Subnostr

I just don't see it and would like to understand how, practically, the US authorities could ever seize enough BTC to be effective? Doing so would only make its enemies' bags scarcer and more valuable. Seizing ETF assets would have the same effect on the 19.5 million BTC already in non ETF wallets. 12 words can be written on paper and used to access new wallets in friendly jurisdictions. Unless I'm not being creative enough, the war is over before it's even really begun.

Dr. Bitcoin, MD 1y ago

Easy.

Step 1) outlaw sale of bitcoin to anyone other than government

Step 2) demand all sales of bitcoin be completed by a certain date

Step 3) declare any unsold bitcoin held by us citizens property of US government

Step 4) theft from US government is a crime that will follow you everyone around the globe…merely leaving US isn’t protection against prosecution for selling stolen government property

You are correct that this doesn’t guarantee they’ll get my bitcoin. But it does guarantee the exchange rate to the US dollar temporarily collapses.

Will it make bitcoin held outside the US to increase in value? I doubt immediately that it would.

The only way to refuse to give up your bitcoin is to have an income from conventional sources and be content with the possibility that you’ll have to pass on your bitcoin to your kids and never enjoy the fruits of your investment yourself…such a process could take 40 years or more to play out.

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Discussion

Bud 1y ago

I know it happened to gold but Nationalization of Bitcoin is something so draconian that I am going to choose to not worry about it. BlackRock and Fidelity would challenge such a Bitcoin seizure through the SCOTUS, and make helpful PAC donations to defeat and support politicians.

If Bitcoin gets criminalized, 12 words are going on a piece of paper in a plastic container deep in my yard until new politicians are elected.