Bitcoin privacy and fungibility are far from perfect. Seth For Privacy has 33 documented examples of instances where flagging, blacklisting, censorship or denial of service have occurred from Bitcoin exchange providers. It is clear more work needs to be done.
The Bitcoin BroCos don’t want you to talk about this. They don’t tell you their KYC, AML, and chain analysis (A/K/A “Chain Anal”) are a direct attack on fungibility. Remember kids your transactions are on a public ledger. Bitcoin was designed as a peer to peer system “allowing any two willing parties to transact directly with each other without the need for a trusted third party”. Heady Wook explains well here:
It is perfectly fine if you want to partake in acquiring corn via these methods just know that you are being monitored on-chain. The purpose of this article is not to elaborate on fungibility flaws or how to acquire P2P Bitcoin. That has been discussed in great detail from numerous TSB contributors. There is an apparent lack of clarity in the space from the KYC companies regarding privacy. It matters more than I used to think. That is without a doubt.
Remember when customer data was hacked? Swan Bitcoin Discloses Data Leak Due to Phishing Attack on Newsletter Provider - Decrypt. Yeah that wasn’t them, they farmed that out. Sorry, not our fault guys. It was the “trusted” third party. Typical business practice fiat style. It is not if the honeypot will get honey-dipped, It is when and again and again.
Here is the KYC Me Harder data that can and will at some point likely be exposed.
Let’s talk a little bit about Prime Trust.
Prime Trust is one of the Govern Me Harder “Trusted” Third Parties you mary when you get governed harder with the bros.
Strike and Cashapp are custodial as well. But let’s skip over that for now, that comment was removed recently. Let’s reflect on the love of Prime Trust some more.
What is Prime Trust? Here are some snips from their webpage. Sounds shitcoiny doesn’t it?
Wait! What? The Bitcoin Only BroCo uses a “trusted” third party Shitcoin NFT company? Imagine that. Remember all the huff puff about being Bitcoin Only, shitcoin slayer?. Just looking out for you, the customer? Here are some companies that “trust” Prime Trust. Oh my, Strike Bros are here too, they're down.
Be aware if you are using any of the above you can bet your sweet bottom that the “#Timechain” purchase you posted on Twitter is getting raw dog chain analed until you use some privacy tooling. You can see Prime Trust Me Harder’s relationship with Elliptic that completes the dirty laundry work you're not told about very often.
Is this okay? Well it is the law. They got to play by the rules. But do you want to be the buyer of Bitcoin from a company with relationships they are not too excited to give you the details about? That is a personal question to ask yourself. It feels like someone is not being honest to themselves and their customers about tradeoffs. A search for the term “chain analysis” yields nothing on Swan’s site.
BTCxZelko sums it up a mention about privacy well. Attaboy.
Should you support a Bitcoin Broski company that talks Bitcoin only, no shitcoins but custodies your corn with a shitcoin company? That is a personal decision. The one talking head speaks highly of being on your side fending you from shitcoin companies yet your Bitcoin is purchased and custodied with Prime Trust Me I am a Doctor of Shitcoins. Just be open and honest.
Super podcaaster influencers are hired by Broskicos to talk Bitcoin. Then we see topics about the dangers of FATF while shilling for Swan. Seems a little silly if you ask me.
Here is another parody. It speaks for itself.
And another. Not Podstar just an example of the irony about the Bitcoin BroCos
Swan guy talking about privacy
Playing with the Bitcoin BroCos may be convenient and in some cases cheaper. They may produce content with following talking heads that have been enticed to sell their KYC product but they don’t tell you they are governing you harder. By law they take your license, social, and chain anal you raw. I get it they got to play by the rules. But, be transparent and upfront about the lack of privacy on-chain when you take out of Prime Trust. They are not your bros they are the long dick of Prime Trust.
There are numerous articles and resources on how to acquire non-kyc Bitcoin. 15 methods to acquire non-kyc bitcoin is a good start. TSB has excellent resources available. Additionally, your local meetup may have a Bitramp seller or two. Better yet befriend your local At Home Miner. As much as it pains them they sometimes have to let go of a little mined corn. These methods would seem to command a premium in most cases. KYC Fiat Bitcoin should be discounted because you are being surveyed. You are giving up privacy for a discount.
Think about the long D of Prime Trust conducting raw chain anal the next time you feel the need to post a time chain tweet and buy from the BroCos. Yes, you can preserve forward privacy with the proper use of tools. But, why not ditch the “trusted” third party who uses a “trusted” third party that will undoubtedly get hacked at some point. Then you got both Big Bro and Scammer Joe knocking at the door.
When the time comes for the boating accident response, that is when the wrench or the more formidable weapon may come out. Stack privately, stack smart, use your tools and your brain Anon.