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> Bitcoin is an asset the government simply cannot control. It certainly can, at least if you intend to exchange it for tangible goods or services, or if you c
by Skunkleton 6y ago
> Bitcoin is an asset the government simply cannot control.
It certainly can, at least if you intend to exchange it for tangible goods or services, or if you convert it to a government currency. Why do you think these sorts of transactions cannot be regulated?
- seibelj 6y agoThe settlement layer is purely peer to peer. Governments can enact laws to make actions illegal, and tougher for centralized entities like banks and corporations from using it. But there are addresses out there known to authorities with hundreds of millions of dollars in stolen bitcoin - and there is absolutely nothing they can do to prevent it from being moved. If you have the private key, you own the coins.
- Skunkleton 6y agoUltimately, you will need to exchange your bitcoins for _something_ for them to have provided you with value (dying with a horde of bitcoin, stocks, USD, ect is a waste). Yes, there are many bitcoins moving around that the government cannot influence, but who cares? Go try and buy a car with these bitcoins, and it will be a different story.
- weare138 6y ago>If you have the private key, you own the coins. Until you get arrested and the government just makes you hand over your private key. https://www.wired.com/story/feds-seize-billion-stolen-silk-road-bitcoin/ https://www.wired.com/story/feds-seize-billion-stolen-silk-r...
- deleted 6y ago[deleted]
- Skunkleton 6y agohttps://xkcd.com/538/ https://xkcd.com/538/
- gjs278 6y agoyou can just do the transaction in any other country and then convert their currency to ours. and nobody can stop you trading coins for things.