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If I buy a house or a car with cryptocurrency that can be confiscated. If I live a lavish lifestyle while under a judgement I'm not paying, then the court can i

If I buy a house or a car with cryptocurrency that can be confiscated. If I live a lavish lifestyle while under a judgement I'm not paying, then the court can imprison me indefinitely under contempt of court. Courts have centuries of case law for how to deal with people that hide assets from judgements. They're not going to care whether your assets are in a shell company or a cryptocurrency.

piaste 9y ago
You are correct, when it comes to protecting your assets from (minimally competent) authorities, cryptocurrencies aren't much better than a hole in the ground full of cash. Where they are much better than a hole in the ground is when it comes to moving your assets to a different jurisdiction. As long as you can physically get yourself from Somecountry to Othercountry, all your e-cash will be accessible in Othercountry regardless of what Somecountry may have to say about it. And even if Somecountry imprisons you, you can still hand over your e-cash to someone else with a single message. I can't think of any asset that offers that particular advantage.
- zimzam 9y ago
  Sure, but extradition treaties make the list of viable country hops limited. You also can only pull this trick once: after you are a known flight risk the next country to come after you will be careful to make sure your detainment comes as a surprise. Finally, as much fun as it can be to game out, for how many people in the world is this use case actually applicable?
  - piaste 9y ago
    You're thinking of a known criminal holding ill-gotten funds, whom his new country would like to prosecute as much as the old one. Think instead of an ordinary person fleeing a disintegrating economy and/or an oppressive regime, who had stashed away some e-cash for such an eventuality.
- notahacker 9y ago
  The offshore banking industry has been helping people hide, launder and transfer funds for centuries. It's not infallible, but neither is the process of converting your cryto assets into something readily accepted in Othercountry.

piaste 9y ago

You are correct, when it comes to protecting your assets from (minimally competent) authorities, cryptocurrencies aren't much better than a hole in the ground full of cash. Where they are much better than a hole in the ground is when it comes to moving your assets to a different jurisdiction. As long as you can physically get yourself from Somecountry to Othercountry, all your e-cash will be accessible in Othercountry regardless of what Somecountry may have to say about it. And even if Somecountry imprisons you, you can still hand over your e-cash to someone else with a single message. I can't think of any asset that offers that particular advantage.

zimzam 9y ago
Sure, but extradition treaties make the list of viable country hops limited. You also can only pull this trick once: after you are a known flight risk the next country to come after you will be careful to make sure your detainment comes as a surprise. Finally, as much fun as it can be to game out, for how many people in the world is this use case actually applicable?
- piaste 9y ago
  You're thinking of a known criminal holding ill-gotten funds, whom his new country would like to prosecute as much as the old one. Think instead of an ordinary person fleeing a disintegrating economy and/or an oppressive regime, who had stashed away some e-cash for such an eventuality.
notahacker 9y ago
The offshore banking industry has been helping people hide, launder and transfer funds for centuries. It's not infallible, but neither is the process of converting your cryto assets into something readily accepted in Othercountry.