Crypto News & ICO Reviews
Upcoming US law states that when you enter US, you have to declare your cryptocurrencies if their worth is over $10,000. If you don't, you will forefit everything you own.
We all know how idiotic this is. Here I'm going to show how easy it is to avoid.
As we know, you own cryptocurrency when you own private key. Funds held in multisig are not owned by you, when you don't have all private keys used in multisig. We will create a multisig address (2 out of 2) to hold our funds. We will own one private key while other will be time locked.
- Visit https://chipmixer.com/proofs and pick future date. For example 2017-07-04 – 1Lc7S3ATAq3fJUotjmJ9ey3v9BDSG3AgWw.
- Create 2 out of 2 multisig using address owned by you and timelocked address.
- Deposit funds into multisig
- You no longer own funds – cross the border
- Wait till 2017-07-05 and visit https://chipmixer.com/proofs again. Private key for 1Lc7S3ATAq3fJUotjmJ9ey3v9BDSG3AgWw is now displayed and you can import it to spend funds in multisig.
Q & A:
- Does ChipMixer own multisig? No, we don't own your private key, so we cannot spend funds in multisig.
- Does ChipMixer know about funds in multisig? No, creation of new multisig that uses our addresses are not easily accessible.
- Can ChipMixer withheld private key publication? No, publication process is automatic and part of provably fair bets. Withhelding the key would raise suspicion about our honesty and we don't gain anything by doing that.
- Is it illegal? No, owning bitcoins is still legal.