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What's the true purpose of crypto? It can be used to escape the banking system?
by waterlaw 1y ago
What's the true purpose of crypto? It can be used to escape the banking system?
- roenxi 1y agoAsset that can't be involuntarily taken away or printed by a government.
- ecshafer 1y agoIt seems like Crypto can be taken away by the government. If the government orders you to give up your crypto they will just throw you in a cell until you comply. Or as it happening more and more often, a guy with a wrench persuades you to give it up.
- axus 1y agoOnly if you are "legible" to them.
- koolala 1y agoIt blew my mind they did that with Gold in the US. It's really scary what were are capable of.
- zzo38computer 1y agoMaybe barter should be better, then.
- roenxi 1y agoThey can't actually do that at a mass scale - they don't reliably know how much crypto any given person owns. Ditto, if someone beats me with a wrench and I give them a password accessing $500 of crypto, what % of my stash have they just claimed? Do they stop or continue with the wrenching? What is the stopping condition here?
- ceejayoz 1y agoSure it can. https://www.justice.gov/usao-sdny/pr/us-attorney-announces-historic-336-billion-cryptocurrency-seizure-and-conviction https://www.justice.gov/usao-sdny/pr/us-attorney-announces-h... > On November 9, 2021, pursuant to a judicially authorized premises search warrant of ZHONG’s Gainesville, Georgia, house, law enforcement seized approximately 50,676.17851897 Bitcoin, then valued at over $3.36 billion. This seizure was then the largest cryptocurrency seizure in the history of the U.S. Department of Justice and today remains the Department’s second largest financial seizure ever. Having you physically within their jurisdiction (and/or drone strike reach) permits quite a bit of leverage. As the XKCD comic notes… https://xkcd.com/538/ https://xkcd.com/538/