pull down to refresh
30 sats \ 14 replies \ @Jon_Hodl 13 Dec \ on: Can I de-kyc my KYC stack? bitcoin
No, once your ID has been attached to a bitcoin purchase, there is no way to undue that.
The best you can do is to sell all of your bitcoin back to the same exchange you bought it from and then sell it so you have both a record of buying it and then selling it.
The next step is to bifurcate your stack and live a bitcoin double life but in order to do this, you need to be running your own node. https://www.whatisbitcoin.com/privacy/living-bitcoin-double-life
Once you are running your own node, the only person in the world who knows your wallet addresses and balances is you. Then you can begin to build a private stack that isn't attached to your identity.
thanks Jon, I plan on branching out into running a node next year, one of my new years resolutions lol
In my opinion this is not a solution.
Bitcoin needs to come out of the shadows... so we can have 'real solutions' which don't include, in my opinion, having a 'double stack' that's 'in the shadows'.
How are people going to pay their bills, pay for a coffee, put gas in their car, while assessing the tax liabilities and reporting for every single daily small purchase?
The answer? It's completely impractical. Imagine the small business owner just trying to survive... the single parent paying their bills, the senior saving for retirement, or just trying to see their retirement nest-egg go as far as possible...
Using Bitcoin on lightning or other layers for daily, individuals purchases for all manner of things. Every single cup of coffee with 'capital gains taxes' for millions of people every single day for every single business? Really?
Privacy is one thing... concealing funds from thieves, hackers, or criminals. But taxes is some sort of compromise between government and citizens and we need more education advocacy and leadership.
Maybe the next administration (trump) as they completely burn down federal government to 'reform it'... will give Bitcoin better tax treatment. It wouldn't surprise me and I think it's eventually inevitable.
reply
Hey @DarthCoin how will we all pay taxes capital gains on every cup of coffee that we buy with bitcoin?
It sounds like you want bitcoin to conform to the old ways of legacy finance. I want legacy finance to bend the knee to an open source math equation.
Privately owned bitcoin isn't "in the shadows". It's how all money should be. Neutral and private.
I would encourage you to read this paper. It outlines how bitcoin was designed to be used as peer-to-peer cash: https://bitcoin.org/bitcoin.pdf
reply
you cannot 'save the world' if you are in jail from tax-evasion.
it has been tried. it doesn't work.
we need a complete solution, political, economic, social, and most importantly educational
reply
reply
you know exactly what i'm saying.
buying a coffee is a taxable event, and mom-and-pop shops + small businesses don't really want to touch it until this issue gets resolved.
reply
reply
i think they should.
but i don't think they will, until the tax issue gets resolved.
and i personally believe it will but will take time
reply