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Author Topic: Will bitcoins provide a way to prevent government confiscation of wealth?  (Read 852 times)
notig
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January 29, 2013, 01:53:45 AM
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I'm mainly thinking about two areas.... Estate taxes and also hyperinflation.  If governments weaken their own currencies then it is not good to hold on to those currencies. If governments tax you when you die ... then there might be some people who would want to escape that.

Do you think we will see people in foreign countries starting to transfer their wealth into bitcoins to prevent confiscation?
or how about estate (death)taxes?
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xxjs
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January 29, 2013, 02:18:28 AM
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I'm mainly thinking about two areas.... Estate taxes and also hyperinflation.  If governments weaken their own currencies then it is not good to hold on to those currencies. If governments tax you when you die ... then there might be some people who would want to escape that.

Do you think we will see people in foreign countries starting to transfer their wealth into bitcoins to prevent confiscation?
or how about estate (death)taxes?

That is absolutely a point. But remember, you have to work to wipe out your footsteps if you want to obtain bitcoins anonymously.
nobbynobbynoob
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January 29, 2013, 02:20:42 AM
 #3

My first thought is that BTC is about as useful for avoiding direct tax as paper cash or physical gold. Only hard money (gold, silver or BTC, say) protects against inflation also. Given that BTC is a currency of choice in the "black market" (or System D), I can see it being used to hide away tax-free earnings conveniently, yes. There was a case on Customs UK (or a similar show) of a Glaswegian restaurateur who was caught trying to travel abroad with undeclared cash, at the last minute before he boarded his flight. Customs did not seize his cash but they did report him to the tax authorities as suspicious. Bitcoin would suit people like him, or anyone wanting to bypass Customs money-transfer restrictions.

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TehTDK
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January 29, 2013, 02:37:13 AM
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Im just waiting on the first case where someones computer is getting siezed in an attempt to confiscate his wealth. Because in general people have their BTC on a local wallet on their PC. Ie PC confiscated, money confiscated. The rozzers/IRS might never get to the money, but neither will you
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January 29, 2013, 02:45:18 AM
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Im just waiting on the first case where someones computer is getting siezed in an attempt to confiscate his wealth. Because in general people have their BTC on a local wallet on their PC. Ie PC confiscated, money confiscated. The rozzers/IRS might never get to the money, but neither will you
[/quote


Unless you have a backup, paper or otherwise, which most holders of any serious amount of BTC do.
xxjs
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January 29, 2013, 02:46:38 AM
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Im just waiting on the first case where someones computer is getting siezed in an attempt to confiscate his wealth. Because in general people have their BTC on a local wallet on their PC. Ie PC confiscated, money confiscated. The rozzers/IRS might never get to the money, but neither will you

Yes you have to cover that possibility also, by using proper encryption and backups.
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January 29, 2013, 05:01:12 AM
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No. If they want to get that money out of you they will do it. Refuse? Sure go ahead and wait in prison until you change your mind.

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nobbynobbynoob
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January 29, 2013, 05:52:15 PM
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No. If they want to get that money out of you they will do it. Refuse? Sure go ahead and wait in prison until you change your mind.

Indeed, that's the essence of totalitarianism (which we do live under, to varying degrees). It is critically important TPTB don't even know about the moolah. To be honest, Bitcoin is no more anonymous than cash or private unregistered gold.

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coqui33
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January 29, 2013, 09:32:04 PM
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Indeed, that's the essence of totalitarianism...
I disagree. A monopoly on violence is not totalitarianism; it is the basis of all government. Sure, you could get locked up. But if they are impatient they will simply shoot someone as an example and ask you again. Lethal violence or the threat of lethal violence is what governments do, and they are very good at it.

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January 30, 2013, 12:08:36 AM
 #10

Goverments could easily pass laws that would compel you to give them your private key or passphrase or face criminal charges or worse depending how shady they are.

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January 30, 2013, 12:24:23 AM
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With BTC you have so much plausible deniability that they won't even lose time to torture you.
If they try, you just give them an empty or almost empty wallet of the several ones that everyone should have.
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January 30, 2013, 12:27:02 AM
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Repeat after me:
correct horse battery staple

usagi
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January 30, 2013, 02:17:51 AM
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I'm mainly thinking about two areas.... Estate taxes and also hyperinflation.  If governments weaken their own currencies then it is not good to hold on to those currencies. If governments tax you when you die ... then there might be some people who would want to escape that.

Do you think we will see people in foreign countries starting to transfer their wealth into bitcoins to prevent confiscation?
or how about estate (death)taxes?

When the government comes for your wealth (i.e. taxes it), it's usually seen as a legal thing that they have a right to do. So you won't get much support from people around you when it happens. But the point here is really that when they come for it, they ask for it. It's more about what they do to you if you refuse than anything else. Sure, you can bury some cash in your backyard and no one will ever find it. But you might have to go to jail for 10 or 20 years to enjoy it.
payb.tc
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January 30, 2013, 05:04:33 AM
 #14

Bitcoins? What bitcoins?  Tongue

would be funny if that was your brainwallet for when they asked you your passphrase.
TheButterZone
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January 30, 2013, 06:29:26 AM
 #15

Bitcoins? What bitcoins?  Tongue

would be funny if that was your brainwallet for when they asked you your passphrase.


Sans the emoticon, I checked. Not a funded brainwallet.

chmod755
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January 30, 2013, 06:33:54 AM
 #16

Bitcoins? What bitcoins?  Tongue

would be funny if that was your brainwallet for when they asked you your passphrase.


+1... or something like : "My wallet is empty and I don't even remember my passphrase"  Cheesy
payb.tc
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January 30, 2013, 10:24:29 AM
 #17

Bitcoins? What bitcoins?  Tongue

would be funny if that was your brainwallet for when they asked you your passphrase.


+1... or something like : "My wallet is empty and I don't even remember my passphrase"  Cheesy

heh, that's what you say verbally but actual phrase is written different... Cheesy

http://mywallet.com is MT & eye don't {not odd} remember my pass FRAZE

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