This doesn't make any sense to me or maybe I am the one that failed to understand, the SEC can seize the crypto assets on if they found them in the hands of binance wallet, many smart people have already moved out their coins and tokens from the exchange, how is this going to work? Or are we talking about the assets that belongs to Binance exchange?
I thought these people are trying to protect crypto investors? If seizing of crypto asset the way to go about this? They are trying to start what they can't finish, it's not going to end well because this is a war.
This will determine what the future of crypto and blockchain will look like and let's hope that coinbase and binance exchange fight this war viciously against Gensler, someone needs to show this man where he belongs.
Topic: What if they tried it - page 3. (Read 685 times)
It's the US, it can do anything for its own good and still be in debt. LOL. The country that sucks heavy taxes, imposes strict rules, and yet stays in debt. What would they do with the cryptocurrencies under their command? May be getting into more debt because they were not able to manage them properly. I would suggest they stay away from it and have their own business run properly.
Anyway, if they do it, then it's a decentralized asset. Individuals can store the asset in hardware wallets or paper wallets and keep them away from Government access. Since they would be on the decentralized chain I highly doubt they could do anything about it.
It's a similar case to China. They did ban it but it does not mean Chinese peeps can't access or use Bitcoin. If the US wants to control the Bitcoin then they will have to control every miner around the world, have access to every Bitcoin wallet, may be the entire internet an blockchain.
Anyway, if they do it, then it's a decentralized asset. Individuals can store the asset in hardware wallets or paper wallets and keep them away from Government access. Since they would be on the decentralized chain I highly doubt they could do anything about it.
It's a similar case to China. They did ban it but it does not mean Chinese peeps can't access or use Bitcoin. If the US wants to control the Bitcoin then they will have to control every miner around the world, have access to every Bitcoin wallet, may be the entire internet an blockchain.
Well, as you said, that is unlikely to happen in reality, because there are countries in our generation today that are open to blockchain technology, and if there is anything like the U.S. today that is not open to these things in digital currency, so far it is the U.S. the one i know is doing it now.
So I think it's difficult and maybe even impossible for it to happen right now. Especially if the field of blockchain technology brings good things to the Bitcoin industry.
So I think it's difficult and maybe even impossible for it to happen right now. Especially if the field of blockchain technology brings good things to the Bitcoin industry.
In theory, it is possible for governments to swoop in and seize all crypto assets. But let us be real; it's not gonna be a walk in the park for them. Cryptocurrencies are designed to be decentralized and are gaining popularity. This means that it is not easy for any government to pull off such a massive grab. In addition, one can bet that the crypto community would fight back, and there would likely be some legal battles along the way.
The US government will not take drastic steps like that before the elections, because they know it will alienate a lot of potential voters. You might see more strict regulations after the elections, depending on what political party will win the elections.
At this stage it is all rumors and talk, with politicians trying to think of strategies that will bring in more votes. The Banks are funding a lot of these election campaigns, so the politicians are trying to say the right things to keep them happy.
At this stage it is all rumors and talk, with politicians trying to think of strategies that will bring in more votes. The Banks are funding a lot of these election campaigns, so the politicians are trying to say the right things to keep them happy.
We are talking about whole cryptos here and not just the centralized coins. To seize means to force confiscate even if what you hold is just Bitcoin in your non-custodial wallet. The government will send people in our doorsteps to investigate or forcibly search your home for private keys, seed phrases and other evidence which tells that you own a crypto. They can also use lie detectors and do other measures (tortures) only to know if that people is telling the truth or lying. That's scary.
I hope it will not happen in the future but banning of cryptos have already happened although this is not worse as what the OP have in mind because that is global and not only specific on some countries.
It may sound a bit crazy, but owning decentralized coins is a better move than having centralized ones. Similarly, using a non-custodial wallet is a step ahead compared to a custodial wallet. So, there's no harm in using coins and wallet services without government intervention, as it's at least two steps ahead in terms of protecting personal identity data.I hope it will not happen in the future but banning of cryptos have already happened although this is not worse as what the OP have in mind because that is global and not only specific on some countries.
Considering the economic might of the United States, I remain skeptical that the government would dare to take such actions, given that the cryptocurrency space is still relatively small in comparison to the global economy. What reasons would drive such a move? Does the USD feel threatened by the existence of cryptocurrencies? It simply doesn't make sense.
My opinion Attempting to acquire all crypto assets is likely to be difficult for governments to achieve, as it would require enormous resources and would likely face significant public resistance. Moreover, any attempt to do so would raise serious ethical and legal questions about property rights and individual liberties, potentially leading to periods of unrest and upheaval. Additionally, the decentralized nature of many cryptocurrencies can pose a significant challenge to governments looking to seize assets. Unlike gold, which can be physically seized, cryptocurrency is stored in distributed ledgers, making it difficult to target centrally.
And my view Any attempt to confiscate crypto assets can also result in negative consequences for the economy, as it can erode public trust in government institutions and lead to capital flight. Yes, while it is important for governments to regulate cryptocurrencies in an accountable and transparent manner, attempts to seize assets are likely to be discouraged and impractical.
And my view Any attempt to confiscate crypto assets can also result in negative consequences for the economy, as it can erode public trust in government institutions and lead to capital flight. Yes, while it is important for governments to regulate cryptocurrencies in an accountable and transparent manner, attempts to seize assets are likely to be discouraged and impractical.
It is certainly possible for governments to attempt to seize cryptocurrencies, as they have done with other assets in the past. However, it would be challenging for them to do so because of the decentralized nature of cryptocurrencies.
Unlike gold, cryptocurrencies exist in a digital ledger that is distributed across a network of computers. This makes it difficult for any one entity to seize them all at once.
also, the anonymous and pseudonymous nature of some cryptocurrencies could make it difficult for governments to identify who owns them.
If this ever happens Bitcoin will conquer among other cryptocurrencies, because Bitcoin looks like the only real decentralized project to me, many other projects are lying about been a decentralized project, in disguise those projects are centralized and controllable by the government, the so-called DeFi projects are even the most shady projects in this crypto space, ruining the name Decentralization. Nothing can stop Bitcoin and taking control over Bitcoin will be the biggest challenge for the government. Unlike gold, cryptocurrencies exist in a digital ledger that is distributed across a network of computers. This makes it difficult for any one entity to seize them all at once.
also, the anonymous and pseudonymous nature of some cryptocurrencies could make it difficult for governments to identify who owns them.
This is impossible unless there are valid reasons that people won't rebel. Imposing this on democratic and open countries is like suicide if you are the government leader. Maybe in some countries like North Korea and China where communists are controlling it for many years already. Even strict Iran is having unrest due to issues involving rights and women.
But if this happens, obviously I will try to hide my crypto assets in hard and non-custodial wallets. And maybe I will join anti-government groups as well.
But if this happens, obviously I will try to hide my crypto assets in hard and non-custodial wallets. And maybe I will join anti-government groups as well.
It is certainly possible for governments to attempt to seize cryptocurrencies, as they have done with other assets in the past. However, it would be challenging for them to do so because of the decentralized nature of cryptocurrencies.
Unlike gold, cryptocurrencies exist in a digital ledger that is distributed across a network of computers. This makes it difficult for any one entity to seize them all at once.
also, the anonymous and pseudonymous nature of some cryptocurrencies could make it difficult for governments to identify who owns them.
Unlike gold, cryptocurrencies exist in a digital ledger that is distributed across a network of computers. This makes it difficult for any one entity to seize them all at once.
also, the anonymous and pseudonymous nature of some cryptocurrencies could make it difficult for governments to identify who owns them.
What if the governments across the world attempted to seize all of your crypto assets like the US seized all gold from their citizens in the 1900s. Now I'm seeing articles talking about how the US government is trying to be able claim private property.
I think if a government were attempting to seize crypto assets, it would likely required changes to existing laws and some regulations, that which face legal challenges from affected individuals. and also, cryptocurrencies are designed to be decentralized, that they have no authority that can control or seize them. 
This is why you need to avoid all centralized coins and only choose to invest in decentralized coin. It's need to be a 100% decentralized coin, you need to find a non custodial wallet that not depend on a centralized route and the decentralized exchange which you can access via Tor. This will make you stay undetected from any government, as long as you're care with your privacy.
We are talking about whole cryptos here and not just the centralized coins. To seize means to force confiscate even if what you hold is just Bitcoin in your non-custodial wallet. The government will send people in our doorsteps to investigate or forcibly search your home for private keys, seed phrases and other evidence which tells that you own a crypto. They can also use lie detectors and do other measures (tortures) only to know if that people is telling the truth or lying. That's scary.I hope it will not happen in the future but banning of cryptos have already happened although this is not worse as what the OP have in mind because that is global and not only specific on some countries.
Bro, you're asking the million-dollar question about the government nabbing our sweet, sweet crypto! As a pro in the biz, I can tell ya that Uncle Sam would have one heck of a time trying to snatch your digital goodies. The thing about crypto is that it's all decentralized and hanging out on a blockchain, so there's no bigwig or institution calling the shots.
Now, I can hear your gears turning. "Hold up, can't the government just pull the plug on the internet and snag all the crypto that way?" Sure, an internet apocalypse would make everyone go bananas, but it's not really a doable plan for grabbing all those digital assets.
No joke, if they tried, we'd probably see some serious revolution action, just like you mentioned. Crypto's got that magic touch, giving folks the power to steer their own financial ship and offering a freedom that old-school money systems just can't touch.
Now, I can hear your gears turning. "Hold up, can't the government just pull the plug on the internet and snag all the crypto that way?" Sure, an internet apocalypse would make everyone go bananas, but it's not really a doable plan for grabbing all those digital assets.
No joke, if they tried, we'd probably see some serious revolution action, just like you mentioned. Crypto's got that magic touch, giving folks the power to steer their own financial ship and offering a freedom that old-school money systems just can't touch.
Beautiful response and i couldn't agree more with your follow up here. Crypto does have that touch to spark a digital revolution and it already has. The hard part would be for our decentralized bunch to collectively fight back. It might look a bit different than traditional ways of doing things, but man, I sure hope they don't try anything like that with us. They are inching closer and closer every day to home base and trying to take advantage every way that they can. Bitcoiners gotta stick together
I don't think events like this are possible in contemporary world, certainly not in democratic countries. If someone is considered a criminal, assets can be seized. But that isn't nationwide and only touches a small number of people and companies. Also, regarding Bitcoin, the government may have trouble finding out about the assets and especially technically seizing them (they'll need names attached to wallets and also passphrases to access the funds), unless you mean centralized platforms like crypto exchanges. The USA is democratic enough, I believe, to be pretty sure that even such an attempt won't happen, though. Again, aside from people and companies considered criminals for various reasons.
This answer might be tongue and cheek but let me say this.
If the government goes all out in regulating bitcoin within USA, there's little to nothing that people can do. Imagine risking your life for your bitcoins, that just wouldn't make sense would it?
Yes, an argument for appealing and holding protests could be made but let's face it. America isn't painted to be the democracy that it is. You can't go and do something like what the Philippines did to effectively oust their leader and kick them off the country. Not being pessimistic or cynical, just the truth. How many protests in America have been effective at setting the message across and making changes in the way the government governed the country? I'll wait.
So again, if it ever comes to the point that US bans bitcoins and seizes all affects that is related to bitcoin, you'd have no choice, you'd surrender it, and so are millions of people in that country.
If the government goes all out in regulating bitcoin within USA, there's little to nothing that people can do. Imagine risking your life for your bitcoins, that just wouldn't make sense would it?
Yes, an argument for appealing and holding protests could be made but let's face it. America isn't painted to be the democracy that it is. You can't go and do something like what the Philippines did to effectively oust their leader and kick them off the country. Not being pessimistic or cynical, just the truth. How many protests in America have been effective at setting the message across and making changes in the way the government governed the country? I'll wait.
So again, if it ever comes to the point that US bans bitcoins and seizes all affects that is related to bitcoin, you'd have no choice, you'd surrender it, and so are millions of people in that country.
They'll try anything you let them. But Bitcoin offers a unique application which does give you more control over your assets.
Yes it's true that the government can easily do something against us because they are in power and so far they have made regulations regarding the existence of Cryptocurrency by tightening legal rules for crypto users, but with bitcoin I don't think they will be able to take our ownership because bitcoin is completely anonymous and decentralized, they don't have enough power to know the amount of assets we have if we store them in a hardware wallet, as opposed to keeping them on a centralized exchange where they can work with the founder of the exchange to know the total assets we hold. 
What if the governments across the world attempted to seize all of your crypto assets like the US seized all gold from their citizens in the 1900s. Now I'm seeing articles talking about how the US government is trying to be able claim private property.
I think that ultimately this would be very challenging for any government to successfully accomplish. This would cause a revolutionary period again in our world I imagine....
I think that ultimately this would be very challenging for any government to successfully accomplish. This would cause a revolutionary period again in our world I imagine....
I will be one of those who will fight against the government. I work and spend money to invest in crypto assets, on what basis are they forcibly taking it from me? do they think that cryptocurrency is an illegal and dirty asset? do they think that owning crypto assets is criminal? same as you have methamphetamine? there is no basis that the government can do to be able to confiscate my crypto assets - unless I commit a criminal and launder the proceeds of the crime in crypto, then the government has the right to be able to confiscate all of my crypto assets, other than that they have no rights .
What if the governments across the world attempted to seize all of your crypto assets like the US seized all gold from their citizens in the 1900s. Now I'm seeing articles talking about how the US government is trying to be able claim private property.
I think that ultimately this would be very challenging for any government to successfully accomplish. This would cause a revolutionary period again in our world I imagine....
It makes total sense to be freaked out about the government trying to take your crypto. That's some wild stuff, and if they do go for it, it could legit start a revolution. But let's say they don't go that route. They could still mess with your crypto by dropping some laws that make it straight-up illegal to use or hold cryptocurrencies. It's a nightmare scenario, but it's not impossible. So then, what's the point of holding onto your crypto if you can't even use it?I think that ultimately this would be very challenging for any government to successfully accomplish. This would cause a revolutionary period again in our world I imagine....
That being said, the more likely option is that governments will just regulate crypto by taxing transactions. It's a way to control the market, but it's unclear how far they'll go with it. The good news is that different countries will regulate at different paces, so there might be a place that's more crypto-friendly than where you're at now. Who knows, there might even be countries that straight-up love crypto, and if the US government tries to come for your assets, you can just pack up and move.
What if the governments across the world attempted to seize all of your crypto assets like the US seized all gold from their citizens in the 1900s. Now I'm seeing articles talking about how the US government is trying to be able claim private property.
I think that ultimately this would be very challenging for any government to successfully accomplish. This would cause a revolutionary period again in our world I imagine....
I think that ultimately this would be very challenging for any government to successfully accomplish. This would cause a revolutionary period again in our world I imagine....
If it were to be tried, I would not be surprised if it actually accumulated quite a lot of coin (at the cost of people's livelihoods, either temporarily or permanently) since a lot of people I bet would hand it over without a battle or have not taken the practices of being able to keep it safe. Whether or not that would positively effect the government financially in the overall scheme of things is another story as well. I think it's pretty unlikely that this would ever happen. I wouldn't say impossible based on the example that you provided about what happened in the 1900s though.
This is why you need to avoid all centralized coins and only choose to invest in decentralized coin. It's need to be a 100% decentralized coin, you need to find a non custodial wallet that not depend on a centralized route and the decentralized exchange which you can access via Tor. This will make you stay undetected from any government, as long as you're care with your privacy.
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