Kyc id?

[robertcarlyle]

Were new liberty standard exchange and mt gox asking for an id with an actual photo in late july 2010 in order to buy bitcoin like todays exchanges?  i.e. kyc... was it possible to buy bitcoin back then without kyc?

[OmegaStarScream]

I'm not sure for Liberty exchange but for Mt.gox apparently you only needed that when buying large sums (+10k) using wire transfers.

Wire: If you plan to send more than 10000 USD as an International Wire, we need to know who you are. Please refer to the "Increasing Transaction Limits" section for more information on what to provide us with. Also, you will need to let us know 3 days prior to sending the funds so we can notify our bank and do not send. Please note that we are unable to accept funds coming from any entity or country listed by the OFAC

This snapshot is from 2012 but I doubt things were any different prior to that.

[robertcarlyle]

But if they bought like before 2012 and have a ton of bitcoin and havent bought a home or brand new car, how can uncle sam find out about it if they have to pay child support?

[coolcoinz]

That's a funny question and on one hand if you bought with no KYC you're in good situation, while on the other it's exactly the opposite.

I'll give you an example from my personal experience. I own BTC that comes from defunct exchanges. Some of them required minimum information like your full name, phone number and email. It was common for exchanges in the EU to ask for a bank account confirmation where you had to send them money from your bank like 1 EUR, to be able to withdraw to that account.
Long story short, whatever they had on me is long gone because the exchanges either got shut down or scammed people and disappeared, so there's no way for the government to ever link my coins to my identity.

Why is it good?
As long as I use that for anonymous transactions I'm safe and never have to pay taxes on it.

Why is it bad?
Even if I wanted to legitimize my btc and use it to buy something big, like a whole apartment building, or a new expensive car, I wouldn't be able to. They'd immediately say that I have no proof of ever earning that money which means it can be confiscated. If I wanted to pay 1m EUR for a house with BTC, I'd be 100% investigated by the IRS and asked for proof of funds.

[robertcarlyle]

The only thing that comes to mind is fincen.  If someone was using a crypto debit card that maybe audits might expose this... could fincen uncover hidden btc which was bought when kyc didnt exist?

[PX-Z]

... was it possible to buy bitcoin back then without kyc?

Yes, there's no crypto regulation at that time that require exchanges to ask KYC to their users for AMLA.
Well, this is just my opinion, let's wait until OG members can confirm the process of buying that times.

[robertcarlyle]

So your knowledge is limited then?

[logfiles]

I'm not sure for Liberty exchange but for Mt.gox apparently you only needed that when buying large sums (+10k) using wire transfers.

Wire: If you plan to send more than 10000 USD as an International Wire, we need to know who you are. Please refer to the "Increasing Transaction Limits" section for more information on what to provide us with. Also, you will need to let us know 3 days prior to sending the funds so we can notify our bank and do not send. Please note that we are unable to accept funds coming from any entity or country listed by the OFAC

This snapshot is from 2012 but I doubt things were any different prior to that.

So according to the snapshot on the 21st July 2010. Trading had been suspended through new liberty standard exchange but from 2009, they needed no KYC.

Here are the archives
1. http://web.archive.org/web/20091229132610/http://newlibertystandard.wetpaint.com/page/Exchange%2BRate
2. http://web.archive.org/web/20100721174454/http://newlibertystandard.wetpaint.com/page/Exchange%2BRate

[robertcarlyle]

But how could child support find out about it if btc was bought when no kyc was in place if someone hadnt purchased a home or brand new car then if the car costs more than 50k usd??

[joniboini]

But how could child support find out about it if btc was bought when no kyc was in place if someone hadnt purchased a home or brand new car then if the car costs more than 50k usd??

By tracking their payment history (if they use a bank), I guess, or maybe they can't? If there's no data about it, will they spend a lot of time trying to interrogate someone about whether they own Bitcoin or not? There must be a reason why someone suspected that you or someone else owned a Bitcoin in the past. I'd be worried if they start accusing someone of buying tons of Bitcoin in the past without any proof at all. CMIIW.