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XMR through ano Cake Wallets : Monero | Torhoo darknet markets

So basicially I thought about ways to buy XMR. My theory/plan:

Buy LTC over a public broker (either your own or obtain LTC semi anonymous) -> Send the LTC to a new Cake Wallet (Wallet 1) then peg it in to MWEB -> Send the MWEB Tokens to Cake Wallet 2 and peg it out -> use the convert crypto function to convert it into XMR and as the recipient you use a new XMR Wallet -> Send it to the DNM or use it in some way.

Is it possible to link the initial public broker to the last transaction done with the XMR Wallet? Because the MWEB anonymizes the Wallet 2 and the XMR transaction(s) in itself are anonymous.

Thanks

/u/blackhorn19

1 points

1 week ago

Just buy ltc and swap to xmr using swap services
There are alot of swap services like
Simpleswap(dot)io

/u/Jestin

1 points

1 week ago

and buy the ltc with a debit card? how else would I buy it?

/u/mardigras_shark2 🍼

1 points

1 week ago

[removed by moderators]

/u/Ratchet_Man

1 points

1 week ago*

The simplest way is to use the "Swap" function in Cake Wallet. I think you can swap LTC to XMR directly. However while the simplest, I can't say how about how untracable it is for opsec.

/u/mardigras_shark2 🍼

1 points

1 week ago

[removed by moderators]

/u/Hayfoo

1 points

1 week ago

^ I've been doing it this way for awhile (Cake Wallet > buy LTC with CC, exchange LTC to XMR in Cake Wallet with market wallet set as destination) but it's really costly.

Hoping to find a cheaper way that is both doable in the US and without a traditional bank..
(I've got PayPal and Chime and their associated cards, but not a traditional bank. So for example, I know there is a cheaper method in the US using Kraken but it requires a traditional bank account. Without that, using Kraken to get XMR requires waiting a few weeks to cashout the XMR, which is crazy)

/u/Ratchet_Man

1 points

1 week ago

You can try a CoinFlip ATM to deposit cash.

/u/Hayfoo

1 points

1 day ago

Tested this now and they are about the same, Cake offered a little more LTC for the money fwiw, but good to know there are other options - especially if I only had cash this would be helpful for sure.

If anyone knows a cheaper method for this than Cake lemme know :)

/u/[deleted] 🍼

1 points

1 week ago

You guys need to consider how to properly document the disposal from a kyc exchange to an eventual xmr swap.

I'm in this situation myself. You have to report the purchase of LTC, and send to wallet. If you report it as a self transfer, and get audited, they will see that it was swapped, however the blockchain doesn't reveal it was swapped to XMR.

If you self report that you made the swap, they may require proof that you still possess the XMR.

I did this, but am treating the LTC send to a wallet as a disposal, and not claiming ownership of the wallet itself. While matching what the exchange will report to the IRS, it's technically not compliant.

If someone has a better suggestion, I'm all ears. But if going first through a KYC, you must consider the IRS implications because they will know you purchased and moved LTC.