Government confiscation - page 3. | Bitcointalksearch.org

BADecker

legendary

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Quote from: sherbyspark on December 20, 2014, 02:20:25 PM

Quote from: BADecker on December 20, 2014, 11:52:46 AM

Not only is Bitcoin government confiscation, but also it is bank and money confiscation. It's about time the people got to confiscate government, banks and money... using Bitcoin.

I wish there was something people could do against the government in that sense.
Currently people are helpless in these cases.

Wrong. But the training takes a little time. Start here http://www.youtube.com/watch?v=HOkAHRzuiOA&list=PLHrkQxgz0mg6kUBciD-HIvTXByqjcIZ-D.

Then go here http://www.myprivateaudio.com/Karl-Lentz.html and here http://www.youtube.com/user/765736/videos?view=0&live_view=500&flow=grid&sort=da .

Then Google and Youtube searches. And don't forget DuckDuckGo.

sherbyspark

hero member

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Quote from: BADecker on December 20, 2014, 11:52:46 AM

Not only is Bitcoin government confiscation, but also it is bank and money confiscation. It's about time the people got to confiscate government, banks and money... using Bitcoin.

I wish there was something people could do against the government in that sense.
Currently people are helpless in these cases.

BADecker

legendary

Activity: 3766

Merit: 1368

Not only is Bitcoin government confiscation, but also it is bank and money confiscation. It's about time the people got to confiscate government, banks and money... using Bitcoin.

exoton

sr. member

Activity: 350

Merit: 250

Quote from: tl121 on December 18, 2014, 09:44:56 PM

The U.S. government stole everyone's gold in the 1930's so you can't trust them or anyone they have their tentacles into. More to the point: what is your strategy for defending against the $5 Wrench Attack?

Well in the OP's case his protection is the rule of law. If he were to be in possession of his own private keys then the government could use "a $5 wrench" to get him to give them his bitcoin, which would be difficulty to trace/prove actually happened. On the other hand since he keeps his bitcoin in services which hold his private keys on his behalf, the government would need to use the court system to take his bitcoin and the OP could use the court system to get his money back and/or otherwise fight a confiscation.

subcoin

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Quote

I keep about 80% of my bitcoins in my Coinbase (US company) online vault, and about 20% online in my BTC-E (foreign company) account.

It's like having a huge vault with 3 feet thick walls of steel and an unbreakable lock, but instead of storing your money in that vault you put them into a card box next to it. In fact, you are the exact opposite of paranoid - Pronoid

calci

full member

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www.secondstrade.com - 190% return Binary option

Quote from: henryreardon on December 15, 2014, 12:22:57 AM

I keep about 80% of my bitcoins in my Coinbase (US company) online vault, and about 20% online in my BTC-E (foreign company) account. I always have a teeny tiny worry in the back of mind that I'll wake up one day and the headlines will read "US Government bans Bitcoin, freezes all Bitcoin assets" and I will be unable to access my Coinbase coins. Am I paranoid?

You should never risk a penny in those sites or services, if you intend to leave them there.
There is always a huge risk .

xxxgoodgirls

legendary

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There are several ways to secure your wallets, I'd reccomend to put them on a local storage that doesn't access to the internets daily.
I am a linux users but I had to install Windows on my pc due to my job, but I felt my coins were in danger being on a windows enviroment.
So ultimately I came up with a dual boot solution, I have my coins stored on my linux OS where I access to just for security updates whilst I use windows for daily use.
You can also setup a virtual machine on windows installed on a encrypted partition as well, or store your coins on a removable device (remember to backup!)

But for fucks sake, do not trust any third part.

smoothie

legendary

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LEALANA Bitcoin Grim Reaper

Move them to your own possession.

Stop using exchanges as banks.

Be your own bank.

tl121

sr. member

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The U.S. government stole everyone's gold in the 1930's so you can't trust them or anyone they have their tentacles into. More to the point: what is your strategy for defending against the $5 Wrench Attack?

exoton

sr. member

Activity: 350

Merit: 250

Quote from: cryptopaths on December 16, 2014, 11:51:38 PM

Quote from: ?? on ??

Quote from: henryreardon on December 15, 2014, 12:22:57 AM

I keep about 80% of my bitcoins in my Coinbase (US company) online vault, and about 20% online in my BTC-E (foreign company) account. I always have a teeny tiny worry in the back of mind that I'll wake up one day and the headlines will read "US Government bans Bitcoin, freezes all Bitcoin assets" and I will be unable to access my Coinbase coins. Am I paranoid?

If you aren't the sole controller of your private keys, you don't have any bitcoins.

No government can "freeze" properly secured bitcoins.

Technically anyone with sufficient recourses could "freeze" bitcoin, governments included.

They would need to invest in more money in mining equipment that would end up costing them more money then the amount of money they wold be freezing.

Additionally any kind of 51% attack can be overcome via the network adopting to the attack's methods and essentially ignore any found blocks by the attacker

Atdhe

sr. member

Activity: 326

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Atdhe Nuhiu

Quote from: 1Referee on December 15, 2014, 08:55:07 AM

You should only worry about the way you store your coins.

Withdraw most of your coins to an offline wallet on your pc.

I have never seen some one who kept all his coins on exchanges Cheesy

I have seen idiot who had few thousands btc at exchange (3 yrs ago). He has not them anymore. But I think it is ok. As always money flow from idiots to lesser idiots.

Soros Shorts

donator

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Quote from: tjwebb on December 18, 2014, 05:09:45 AM

The US dollar is the world's reserve currency. If everyone starts "dumping" it, what are they going to trade if for? bars of gold? bitcoin? The reality is that if the dollar becomes suddenly worthless, so does just about everything else, including your life to anyone with a gun who wants your stuff.

Yes, the USD is still the world's reserve currency. However, there has been a slow but steady downtrend starting from around 2000, mostly due to a shift to the EUR and GBP.

tjwebb

newbie

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The US dollar is the world's reserve currency. If everyone starts "dumping" it, what are they going to trade if for? bars of gold? bitcoin? The reality is that if the dollar becomes suddenly worthless, so does just about everything else, including your life to anyone with a gun who wants your stuff.

botany

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Quote from: 687_2 on December 15, 2014, 12:51:09 PM

If people start dumping USD en masse and a death-spiral starts to happen to fiat, the US government would certainly enact a ban/confiscation scheme on BTC. Anyone trusting a third party (ironic, since BTC eliminates that need) would immediately forfeit their assets.

That is unlikely and is not the only reason why the government may freeze BTC accounts.
The death spiral of USD will be a long drawn out affair. Grin

cryptopaths

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Crypto Knight

Quote from: ?? on ??

Quote from: henryreardon on December 15, 2014, 12:22:57 AM

I keep about 80% of my bitcoins in my Coinbase (US company) online vault, and about 20% online in my BTC-E (foreign company) account. I always have a teeny tiny worry in the back of mind that I'll wake up one day and the headlines will read "US Government bans Bitcoin, freezes all Bitcoin assets" and I will be unable to access my Coinbase coins. Am I paranoid?

If you aren't the sole controller of your private keys, you don't have any bitcoins.

No government can "freeze" properly secured bitcoins.

Technically anyone with sufficient recourses could "freeze" bitcoin, governments included.

exoton

sr. member

Activity: 350

Merit: 250

Quote from: cozk on December 15, 2014, 02:43:43 PM

Quote from: elasticband on December 15, 2014, 07:29:58 AM

Quote from: henryreardon on December 15, 2014, 12:22:57 AM

I keep about 80% of my bitcoins in my Coinbase (US company) online vault, and about 20% online in my BTC-E (foreign company) account. I always have a teeny tiny worry in the back of mind that I'll wake up one day and the headlines will read "US Government bans Bitcoin, freezes all Bitcoin assets" and I will be unable to access my Coinbase coins. Am I paranoid?

You keep 100% of your coins on online exchanges where you do not control the private keys....... punch yourself hard in the face.

This.

You currently own 0 bitcoins.

He still owns the coins in question, however not directly. He owns the bitcoin via his legal claim to the ownership of his accounts at coinbase and btc-e. The issue is that the assets in these accounts can potentially be taken via court order, ect, while this is not the case when you control the private keys of the subject addresses

Mortimer452

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I agree with most others - in your own offline wallet is best.

As far as government confiscation . . . in the USA at least I think that would be pretty far fetched. I seem to recall Ben Bernanke actually sorta giving Bitcoin a little "wink" about a year ago. He didn't necessarily say he was in support of digital currencies, but sorta suggested they might be "ok"

Honeypot

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Quote from: MicroGuy on December 15, 2014, 12:36:55 AM

Quote from: henryreardon on December 15, 2014, 12:22:57 AM

I keep about 80% of my bitcoins in my Coinbase (US company) online vault, and about 20% online in my BTC-E (foreign company) account. I always have a teeny tiny worry in the back of mind that I'll wake up one day and the headlines will read "US Government bans Bitcoin, freezes all Bitcoin assets" and I will be unable to access my Coinbase coins. Am I paranoid?

Yes. I think you might have a tinge of paranoia.

In reality, the bitcoin "caretakers" have all been co-opted by the establishment, and are now, for the most part, under its control. Thus, there would be no reason for the US Government to ban the currency.

This.

grappa_barricata

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playing pasta and eating mandolinos

Paranoid is good if it may increase your chances of survival, like in this case. If there isn't a reason for you to keep bitcoin on exchanges (you aren't trading them actively), then don't keep them on exchanges. Even if you need to sell them fast, they can be transferred in half an hour and sold (if the need arise).

deluxeCITY

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Quote from: elasticband on December 15, 2014, 07:29:58 AM

Quote from: henryreardon on December 15, 2014, 12:22:57 AM

I keep about 80% of my bitcoins in my Coinbase (US company) online vault, and about 20% online in my BTC-E (foreign company) account. I always have a teeny tiny worry in the back of mind that I'll wake up one day and the headlines will read "US Government bans Bitcoin, freezes all Bitcoin assets" and I will be unable to access my Coinbase coins. Am I paranoid?

You keep 100% of your coins on online exchanges where you do not control the private keys....... punch yourself hard in the face.

Although I somewhat doubt the OP is using this feature, however coinbase does offer multisig vault where they control one key, one key is stored in your browser via your account and you control the 3rd key (for a 2 of 3 mulsig).

Topic: Government confiscation - page 3. (Read 6742 times)