Replying to Avatar Ronin

Most countries need USD, there will come a time most will need BTC. I wouldn't be surprised if some time in the future governments would take all the bitcoin they could from citizens and only give fiat or other form of IOUs. Coinbase will probably be forced to do this sometime in the future, people won't get bitcoin out, just fiat.
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cecha 1y ago

that's an interesting view, kind of how central banks used to hold the gold and distribute IOUs among the population. But how do you think they could go about taking BTC from people at this point? I get it for BTC held in exchange but I don't see how they could go after the coins held in wallets

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Ronin 1y ago

When you spend it to buy something, as long as along the way reaches some gov service or even force businesses or banks to hand over the btc. Business or individuals could go to a bank and put BTC as collateral for a loan, and after that point you would never get btc back, just the fiat value.

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cecha 1y ago

hmm I think the infrastructure is already in place to avoid this. You don't really need your BTC going through any govt service to spend it. You can deposit the BTC in a decentralised escrow protocol, where govts can't touch it. I wouldn't worry about this too much.