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0 sats \ 1 reply \ @HardRich 1 May \ parent \ on: if bitcoin became illegal by law (part two) Personal_Finance
The “Move to Monero” isn’t great since if you bought the bitcoin with KYC and the government knows you bought $100,000 and then you moved to Monero then that’s really no diff than saying “boating accident.”
In other words, simply moving over to Monero does nothing for you, accept maybe privacy when purchasing. The government will treat you as if you have $100,000 of “illegal” money.
My guess is the government will say, convert your crypto to fiat or you’re going to jail. You’d have to sell your Monero.
In fact, one could argue Monero is worse in the above situation. With bitcoin you could prove that you sold some of your bitcoin elsewhere and no longer have access to $100,000. With Monero you either cough up $100,000 or go to jail - doesn’t matter if you spent/sold it.
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0 sats \ 0 replies \ @Hamstr OP 2 May
yes if you're KYC buying BTC then buying XMR then yes it's no different. But if you used that money to buy xmr you skip the kyc process unless you're going through an exchange.
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