safety – Why do folks declare that governments can not confiscate Bitcoins?


To illustrate that I’ve taken the utmost precautions, match just for a pc nerd like myself — positively not the common individual. I’ve used Bitcoin Core on a devoted, safe laptop and created an encrypted pockets.dat, then put that on a collection of self-encrypted USB sticks/onerous disks, storing them round my home and in my fireproof protected. The decryption phrases are very robust and I have never saved them anyplace on paper or on bodily metallic thingies that may be seized. (It is all in my head or in a collection of textual content paperwork on encrypted disks which solely I understand how to get to.)

What does that assist me if the federal government comes with their cops and beat me up till I decrypt the gadgets and wallets? And even “simply” lock me up till I accomplish that, with out bodily hurting me? I used to be as soon as held hostage by them for less than 24 hours, and it felt like 24 years. It was a dwelling nightmare. I’d by no means have the ability to endure that perpetually, and who is aware of what they really do to my gadgets whereas I am in there? They could determine to destroy them if I by no means inform them easy methods to get to them, thus making them gone for me as nicely.

Perhaps your reply will probably be that they can not learn about all my copies, if maybe I’ve hidden one USB stick inside a wall or dug it down at a particular tree within the woods which solely I learn about. Certain. That is an excellent argument. However nonetheless, in the event that they bodily beat me up, or in any other case know that I’ve the cash and simply will not let me go till I give it to them, how am I going to get out of that? You assume that BS about having had a “boating accident” works in the actual world? No person who goes by this type of hassle would truly lose their cash in some “accident”. They aren’t silly.

You needn’t carry up seed phrases. For one factor, I haven’t got any such, however even when I did, I might by no means memorize all that in my head, and I doubt that just about anybody who claims to have memorized theirs will ever have the ability to get their cash again when “all of it hits the fan”. Additionally, they in all probability could have the seed phrase backed up someplace, similar to on a bit of paper or metallic thingie. Guess what occurs then when the cops come trying by your stuff?

Lastly, I’d guess that 99% of Bitcoin house owners both have their cash on an trade (thus they’ve zero potential to forestall direct deposits by the federal government) or utilizing a {hardware} pockets, which, when you’ve got one, make it apparent that you simply personal some crypto cash, and all the above applies much more to that scenario.

To me, all of it appears like some form of fantasy that folks maintain telling themselves. Please clarify how having Bitcoin is any completely different in follow from having a bunch of gold bars that they’ll simply steal?

Supply hyperlink

Leave a reply