They'll start confiscating things that they can confiscate to the value of what they believe they are owed.
They have the value, you gave it to them.
Discussion
I guess 99% of all Bitcoiners will have a big problem then
This is the practical response. The most-likely outcome is that it is impossible (due to costs) to enforce any KYC-related regulations.
NGU is incredibly important to make that cost as significant as possible.
So what’s your view?
I think KYC is “out of the bag” and by bitcoin acting as a sound money, it renders flaccid many the anti-KYC crowd’s concerns.
Would it be awesome if exchanges didn’t have KYC as a requirement, sure. But they do. And those exchanges are the best way for people in Western economies to acquire real sats and self-custody them.
Short of becoming entirely authoritarian and totalitarian in the physical world, governments won’t really have recourse. And if bitcoin moons in price then it becomes prohibitively expensive for them to administer regulations because the market will be demanding bitcoin over dollars.
Well put! Thanks for sharing 🙏🏼
So what aboit the famous „lost my keys“ argument? 🤔
Again, they'll just put you in jail or take shit that they can take.
They know and can proove you have/had corn.
They will take their cut from you.
Then it's just war anyway.
The boating accident meme originated from 2017. Some drug dealer said he kept his keys in a fishing pole he lost.