What will you do if governments try to take away your bitcoin?

[coinedBit]

actually, most people seem to be concerned even just about having to pay taxes for their BTC. Imagine you had "invested" $ 1k at the end of 2011, and sold in April 2013 ...

[Trongersoll]

What would I do? I'd fart in their face while they kissed my ass.

[coinedBit]

even without the government/authorities being aware of BTC (or other crypto-currencies), you will at some point have to re-introduce your profits back into the official fiat-system, which is when questions will arise, where all that money is suddenly coming from (that is, if it's going through official channels like bank accounts)

[shawshankinmate37927]

localbitcoins et al are just meeting places, there's no longer any point in using and supporting them once you have a certain network of trusted peers who you can go to to exchange bitcoins at much better rates, without having to pay fees to a 3rd party. Also, they're acting as potential attack vectors for people interested in how much trading you are doing, just think about it: a government agency could definitely figure out who you are by going through the corresponding logs, unless you are only using tor and anonymous mobile phones, and only use cash to settle transactions.

Once you know 10-20 people who are able to exchange 1k-2k USD per day, there's no reason why you shouldn't be able to use them all, if you need to. Each of them will have a fraction of your capital.

This is where something like Bitmessage could come in handy.  With the NSA monitoring all e-mail accounts and cell phones, we'll need to have smartphones with a Bitmessage app on them in order to be able to conduct private, cash-only trades with others in our local area.

[coinedBit]

I'd guess, once available, that such a system could become popular, not because all btc adopters are necessarily "youtube armchair anarchists", but rather because they want to avoid having to pay taxes for totally speculative income - let alone people risking to see their retirement plans affected because of btc profits, that are highly volatile anyways...

[Luciddd]

even without the government/authorities being aware of BTC (or other crypto-currencies), you will at some point have to re-introduce your profits back into the official fiat-system, which is when questions will arise, where all that money is suddenly coming from (that is, if it's going through official channels like bank accounts)

Not if what you are buying accepts Bitcoins as payment.. 

[franky1]

actually, most people seem to be concerned even just about having to pay taxes for their BTC. Imagine you had "invested" $ 1k at the end of 2011, and sold in April 2013 ...

ok ill take this on as an example of the savvy thing to do

buyng 1k at the end of 2011, id trade bitcoin hard for a week and cash back out within the last 24 hours of the financial year end. withdrawing only 1k. leaving the profits in bitcoin. making financial year end 2011 - flat, no profit/no loss

then day 1 of 2012 financial year id put that 1k back in and trade like crazy all year round. then in the last few hours of financial year 2012 id cash out 1k - again flat for 2012.

then day 1 of 2013 financial year id put that 1k back in and trade like crazy and cash out 1k. i would then go on vacation. buying a cheap rate flight. no suitcases, no extra's.. just a £30 cheap flight to spain.. once in spain check out the local-bitcoins.com website and swap my bitcoin PROFITS for euros. buy myself a hotel room and some nice clothes. and live a happy life on vacation for a few weeks.

once back home i decide do i spend that 1k on real life stuff or put it back into bitcoin to add more bitcoins to my nxt vacation pot. remembering to cash out 1k before year end to stay profit/loss flat

[QuestionAuthority]

Do you mean take them away from my MtGox account or take them from my personal wallet? One is possible the other one isn't.

[BitcoinBarrel]

What's funny about Bitcoin is there is no logical reason for it to be regulated, controlled or eliminated. LOL

[franky1]

What's funny about Bitcoin is there is no logical reason for it to be regulated, controlled or eliminated. LOL

when reading the european banks/fincen reports. it no where says that authorities want to regulate bitcoin. (hopefuly a few smart people read that too and not just took forum post summaries as gospel)

its not their financial products, its not in their remit. and its not in their interest.

what is in their interest is the gateways between their financial product (fiat) and bitcoin, and if they had a 100% solution to crime risks involved around digital transmission of both money and bitcoin. they would see bitcoin actually helps them, which some of the authorities have already noted

[ShadowOfHarbringer]

What will you do if governments try to take away your bitcoin?
Will you fight back, or take it in the ass?  

First they have to prove you do own any Bitcoins at all.

http://en.wikipedia.org/wiki/Plausible_deniability
http://www.truecrypt.org/docs/plausible-deniability

[rumbitla]

They will put you on scopolamine and you will tell them.

http://en.wikipedia.org/wiki/Truth_drug#United_States

[jackjack]

I'd lmfao

[Bogdan]

I dont think it will ever happen.

[junglist.massive]

we will invent offline trading

[ShadowOfHarbringer]

They will put you on scopolamine and you will tell them.

http://en.wikipedia.org/wiki/Truth_drug#United_States

It will not work on everybody. It will not work always.

EDIT:
Actually the wiki article you have given says that always-working truth serum does not exist.
Read first before you copy paste.

[pstudart]

Let them have the bitcoins if they want them. They can kill bitcoins they can not kill our idea's.

[coinedBit]

They will put you on scopolamine and you will tell them.

http://en.wikipedia.org/wiki/Truth_drug#United_States

It will not work on everybody. It will not work always.

Right if you are a regular customer on Silk Road, this definitely won't work on you!  

[WhatsUpFreak]

LOL...An attempt would be hilarious

[Bogdan]

LOL...An attempt would be hilarious

That actually would be funny to see them demand everyone give them their bitcoins.