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53 sats \ 28 replies \ @SwapMarket 2 May \ parent \ on: Wasabi Wallet is shutting down its coinjoin coordination service bitcoin
Laundering means you moved those funds to a bank as legitimate proceeds. But why?
what bank? Are you insane? Who in the right mind still use a fiat bank nowadays?
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Why be rude? I just quoted the definition if money laundering. What you probably did was changing KYC coins into non-KYC.
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Why be rude?
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It wasn’t funny
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changing KYC coins into non-KYC.
There's no such thing as "KYC coins".
If that will exist, then Bitcoin will stop to exist. Is useless.
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Are you living under the rock? Did you not hear of the Travel Rule? Yes, the feds are trying to trace all coins, and more and more regulated entities comply worldwide. Yes, it is the greatest threat to Bitcoin right now. Even Amboss has joind the dark side and offers to certify compliant nodes. This will split LN in two domains: KYC and non-KYC nodes with no channels between them.
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trace my ass if you can.
You have no idea what are you talking about.
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I enjoyed your articles 2.5 years ago when starting with lightning. I wish I never joined SN to discover what a rude narcissistic person you really are. Underestimating your enemy is a sure way to failure.
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Thank you for pointing out his immature narcissistic personality
And he does live under a rock 🪨 which he calls his homestead or citadel
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Money laundering is a process through which individuals or organizations attempt to conceal the origins of illegally obtained money, typically by transferring it through a complex sequence of banking transactions or commercial activities. It is done to make the money appear as if it was derived from a legitimate source.
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Bitcoin is not money if is not dark money
https://www.youtube.com/watch?v=va1pnsCnqHI
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It's harmful to all of us to spread the myth that Bitcoin is inherently money laundering.
The point is money laundering is to take money from an illegitimate source and make it look like it come from something legitimate. Bitcoin does not do that any more than taking cash out of an ATM would. Cash is just cash, with no source information at all. Lightning Bitcoin is just Lightning Bitcoin, with no source information at all.
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"money laundering" is just a bullshit term invented by dumb ass govs.
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And they pick and choose when to apply it, based on if they like you or not.
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The state is starting to flail like a baby upset about a lollipop.
Thank you Office Space
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Why be rude?
it's just how he is.
What you probably did was changing KYC coins into non-KYC
this is the purpose of the coinjoin
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this is the purpose of the coinjoin
Coinjoin isn't just about KYC. All coins have privacy concerns associated with them. I don't want people I pay onchain to know how much money I have in my wallet regardless of KYC. Without coinjoin they can figure that out pretty well.
Would you want your landlord to know how much money is in your bank account every time you pay rent? Of course not. Thats why banks are required to keep all kinds of financial data private. Bitcoin wallets need to provide the same protections.
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Always use the 3 levels stash.
Think like a bank.
LN is the payment network.
Onchain is only the settlement, the cold storage.
I will send you 5000 sats over LN. Please find out the original UTXO, and how much other sats I have.
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Did you ever used MPP?
Open multiple channels with several nodes and do a MPP payment.
None of them will know where and how much you send.
Use multiple private nodes that allows you to open as many channels you want, not like Phoenix, Breez, Green that you can open only with a walled garden LSP.
Seems that you don't know too much about running private nodes and how to operate with them.
I personally stopped doing coinjoins after LN nodes software start being stable. I simply do not need to do it. All my cold stash is not touched, I only operate in the cache and spending level, as I described in above scheme. I don't have to touch that stash or move it.
And absolutely nobody will know about it.
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MPP doesn't stop your peers from getting information on how big your stash is. They know what UTXO's you used and can follow that back.
Private nodes and private channels don't solve that problem either. The likes of Chainalysis are certainly running nodes themselves, and finding ways to buy and steal data from nodes not run by them.
Coinjoin+LN is basic defense in depth. I always fund my channels from coinjoined funds.
You forgot to add L-BTC in the mix. Liquid swaps into Lightning are much cheaper and can be done trustless peer-to-peer with confidential on-chain transactions.
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Liquid is a crap. Read more here: #318849
Please stop shilling Blockstream failed experiment.
The only use case for liquid is ordinals crap.
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The narrative that liquid is crap because lightning is better is miopic. Lightning circular rebalancing exploits smaller nodes. It is parasitic. It relies on some folks down the food chain routing sats with negative net income. No wonder a lot of plebs got disappointed and shut down their nodes. Others sit with high fees and their channels barely flow.
Liquid is not a safe store of value, but a good temporary asset to acquire fron one peer and pass on to the next. The swap currently costs about 300 sats, and this will be reduced to 30 with the next upgrade. For a 5m rebalancing that is 6 ppm.
+1
People also use liquid to balance their lightning channels
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