Privacy Procedure Correct me if I'm wrong

LoyceV

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Quote from: Despairo on April 22, 2022, 09:09:16 PM

Quote from: LoyceV on April 22, 2022, 12:24:36 AM

If you want privacy, don't use a centralized wallet service.

Do you mean hardware wallet isn't good?

Well, it depends Wink

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I thought it was a good wallet since most of people always recommend hardware wallet if you want to hold for long term.

Hardware wallets are by far the best compromise between security and user friendliness.

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It's possible to use Tor and bought the hardware wallet in correct ways in order to hide our information from Ledger?

That could work, but I doubt OP is going through the hassle of running Ledger Live through Tor.

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I thought only SPV wallet e.g. electrum do have a bad privacy since we're connect to random server.

Again: it depends Tongue

A random server makes it less likely one specific party (Ledger) knows your transaction data, but it also means a different server can get your data each time you use Electrum.

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Does Bitcoin Core is the only one wallet which offer the maximum security and privacy

Not necessarily: if you run Bitcoin Core on an online computer, there's a possibility to lose your funds.

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if we set it correctly?

I don't have high expectations: the average computer user clicks and installs just about anything, which isn't very secure.

Despairo

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Quote from: LoyceV on April 22, 2022, 12:24:36 AM

If you want privacy, don't use a centralized wallet service.

Do you mean hardware wallet isn't good? I thought it was a good wallet since most of people always recommend hardware wallet if you want to hold for long term. It's possible to use Tor and bought the hardware wallet in correct ways in order to hide our information from Ledger?

I thought only SPV wallet e.g. electrum do have a bad privacy since we're connect to random server. Does Bitcoin Core is the only one wallet which offer the maximum security and privacy if we set it correctly?

Welsh

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Quote from: hugeblack on April 22, 2022, 06:40:20 AM

Your privacy is not only tracked on the network (meaning tracking your transactions), but everything related to you is tracked first from the IP address you used on the platform, block explorer, VPN logs, Twitter and Facebook accounts, cookies, every website you visited, any search In the Internet related to that address.

Which can largely be reduced by using a VPN on services which you don't trust, using a VPN service which has no logs, obviously that can be quite hard to determine, although the best ones to use are the ones that have had servers compromised without any public data knowingly released as that sort of indicates they didn't have it in the first place. Twitter, and Facebook should be ideally ditched completely if you care about privacy, and if not you should try to separate the identity completely.

You should be trying to reduce cookies as much as possible, especially since most websites are now required to ask you for your permission. For example, on Android you can block them completely, which will prevent you from using certain websites, but maybe just look for an alternative or just block certain cookies if possible.

Although, you probably aren't going to completely avoid the privacy invasion that we've become subject too, although there are ways to avoid the most invasive methods.

hugeblack

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Privacy is something that has value, so why would you want to hide yourself? The resources available to track you down are what will determine how much privacy you'll need.

Your privacy is not only tracked on the network (meaning tracking your transactions), but everything related to you is tracked first from the IP address you used on the platform, block explorer, VPN logs, Twitter and Facebook accounts, cookies, every website you visited, any search In the Internet related to that address.

Quote from: Smaragdar on April 21, 2022, 04:31:16 PM

1. I would exchange all cryptocurrencies on Kraken for ZCASH

ZCASH is not 100% privacy coin they have shielded and transparent mode, transparent mode is like bitcoin TX and they are trackable for more read ---> https://electriccoin.co/blog/anatomy-of-zcash/

For more Monero is the only 100% privacy focus crypto.^[1]

ADA is not a privacy coin.

So you have two options:

- exchange your coins to Monero, Run full node, Tor, trusted VPN, airgapped PC.
- exchange your coins to BTC, using Mixing services, Run full node, Tor, trusted VPN, airgapped PC.

[1] https://medium.com/vauld/zcash-vs-monero-which-is-the-superior-privacy-coin-2b144d59d6b2

Welsh

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Quote from: Smaragdar on April 21, 2022, 04:31:16 PM

I bought the ledger wallet primarily for privacy. However, all my cryptocurrencies have been purchased through centralized exchanges such as kraken. So I started thinking about how to send it to a hardware wallet without my identity being revealed. Here are a few steps on how I would do it:

The rule for privacy is generally you want to avoid using third parties whenever you can. While, a hardware wallet can be great, for privacy as stated above is far from ideal. You would have been better off self hosting your wallet, via Bitcoin Core or Electrum. Both, that you can verify the code behind it all, and be sure they aren't collecting any of your data.

Quote from: Despairo on April 21, 2022, 09:35:42 PM

Although there's no rules about VPN usage, but they're not allowing multiple accounts. The worse case if you have same IP that also used by another user, they may likely ask your KYC to make sure you're not a same person. Since it's about altcoins, I can't recommend any good sites for privacy concern since they're centralized.

It's usually relatively easy to identify when a VPN is being used, especially when they're using one of the more popular services.

LoyceV

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Quote from: Smaragdar on April 21, 2022, 04:31:16 PM

I bought the ledger wallet primarily for privacy.

That's a serious flaw in your plan. If you use Ledger's software, that means Ledger knows your crypto addresses, transactions and your IP address and they can sell that information. See Ledger Live Liars Data Collection.
Not to mention the hacks in which they lost confidential customer data. If you want privacy, don't use a centralized wallet service.

Despairo

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Although there's no rules about VPN usage, but they're not allowing multiple accounts. The worse case if you have same IP that also used by another user, they may likely ask your KYC to make sure you're not a same person. Since it's about altcoins, I can't recommend any good sites for privacy concern since they're centralized.

Quote from: Charles-Tim on April 21, 2022, 05:57:52 PM

Bybit only support four cryptocurrencies. Bybit's supported coins: Bitcoin, EOS, Ether and Ripple. Not yet supporting zcash and cardano.

Bybit is a big exchange, they wouldn't only support 4 coins, they currently support around 100+ coins.

https://www.bybit.com/en-US/trade/spot/ZEC/USDT Zcash trading pair
https://www.bybit.com/en-US/trade/spot/ADA/USDT Cardano trading pair

Charles-Tim

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Quote from: Smaragdar on April 21, 2022, 04:57:12 PM

Well done awesome insight.The thing with bybit is that you don't need KYC if you don't withdraw more than 2btc daily

This shows how centralized bybit is, it means it can force users to provide KYC documents and other information needed. Also using VPN on a centralized platform can lead to freeze of account. You might do this successfully but not recommendable as you can be forced to get verified.

Smaragdar

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Well done awesome insight.The thing with bybit is that you don't need KYC if you don't withdraw more than 2btc daily and don't deposit FIAT currency. However unfortunately they only support ZCASH so I would transfer ZCASH there if I understand correctly this ZCASH will be linked to my identity from KRAKEN. But as soon as I swap for example CARDANO on this Bybit without verification and send it to my ledger these tokens will be clean from my identity.

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Quote from: Charles-Tim on April 21, 2022, 04:36:24 PM

First send it to a noncustododial wallet like the ledger, then you can send it to bitcoin mixer instead. Using a Tor enabled mixer.

Using a mixer would be a good idea indeed if he is going to store only bitcoin on his Ledger wallet but it seems he is more interested in altcoins! I'm not sure if there are any reliable and trusted altcoin mixers he can use!

OP, not sure if bybit is going to be a good choice because I read that they may ask for kyc. What you need is to find a truly decentralized exchange so your identity won't be linked to the coins you are going to exchange.

Charles-Tim

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First send it to a noncustododial wallet like the ledger, then you can send it to bitcoin mixer instead. Using a Tor enabled mixer.

2022 List Bitcoin Mixers Bitcoin Tumblers Websites

Use Tor, not VPN.

I recommend https://chipmixer.com/ for the mixing.

But there is more to privacy. Check this thread: Bitcoin privacy?. Read what mocacinno posted.

Smaragdar

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Good evening dear community, I have a question for you

I bought the ledger wallet primarily for privacy. However, all my cryptocurrencies have been purchased through centralized exchanges such as kraken. So I started thinking about how to send it to a hardware wallet without my identity being revealed. Here are a few steps on how I would do it:

1. I would exchange all cryptocurrencies on Kraken for ZCASH
2. I create an account on bybit using VPN and Temp Mail
3. On this account I will exchange for cryptocurrencies I want to own long term such as ADA
4. And then I'll send it to Ledger

What do you experts think about this?

Thank you for your great advice.

Topic: Privacy Procedure Correct me if I'm wrong (Read 184 times)