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You seem to be under the misapprehension that cryptocurrency lets you ignore the state. If all the major exchanges in a country don't accept your tokens, your t
by lern_too_spel 5y ago
You seem to be under the misapprehension that cryptocurrency lets you ignore the state. If all the major exchanges in a country don't accept your tokens, your tokens are worth less.
- bko 5y agoYes, in the extreme if no exchange accepts your token, the token is likely worthless. However, if you happen to own a token and you happen to live or are a citizen in the wrong country and some exchange blocks you from accessing your tokens, that could be resolved by owning your keys. First, the exchange won't be able to confiscate the tokens. There also may be exchanges in your country that aren't blocking access. Finally you can trade them informally or transfer them to someone else outside of your country.
- j_walter 5y agoThere are plenty of people willing to exchange crypto for fiat currency...makes it harder to get your money, but it's still way better than if the government just freezes your bank accounts.
- lern_too_spel 5y agoThose people will be less willing to buy your crypto tokens if they cannot use those crypto tokens on exchanges. Hence, worth less.
- j_walter 5y agoAre they really going to freeze every wallet that has been tainted by transactions from a certain wallet? If that was the case...if I was in charge of those wallets I would absolutely send a little bit of crypto to all of the major exchange wallets so they end up on a freeze list. Maybe even hit up some of the bigger crypto players as well (some US govt entities, mostly local ones, accept crypto now).
- lern_too_spel 5y agoNo, they would freeze those tokens from exchanges.
- j_walter 5y agoIt doesn't work like that...once the funds are in a wallet they are intermingled and you can't just "freeze" some of them.
- lern_too_spel 5y agoYou're right. Wallets that get illicit Bitcoin would have to turn over the illicit Bitcoin before they could sell any on the exchange.
- lern_too_spel 5y agoIgnore my sibling comment. I was right initially. Any UTXO created from an illicit UTXO can be blocked from exchanges.