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How does it know you have one? You can use brain wallet[1], you can use trezor with multiple passphrases. You can give up some of your bitcoins and if you manag

by comboy 8y ago

How does it know you have one? You can use brain wallet[1], you can use trezor with multiple passphrases. You can give up some of your bitcoins and if you manage your wallets properly then no one can prove you have some more. 1. Don't use brain wallets, unless you really understand security

GW150914 8y ago
Because at some point you have to pay taxes, or break the law. They nailed Al Capone, and you’re not Al Capone. I suppose you could buy it in secret and never liquidate it, spend it, or declare it... and therefore never benefit from it. I guess that’s a “win” in some books? Otherwise the answer to your question is pretty obvious, and ends with you in prison.
- comboy 8y ago
  I don't see how taxes are in any way relevant to this discussion. Definitely do pay your taxes. I was answering to a specific question, the bad guy here can just as well be somebody who is trying to rob you. But if it helps you, think about some other government, not necessarily the US one. Do you think they all do the right thing? Should you or should you not be able to help your starving family in Venezuela? They really can't all be doing "the right thing" because they have wars between each other. And those are legal in their books. But you probably want to play along however imperfect rules your government sets, that is until you want to escape the country and you don't want it to be your government anymore. Because e.g. you don't feel like killing every Jew you know and that just became the law.
  - dragontamer 8y ago
    The US Government has the ability to extract money from you legally. It holds the power of taxation. If the US Government, tomorrow, declares a 100% tax on Bitcoin, they can legally posess all of your BTC or... make you a criminal. See Executive Order 6102 for historical precedent. FDR declared Gold to be illegal and took it from most Americans. At which point, you either gave up your gold, or became a gold smuggler. The US functioned as such until Nixon removed the executive order.
wruza 8y ago
It doesn’t work that way. You spend a week in a cold dirty room with insects, hungry, isolated, misinformed with worst fears and perspectives. Occasionally you speak with an interrogator who can bet on the time of your mental breakdown by simply looking at you for a minute. This is a well-known procedure that doesn’t even require a knowledge of what should be revealed. Trained people can stand it if stakes are high (military high, not your extra BTC), but don’t overestimate yourself. You will break down not even being touched by a finger.
- comboy 8y ago
  Gee, that got pretty dark. We are just comparing options here. Physical things are easier to get from you. It's hard to argue otherwise since information can be represented as a physical thing, but it gives you more options. You can split your private key between 5 friends you trust and make 3 of 5 required (+ password why not) and in general get pretty creative. If you are spending a week in a cold dirty room etc., and especially if some gov got you there, I don't think it matters much how guilty you are or what wealth do you have. They own you.

by comboy 8y ago

GW150914 8y ago

Because at some point you have to pay taxes, or break the law. They nailed Al Capone, and you’re not Al Capone. I suppose you could buy it in secret and never liquidate it, spend it, or declare it... and therefore never benefit from it. I guess that’s a “win” in some books? Otherwise the answer to your question is pretty obvious, and ends with you in prison.

comboy 8y ago
I don't see how taxes are in any way relevant to this discussion. Definitely do pay your taxes. I was answering to a specific question, the bad guy here can just as well be somebody who is trying to rob you. But if it helps you, think about some other government, not necessarily the US one. Do you think they all do the right thing? Should you or should you not be able to help your starving family in Venezuela? They really can't all be doing "the right thing" because they have wars between each other. And those are legal in their books. But you probably want to play along however imperfect rules your government sets, that is until you want to escape the country and you don't want it to be your government anymore. Because e.g. you don't feel like killing every Jew you know and that just became the law.
- dragontamer 8y ago
  The US Government has the ability to extract money from you legally. It holds the power of taxation. If the US Government, tomorrow, declares a 100% tax on Bitcoin, they can legally posess all of your BTC or... make you a criminal. See Executive Order 6102 for historical precedent. FDR declared Gold to be illegal and took it from most Americans. At which point, you either gave up your gold, or became a gold smuggler. The US functioned as such until Nixon removed the executive order.

wruza 8y ago

It doesn’t work that way. You spend a week in a cold dirty room with insects, hungry, isolated, misinformed with worst fears and perspectives. Occasionally you speak with an interrogator who can bet on the time of your mental breakdown by simply looking at you for a minute. This is a well-known procedure that doesn’t even require a knowledge of what should be revealed. Trained people can stand it if stakes are high (military high, not your extra BTC), but don’t overestimate yourself. You will break down not even being touched by a finger.

comboy 8y ago
Gee, that got pretty dark. We are just comparing options here. Physical things are easier to get from you. It's hard to argue otherwise since information can be represented as a physical thing, but it gives you more options. You can split your private key between 5 friends you trust and make 3 of 5 required (+ password why not) and in general get pretty creative. If you are spending a week in a cold dirty room etc., and especially if some gov got you there, I don't think it matters much how guilty you are or what wealth do you have. They own you.