US Gov just stacked 119.65 BTC at the price of civil forfeiture for SBR
OOOF nostr:note1vnr0gvz9674yqv8nvzh873rgtcjayz092leqn4wwl9dzk2k63wfqzszxdc
Discussion
They haven't got it yet. Let's see what that guy does.
True. If they incarcerate him because he doesn’t give it up. When his sentence is complete does he still owe them the corn?
Probably, but probably not knowing the american government and how they steal everything. But let's see what this guy does, because this is the same thing they did to John McAfee and McAfee didn't give up his Bitcoin, he just left America.
He’s a grandpa so he’s probably old. He may decide to rack up a huge debt with USA while they pay for his food and shelter and his family enjoys the corn.
This is why cheering on the SBR is dumb. They really just established the incentive to confiscate harder
Mass adoption!
storing all our value on a public, transparent blockchain is just such a fantastic idea. THERE IS NO SECOND BEST!
Should have had Monero.
How would Monero protect you in this situation? If the state had a seizure order for your Monero what difference would it make? They could still fine you $10K a day for non compliance and or incarcerate you. 🤔
Well, one, if he was using Monero in the first place, then the government and corporations wouldn't know he would have it.
Not true if you got your Monero through an CEX which is same with Bitcoin. Can you elaborate? Has there never been cases were governments have seized Monero?
Yea it doesn't matter. They would still have a record of you buying Bitcoin/Monero if you bought through a CEX. The argument would be that you have stronger plausible deniability with Monero by default after you withdraw it.
With Bitcoin if you say you lost your keys they can monitor the address to see if it moves later. If you coinjoined *before* that happens you might still be ok, but they could just monitor all addresses after the coinjoin. If they all move at some point after the coinjoin youre probably still be screwed since logically one of them had to be you (even if they might not know which ones). Not sure how feasible it would be to move that amount of Bitcoin through Lightning? (or if you would even want to have that much Bitcoin in what is essentially a hot wallet and less secure than on-chain)
You could instead say your keys were hacked, but could be tricky not linking it to your identity in the future for the average user.
TLDR; Buy and sell Bitcoin/Monero no-KYC
Yea I agree with your take maybe some better deniability but ultimately if they say you owe us X amount and we fine you until you pay up or toss you in the clink you are basically cooked.
Seems like for this case it was already established that this person still owned the Bitcoin and what address they had it on. This person moved the Bitcoin immediately *after* there was a warrant for it so it was obvious. No plausible deniability. He is simply refusing to hand it over now.
"Reynoso’s actions, described as “frenzied” transfers to five different crypto wallets, can be traced on-chain, raising concerns about privacy vulnerabilities in Bitcoin transactions. The court documents emphasize that the rapid movement of funds immediately following the acceptance of the warrant suggests a deliberate attempt to obstruct justice."
"...the judge explained in the order, noting ownership was already established."
US citizens might want to rethink allowing the US government to create a SBR from civil forfeitures. There is now incentive. The government never creates or earns, it only steals from those who have spent time and worked.