4 ms·

Not to someone who has had civil asset forfeiture experience.

bb88 5y ago
Things can have high utility without any actual value. Toothpicks, eating utensils, screwdrivers, etc. The problem comes when people mistake one for another. IOW, buying a bunch of screwdrivers isn't a great retirement strategy.
- cinntaile 5y ago
  If you buy quality screwdrivers you'll be able to resell them for a good price.
  - bb88 5y ago
    If you bought quality USA made screwdrivers in 1980, you must have been surely been disappointed when China started making quality tools for cheaper in the 1990's. Most people would have stopped caring about quality, and instead started caring about cheap utility. "It's good enough."
- WastingMyTime89 5y ago
  Last time I checked Home Depot was doing quite well. There certainly is value in selling things with high utility with a small markup. You just have to do it at scale.
WJW 5y ago
Is this really something that people in the USA spend their days worrying about? Serious question, as it is not part of the law over here in the part of the world where I live. Also, with every crypto transaction recorded on the public ledger and the vast majority of wallets held in exchanges, why wouldn't the police just acquire the crypto too?
- plebianRube 5y ago
  I'm sure they could seize it, since they can and do freeze and sieze bank accounts as well. However self custody ensures they can never get it even if they kill you, and since it is programmable money there is a way to ensure it gets to a friendly address, maybe years later, perhaps to a loved one. Seems the market places a worth on a possession that can not be taken from you by force, or even by your death, slightly more than 0.
  - WJW 5y ago
    It's true that the market places a worth on crypto assets, but there are many alternative reasons for why that could be as well (such as: I expect it to go up in price for whatever reason and then I'll be rich!). In any case, what is your plan for when https://xkcd.com/538/ https://xkcd.com/538/ happens?

bb88 5y ago

Things can have high utility without any actual value. Toothpicks, eating utensils, screwdrivers, etc. The problem comes when people mistake one for another. IOW, buying a bunch of screwdrivers isn't a great retirement strategy.

cinntaile 5y ago
If you buy quality screwdrivers you'll be able to resell them for a good price.
- bb88 5y ago
  If you bought quality USA made screwdrivers in 1980, you must have been surely been disappointed when China started making quality tools for cheaper in the 1990's. Most people would have stopped caring about quality, and instead started caring about cheap utility. "It's good enough."
WastingMyTime89 5y ago
Last time I checked Home Depot was doing quite well. There certainly is value in selling things with high utility with a small markup. You just have to do it at scale.

WJW 5y ago

Is this really something that people in the USA spend their days worrying about? Serious question, as it is not part of the law over here in the part of the world where I live. Also, with every crypto transaction recorded on the public ledger and the vast majority of wallets held in exchanges, why wouldn't the police just acquire the crypto too?

plebianRube 5y ago
I'm sure they could seize it, since they can and do freeze and sieze bank accounts as well. However self custody ensures they can never get it even if they kill you, and since it is programmable money there is a way to ensure it gets to a friendly address, maybe years later, perhaps to a loved one. Seems the market places a worth on a possession that can not be taken from you by force, or even by your death, slightly more than 0.
- WJW 5y ago
  It's true that the market places a worth on crypto assets, but there are many alternative reasons for why that could be as well (such as: I expect it to go up in price for whatever reason and then I'll be rich!). In any case, what is your plan for when https://xkcd.com/538/ https://xkcd.com/538/ happens?