7H·

Privacy Coins

Never let a bear market go to waste.

I've been thinking for some time about buying some privacy coins like $XMR (-6,4 %) Monero and $ZEC (-3,95 %) ZCash in homeopathic doses, and now seems like the right time to do so.

I specifically chose these two because they have a long track record and are also the best known.

I have no intention of making a profit with them; I would hold them like a gold coin to have just in case...

Sure, if they quintupled in value, I'd probably sell some of them, but I'm also prepared to hold them until they're worth nothing if I have to.

I still have a few questions though...

I plan to buy them through a non-KYC exchange and hold them in my own wallet.

If at some point I want to exchange them back into $BTC (-2,01 %) and then sell them, I won't be able to do that through regular exchanges as I will probably need to provide a proof of origin for the BTC.

In your opinion, what is the best way to convert these gray $BTC (-2,01 %) into € or $?

What do you think of privacy coins?

Does anyone have any experience with them?

12 Comentarios

Stefan21@stefan_21

Just like Zerax says... P2P exchanges or spend.
The only potential problem is that banks now like to cancel your account when transfers from such P2P transactions are received. But that depends on the size, number and the P2P partner(s). If one of them is a criminal and sends you money, that's potentially problematic.

However, you can also sell Amazon vouchers and the like on P2P exchanges, for example. That would be the safer option in this sense.

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Krush82@Krush82

@stefan_21 Is this supposed to be a guide to money laundering? :-)

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TotallyLost@TotallyLost

@Krush82 That's for a court to decide. 😅

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Krush82@Krush82

@TotallyLost well, the ad is already out ;-)

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Stefan21@stefan_21

@Krush82 no, but a guide on how to buy KYC-free Bitcoin :)
That's not enough for money laundering. The problem is always exchanging the BTC, Monero, etc. back into Euro🤷‍♂️

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Zerax@Zerax

Then the only option is to use P2P platforms if you don't want to exchange them back or you can buy them in stores that accept XMR as payment and then sell them again and get fiat. 😅

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TotallyLost@TotallyLost

@Zerax That's right, I've just seen that there are some providers where you can buy Amazon Gift Cards. It's a bit like cash.

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TradingHase@TradingHase

I'm not at all familiar with these things 🤷🏼‍♂️

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TotallyLost@TotallyLost

@TradingHase They are interesting because the transactions can only be traced with extreme effort, the effort is so great that it is virtually impossible.

In addition, $ZEC and $XMR are some of the very few projects that have been around for almost 10 years.

Unfortunately, you can no longer buy them on most exchanges.
As these coins are the perfect means for money laundering.

But it is precisely this characteristic that makes them interesting if you want to hold some assets that nobody should know about.

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TradingHase@TradingHase

@TotallyLost They are also not tradable at SC.

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Stefan21@stefan_21

@TotallyLost I don't want to talk you into it, but if that's your goal, I would personally do it differently.
Economically, the two will not be able to compete with Bitcoin. Accordingly, I would, for example, buy Lightning BTC via Robosats and then use the Tor Browser to swap them into 2-3 tranches on-chain via the Boltz Exchange...
This is also only possible with great effort and then you would hold Bitcoin.

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TotallyLost@TotallyLost

@stefan_21 I already have enough BTC, and have already considered putting a few of them through a blender and sending them to a new address...
But diversification also means not putting all your eggs in one basket. Even if the basket is still glowing orange. 😅

And $XMR in particular has the potential to fill the gap due to its similarities to $BTC, in the unlikely event that something goes completely wrong.

The finance nerds would call it tail-risk hedging.
And hedging costs money.

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