I made the initial post on the loopring sub, but I figured a way to turn cash into crypto would be of general interest. this method does not completely avoid KYC, but I included the stealthiest way i found via bank, and you should be able to buy gift cards and use them on Ramp.---Initially I went down this rabbit hole because i saw a post regarding Mexican culture in the US being primarily cash based because Illegal immigrants can open bank accounts. I did some digging and may have figured out some workarounds vs. direct bank/card to loopring.I used Privacy.com linked to my bank account to mask the transaction from my bank successfully. I don't believe you can currently fund a privacy.com account with a gift card, but it may be possible. it looks like they are adding future payment options, that might be one of them.I do not fully understand the benefits of this, but ill be doing it.I currently have a ledger Hardwallet, and you could possibly DOX yourself by going directly going from bank to your ledger address. I don't know how ramps KYC works, but it may link that address to your verification. there's unforeseen implications. The stealthier method would be: fiat onramp to free counterfactual wallet/loopring wallet, send to hardwallet on L2. the low fees should make that step negligible. i also plan on my counterfactual wallet being my "dummy" wallet in case of wrench attacks.Ramp itself has a KYC, but it seems fairly low level. I'm not sure the tax implications, or how they operate with federals. if anyone could help me out let me know. but as far as i can tell, they would only have access to the data of the USD-ETH transfer at the moment of transfer. not any trades or gains made from trades. i haven't figured out an off-ramp yet, but lets say you transfer and sell on Coinbase, and theres no record of gains, how will it be taxed? real question.as far as turning cash into crypto... it looks like you can buy a visa gift card, and register it online with you mailing address. that mailing address becomes the billing address. you have to undergo the RAMP KYC, but you can use national documents, drivers license, and passports. and you should be good to go.one step further into stealth: UPS rents mailboxes that count as legal home addresses. [redacted for illegal activities regarding fake IDs and mailboxes]in the case of illegal immigrants turning USD into ETH and "becoming their own bank (since they cant register for a bank account), those immigrants could be able to use their home KYC data, USD gift cards from the states, and mailing address/ups box.Edit: I didn't try a gift card, but the fact that privacy.com cards work mean that it doesn't have to be a bank issued card.and for those implying i'm promoting illegal activities: this is merely a discussion for security and potential use cases of a new technology, and how it may disrupt current culture.
Submitted December 23, 2021 at 04:29AM
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