Un-KYC My Bitcoin \ stacker news ~bitcoin

3080 sats \ 25k boost \ 40 comments \ @anon 24 Dec 2023 bitcoin

The KYC process when you exchange fiat for bitcoin is a violation of privacy.

Custodial mixers and CoinJoin can help restore your financial privacy, but can also make exchanging back to fiat difficult in the future

Take your privacy back with Unkyc My Bitcoin.

We're a new service that allows you to buy hashrate and mine bitcoin at scale.

You get your KYC stack off the books at current market value and earn new (kyc free) sats
10 PH/s to 100 PH/s hashrate P2P, from mining farm to your mining pool account
Non-custodial (no kyc required)
Your funds held in on-chain escrow
Accurate per-share billing

Fair pricing. Our fee is waived for the first 21 people who sign up today.

Thanks for reading all the way, Team UnkycMyBitcoin

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415 sats \ 10 replies \ @NewsnNudes 24 Dec 2023

Alwaaays watch out for SCAMS lads! It seems like non-kyc ads are the new marketing trend

11 sats \ 6 replies \ @anon 24 Dec 2023

We're a new project. Not a scam.

522 sats \ 0 replies \ @quark 24 Dec 2023

Oh very convincing. You just confirmed it is a scam 😂

113 sats \ 4 replies \ @NewsnNudes 24 Dec 2023

why does your project has no credentials or privacy policy, whole page looks dodgy to me, innit?

44 sats \ 3 replies \ @anon 24 Dec 2023

We're launching in 2024. Our website is a placeholder while we build the service.

55 sats \ 1 reply \ @NewsnNudes 24 Dec 2023

always good to have at least some information, looks dodgy and i wouldn't enter my mail adress

100 sats \ 0 replies \ @anon 24 Dec 2023

Fair enough. Thanks for the feedback.

32 sats \ 0 replies \ @Eobard 24 Dec 2023

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64 sats \ 0 replies \ @RdioActiv 24 Dec 2023

Scammers love to prey on the paranoid 😄

30 sats \ 0 replies \ @Swagrid 24 Dec 2023

👻👻👻

30 sats \ 0 replies \ @kepford 24 Dec 2023

Second this. I would be very hesitant to use something like this.

11 sats \ 3 replies \ @BitByBit21 24 Dec 2023

Has anyone tried this?

21 sats \ 1 reply \ @justBrian 24 Dec 2023

I do this in practice using rigly.io when im able to score decently priced forward hash rate. Assuming they are using fpps pools, you are gonna lose 30-40% of your bitcoin at current hash prices for the cost of this service. Youd be so much better off selling your kyc back to CEX, buying new corn on robosats. Probably be faster too.

10 sats \ 0 replies \ @BitByBit21 24 Dec 2023

I'm familiar with Rigly so I was wondering if this is te same model.

21 sats \ 0 replies \ @Eobard 24 Dec 2023

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202 sats \ 6 replies \ @CUMDUMPSTER 24 Dec 2023

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0 sats \ 3 replies \ @badabing 25 Dec 2023

Or you move it to another address shortly after buying, giving you plausible deniability and no real tax impact?

0 sats \ 2 replies \ @CUMDUMPSTER 25 Dec 2023

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0 sats \ 1 reply \ @badabing 25 Dec 2023

Yes, what I actually meant: what if you sold bitcoin p2p at the price you bought it (within 1-2 days of buying)? No capital gains..

0 sats \ 0 replies \ @CUMDUMPSTER 25 Dec 2023

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0 sats \ 0 replies \ @Kaffi 25 Dec 2023

thats a good way to put it.....or leave the country

0 sats \ 0 replies \ @evanbaer 24 Dec 2023

Right. I think the idea above is you buy hashrate and take the tax event, then when you mine it is on you to report it.

I can also see how different mining payouts could impact the move to a no-kyc stack. Eg potential to hit a luck streak on a PPLNS pool.

(Also, I’m not an accountant)

10 sats \ 1 reply \ @designsats 24 Dec 2023

Open LN channel, Send over LN, close on the other side - boom done, very little risk if done properly.

I wouldnt take chance with you.

0 sats \ 0 replies \ @kepford 24 Dec 2023

Exactly

0 sats \ 0 replies \ @supratic 25 Dec 2023

😂 so funny... no-KYC asking for email signup, jeeeezzzz

0 sats \ 0 replies \ @TeslaLiberty 25 Dec 2023

This is very likely a scam.

Actually 100% sure a scam

0 sats \ 0 replies \ @Krv 25 Dec 2023

"can also make exchanging back to fiat difficult in the future" Wouldn't it be nice if this step became unnecessary?

0 sats \ 0 replies \ @sudonaka 24 Dec 2023

https://rigly.io/

0 sats \ 0 replies \ @TheL0wner 24 Dec 2023

gfy.

0 sats \ 0 replies \ @kepford 24 Dec 2023

but can also make exchanging back to fiat difficult in the future.

This issue is somewhat fixed by lighting.

0 sats \ 0 replies \ @falsefaucet 24 Dec 2023

so you are basically selling hash?

0 sats \ 0 replies \ @OT 24 Dec 2023

Its a good idea, but KYC is for life.

I will consider using this option instead of coin joins.

0 sats \ 0 replies \ @kristapsk 24 Dec 2023

Nah, coinjoins (JoinMarket, Wasabi Wallet) and / or physical miner at home.

0 sats \ 0 replies \ @lpop4254 24 Dec 2023

Good

0 sats \ 0 replies \ @CruncherDefi 24 Dec 2023

So it's a "I give you KYC bitcoin, you give me non-KYC bitcoin" service with extra steps.

Why all the fancy steps with hashrate-lending? Keep it simple. Just do the straight 'KYC for non-KYC swap with some premium" service without unnecessary bullshit.

0 sats \ 0 replies \ @037447d9ca 24 Dec 2023

The good old mining scam.

0 sats \ 0 replies \ @Book_It 24 Dec 2023

Was just thinking of doing this for some of the people close to me. I run miners and dont mind them paying me to get non kyc btc. I just use the cash to pay bills or just use the kyc btc and sell it only for my bills.

10 sats \ 1 reply \ @Eobard 24 Dec 2023

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0 sats \ 0 replies \ @billiam 24 Dec 2023

I don't see a problem. Use a throw away email and a fantasy name :-)

0 sats \ 0 replies \ @chastityheinthomas0p 25 Dec 2023 outlawed

stackers have outlawed this. turn on wild west mode in your /settings to see outlawed content.