MultiversX Tracker is Live!

Is Your Bitcoin Still Safe From Gov Seizure, Even In a Cold Wallet

Bitcoin Reddit

More / Bitcoin Reddit 68 Views

Preface this with I am a moron

I have a few questions about the security of bitcoin/human willpower in the event of a government ordered confiscation of bitcoin.

The US empire has no problem toppling, destroying, and killing people and nations that threaten the dominance of the dollar and the power structure, clearest example being Iraq and Libya. Since coming off the gold standard we've been on a pure fiat money backed by military force fueled by wallstreet banks and psychopathic state department heads backed by well fed well-fare corporations.

The trajectory of the dollar has everyone clearly bearish, hence our support for bitcoin to be the replacement for money. Im not brand new to crypto but within the last few years i went from being bullish on bitcoin like a wallstreet bets type hodler, to wanting bitcoin to be the standard currency of the people. Hoping to make government bend to the people rather than the other way around.

But knowing that over the last few major world empires, dying and decaying nations dont give up control without a fight and I dont believe the US dollar will prove otherwise. Theres a very good video that Ray Dalio did about world orders and the cycle. I highly suggest you watch.

MY CONCERN

Im very concerned that the only reason why the US hasnt outright banned crypto exchanges in the US is because they are able to use KYC to track simple transactions for the potential to seize those assets later on.

I assume the majority of people here and people they know who own bitcoin are only making transactions that move bitcoin from KYC exchanges to a wallet or maybe a few wallets. Rarely are people using bitcoin in the US for everyday transactions like groceries or online purchases etc YET. My point is there isnt a very long paper trail for bitcoin to truly become anonymous, and we have KYC exchanges whos security companies OPENLY communicate with government agencies. So if you buy 5k of BTC from coinbase, and just park it into a hardware wallet, its not hard for gov officials to assume the 5k bought is still in your possession.

Should the government continue to lose foreign bond buyers (which i think is only around 20% of the the total debt, someone can fact check that) the only people buying bonds to keep this ponzi scheme going would be the banks, the fed, and wealthy people that buy bonds. Every year they spend more than what they collect in taxes which makes this scenario more likely. It would be very simple for the government in a crisis to make up an excuse in order to seize bitcoin from KYC exchanges as well as bitcoin that is suspected to be yours. The bitcoin in cold storage may not ever be forcibly taken from you either, it may be similar to using the records from the KYC of your ownership with only one or two transactions to a wallet, that they request the value in another form. whether they take your car, home, or other assets in similar value. We dont have to hypothesize about this, our government outlawed owning gold in the 1930s. much like then, they are after money to keep their power structure and today to stain any form of crypto currency, meanwhile collecting and selling seized bitcoin like Germany just did with its seized bitcoin. This benifits big banks as well, People like warren buffet and charlie munger both gone on record saying they dont like bitcoin. which means they understand its a threat to them. inflation drives people to wallstreet which pumps up asset prices faster than inflation and creates profit for them. A stable unmanipulated currency makes it harder for them.

And to be clear, as long as we live in this fiat system where government holds a monopoly on violence, I suggest you dont attempt to dodge paying taxes with BTC, you will lose that battle. This fiat system will collapse on its own, dont paint a target on your back.

WHAT IM LOOKING FOR AND WHAT I WANT

I want more talk about protecting ourselves. Theres big talk about how bitcoin will be the money of the world and peoples eyes roll into their head repeating the same things. But I think we have to stop thinking about btc like a stock and a PNL, and more on how can I truly anonymize myself and hide my wealth from this gambling addicted death cult we call the US government. AGAIN, Im NOT looking to escape paying taxes. Its not worth the headache and pain fighting that battle. If my bitcoin ripped up and i wanted to convert back to fiat to buy something in fiat, I have no issues with paying the capital gains.

I just want to protect what little fucking money I have left.

Im not in IT. Im a pretty analog person, i have no clue or true knowledge about how this stuff works besides the core functions, but I truly agree with principle of hard money that cant be printed and extracted from a populace without consent. And I assume most of you are similar.

if you have any thoughts, solutions, or comments id like to know. Im familiar with peer to peer ways to buy bitcoin with fiat, bitcoin mining is something ive thought about. using my seed money to buy equipment to generate bitcoin privately. but let me know if you are concerned at all about this

submitted by /u/Jackarthur95
[link] [comments]
Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
πŸ’° Install these recommended apps:
πŸ’² SocialGood - 100% Crypto Back on Everyday Shopping
πŸ’² xPortal - The DeFi For The Next Billion
πŸ’² CryptoTab Browser - Lightweight, fast, and ready to mine!
πŸ’° Register on these recommended exchanges:
🟑 Binance🟑 Bitfinex🟑 Bitmart🟑 Bittrex🟑 Bitget
🟑 CoinEx🟑 Crypto.com🟑 Gate.io🟑 Huobi🟑 Kucoin.



Comments