The early Bitcoin millionaire’s curse(reddit.com)

Those who took the best financial decisions in the past 15 years have the worst documentation. They purchased BTC from strangers on forums, friends, or on LocalBitcoins. They mined BTC on old computers. They lost access to emails, bank statements, transaction receipts, chats, wallet comments, and screenshots. Now, over a decade later, they find themselves sitting across from their with 7 or 8 figures worth of digital assets, and they hear one very unpleasant question: "Can you prove where this came from?" It's the weird paradox of the earliest crypto gains, they are usually very difficult to prove to a compliance officer of a bank even if the compliance officer doesn't understand cryptocurrencies. Banks want to know: Who was the owner of the wallets? Where did the initial funds come from? What was the trail of assets over the years? Were there any exchanges, mixers, privacy coins, or other high-risk activities? Is this story something that could pass an audit? It's where most crypto millionaires from those times fail, not because their funds were ill-gotten but because of the age and poor quality of documentation of their story. submitted by /u/alt-co [link] [Kommentare]