins, swaps and the like provide forward secrecy, but don't erase previous history.

0 sats \ 0 replies \ @BTCoInSite OP 13 Nov 2023

Thanks pleb. I have sparrow. Now to dive into the whirlpool!

62 sats \ 2 replies \ @brianh 13 Nov 2023

people on SN usually suggest https://hodlhodl.com/ as a way to obtain sats KYC-free. for future consideration

5 sats \ 0 replies \ @kristapsk 13 Nov 2023

Yes, HodlHodl, RoboSats and Bisq are the best options to convert Bitcoin to / from fiat.

5 sats \ 0 replies \ @BTCoInSite OP 13 Nov 2023

ᕕ(⌐□_□)ᕗ ♪♬

31 sats \ 0 replies \ @deletedd 13 Nov 2023

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394 sats \ 4 replies \ @shyfire 13 Nov 2023

The only way to un-KYC it is to sell it, and then buy it all again Non-KYC.

No matter what you do with that KYC corn (whirlpool etc), there is still an entry on a database out there with your name next to it and the amount of BTC that you have.

1 sat \ 0 replies \ @BTCoInSite OP 13 Nov 2023

oog. Thanks i guess!

0 sats \ 0 replies \ @td 13 Nov 2023

And take the Capital Gains tax hit, assuming you're in the green

0 sats \ 1 reply \ @Coinosphere 13 Nov 2023

That just tells the watchful eyes how much you've stacked. It doesn't link it to any expenditure. This is valuable.

After spending all these washed sats over years, there would be no way for them to know that you're not still hodling the whole stack.

0 sats \ 0 replies \ @shyfire 13 Nov 2023

That is true. However there are certain scenarios where that could hurt you. For example, what if self custody was banned and a law is issued demanding that you hand over your stack to an authorized custodian?

62 sats \ 3 replies \ @Zepasta 13 Nov 2023

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0 sats \ 2 replies \ @343pg 13 Nov 2023

I guess you’d want to be running a lightning node to do this, or is there a simpler way? Any good guides on this front?

50 sats \ 0 replies \ @aftermath 13 Nov 2023

Check out #163372, it has a list with services offering swaps and their fees.

0 sats \ 0 replies \ @Zepasta 13 Nov 2023

There are swap services that charge 0.5% try searching, i cant link to you right now

31 sats \ 3 replies \ @Coinosphere 13 Nov 2023

The coinjoin whirlpool in Wasabi wallet is pretty solid. Just download the wallet, move your sats to it, and use their process. A fee is taken but it's quite straight forward and worthwhile.

Just be sure to watch the mempool and do it when fees are low.

0 sats \ 0 replies \ @kristapsk 13 Nov 2023

Just remember that by default it will share wallet's xpub with coordinator, so you are private against other parties but not against them.

0 sats \ 1 reply \ @BTCoInSite OP 13 Nov 2023

Will fees ever be low again? Lol. Them some spensive jpgs!

0 sats \ 0 replies \ @Coinosphere 14 Nov 2023

The monkey gif craze passed, I figure this too shall. Someday. :p

2 sats \ 0 replies \ @sime 13 Nov 2023

They are only 'KYC sats' if you send them to an exchange.

If you use them as a P2P currency, you will be fine.

21 sats \ 3 replies \ @justBrian 13 Nov 2023

Id say either sell your kyc stack back to exchange, or just spend it on say gift cards you can pay utilities with ( bitrefill or the bitcoin company are options ) . And start building a non kyc stack. I usr robosats, very easy to use 🤙

21 sats \ 2 replies \ @BTCoInSite OP 13 Nov 2023

Robosats eh? Gotta check to see if works in Canuckastan.

0 sats \ 0 replies \ @justBrian 13 Nov 2023

Robosats works everywhere, just a matter of if there are peers on robosats willing to sell btc for canadian money.

An alternative if having trouble finding camadian peers: you can swap your kyc btc to liquid usdt and buy btc on robosats with liquid usdt. There is consistent demand for dollars.

Good luck 🤙

0 sats \ 0 replies \ @nemo 13 Nov 2023

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0 sats \ 0 replies \ @orthzar 13 Nov 2023

KYC is not associated with your SATs. KYC is a permanent mark on your record. Selling your entire KYC stack and buying only non-KYC going forward is the only good move. But the government will never remove you from their KYC records.

If you have ever bought any cryptocurrency via any KYC exchange, you told the government, "I understand cryptocurrencies enough to buy them, so I probably have more non-KYC cryptocurrencies that I haven't told you about."

If the government decides to start seizing cryptocurrencies, they will make a list of people from whom to steal cryptocurrencies. Selling all of your KYC stack might put at the bottom of that list.

Downsizing your lifestyle (e.g. no lambos, small house/apartment, cheap car) will also help. The IRS catches many tax evaders (or in this case, KYC evaders) by just looking at their lifestyle.

0 sats \ 0 replies \ @fred 13 Nov 2023

use fiat to buy on KYC free platforms

0 sats \ 5 replies \ @kristapsk 13 Nov 2023

Use coinjoins, JoinMarket or Wasabi Wallet.

0 sats \ 4 replies \ @shyfire 13 Nov 2023

Just take care with Wasabi since the joins can be quite weak and easy to undo the (weak) privacy gains

0 sats \ 3 replies \ @kristapsk 13 Nov 2023

How is WabiSabi in Wasabi 2.0 weak? It's most blockspace efficient and private coinjoin implementation currently, with only tradeoff being centralized coordinator (JoinMarket is best here).

Here's one recent WabiSabi coinjoin tx as example - https://mempool.space/tx/758fe6f31c81fc0c92869e321e205ee617c1c0e5a49828d167e46126fb8b0027.

0 sats \ 2 replies \ @shyfire 13 Nov 2023

many examples out there where wasabi coinjoins are undone

https://x.com/ErgoBTC/status/1723700744576971012

0 sats \ 1 reply \ @kristapsk 13 Nov 2023

Where is Wasabi coinjoin there? I see P2PKH addresses, Wasabi doesn't support that.

0 sats \ 0 replies \ @shyfire 14 Nov 2023

huh did you even open the reference in the tweet? https://oxt.me/graph/transaction/tiid/4984017240

Here is one of them https://oxt.me/transaction/tiid/4984156801

There have been numerous highly publicized Wasabi demixes

DYOR

0 sats \ 0 replies \ @BTCoInSite OP 13 Nov 2023

Plebs helping plebs. We will look back on these days fondly soon enough me thinks. Except in small more private groups of course. BitcoinBeach El Zonte etc.

0 sats \ 1 reply \ @OT 13 Nov 2023

You could potentially sell your stack, withdraw that cash, then buy noKYC sats.

0 sats \ 0 replies \ @BTCoInSite OP 13 Nov 2023

Considering it. Sigh. #CapitalGains but then again... buy buy KYC so worth it....

0 sats \ 1 reply \ @fiatdenier 13 Nov 2023

You cannot unKYC your sats like you cannot unbake the cake

0 sats \ 0 replies \ @BTCoInSite OP 13 Nov 2023

('-')7 Thank you sir!