The government is building a strategic bitcoin reserve off civil asset forfeiture and I don’t know why people are happy about it.
What is civil asset forfeiture?
“Civil asset forfeiture is a legal process where law enforcement can seize property suspected of being involved in a crime, even without a criminal conviction of the owner, and the government can then keep or sell the seized assets.”
So the government can take your Bitcoin without actually convicting you of a crime. Was your Bitcoin mixed at one point? Boom, now your Bitcoin is subject to seizure. Was your Bitcoin sold to you by someone that committed a crime 5 years later? Now you’re at risk. The interpretation of the law is left intentionally vague so that the government has more leeway to do what they want. I don’t think this is what Satoshi envisioned when he tried to separate money from state.
Executive order 6102-₿ feels more likely than ever. Hope for the best; prepare for the worst.
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