31 sats \ 8 replies \ @BlokchainB 8 Mar \ on: Stacker Saloon
KYC or not to KYC that is the question today!
Pros:
- convenience
- access to high liquidity
- easy to withdraw
- easy link to dollars when needed
Cons:
- another place where my ID will be
- limits
- no privacy
- getting no-KYC will cause slippage meaning less sats
š¤
KYC is bad because your personal info is out there in multiple hands and you don't know where is traveling and used. THAT IS THE REAL ISSUE WITH KYC.
KYC doesn't really matter if you just buy - withdraw and never sell back for fiat.
Just move around the sats through LN channels and absolutely nobody could trace nothing. I wrote several guides about that.
If you can avoid KYC exchanges, then do it !
But if you are forced to use them, don't worry too much. Govs will NOT come after you because you DCA 20 cuckbucks /month.
JUST NEVER SELL BACK FOR FIAT. is so fucking simple.
Spend and replace.
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Gotcha š«”
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My cynical thought about KYC is, if someone wanted to track you down via anonymous transactions, they probably could anyway. Especially at the nation state level. True privacy on the internet is almost impossible.
There are multiple ways you can "lose" your bitcoin in the future if you need to.
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We should not consider this as a purely personal point or advantage. It's also about the chain as a whole. The more non kyc coins circulate, the better for everyone in terms of privacy and censorship resistance.
In fiat, if everyone ditches cash money for convenient cards, that opens the door to a 100% controllable money network for the government. Make it hard on them, use and promote the use of cash money and p2p bitcoin.
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Yeah like giving it to scammers like I did.
Or screwing around with wallets or force closes on lightning
Sats always be getting lost!
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Agreeing with Darth here.
I also see it in the same way as cash money: if you can't pay with btc and need to use fiat, try to use cash iso card. This to avoid that all tx can be 100% traced at some point as everyone only uses kyc cards anymore. Keep the cash system alive, increase the number of cash trades and defend cash money when gov threatens it. This is a proxy fight in defense of Bitcoin (digital cash).
Similarly, in Bitcoin, push up the number of non kyc coins and p2p trades/spends, to avoid an unlikely but possible outcome of ending up as a kyc chain. The less coins that remain non kyc, the better, and the true believers in Bitcoin should lead the way here.
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