What if they tried it

[tread93]

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.

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

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[dezoel]

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.

[KaizenJujustsu]

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.

[Kgdktac]

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.

[inthelongrun]

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.

[Z390]

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.

[Freddie Boyer]

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.

[bayu7adi]

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.

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.

[Kakmakr]

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. 

[Iadegbola34]

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.

[gunhell16]

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.

[so98nn]

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.

[Outhue]

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.

[YUriy1991]

If The government trying to seize all crypto assets would be a big challenge. People and the crypto community would resist, causing social and economic issues. Cryptocurrencies are decentralized and widely used, making it hard for a government to seize everything. There are laws protecting property rights, so any attempt to violate them would face legal challenges. What we should be concerned about here, We should stay informed and fight for individual property rights to support the growth and acceptance of cryptocurrencies.

[yazher]

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....

They could have done that already once they realized that they cannot have full control of the crypto industry because of their lack of knowledge on how to do it. It's not that easy that's why they switch to only putting pressure on most of the owners of the companies that own some of the top cryptocurrencies out there. that's the least they can do and they are not ceasing to make some adjustments and updates in the future to have total control of it. we see that the exchanges keep changing their rules because of how the government pressures them to do so.

[crypticj]

Well, they won't kill crypto cos they can't, but they can stop mass adoption and at least slow it down. It would be bad for most of the people and it will be hard to work with crypto without getting in the way of the government. But I think it's not gonna happen. It's really hard to fight bitcoin at this point because it become too big to do it. And there are also a lot of people who support it.

[crypticj]

Well, they won't kill crypto cos they can't, but they can stop mass adoption and at least slow it down.
It would be bad for most of the people and it will be hard to work with crypto without getting in the way of the government.
But I think it's not gonna happen. It's really hard to fight bitcoin at this point because it become too big to do it. And there are also a lot of people who support it.

[The Cryptovator]

Bitcoin differs from gold in that it cannot be easily seized by the government. Seizure by the government is only possible if you are utilizing a custodial wallet through a wallet authority. However, if you have been using a non-custodial wallet, your cryptocurrency cannot be seized. This is because cryptocurrencies are decentralized, and the government lacks control over them.

[Falconer]

Bitcoin differs from gold in that it cannot be easily seized by the government. Seizure by the government is only possible if you are utilizing a custodial wallet through a wallet authority. However, if you have been using a non-custodial wallet, your cryptocurrency cannot be seized. This is because cryptocurrencies are decentralized, and the government lacks control over them.

And seized  is also possible when users store their assets on a centralized exchange, such as BinanceUS.
Of course it is a risk that must be avoided by all crypto asset owners who have long term investment plans. I think traders are still safe temporarily keeping their assets on the exchange while they trade, but when they are done withdrawing to a non-custodial wallet is best.

A limited number of reputable and centralized exchanges are still safe to use as temporary storage, but if they wish to hold on for a longer period of time then a non-custodial wallet is much more advisable.

The SEC is constantly moving to proceed with its plan as tweeted by BinanceUS: https://twitter.com/BinanceUS/status/1666203325543374856?s=20

[phantailaptopbl]

The basic characteristic of cryptocurrencies is decentralization, which means they are not controlled by any organization or government. This decentralization is an important aspect that attracts many individuals to cryptocurrencies due to their financial autonomy and lack of centralized control. While it is true that if individuals kept their crypto assets in CEX wallets, it would be more difficult for any government to capture or control those assets, As long as users maintain control over their private keys, they have the ability to independently access and manage their crypto holdings. Governments may therefore attempt to pass laws or enact regulations that may affect the use and exchange of cryptocurrencies within their jurisdiction. So the future of cryptocurrencies and their relationship with governments is indeed troubled.

How to start and work in the crypto currency It's not that easy that's why they switch to only putting pressure on most of the owners of the companies that own some of the top crypto currencies out there. that's the least they can do and they are not ceasing to make some adjustments and updates in the future to have total control of it. at the time of transaction and the government gave the force to do the job .