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re: Crypto Question
Posted on 2/17/22 at 7:03 am to jp4lsu
Posted on 2/17/22 at 7:03 am to jp4lsu
If you find someone willing to take funds in crypto under the table, there is nothing can be done about it. Peer to peer transactions on the Bitcoin network are out of the scope of what the government can realistically stop without some fairly extreme measures. However, if these blacklisted wallets need access to a fiat off ramp, what they would likely need to do is to transfer your funds to a non-KYC compliant exchange like CoinEx or KuCoin which you’ll need to access with a VPN and cash out there.
You could also send Bitcoin through what is called a Bitcoin tumbler (e.g Coinjoin) which breaks the transactions up into many smaller transactions and routes them through complex chains of transactions where they are mixed with other peoples coins before going to the destinations so that the waters are really murky as to who you actually sent the funds to. Kind of similar to how VPN ensures privacy for accessing websites, just with transferring money. Once the funds arrive in the destination, it’s possible they are considered entirely washed by exchanges but certainly not a guarantee.
If I found myself in the position of needing fiat and my wallet addresses were known and blacklisted by all major exchanges, I’d probably use a tumbler and keep them in cold storage just with a new address and then use a non-KYC exchange to transfer to stablecoins, transfer back to an exchange with my bank account and liquidate. Not all at once either, I’d want to see that this worked without setting off any red flags with a small amount before committing the whole thing.
Sounds like a lot but it really isn’t.
You could also send Bitcoin through what is called a Bitcoin tumbler (e.g Coinjoin) which breaks the transactions up into many smaller transactions and routes them through complex chains of transactions where they are mixed with other peoples coins before going to the destinations so that the waters are really murky as to who you actually sent the funds to. Kind of similar to how VPN ensures privacy for accessing websites, just with transferring money. Once the funds arrive in the destination, it’s possible they are considered entirely washed by exchanges but certainly not a guarantee.
If I found myself in the position of needing fiat and my wallet addresses were known and blacklisted by all major exchanges, I’d probably use a tumbler and keep them in cold storage just with a new address and then use a non-KYC exchange to transfer to stablecoins, transfer back to an exchange with my bank account and liquidate. Not all at once either, I’d want to see that this worked without setting off any red flags with a small amount before committing the whole thing.
Sounds like a lot but it really isn’t.
This post was edited on 2/17/22 at 12:51 pm
Posted on 2/17/22 at 10:02 am to Ross
so many covered most things, but essentially you can do the following
transfer to decentralized wallet, tumble, send to new wallet and then funds are cleared.
with bitcoin that has gotten hard and harder as the government continue to crack down on tumbling services because they want to know everything. with Eth its still pretty possible but again NSA and CIA are doing everythign thye can to shut this kind of stuff down.
transfer to decentralized wallet, tumble, send to new wallet and then funds are cleared.
with bitcoin that has gotten hard and harder as the government continue to crack down on tumbling services because they want to know everything. with Eth its still pretty possible but again NSA and CIA are doing everythign thye can to shut this kind of stuff down.
Posted on 2/17/22 at 10:54 am to Ross
quote:
If you find someone willing to take funds in crypto under the table, there is nothing can be done about it. Peer to peer transactions on the Bitcoin network are out of the scope of what the government can realistically stop without some fairly extreme measures. However, if these blacklisted wallets need access to a fiat off ramp, what they would likely need to do is to transfer your funds to a non-KYC compliant exchange like CoinEx or KuCoin which you’ll need to access with a VPN and cash out there.
And this ^^^^ is why the Global Banking Cabal will devise a strategy to neuter crypto currencies......the authoritarians (which includes Global Banking) will not be denied their cut.
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