I made the preliminary put up on the loopring sub, but I figured a methodology to turn money into crypto might per chance presumably presumably be of customary hobby. this vogue does no longer completely cling away from KYC, but I included the stealthiest methodology i realized by technique of bank, and strive to be in a hassle to decide on gift cards and expend them on Ramp.
At the birth I went down this rabbit hole due to i saw a put up concerning Mexican culture in the US being primarily money primarily primarily based due to Illegal immigrants can commence bank accounts. I did some digging and can also simply quiet maintain realized some workarounds vs. voice bank/card to loopring.
I customary Privateness.com linked to my bank account to veil the transaction from my bank successfully. I develop now no longer mediate that you just might presumably presumably currently fund a privateness.com account with a present card, but it will likely be most likely. it looks to be worship they are including future price alternate choices, that will likely be one of them.
I elevate out now no longer exclusively realize the advantages of this, but ill be doing it.
I currently maintain a ledger Hardwallet, and that you just might presumably presumably also be in a hassle to DOX yourself by going straight going from bank to your ledger address. I develop now no longer know the scheme ramps KYC works, but it will also simply hyperlink that address to your verification. there is unforeseen implications. The stealthier scheme might per chance presumably presumably be: fiat onramp to free counterfactual pockets/loopring pockets, ship to hardwallet on L2. the low prices can also simply quiet originate that step negligible. i also thought on my counterfactual pockets being my “dummy” pockets in case of wrench attacks.
Ramp itself has a KYC, but it appears fairly low stage. I am now no longer wonderful the tax implications, or how they characteristic with federals. if somebody can also serve me out let me know. but as far as i can show, they would easiest maintain access to the records of the USD-ETH switch in the interim of switch. now no longer any trades or gains made from trades. i have not realized an off-ramp but, but we might per chance presumably presumably state you switch and sell on Coinbase, and theres no legend of gains, how will it be taxed? right question.
as far as turning money into crypto… it looks to be worship that you just might presumably presumably opt a visa gift card, and register it on-line with you mailing address. that mailing address turns into the billing address. that you just might presumably presumably presumably maintain to undergo the RAMP KYC, but that you just might presumably presumably expend nationwide paperwork, drivers license, and passports. and strive to be shimmering to switch.
one step extra into stealth: UPS rents mailboxes that count as right house addresses. [redacted for illegal activities regarding fake IDs and mailboxes]
in the case of unlawful immigrants turning USD into ETH and “becoming their possess bank (since they cant register for a bank account), those immigrants might per chance presumably presumably also be in a hassle to expend their house KYC records, USD gift cards from the states, and mailing address/usabox.
Edit: I did no longer strive a present card, but the actual fact that privateness.com cards work imply that it does no longer want to be a bank issued card.
and for those implying i’m selling unlawful activities: that is merely a discussion for security and doable expend cases of a new expertise, and the scheme in which it will also simply disrupt most up-to-date culture.