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How will they confiscate those BTC gains? They are literally relying on an honor system to report holdings today. Maybe this will change and they will come afte
by coinward 6y ago
How will they confiscate those BTC gains? They are literally relying on an honor system to report holdings today. Maybe this will change and they will come after those who are suspected to be holding BTC due to purchase records from KYC compliant services that IRS could get their hands on. Then what? Show up with their guns to coerce you or throw you in a cage until you fess up? The tax code mess becomes totally impossible post hyperbitcoinization. Bitcoin frees the tax slaves. You thought abolition was just for history books?
- kaycebasques 6y agoIt's just an example and I'm not invested enough to defend it. The main idea is that governments have a lot of levers to add friction (as Consultant32452 said) and if you think that governments are just going to peacefully concede their ability to control something as fundamental as money to the crypto illuminati, you might be in for a surprise. Another possible lever is government control over regulated financial institutions.
- coinward 6y agoHow much power do you think governments have over central banks? Bitcoin is definancializing money, so those levers lose efficacy with Bitcoin's adoption.