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What if having sovereignty over one's money, is not always a good thing? Bitcoin forces us to confront these challenging questions.

Bitcoin Reddit

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Hypothetical #1. A man who has lots of Bitcoin saved up, but doesn't maintain car insurance, gets into an accident which is his fault, and injures someone. But before the court judgment can be enforced, he skips town and moves to (pick a country). With most of his net worth in Bitcoin, how could the injured party ever recover? Whereas if the money was in $ in a bank account, or in real estate or even in stocks or bonds or a business...it would likely be recoverable. So, in order to prevent this, would it be appropriate to confiscate passports of people who owe money on court judgments?

Hypothetical #2. A man who has lots of Bitcoin saved up, gets a woman pregnant and they have a couple kids. But the man decides that raising kids is too much work, and he quits his job and moves out of state. The woman sues him for child support, and the sheriff hunts him down and arrests him to get the money. However, he's got the money in Bitcoin. So they can't get it, and he didn't tell anyone the private key words, and they're not written down anywhere, he's got them memorized. Is it righteous to engage in some sort of torture of this man, in order to get him to disclose his private key words, to get the money to support the children? Is a light torture technique such as waterboarding or sleep deprivation, justified to feed hungry children?

Bitcoin, being unlike any other kind of economic remunerative mechanism, is going to force our legal system, into these kinds of challenging questions. And I'd love to hear where you guys come down on these. Thanks in advance.

submitted by /u/_RonPaulWasRight_
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