4 ms·

> Can't be taken away from you / frozen. Then explain why the US government has confiscated so much of it.

px43 2y ago
Because they gained physical access to the machines holding the coins? Surely you understand the difference there right? If all of your money is being held by random companies, it's not really your money is it? Cryptocurrencies give you all the autonomy of cash, while still allowing you to send it to anyone over the internet.
- deleted 2y ago
  [deleted]
- jsjohnst 2y ago
  > Because they gained physical access That’s the very definition of “taken” isn’t it?
  - mlrtime 2y ago
    Get a wallet, store the phrase in your head, how are they going to get physical access?
    - jsjohnst 2y ago
      Inject you with some sodium thiopental and then further use a $5 wrench as needed for motivation. ;)
      - npoc 2y ago
        Then you give them the keys to your other wallet that contains enough for plausible deniability.
        jsjohnst 2y ago
        Reality called and told me to welcome you to come back to it.
        npoc 2y ago
        Well reality should know that someone can obtain any of your property via drugs and torture. But through multi-sig, time-locked contracts, multiple wallets, bitcoin is more difficult than most.
        jsjohnst 2y ago
        > reality should know that someone can obtain any of your property There you go, was that so hard? Bitcoin isn’t some magical panacea, the reality is it’s as easily stolen/taken/lost in 99% of cases as anything else. Sure, there might be some ultra tiny percentage of folks who are truly secure with it, but there is virtually the _same_ number who are ultra secure with other non-bitcoin stored value systems.
        npoc 2y ago
        I assume you haven't read/seen "The Great Taking"?
lowdest 2y ago
People either left the keys sitting around where the US government picked them up, or they handed it over willingly. If your key is secret, your coins cannot be taken away from you.
- kube-system 2y ago
  > If your key is secret, your coins cannot be taken away from you. Governments have a legal monopoly on the use of force, and they have the means to employ it. If you can access your bitcoin, and a government can access you, that government can access your bitcoin. https://xkcd.com/538/ https://xkcd.com/538/
  - Ferret7446 2y ago
    Not necessarily. You could take your bitcoins to your grave. You don't have that option with digital fiat, even if you wanted to.
    - kube-system 2y ago
      Technically true! However, if you want to be dead and have nothing to pass on to your heirs, there are many other options which are easier and more fun.
      - qxbs 2y ago
        You could possibly get around this by sharing the keys without sharing that they are keys like teaching your young children to sing a song or some other activity that matches the mnemonic phrase but can be passed off as a weird family ritual or something and only later revealing the secret to trusted beneficiaries.
    - jsjohnst 2y ago
      > You don't have that option with digital fiat, even if you wanted to. Yes, you could, you just need to acquire the digital fiat anonymously through one of many methods. Then burn all record of it and watch your money disappear the same way as taking it to the grave, just no death required. Or go ahead and die if you must, but you’ll still not prove that Bitcoin is any different or any less “takeable”.

px43 2y ago

Because they gained physical access to the machines holding the coins? Surely you understand the difference there right? If all of your money is being held by random companies, it's not really your money is it? Cryptocurrencies give you all the autonomy of cash, while still allowing you to send it to anyone over the internet.

deleted 2y ago
[deleted]
jsjohnst 2y ago
> Because they gained physical access That’s the very definition of “taken” isn’t it?
- mlrtime 2y ago
  Get a wallet, store the phrase in your head, how are they going to get physical access?
  - jsjohnst 2y ago
    Inject you with some sodium thiopental and then further use a $5 wrench as needed for motivation. ;)
    - npoc 2y ago
      Then you give them the keys to your other wallet that contains enough for plausible deniability.
      - jsjohnst 2y ago
        Reality called and told me to welcome you to come back to it.
        npoc 2y ago
        Well reality should know that someone can obtain any of your property via drugs and torture. But through multi-sig, time-locked contracts, multiple wallets, bitcoin is more difficult than most.
        jsjohnst 2y ago
        > reality should know that someone can obtain any of your property There you go, was that so hard? Bitcoin isn’t some magical panacea, the reality is it’s as easily stolen/taken/lost in 99% of cases as anything else. Sure, there might be some ultra tiny percentage of folks who are truly secure with it, but there is virtually the _same_ number who are ultra secure with other non-bitcoin stored value systems.
        npoc 2y ago
        I assume you haven't read/seen "The Great Taking"?

lowdest 2y ago

People either left the keys sitting around where the US government picked them up, or they handed it over willingly. If your key is secret, your coins cannot be taken away from you.

kube-system 2y ago
> If your key is secret, your coins cannot be taken away from you. Governments have a legal monopoly on the use of force, and they have the means to employ it. If you can access your bitcoin, and a government can access you, that government can access your bitcoin. https://xkcd.com/538/ https://xkcd.com/538/
- Ferret7446 2y ago
  Not necessarily. You could take your bitcoins to your grave. You don't have that option with digital fiat, even if you wanted to.
  - kube-system 2y ago
    Technically true! However, if you want to be dead and have nothing to pass on to your heirs, there are many other options which are easier and more fun.
    - qxbs 2y ago
      You could possibly get around this by sharing the keys without sharing that they are keys like teaching your young children to sing a song or some other activity that matches the mnemonic phrase but can be passed off as a weird family ritual or something and only later revealing the secret to trusted beneficiaries.
  - jsjohnst 2y ago
    > You don't have that option with digital fiat, even if you wanted to. Yes, you could, you just need to acquire the digital fiat anonymously through one of many methods. Then burn all record of it and watch your money disappear the same way as taking it to the grave, just no death required. Or go ahead and die if you must, but you’ll still not prove that Bitcoin is any different or any less “takeable”.