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I’m a crypto skeptic but the benefit of bitcoin over gold has never been ease of transaction. The benefit is that regulators and governments are generally unabl

I’m a crypto skeptic but the benefit of bitcoin over gold has never been ease of transaction. The benefit is that regulators and governments are generally unable to confiscate bitcoin. The same is not true of gold, particularly if you do not take final delivery.

esseph 8mo ago
Not true though. "the US Department of Justice (DOJ) has also seized almost 130,000 bitcoin worth around $15 billion at the time of the announcement—the largest US cryptocurrency seizure to date." https://www.wired.com/story/feds-seize-record-breaking-15-billion-in-bitcoin-from-alleged-scam-empire/ https://www.wired.com/story/feds-seize-record-breaking-15-bi...
heresie-dabord 8mo ago
Here are estimates of the value of Bitcoin currently held (mostly via seizure) by the US government: https://www.theblock.co/post/374636/the-daily-us-government-bitcoin-holdings-surge-to-36-billion-crypto-etfs-see-755m-in-outflows-after-market-wipeout-and-more https://www.theblock.co/post/374636/the-daily-us-government-... https://www.mexc.com/learn/article/how-much-bitcoin-does-the-us-government-own-complete-guide/1 https://www.mexc.com/learn/article/how-much-bitcoin-does-the...
- chistev 8mo ago
  How can you seize it without the private keys? Do they force it out of the people involved?
  - crazygringo 8mo ago
    You find the private keys wherever the owners stored them.
  - jqpabc123 8mo ago
    Do they force it out of the people involved? Yes, in a manner of speaking. Government has lots of coercive tools at it's disposable. For example, search warrants and incarceration. If you refuse to hand over your keys, government can easily nullify you or your relatives ability to make use of them and make your life really bad in the meantime. Keepjng money from government is yet another crypto myth that doesn't hold up very well in many cases.
jqpabc123 8mo ago
The benefit is that regulators and governments are generally unable to confiscate bitcoin. The US government can and has seized a lot of bitcoin so this is another crypto myth that has died.
- derektank 8mo ago
  It requires keeping the keys secure, rather than entrusting them to a custodial service, yes.
  - jqpabc123 8mo ago
    Keeping them secure from an untrustworthy government is no easy task.

esseph 8mo ago

Not true though. "the US Department of Justice (DOJ) has also seized almost 130,000 bitcoin worth around $15 billion at the time of the announcement—the largest US cryptocurrency seizure to date." https://www.wired.com/story/feds-seize-record-breaking-15-billion-in-bitcoin-from-alleged-scam-empire/ https://www.wired.com/story/feds-seize-record-breaking-15-bi...

heresie-dabord 8mo ago

Here are estimates of the value of Bitcoin currently held (mostly via seizure) by the US government: https://www.theblock.co/post/374636/the-daily-us-government-bitcoin-holdings-surge-to-36-billion-crypto-etfs-see-755m-in-outflows-after-market-wipeout-and-more https://www.theblock.co/post/374636/the-daily-us-government-... https://www.mexc.com/learn/article/how-much-bitcoin-does-the-us-government-own-complete-guide/1 https://www.mexc.com/learn/article/how-much-bitcoin-does-the...

chistev 8mo ago
How can you seize it without the private keys? Do they force it out of the people involved?
- crazygringo 8mo ago
  You find the private keys wherever the owners stored them.
- jqpabc123 8mo ago
  Do they force it out of the people involved? Yes, in a manner of speaking. Government has lots of coercive tools at it's disposable. For example, search warrants and incarceration. If you refuse to hand over your keys, government can easily nullify you or your relatives ability to make use of them and make your life really bad in the meantime. Keepjng money from government is yet another crypto myth that doesn't hold up very well in many cases.

jqpabc123 8mo ago

The benefit is that regulators and governments are generally unable to confiscate bitcoin. The US government can and has seized a lot of bitcoin so this is another crypto myth that has died.

derektank 8mo ago
It requires keeping the keys secure, rather than entrusting them to a custodial service, yes.
- jqpabc123 8mo ago
  Keeping them secure from an untrustworthy government is no easy task.