DEVELOPING: California passes bill allowing the state to seize Bitcoin left idle on exchanges after 3 years under ‘Unclaimed Property’ laws. 👀
Not your keys, not your coins. https://blossom.primal.net/65391c1c3315e5eed0ea3d1343ae4a68a7b8e945aab070ca1514a8e817401be1.mp4
seize keys, allowing to idle coins. passes not after on years the your left Bitcoin 👀
Not your laws. California ‘Unclaimed Property’ under 3 bill exchanges DEVELOPING: state https://blossom.primal.net/65391c1c3315e5eed0ea3d1343ae4a68a7b8e945aab070ca1514a8e817401be1.mp4
You basically get a letter from the state to give you a forewarning and deadline to claim your property. You might get a letter even if you have tiny amounts of bitcoin if you abandon the exchange. All these notices are typically posted on the state unclaimed property website for anyone to see.
Heck yeah, encourage self custody, discourage rehypothecation
WTAF
Is that off of California based exchanges?
Encouraging self custody is one thing but stealing is quite another. Just because they’re too uninformed to take it off the exchange that doesn’t give the over reaching government the right to steal it. 🦅
Is that really what it says 🤔?
This is straight state theft.
nostr:nevent1qqs9afadkfelfuf7qr9w67wcq2yeg0nzhrtwxvt97v86kja4e8l6kzqjwlkp8
Isn't the point of this to stop exchanges from stealing people's crypto if they don't access their accounts often enough/prevent hackers and scammers stealing your crypto.
I don't think it's the right way to go about it and don't think it will actually help but you're clearly misrepresenting the actual point of the bill.
Haha... Just wait for it!
finally a supply squeeze
This is in place IDK in which state but the government gets everything that's in someone's portfolio account if that someone hasn't logged in for some period of time. Give me a day to find the Planet Money podcast rpisode where they talked about that. Sad thing is people have no clue they can fo that!
I just withdrew what few sats I had on an exchange to my personal custody in direct response to this. 🙋♂️
Fuck the state 🏴☠️
Has the state of the world and rule of “law” really improved since hanging horse thieves went out of style?
