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OK, I take it that from government attacks you are referring to gold seizure in E-Gold and during the Roosevelt era. I don't know if this can be avoided. Gover
by teyc 16y ago
OK, I take it that from government attacks you are referring to gold seizure in E-Gold and during the Roosevelt era.
I don't know if this can be avoided. Governments could coerce the release of private keys so that the BitCoins could be reassigned to another party. (by the way, what happens if the private key is lost?)
During the Roosevelt era, it is simply outlawed, and gold has to be exchanged for fiat currency. I'm not sure if BitCoin can circumvent that.
- jsn 16y agoTo seize noticeable amount of bitcoins, you have to work through individual bitcoins holders. Bear in mind that bitcoin transactions are not channeled through any central points under gov control, nor are they automatically personalized -- so the gov must first somehow find out where to look. The whole process will take months, and the borders are effectively transparent for coins all the time. If you know the seizures are underway, you may as well arrange for your coins to stay out of your access and U.S. jurisdiction for a while. To seize noticeable amount of gold in gold-backed paper money system, you have to issue one order to all registered banks. It takes a day or two. But that's besides the point. Nothing will circumvent the confiscation scheme in which the attacker has power to do anything they want to you, and you can't do anything to protect yourself. It's simply not the problem to be solved by monetary system.