New UK Law Empowers Authorities to Seize, Freeze, Destroy Crypto - page 2.

btcinfo891

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Quote from: bittraffic on May 17, 2024, 04:02:04 AM

The thing with this one though is that when you have used CEX once upon a time in your life and have submitted KYC, there is already no escaping especially if the government cooperates to see who are those people with digital assets.

I agree that it is a problem. It probably makes sense to go through the transaction history of the wallets that one owns and see which wallets are "tainted" by communication with KYCed CEXes, then move the crypto from the tainted wallets to new ones. If the move is done through an intermediary privacy coin on some DEX, then it should be rather difficult if not impossible to connect the "tainted" wallets to the new ones. In most countries taxation is done only when selling crypto for fiat, so exchanging crypto for crypto should not involve additional government taxes/fees, although it will cost some network fees.

zasad@

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Quote from: bittraffic on May 17, 2024, 04:02:04 AM

The thing with this one though is that when you have used CEX once upon a time in your life and have submitted KYC, there is already no escaping especially if the government cooperates to see who are those people with digital assets.

Among these people there were hundreds of thousands of drops, although given the high standard of living in the UK, I am sure that there were very few drops for crypto exchanges in this country.

pakhitheboss

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Not so suprising as most first world countries are now after privacy coin. The basic issue that government in these countries face is that their security agencies like others are not able to trace them. This might be one of the big reason why China has completely ban cryptocurrencies in the main land.

There was a time when a lot of privacy coin were in existence as for now only a few are active. Most of them are either abandoned or not being used as it is not that easy to get hold of these coins due to major CEX already delisting them.

btcinfo891

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Quote from: mindrust on May 17, 2024, 04:04:59 AM

I’d rather write down my seed words very clearly but only replace one word with another fake word and put a sign on that word so I’ll remember which word I’ll be replacing every time I need to use my seed words. This way I need to remember only one word instead of many other crap.

I still need to secure my seed words but even if somebody gets the paper, he won’t get my funds.

Replacing just one seed word is really easy to break and is probably the first thing the bad guys will try if they find something resembling a seed phrase. And it still requires memory. I would suggest taking one's favorite irrational number (pi, e, sqrt(2), etc.), choosing an arbitrary offset in the number's digits, then remembering that offset.
After that using the sequence of digits at that offset to encrypt the seed phrase, writing down the encrypted seed phrase and storing it in multiple places.

mindrust

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Quote from: btcinfo891 on May 17, 2024, 03:42:35 AM

Write down the passwords/seeds, but not in cleartext. Encrypt them using some simple rule, reordering or substituting the words with other words. Don't write down the simple encryption rule, but remember it.

Lots of people lost their coins that way because they forgot the encryption or the word order they used. Not so long ago I’ve read a post from an user (maybe it was on reddit, can’t remember) and he knew all of his seed words but he messed up their order and now he can’t access his coins anymore. If you are going to rely on your memory, you better have a damn good memory or you’ll say goodbye to your funds.

I’d rather write down my seed words very clearly but only replace one word with another fake word and put a sign on that word so I’ll remember which word I’ll be replacing every time I need to use my seed words. This way I need to remember only one word instead of many other crap.

I still need to secure my seed words but even if somebody gets the paper, he won’t get my funds.

bittraffic

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Quote from: mindrust on May 15, 2024, 10:53:40 PM

It is not surprising. The UK is a monarchy.
According to the law, the King (or Queen) owns the country ultimately. If the gov, the king, whoever is in charge there decide that they own your stuff and you don’t own that stuff anymore, it is not against the law.

Oh. Are they not offering a price at least in confiscating your assets? I don't hear them claiming democracy though which I guess anyone can understand already.

Quote from: btcinfo891 on May 17, 2024, 03:42:35 AM

The obvious lessons that I took from laws like this one are

Don't keep large amounts on CEXes or other centralized sites.
Use privacy coins.
Keep the crypto wallet on an encrypted disk partition.
Write down the passwords/seeds, but not in cleartext. Encrypt them using some simple rule, reordering or substituting the words with other words. Don't write down the simple encryption rule, but remember it.

I think this applies worldwide, not just to those living in the UK.

The thing with this one though is that when you have used CEX once upon a time in your life and have submitted KYC, there is already no escaping especially if the government cooperates to see who are those people with digital assets.

btcinfo891

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Activity: 51

Merit: 20

The obvious lessons that I took from laws like this one are

Don't keep large amounts on CEXes or other centralized sites.
Use privacy coins.
Keep the crypto wallet on an encrypted disk partition.
Write down the passwords/seeds, but not in cleartext. Encrypt them using some simple rule, reordering or substituting the words with other words. Don't write down the simple encryption rule, but remember it.

I think this applies worldwide, not just to those living in the UK.

larry_vw_1955

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Quote from: HeRetiK on May 16, 2024, 04:49:57 AM

I guess they want to remove privacy coins from circulation? Which is definitely going to work because there's obviously nothing worse for a coin's value than reducing its supply (/s)

that's just one side of things. another side is how probably no one in the UK is going to want to use things like monero anymore. or any other cryptocurrency for that matter.

Quote from: mindrust on May 15, 2024, 10:53:40 PM

It is not surprising. The UK is a monarchy.

According to the law, the King (or Queen) owns the country ultimately. If the gov, the king, whoever is in charge there decide that they own your stuff and you don’t own that stuff anymore, it is not against the law.

sounds like a very antiquated form of government. something you would see in the middle ages Shocked

mindrust

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Quote from: larry_vw_1955 on May 16, 2024, 02:03:58 AM

ok but what's with wanting to destroy privacy coins? confiscate them from people and then burn them. that's just kind of like throwing money away.

If they confiscate them and use it in some way, that would mean they acknowledge that asset's superiority. They'll rather choose to ban/destroy it.

They didn't do this to bitcoin because they think they can control bitcoin.

We will experience what they'll do to something they cannot control and it is this. Destroy.

zasad@

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Why was everyone silent when terrorists and drug dealers used dollars?
I don't understand what "confiscate as recorded passwords or memory cards" means? It can be understood as the ability to confiscate any devices from citizens at any suspicion.

HeRetiK

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Quote from: larry_vw_1955 on May 16, 2024, 02:03:58 AM

ok but what's with wanting to destroy privacy coins? confiscate them from people and then burn them. that's just kind of like throwing money away.

I guess they want to remove privacy coins from circulation? Which is definitely going to work because there's obviously nothing worse for a coin's value than reducing its supply (/s)

larry_vw_1955

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Quote from: mindrust on May 15, 2024, 10:53:40 PM

It is not surprising. The UK is a monarchy.

According to the law, the King (or Queen) owns the country ultimately. If the gov, the king, whoever is in charge there decide that they own your stuff and you don’t own that stuff anymore, it is not against the law.

So crypto naturally falls into the same category of assets which they can seize. They did it many times before. Remember how they seized Chelsea FC from Roman Abramovich.

In the UK you can own stuff as long as they let you own it. Don’t make a mistake, it is not really much different in the other parts of the world.

You just don’t fuck with tptb.

ok but what's with wanting to destroy privacy coins? confiscate them from people and then burn them. that's just kind of like throwing money away.

mindrust

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It is not surprising. The UK is a monarchy.

According to the law, the King (or Queen) owns the country ultimately. If the gov, the king, whoever is in charge there decide that they own your stuff and you don’t own that stuff anymore, it is not against the law.

So crypto naturally falls into the same category of assets which they can seize. They did it many times before. Remember how they seized Chelsea FC from Roman Abramovich.

In the UK you can own stuff as long as they let you own it. Don’t make a mistake, it is not really much different in the other parts of the world.

You just don’t fuck with tptb.

larry_vw_1955

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https://beincrypto.com/uk-new-crypto-law-seizure/

The new regulations empower law enforcement agencies to seize cryptocurrency holdings without the necessity of making an arrest first.

and this:

The new guidelines grant authorities the power to confiscate items like written passwords or memory sticks that could assist in criminal inquiries and to transfer illicit cryptos to government-controlled wallets, effectively cutting off criminal access.

and then this:

Furthermore, authorities can now destroy specific digital assets, notably privacy coins.

apparently things were headed in this direction since last year. so it shouldn't come as a surprise to anyone. but it's still something to understand how things work now in the UK....

you don't have to be arrested to have your bitcoin taken away from you there in the UK. that's the bottom line. Shocked

and if you're using monero it sounds like they want to destroy it.

Topic: New UK Law Empowers Authorities to Seize, Freeze, Destroy Crypto - page 2. (Read 390 times)