The anti-crypto thread

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Lost_in_the_HTTP

Lost_in_the_HTTP

Lifer
Nov 17, 2019
11,090
6,623
136
Train said:
Your bank account can be seized by the government. Your crypto wallet cannot. If there is a "Bitcoin government", it is toothless.
Click to expand...
Really?


https://www.cnbc.com › 2022 › 11 › 07 › feds-seize-3point36-billion-in-bitcoin-the-second-largest-recovery-so-far.html

Feds seize $3.36 billion in bitcoin, the second-largest recovery ... - CNBC​

Nov 7, 2022U.S. authorities seized about 50,676 bitcoin, then valued at over $3.36 billion, from Zhong during a search of his house in Gainesville, Georgia, on Nov. 9, 2021, the DOJ said. It is the DOJ's ...
 
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Fanatical Meat

Fanatical Meat

Lifer
Feb 4, 2009
34,647
15,841
136
……aaaaaannnnnnddddd……. What type of person gets their bank account seized by the Government?


I’m gonna guess they typically are typically involved in criminal things.
 
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VirtualLarry

VirtualLarry

No Lifer
Aug 25, 2001
56,418
10,095
126
Fanatical Meat said:
I’m gonna guess they typically are typically involved in criminal things.
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Yes, "criminal things", like small businesses making nightly deposits, that just happen to cross the $10,000 threshold over a few days. Or try being a Muslim and donating to a religious charity org. (Edit: Not speaking for myself, that was a hypothetical.)
 
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DrMrLordX

DrMrLordX

Lifer
Apr 27, 2000
21,734
11,051
136
Lost_in_the_HTTP said:
Really?
Click to expand...

On November 9, 2021, pursuant to a judicially authorized premises search warrant (the “Search”), IRS-CI agents recovered approximately 50,491.06251844 Bitcoin of the Crime Proceeds from ZHONG’s Gainesville, Georgia, house. Specifically, law enforcement located 50,491.06251844 Bitcoin of the approximately 53,500 Bitcoin Crime Proceeds (a) in an underground floor safe; and (b) on a single-board computer that was submerged under blankets in a popcorn tin stored in a bathroom closet. In addition, law enforcement recovered $661,900 in cash, 25 Casascius coins (physical bitcoin) with an approximate value of 174 Bitcoin, 11.1160005300044 additional Bitcoin, and four one-ounce silver-colored bars, three one-ounce gold-colored bars, four 10-ounce silver-colored bars, and one gold-colored coin.


Beginning in or around March 2022, ZHONG began voluntarily surrendering to the Government additional Bitcoin that ZHONG had access to and had not dissipated. In total, ZHONG voluntarily surrendered 1,004.14621836 additional Bitcoin.
Click to expand...

They found either keyfiles or a wallet.dat stored on computers in his house, and got whatever relevant passwords they needed to access the wallet(s) from Zhong himself. It's not like they just summoned the BTC off the chain into a different wallet by government fiat. They had to get the BTC from Zhong.
 
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T

Train

Lifer
Jun 22, 2000
13,862
68
91
www.bing.com
DrMrLordX said:
They found either keyfiles or a wallet.dat stored on computers in his house, and got whatever relevant passwords they needed to access the wallet(s) from Zhong himself. It's not like they just summoned the BTC off the chain into a different wallet by government fiat. They had to get the BTC from Zhong.
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No no, obviously they called their ambassador to the Bitcoin govt.
 
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Shmee

Shmee

Memory & Storage, Graphics Cards Mod Elite Member
Super Moderator
Sep 13, 2008
7,482
2,514
146
I am not anti crypto, but hello all! Just noticed the coins been going up again recently. I don't think I really have much any more, but I could always get back into trading. Anyway, carry on.
 
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DrMrLordX

DrMrLordX

Lifer
Apr 27, 2000
21,734
11,051
136
Shmee said:
I am not anti crypto, but hello all! Just noticed the coins been going up again recently. I don't think I really have much any more, but I could always get back into trading. Anyway, carry on.
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The best time to start trading was probably 3-6 months ago, if not two years ago. But there's still some money to be had depending on your risk aversion.
 
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BFG10K

BFG10K

Lifer
Aug 14, 2000
22,709
2,979
126
Train said:
Your bank account can be seized by the government. Your crypto wallet cannot.
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You mean aside from exchange operators literally walking off with the stuff with no security to stop them, and no audit trail to track the missing funds? A plethora of examples have already been posted in this thread.

When it happens, cryptobois flip-flop between having a wallet on an exchange, and on person. Apparently they're both a good idea, until neither of them are. o_O
 
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Shmee

Shmee

Memory & Storage, Graphics Cards Mod Elite Member
Super Moderator
Sep 13, 2008
7,482
2,514
146
A simple tip: keep your crypto in a secure wallet, but have backups! This does not mean keeping it on an exchange, but rather in a hardware wallet, or in a software wallet on secure media, or both. You could even keep your wallet file in the cloud in case say your house burns down or whatever, basically an offsite backup, but I would recommend putting it in an encrypted container before uploading, even though the wallet file itself will require your password.

The idea is basically similar to backing up very important documents, at least to me. Obviously standard safety and security recommendations apply.
 
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dullard

dullard

Elite Member
May 21, 2001
25,137
3,540
126
BFG10K said:
You mean aside from exchange operators literally walking off with the stuff with no security to stop them, and no audit trail to track the missing funds? A plethora of examples have already been posted in this thread.
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But apparently if these exchange operators or other organizations steal your wallet and all your crypto, it is just fine. That is because they aren't government. Remember, losing your crypto isn't a problem (see issues like the Libbitcoin vulnerability where even private wallets were compromised). Governments are the problem. Somehow, I guess. At least that is what I think Train is arguing.
 
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DrMrLordX

DrMrLordX

Lifer
Apr 27, 2000
21,734
11,051
136
dullard said:
But apparently if these exchange operators or other organizations steal your wallet and all your crypto, it is just fine. That is because they aren't government. Remember, losing your crypto isn't a problem (see issues like the Libbitcoin vulnerability where even private wallets were compromised). Governments are the problem. Somehow, I guess. At least that is what I think Train is arguing.
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Nobody wants another Mt. Gox. Certainly not "crypto bros" which is why they'll tell you not to leave your assets on exchanges.
 
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T

Train

Lifer
Jun 22, 2000
13,862
68
91
www.bing.com
BFG10K said:
When it happens, cryptobois flip-flop between having a wallet on an exchange, and on person.
Click to expand...
No they don't.
dullard said:
But apparently if these exchange operators or other organizations steal your wallet and all your crypto, it is just fine. That is because they aren't government. Remember, losing your crypto isn't a problem (see issues like the Libbitcoin vulnerability where even private wallets were compromised). Governments are the problem. Somehow, I guess. At least that is what I think Train is arguing.
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Ya no.

You guys are resorting to bad faith arguments at this point. There are legitimate criticisms of Bitcoin. You don't need to make shit up.
 
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dullard

dullard

Elite Member
May 21, 2001
25,137
3,540
126
Train said:
No they don't.

Ya no.

You guys are resorting to bad faith arguments at this point. There are legitimate criticisms of Bitcoin. You don't need to make shit up.
Click to expand...
Private wallets have now been compromised. I didn't make that up. That is just a simple fact.
 
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