Stack Sats Sans KYC In Ten Steps
Wei Dai, b-money (February 19, 1999)
Ten Steps To Stack Sats Sans KYC
Stack Sats Sans KYC In Ten Steps
Sorry, Fiat Maxis, bitcoin is not an investment. It is peer to peer electronic cash. It's not something you buy from Black Rock or Vanguard. Bitcoin is not something you buy, period. Bitcoin is something you use to buy other things. Sure, you might need to buy fiat every now and again to pay for gasoline, but bitcoin is a peer to peer electronic cash system, not an investment.
Since it is peer to peer electronic cash, no centralized bitcoin exchange is required. No law is required within this peer to peer electronic system. This is not to say there are no rules. The rules are written in software. Code is speech. Cypherpunks write code. Only the law of supply and demand is required. You don't need to* send a mugshot before selling fiat for bitcoin.*
How To Stack KYC Free Sats
Step 1: Get a KYC free VPN (e.g., www.mullvad.net)
Step 2: Download the wallet of Satoshi.
Step 3: Sell fiat at a meetup; a hundred bucks is plenty. Don't get crazy and try to sell ten grand to a possible spook. You'll use these SATs a little later. You could also sell something other than fiat. I recently sold some bitcoin trading cards I got while volunteering for Pacific Bitcoin last year.
Step 4: Download the TOR browser. It's not as scary as the media makes it sound. You're selling fiat, not cocaine.
Step 5: Make a trade with Robosats. It takes some time to learn, but it's worth it. You'll need to post some SATs for collateral. That's why our hero sold a piece of green paper with Benjamin Franklin's face on it at a meetup.
The most private way is to sell Amazon gift cards, but you can use Strike or the Cash App if you have them, but those require KYC. They have also just rolled out a person to person option, but it was about 288 blocks ago so I haven't had time to try it yet.
You could also use Bisq and send cash in the mail. It's a little technical though. You need security bags and take video of the process. The arbitration is also complicated, but I've only had to do it once. Cash is going the way of the T-Rex, so stack like this as long as you can.
Step 6: When you stack an amount that makes you feel uncomfortable(say, 3 million sats, but this varies by individual), buy a Cold Card.
Roll some dice.
Write down the 24 words.
Send about 100,000 SATs to the first address.
Delete the key.
Restore the wallet.
If you see your SATs, congratulations!
If you made a mistake, it sucks to be you. Bitcoin ownership is extreme responsibility. If the government doesn’t know about your bitcoin, they can’t bail you out. If the government does know about your bitcoin, they still can’t bail you out. They can tax you, but they can’t build the bitcoin bailout roads. So if you lose some sats, you need to start over. Maybe use Testnet this time.
Step 7: Back up your 24 words with steel. I prefer to engrave my words on military-grade steel plates, but there are other methods. Find out what works for you.
Step 8: Open a lightning channel with Phoenix Wallet using a BIP85 child seed from the Cold Card. Otherwise, you'll end up with 5,237 index cards in a fireproof safe. Guess how I know.
Step 9: Create a passphrase. Use 12 random words from the BIP39 word list. You could draw them from a hat, but I like to take a picture of a loved one with my seed signer. This is not necessary, but it's pretty cool.
We use these words because they are pre-spelled on the cold card. You don't want to use crazy special characters, spaces, and unintelligible gobbledygook. Guess how I know.
This is obvious but be sure not to store these in the same place. I don't recommend burying keys. Guess why. I'll tell you. I once buried steel keys in a park. I thought this was a great idea. Who goes digging in the ground at a park? I buried them, but while walking back to my car I saw some dude using a metal detector. I can't say he took them for sure, but I couldn't find them the next day. Luckily, this was only one of my two-of-three multisig keys.
You should also set up multi-signature wallet. It takes time, but you'll be more resilient. I learned how to do it during lockdown. Guess how much time I had on my hands.
Step 10: Start stacking sats on Robosats using your Phoenix wallet. Send those SATs to cold storage. Again, Bisq is also great but requires some technical chops. It's in the beta testing community on Start 9, but not quite ready for prime yet. I'm not one of those guys that thinks everyone needs to run a node, but if you care enough about bitcoin to defend it, you should run your own node. It's easier now than ever. Guess how I know. Start 9 is the easiest, in my opinion. Back in the day, "be your own bank" was a popular meme. Nowadays, you can be your own Robosats exchange.
The Cypherpunk ethos teaches us how to become free in an unfree world/Internet. I don't know what the latest bitcoin laws are. I don't know how much I need to pay in taxes on a 100 sat zap. I heard about Fin Sin's proposals on Rabbit Hole Recap last week. Guess how many fucks I give about them.
What If I Already Have KY C Attacked Sats?
BTCZelko suggests buying fiat from the exchange you originally sold it on. If you sold fiat on Coinbase, buy it back on Coinbase. Of you bought it on Swan, sell it on Strike becase I hear you Swan does not buy bitcoin back from you. Pay the taxes. Hear that Ms. IRS? Pay your taxes. After you pay your taxes, guess what you should do next.
Blogging Bitcoin.
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