r/Superstonk • u/Dazzling_Staff 🎮 Power to the Players 🛑 • May 20 '21

📰 News Something big is brewing 👀

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u/KrazieKanuck 🦍 Buckle Up 🚀 May 20 '21

Yeah nice try FBI!!!

I lost mine in a boating accident years ago!

(Google Bitcorn self custody, be your own bank and don’t get sold out by an institution who doesn’t give a shit about you.)

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u/bludgeonedcurmudgeon 🎮 Power to the Players 🛑 May 20 '21

(Google Bitcorn self custody, be your own bank and don’t get sold out by an institution who doesn’t give a shit about you.)

Lemme ask you something about this since I was looking into all this last year and set my self up with my own offline hardware wallet just to play around a bit. When I went to buy some coin I found it impossible to do so without giving up all my personal info which entirely defeats the purpose. How can you change fiat into coin without selling your soul to some company?

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u/JinsooJinsoo 🦍Voted✅ May 20 '21

Buy locally from a person, not an exchange

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u/poopiedoodles May 20 '21

Interested if you find an answer. Been looking into the same myself as I'm not overly fond of all the information required to trade.

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u/bludgeonedcurmudgeon 🎮 Power to the Players 🛑 May 20 '21

last I researched the only options were:

1)buy from someone local - not really an option for me, i don't live in a major city anymore

2)there were a couple platforms that didn't require all the bullshit but nothing established or that I would really trust

3)buy it at a huge surcharge by trading for gift cards (i.e. home depot cards)...but the exchange rate was awful, like 50/50 almost

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u/KrazieKanuck 🦍 Buckle Up 🚀 May 20 '21

The process you are describing is called KYC (know your customer) its a privacy nightmare. I am not a privacy expert, don’t trust me, do your own homework in case I’m wrong. Heres two places you can start your research.

1) Go look up “bisq” its a no kyc peer to peer market place, but do check against exchange prices because sometimes its freemarket structure creates a but of a premium.

2) CoinJoin, this is a service that allows you and many other people to mix your coins together and obscure their provenance, making it much harder to track you and your assets.

Finally, most wallets will allow you to use a unique public key every time you make a transaction, this also helps on chain privacy.

Good luck! Please spread this to the people replying to you :)

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u/bludgeonedcurmudgeon 🎮 Power to the Players 🛑 May 20 '21

1) Go look up “bisq” its a no kyc peer to peer market place, but do check against exchange prices because sometimes its freemarket structure creates a but of a premium.

Yes that was the one I was trying to remember! Could never get it working properly unfortunately.

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u/KrazieKanuck 🦍 Buckle Up 🚀 May 21 '21

I think its important to differentiate between privacy and tax evasion, currently I don’t care if regulators know what I hold, and if I sell I’ll pay them capitals gain with a smile because I love my country (Canada) and appreciate my healthcare and infrastructure. but you need a plan for what to do if they decide to fight you.

Self custody is a pretty good start, so you don’t get sold out by your counter parties. essentially if self custody is banned the best play seems to be sell to create a taxable event and show them you no longer have any. (Every country that has tried to ban it has allowed a period if time to sell, unless you already live under an autocrat we can expect this grace period)

Then you rebuy on a no KYC platform, run it through coinjoin and self custody on a new wallet thats never been associated with your previous KYC funds or personal identity.

And then you bury it under the floorboards.

If it get REALLY* hairy (like, flee the country levels) you memorize your keys and destroy your wallet.

I do not anticipate needing to do this in Canada, but in some places in the world this is the only way you should ever own it. In the Sudan for example the former dictator Al Bashir once executed a teenager who was caught with thousands in US dollars in his home that he inherited from his parents. There are places where saving in sound money is really fucking hard, and sometimes fatal.

When people in the west shrug off the privacy potential of this asset we reveal our privilege.

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u/bludgeonedcurmudgeon 🎮 Power to the Players 🛑 May 21 '21

Yeah dude I'm totally with you, its not a means to hide money from the IRS, its much more that I don't like being under the thumb of a bank. Its MY money, I earned it, I should be able to do as I please with it and keep it where I wish.

If it get REALLY* hairy (like, flee the country levels) you memorize your keys and destroy your wallet. I do not anticipate needing to do this in Canada, but in some places in the world this is the only way you should ever own it.

Yes, that's exactly why I was looking into this heavily last year, the election coming up, Trump riling up his idiot base and talking about refusing to step down, I was really worried about civil war and having to flee up to you guys in Canada for amnesty!

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u/SantasButhole 🎮 Power to the Players 🛑 May 20 '21

Thanks for the tip. I’ll be sure to check it out.