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If the crypto is in the users wallet (i.e. not on some crypto exchange) the canadian government cannot seize it without asking the user to sign a transaction tr
by dylkil 5y ago
If the crypto is in the users wallet (i.e. not on some crypto exchange) the canadian government cannot seize it without asking the user to sign a transaction transferring them the crypto.
We are 13 years on from bitcoins inception, and we are on a tech board, how this is still not clear to people boggles me.
- h2odragon 5y agoHow many crypto "owners" don't have a wallet? What do those who do have one do when they get told "cough up the keys or go to jail"? "Crypto" is not some magic "laws don't apply" wand.
- asenna 5y ago"I had a boating accident" is a pretty common response.
- jonathan-adly 5y ago> cough up the keys or go to jail" There is literally a meme about this my man. It’s called I lost my wallet in a boating accident lol. Also, that’s why Bitcoin is different than “crypto”. The first thing you hear when you buy Bitcoin, “not your keys, not your coins”. The point is not to eradicate the law, the point is to make it difficult to freeze 1000 people accounts than pushing a button. It will make people think about other solutions than stealing people money.
- dylkil 5y agoFirst of all prove I have crypto
- csee 5y agoMany of them will if the calculus changes and they think the assets may be seized at any moment. Or, we will see the rise of custodians based in countries that won't respect requests from US et al to freeze accounts. People mostly don't bother with any of this right now because it hasn't been a real threat.