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Crypto is only asset than goverment can not touch???
- Thread starter troubled soul
- Start date
The 2022 sanctions certainly make crypto so more attractive than it used to be. The recent months really showed how easily banks can rob private individuals of their money; impose limitations out of the blue. Money in a bank != not your money, unfortunatelly.
Physical precious metals or diamonds are hard to touch when properly hidden. Never keep anything on site so to say.
Even when stored in commercial facilities.. there are places where you can still open and renew a safe in cash.
Even when stored in commercial facilities.. there are places where you can still open and renew a safe in cash.
Crypto can be touched. Authorities seize crypto left and right. It's just more difficult and you can take steps make it nearly impossible.
However, just because the asset itself can't be touched doesn't mean you're off scot-free. If they know you have X crypto but can't seize it, they can take other measures against you if you continue to refuse granting them access. This varies a lot by local law but can be quite severe (including prison time).
Asset protection shouldn't be contingent on secrecy. It should hold up to scrutiny under the relevant risks.
However, just because the asset itself can't be touched doesn't mean you're off scot-free. If they know you have X crypto but can't seize it, they can take other measures against you if you continue to refuse granting them access. This varies a lot by local law but can be quite severe (including prison time).
Asset protection shouldn't be contingent on secrecy. It should hold up to scrutiny under the relevant risks.
That is exactly correct. Any government can place you in jail until you turn over your assets. The real key is placing both your person and your assets outside its reach.
But If you never had use KYC crypto, How would government Know You own crypto ???
Like you Mine the crypto and You saved all crypto into the paper wallet.
You use crypto to purchase gift or similar untraceable method for your monthly expenses.
How would government to know about your crypto holding ?
The So called KYC crypto exchange spoil the soul of Crypto.
Otherwise Crypto is totally anonymous. No government even your family member never know about your holding Unless you tell them.
Or shouting on social media "To the moon"
"Too the moon"https://cyberint.com/blog/threat-intelligence/jokers-stash-announces-retirement/
This guy is real example. He has more than billion dollar in Crypto. No trace nothing. That's the real user of Crypto.
No government able to know about his whereabouts ...
where would that be possible? What countries allow that?
they may know but can't do anything right now... time will show the real
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They will never find out if you shut up and don't KYC your wallet! Cold- and Paper wallets are the key to avoid the governments nasty hands.
Depends on the coin. Bitcoin, Litecoin, etc. addresses can be blacklisted by OFAC for example. Monero is a good alternative if you're worried about that.
https://www.coindesk.com/policy/202...entifies-over-100-virtual-currency-addresses/
https://www.coindesk.com/policy/202...entifies-over-100-virtual-currency-addresses/
nope any wallet can be touched.
ok - so not "any" but addresses who are supposed to me owned (in terms of posession of private keys) by somebody and the "blacklisting" is based on threat or coercion on othersyep, but it's not a true decentralized cryptocurrency, it's a business controlled by someone using the hype to pretend to be something like BTC
on the other hand it doesn't mean there are no good use cases for USDC and others like this (at least temporarily)
another one to disappear, so what - people have been warned by many to use BTC (with solid arguments)
Well they can blacklist a wallet address but it will have no effect as no one will know if you transfer the funds to a new address/wallet, unlike BTC or other public blockchains where such transactions are publicly seen/easily traceable.
(By they I mean OFAC)
Switzerland among others.
Several other countries let you rent in cash guarded storage facilities which can serve a certain purpose.
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