Do you trust the state to be your custodian? Withdraw everything from exchanges, people!
https://decrypt.co/323787/unclaimed-bitcoin-california-seized-theres-catch
nostr:note1t6n6mvnn7ncnuqx2a4uasq5fjslx9wxkuvcktuc04d9mtj0l4vyqqdc6v5
Discussion
from custodian? trust Withdraw Do you state the your people!
https://decrypt.co/323787/unclaimed-bitcoin-california-seized-theres-catch
nostr:note1t6n6mvnn7ncnuqx2a4uasq5fjslx9wxkuvcktuc04d9mtj0l4vyqqdc6v5 be exchanges, everything to
To be clear, they would not act as custodian. They would seize the assets.
They can already seize crypto.
Now they can give it back to the rightful owners.
But I don't think they'll actually use this enough for it to really be of direct benefit to people.
If anything the main benefit is it encourages the exchanges not to steal from people
That’s not what the law says. I’ve found plenty of unclaimed funds from the state taking possession from insurance companies and other financial institutions. Izt goes into a fund, and they collect interest on it, which of course they don’t pay you. The other big problem is, they don’t notify you when they collect it, so you have to check a website and submit a claim, which requires documentation. I definitely don’t trust their ability to do this with bitcoin.
"Everything the State says is a lie, and everything it has it has stolen"
The point of this is to allow the government to pay back crypto that they can already seize.
I don't think it will actually help, because the government won't follow through.
But they could already seize your crypto from exchanges.
Now they can also send seized crypto back to its rightful owners.
The point of this is to "help" prevent exchanges from stealing from their customers/prevent hackers stealing from exchanges.
If it does wake people up so that they take their crypto off the exchanges themselves ahead of time that will be the biggest benefit.
The government hard at work promoting self custody
They could them essentially do this with any asset represented electronically. Last time I checked, people don't actually possess stocks or bonds.
For the entire time I have been in Bitcoin, the message to get your bitcoin off the exchange has been resoundingly strong. How do people not get this, and perhaps they deserve what they get.
I've noticed a trend where governments view savings as illegitimate. Savings isn't "idle." It's doing what I want it to as the owner of it. But I have my keys secured outside the reach of leeches.
So here's what I say:
Go fuck yourself.
You can have deez nuts.
GFY
More bullshit from worthless politicians. Just because these types of laws exist and are common doesn’t mean they are good or right - just more routes to theft by “law.”
Yes 💪😉💜