4 ms·

And unlike those things, Bitcoin cannot be confiscated by the government, specially third world tyrannical governments that seem to always be trying their harde

• mimikatz 4y ago
  It can't? Strange how the government ended up controlling the Silk Road's stash
• skellera 4y ago
  Bitcoin is constantly confiscated by the US government. Can you clarify what you mean?
  • mughinn 4y ago
    I guess he mostly means as a way to get around currency controls. Obviously if the government comes with the police you can be confiscated But for example, Argentina has incredibly harsh currency controls, any freelancer or company that tries to export goods or services gets paid half the value per dollar and is forced to sell their dollars to the government While companies can't really avoid it, most freelancers go around the control by using crypto and so can get the full value of their work
  • Ferret7446 4y ago
    The government has to physically come and take it from you. They cannot remotely freeze Bitcoin like they can with conventional financial instruments.
• candiddevmike 4y ago
  I bet a tyrannical government can easily confiscate your BTC with enough "enhanced interrogation".
  • notch656a 4y ago
    It's true. It would be a lot more difficult with something like a privacy coin. Someone could write down a 12/13 word phrase as a hot wallet and have a cold wallet with a memorized phrase. No one knows how much are in either wallet or that the two are even linked.
    • UncleEntity 4y ago
      Pretty sure after they break out the blowtorches you’ll be volunteering this information…
      • notch656a 4y ago
        Torture works a lot better if you know what you're looking for. With BTC you know exactly what it is you're looking for and how much. If all you know is they paid with a privacy coin then you have no idea how many wallets they have or how much money, there's no more advantage to giving up 2 wallets than 1 as there's no reason for an attacker to not think there's a 3rd you're holding out on if they didn't believe you the first time -- the options would be give up everything and get blow torched or give up only some and get blow torched
  • a2tech 4y ago
    Rubber-hose cryptography: https://en.m.wikipedia.org/wiki/Rubber-hose_cryptanalysis https://en.m.wikipedia.org/wiki/Rubber-hose_cryptanalysis
  • three_seagrass 4y ago
    Doesn't even need to be governments. A man was tortured in his home with a drill in front of his 4 year old while being robbed of his bitcoin: https://www.ccn.com/dutch-bitcoin-trader-suffers-brutal-torture-with-a-heavy-drill-in-violent-robbery/ https://www.ccn.com/dutch-bitcoin-trader-suffers-brutal-tort...
  • deleted 4y ago
    [deleted]
  • 4y ago
• nu11ptr 4y ago
  > Bitcoin cannot be confiscated by the government, specially third world tyrannical governments that seem to always be trying their hardest to impoverish and screw those under their administration. This just seems apt: https://xkcd.com/538/ https://xkcd.com/538/
• ceejayoz 4y ago
  > And unlike those things, Bitcoin cannot be confiscated by the government... The IRS seized $3 billion worth about a year ago. https://www.irs.gov/compliance/criminal-investigation/historic-3-point-36-billion-cryptocurrency-seizure-and-conviction-in-connection-with-silk-road-dark-web-fraud https://www.irs.gov/compliance/criminal-investigation/histor...
  • dns_snek 4y ago
    There's a major difference between confiscating something that they first have to get their hands on (physically or digitally) and confiscating something like your bank account which doesn't require more than a phone call. See for example the Canadian government freezing bank accounts[0] of anyone trying to contribute to the vaccine mandate protests. [0] https://www.bbc.com/news/world-us-canada-60383385 https://www.bbc.com/news/world-us-canada-60383385