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Should I use Kraken? : Monero | Torhoo darknet markets

Reading the FAQ I got that it's better to just buy monero from an exchange than to buy bitcoin and convert it to monero. The reason being that bitcoin is transparent and you are exposing yourself from buying it in the first place.

My question is, is it safe or good opsec to buy monero from the exchange? I am hesitant because they ask for ID, which is awful for opsec. But the argument i'm reading says that monero is anonymous and untraceable from the start.

They used the analogy of taking cash out of an ATM, yeah they know you took out the cash, but they don't know where you spend it. If this is the case, then there would be no problem letting kraken have my ID and if anything pops off, just claiming deniability/ignorance.

again, im unsure about this. I've been buying BTC in cash and exchanging it to XMR, but the fees suck and its way more work than just buying from an exchange.

/u/loftip22

2 points

4 years ago

Ive not bought it on Kraken,but don,t really see an issue you are buying it for investment if they ask any Questions wich i doubt they will.
Why have they got it for sale if thats the case i say it be ok but ive not so upto you really mate

/u/beyourownbank

2 points

4 years ago

If you're going to KYC anyway, you might as well use kraken. Or just an exchange that has monero in general. KYC isn't exactly bad for opsec, just buy more than you need to and invest. Monero is untracable, so just put it through 2-3 different wallets and you're good. I say this because some people will withdraw and use the wallet that's connected to their personal exchange. Tracable or not, that is not good opsec.

Go over the FAQ, theres a little bit about buying monero via KYC. For most threat models, it's safe:

(CLEARNET)https://old.reddit.com/r/Monero/comments/g6end3/how_to_buy_xmr_anonymously_wo_getting_ripped_off/fo9dcub/

The main problem I see with KYC is if you buy a lot (10K or more a year) and you're not cashing out in the exchange, the tax people might think that's suspisious. It will definitely be suspisious if you re sell and don't clean your money somehow. There wouldn't be much of an explanation as to why you have the money and not actually cashing out in the exchange.

If you're really worried, you can send cash in the mail through local monero. Downside is you pay a premium. Sometimes you can get lucky and pay under market value or at market value with new vendors. But as I said, a little KYC wont hurt.

/u/thermalwhite 📢

1 points

4 years ago

so just put it through 2-3 different wallets and you're good. I say this because some people will withdraw and use the wallet that's connected to their personal exchange. Tracable or not, that is not good opsec.

Thanks for telling me that, cause that's what I was about to do (just use the same wallet).

main problem I see with KYC is if you buy a lot (10K or more a year) and you're not cashing out in the exchange,

Are you saying that if I buy 10k worth of XML and don't sell that amount in the exchange, it might be suspicious?

/u/beyourownbank

2 points

4 years ago

Yeah, you don't exactly need to sell that amount. But ideally, you're trying to hold your crypto and try to look like you're investing through KYC. So let's say you use all of it, cash none out in the exchange, you can't really claim to be an investor. Then begs the question, where is your money going? And why do you have the 10k plus profit still in your bank? The tax people will notice this.

Not sure if that makes sense, but to put it simpler, buy about 3x the amount you normally would, have something to cash out so you can look like an investor. It doesn't exactly have to be 3 times, but ideally have a little something extra in the exchange.

/u/thermalwhite 📢

1 points

4 years ago

for sure, I get you.
If anything one can always argue that they moved crypto to another wallet for security purposes or whatever. Either way, holding crypto doesn't seem to be a bad investment historically.