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RE: KYC and AML are Good - Yum

in #bitcoin • 5 years ago

Dear @coinatory, @guysellars

I understand that monero does provide us with some sort of privacy. But in order to use monero, we need to purchase it on some exchange. Right? And most exchanges still require KYC.

I can bet that accounts purchasing larger amount of monero will be automatically "on radar" and will only attract unwanted attention.

Or perhaps Im wrong? Please share with me your opinion

Cheers, Piotr

5 years ago in #bitcoin by
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     5 years ago  

    it is true for centralized exchanges, yes. It's true when you move all your funds to first Monero wallet (the exchange will keep this record). After that, you just send all your funds to another Monero wallet and this transaction cannot be traced. Nobody will know the sum or the wallet you've sent your funds to. That's privacy.
    You can avoid the KYC - buy monero at localbitcoins!

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     5 years ago  

    Dear @coinatory

    Thank you for your kind comment. Appreciate.

    It's true when you move all your funds to first Monero wallet (the exchange will keep this record).

    And so will authorities. Right? I bet that everyone who will be purchasing privacy coins will be right away "on the radar".

    And being on the radar of your tax office / goverment is not what privacy is about :)

    Yours
    Piotr

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       5 years ago  

      localbitcoins is the website to avoid taxes ;)

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       5 years ago  

      Thank you for being so responsive @coinatory

      Hope you will have a great week ahead,
      Piotr