What if they tried it

[Obari]

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....

Can you just stop imagining for once and come back to reality?🤣

Well firstly bitcoin is a decentralized digital asset and as such , no singular person has control over it and as long as you don't give access to your possessions to anyone else, then you're truly in control of all the shits in there.

I don't see how possible  the government can seize the bitcoin possessions  of its citizens not in this century  man, we're in 21st century 🙄
They wouldn't dare and the worst they can do is impose some silly restrictions which they did and never worked for them and now I think they are secretly buying bitcoin to boast its economy and some countries  are already adopting  it nation wide.

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[Natalim]

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....

Can you just stop imagining for once and come back to reality?🤣

Well firstly bitcoin is a decentralized digital asset and as such , no singular person has control over it and along as you don't give access to your possessions to anyone else, then you're truly in control of all the shits in there.

I don't see how possible  the government can seize the bitcoin possessions  of its citizens not in this century  man, we're in 21st century 🙄
They would dare and the worst they can do is impose some silly restrictions which they did and never worked for them and now I think they are secretly buying bitcoin to boast its economy and some countries  are already adopting  it nation wide.

Well, I say it was possible but very small chance to happen ( below 0.1%). That is why people never think that and ignore it (unlike OP) as we are confident that the government will even support the innovation rather than killing it. Because the reality that the government had also looking for a big change and great innovation that helps improve everyone's life and seeing crypto would be an opportunity. Only a foolish country will never do the adoption.

[Franctoshi]

I have never thought about the consequence of such action. Criminalizing cryptocurrencies will instantly make investors in the sector fugitives because people will start hiding from law enforcement agencies. In my country because of the restriction placed on banks from transacting in cryptocurrencies, the police sometimes harass crypto holders. I am just thinking of the intimidation and arrest we might face if it is criminalized.

I remember what I passed through during the ban on crypto transaction then, I had to be keeping my phone at home whenever I was going out ,So if such law is passed here in Nigeria, the best word to describe it is that we the Bitcoiners here Nigeria are completely finished in the hands of the police man, As every youth in my country will automatically or instantly become a crypto dealer suspect. Where the rate of police brutality as a result such law will increase, and a lot of people will end up going prison for no reason.

Sometimes I hear when people say you can easily move from one country to another if the government becomes unfriendly to Bitcoin and others. This will be possible for only rich crypto holders and people from developed nations that can enter different countries with their passports. Bitcoiners from developing nations will have no option but to sell off their investment because their passport will not grant them entry into any country that has a stable and strong economy.

In such a situation, El Salvador will experience high influx of crypto enthusiast from different parts of the world because they are the most crypto friendly country we have so far where you can go live full time crypto with no restrictions.

[dunfida]

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....

There's still no revolution because government couldn't be completely be able to do such thing 100%.Yes, they do have the power and the rights on how they would really be imposing those shitty laws and regulations

and trying out to control out everything and even touching up other sectors or areas on which arent supposed to be touched.In speaking about crypto space on trying out to get rid? US isnt the only one whose been
trying but also in other countries as well. Did they succeed? No they havent. They might really be that able to touch up those centralized platforms but they cant really be able to ban everything.
They could impose any laws and regulations against crypto all they want but stopping out completely about the transactions been made is impossible.

There's no way on doing so because its totally decentralized and having no control. They've been trying to get a good hold of crypto for long time now but it seems they do continue to fail
and this is why they do really ends up with this kind of option which it isnt really that shocking.

[Kelward]

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.

Decentralized nature of bitcoin makes it immune to centralized authorities to meddle into its wallet. I've come to appreciate and trust the concept of non custodial wallets in bitcoin, because it puts the holder in total control. So if any government decides to confiscate funds in any centralized exchange, bitcoin will not be affected. From my observation on this topic, members unanimously agrees to this fact.

[Obari]

Only a foolish country will never do the adoption.

Well I don't know how to say this but I guess you're Invariably calling  my country foolish 🤣🤣
Please pardon my emojies but I couldn't help it since it best describe how I feel writing on this because my country  and its government has been one of the greatest fighters of cryptocurrencies  and bitcoin and mkat times it seems the government  are so scared of the youth advancement  and as such they are scared of making free any opportunities that seems to make the youths of its country independent and I believe  you already know that's a typical  foolish act.

I'm not trying  to paint my country wrong but the truth must be told with hopes of a better country but for now, my government has been strongly against cryptocurrency.

[Minecache]

Only a foolish country will never do the adoption.

Well I don't know how to say this but I guess you're Invariably calling  my country foolish 🤣🤣
Please pardon my emojies but I couldn't help it since it best describe how I feel writing on this because my country  and its government has been one of the greatest fighters of cryptocurrencies  and bitcoin and mkat times it seems the government  are so scared of the youth advancement  and as such they are scared of making free any opportunities that seems to make the youths of its country independent and I believe  you already know that's a typical  foolish act.

I'm not trying  to paint my country wrong but the truth must be told with hopes of a better country but for now, my government has been strongly against cryptocurrency.

If he says countries that don't adopt bitcoin are stupid. Not only your country but almost all the countries of the world are stupid because there are very few countries that accept bitcoin as adoption, only a few accept it. China is a good example of banning bitcoin, and I don't think they are a stupid country because they are the 2nd largest economy in the world. But the government is not afraid of the advancement of technology or the youth, what they do not want is that progress is not out of their control. They always want to control everything to ensure their power is not affected or lost.

[xSkylarx]

Only a foolish country will never do the adoption.

Well I don't know how to say this but I guess you're Invariably calling  my country foolish 🤣🤣
Please pardon my emojies but I couldn't help it since it best describe how I feel writing on this because my country  and its government has been one of the greatest fighters of cryptocurrencies  and bitcoin and mkat times it seems the government  are so scared of the youth advancement  and as such they are scared of making free any opportunities that seems to make the youths of its country independent and I believe  you already know that's a typical  foolish act.

I'm not trying  to paint my country wrong but the truth must be told with hopes of a better country but for now, my government has been strongly against cryptocurrency.

If he says countries that don't adopt bitcoin are stupid. Not only your country but almost all the countries of the world are stupid because there are very few countries that accept bitcoin as adoption, only a few accept it. China is a good example of banning bitcoin, and I don't think they are a stupid country because they are the 2nd largest economy in the world. But the government is not afraid of the advancement of technology or the youth, what they do not want is that progress is not out of their control. They always want to control everything to ensure their power is not affected or lost.

They are not stupid; they are just scared of things that they can control more over, like money, and we know that the government wants to earn more money, like taxes. The more you earn, the more you pay taxes. Even the poor ones are still paying taxes from their salaries, which I know is for the development of the country, but again, there are a ton of corrupt officials that are just getting your money. Bitcoin is that they can't control it and can't easily track who holds huge amounts of it. That is why they banned it for now so that they could find a way to track those people and be able to tax you as well.

[arwin100]

Only a foolish country will never do the adoption.

Well I don't know how to say this but I guess you're Invariably calling  my country foolish 🤣🤣
Please pardon my emojies but I couldn't help it since it best describe how I feel writing on this because my country  and its government has been one of the greatest fighters of cryptocurrencies  and bitcoin and mkat times it seems the government  are so scared of the youth advancement  and as such they are scared of making free any opportunities that seems to make the youths of its country independent and I believe  you already know that's a typical  foolish act.

I'm not trying  to paint my country wrong but the truth must be told with hopes of a better country but for now, my government has been strongly against cryptocurrency.

If he says countries that don't adopt bitcoin are stupid. Not only your country but almost all the countries of the world are stupid because there are very few countries that accept bitcoin as adoption, only a few accept it. China is a good example of banning bitcoin, and I don't think they are a stupid country because they are the 2nd largest economy in the world. But the government is not afraid of the advancement of technology or the youth, what they do not want is that progress is not out of their control. They always want to control everything to ensure their power is not affected or lost.

Don't know where those thinking came from since putting restrictions on bitcoin is not really a stupid idea by the government. They might be just concern about the welfare of their citizens since this is new to them.
Maybe for now they didn't see bitcoin as good alternative currency for them but once this technology evolves and to many good things happen then they see big advantage for using this for sure those country who restrict bitcoin will adopt and use it regularly.

[Rockstarguy]

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....

If it is something so easy for government to put a stop or seize cryptocurrency they would have done it longtime ago. The highest the government can do is to regulate how cryptocurrency can be used, and if this should be done it won't take much effect to crypto users, their would still be away people will still make use of cryptocurrency.  Since cryptocurrency is not controlled by the government it is impossible for crypto assets to be seized.

[Tony116]

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....

If it is something so easy for government to put a stop or seize cryptocurrency they would have done it longtime ago. The highest the government can do is to regulate how cryptocurrency can be used, and if this should be done it won't take much effect to crypto users, their would still be away people will still make use of cryptocurrency.  Since cryptocurrency is not controlled by the government it is impossible for crypto assets to be seized.

I have another question, what do they confiscate cryptocurrencies for? Cryptocurrencies are not yet comparable to gold, gold is much more valuable, so comparing crypto to gold in this case is a bit lame. The entire crypto market cap is only one-tenth that of gold, and its growth is being held back by the government by simple lawsuits. So the hypothesis that the government will confiscate the cryptocurrency is not viable and can never happen.

[minairia3]

Only a foolish country will never do the adoption.

Well I don't know how to say this but I guess you're Invariably calling  my country foolish 🤣🤣
Please pardon my emojies but I couldn't help it since it best describe how I feel writing on this because my country  and its government has been one of the greatest fighters of cryptocurrencies  and bitcoin and mkat times it seems the government  are so scared of the youth advancement  and as such they are scared of making free any opportunities that seems to make the youths of its country independent and I believe  you already know that's a typical  foolish act.

I'm not trying  to paint my country wrong but the truth must be told with hopes of a better country but for now, my government has been strongly against cryptocurrency.

If he says countries that don't adopt bitcoin are stupid. Not only your country but almost all the countries of the world are stupid because there are very few countries that accept bitcoin as adoption, only a few accept it. China is a good example of banning bitcoin, and I don't think they are a stupid country because they are the 2nd largest economy in the world. But the government is not afraid of the advancement of technology or the youth, what they do not want is that progress is not out of their control. They always want to control everything to ensure their power is not affected or lost.

Don't know where those thinking came from since putting restrictions on bitcoin is not really a stupid idea by the government. They might be just concern about the welfare of their citizens since this is new to them.
Maybe for now they didn't see bitcoin as good alternative currency for them but once this technology evolves and to many good things happen then they see big advantage for using this for sure those country who restrict bitcoin will adopt and use it regularly.

I don't think they'll need a currency like bitcoin because they can't control it, but if they accept it in the future, it's most likely for the money. But what they are still aiming for is the huge tax they can collect from investors like us. Look at the countries that have accepted bitcoin, all of them have very high taxes, even the US had intended to impose a 30% tax on cryptocurrencies, but thankfully, that did not pass.

[bayudndy]

Cryptocurrencies are based on blockchain technology, which makes them resistant to censorship and control by any authority. So without access to those keys, it would be very difficult for governments to directly seize crypto assets. While governments may impose restrictions or regulations on the use of cryptocurrencies, such as restricting exchanges or enforcing reporting requirements, the actual seizure of assets will require compliance. action from individuals or the use of force. The latter option would likely be very impractical and potentially cause strong resistance. So they had difficulty gaining ownership of personal properties without the cooperation of the owners.

[Obari]

Only a foolish country will never do the adoption.

Well I don't know how to say this but I guess you're Invariably calling  my country foolish 🤣🤣
Please pardon my emojies but I couldn't help it since it best describe how I feel writing on this because my country  and its government has been one of the greatest fighters of cryptocurrencies  and bitcoin and mkat times it seems the government  are so scared of the youth advancement  and as such they are scared of making free any opportunities that seems to make the youths of its country independent and I believe  you already know that's a typical  foolish act.

I'm not trying  to paint my country wrong but the truth must be told with hopes of a better country but for now, my government has been strongly against cryptocurrency.

If he says countries that don't adopt bitcoin are stupid. Not only your country but almost all the countries of the world are stupid because there are very few countries that accept bitcoin as adoption, only a few accept it. China is a good example of banning bitcoin, and I don't think they are a stupid country because they are the 2nd largest economy in the world. But the government is not afraid of the advancement of technology or the youth, what they do not want is that progress is not out of their control. They always want to control everything to ensure their power is not affected or lost.

They are not stupid; they are just scared of things that they can control more over, like money, and we know that the government wants to earn more money, like taxes. The more you earn, the more you pay taxes. Even the poor ones are still paying taxes from their salaries, which I know is for the development of the country, but again, there are a ton of corrupt officials that are just getting your money. Bitcoin is that they can't control it and can't easily track who holds huge amounts of it. That is why they banned it for now so that they could find a way to track those people and be able to tax you as well.

I love your point of view and thank you for bringing  up the issue with tax because I don't know why most times I feel my country is always the case study with most criminal  and corrupt cases because we're even taxed on a regular phone call and I still wonder how government helps its citizens 🙄
I stand corrected but I've heard of stories and news of America paying its citizens depending on the category they fall and I have no issues with such citizens been taxed not a country like mine where we have to do everything  by ourselves and still been taxed by the government and I agree that the government is scared that  its citizens might gain freedom if bitcoin  is been accepted.

[demonica]

How would they know every citizen who has Bitcoin? Unless you store them on centralized exchange where they can take control of it. But first, what could be the reason for them to do that? Back in the 1900s, the government confiscated gold to combat the economic crisis. Aside from this possible reason, what could be the other reason for them to target crypto assets? Probably if they're trying to ban or make crypto illegal in the US. But aside from that, I don't know any other reason for that so I don't think there's a big chance of it to happen. If there were an economic crisis, they probably would try to secure gold first rather than crypto assets to back up their currency.

[MarjorieZimmermanGinger]

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.

That would be hard to do and I don't think it's as easy as they think, gold has a physical form that can be found whereas bitcoin is stored in a form that can't be found unless people deposit in a centralized exchange. The two are very different and if they could do a general crypto seizure it wouldn't take them long to do it, but the truth is that until now they haven't been able to. Therefore start by not storing bitcoin assets on a centralized exchange by avoiding all possibilities that will occur later.

I think more and more countries will accept crypto, regardless of the approach they started taking before and the examples we might look at in El Salvador and some other countries that are already friendly to bitcoin. My country is even friendlier to Crypto, even though it is not justified to accept it as a legal means of payment, but so far we can still use it as a legal commodity asset.

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 have tried to limit it by regulation and some have legalized bitcoin, so any possibility to regulate or confiscate is much more difficult and opportunity globally impossible.

[xSkylarx]

Only a foolish country will never do the adoption.

Well I don't know how to say this but I guess you're Invariably calling  my country foolish 🤣🤣
Please pardon my emojies but I couldn't help it since it best describe how I feel writing on this because my country  and its government has been one of the greatest fighters of cryptocurrencies  and bitcoin and mkat times it seems the government  are so scared of the youth advancement  and as such they are scared of making free any opportunities that seems to make the youths of its country independent and I believe  you already know that's a typical  foolish act.

I'm not trying  to paint my country wrong but the truth must be told with hopes of a better country but for now, my government has been strongly against cryptocurrency.

If he says countries that don't adopt bitcoin are stupid. Not only your country but almost all the countries of the world are stupid because there are very few countries that accept bitcoin as adoption, only a few accept it. China is a good example of banning bitcoin, and I don't think they are a stupid country because they are the 2nd largest economy in the world. But the government is not afraid of the advancement of technology or the youth, what they do not want is that progress is not out of their control. They always want to control everything to ensure their power is not affected or lost.

They are not stupid; they are just scared of things that they can control more over, like money, and we know that the government wants to earn more money, like taxes. The more you earn, the more you pay taxes. Even the poor ones are still paying taxes from their salaries, which I know is for the development of the country, but again, there are a ton of corrupt officials that are just getting your money. Bitcoin is that they can't control it and can't easily track who holds huge amounts of it. That is why they banned it for now so that they could find a way to track those people and be able to tax you as well.

I love your point of view and thank you for bringing  up the issue with tax because I don't know why most times I feel my country is always the case study with most criminal  and corrupt cases because we're even taxed on a regular phone call and I still wonder how government helps its citizens 🙄
I stand corrected but I've heard of stories and news of America paying its citizens depending on the category they fall and I have no issues with such citizens been taxed not a country like mine where we have to do everything  by ourselves and still been taxed by the government and I agree that the government is scared that  its citizens might gain freedom if bitcoin  is been accepted.

I've also heard that in the US and Canada, but I'm not sure of other countries, the taxes that you are paying will be paid back to you when you are old or if you are struggling financially. When you lost your job and are still finding one, you are given a pension until you find a job. That's what I've heard in those countries, and also old people there are getting money, so that is why there are few beggars there as their government is helping their people, but again, they still pay tax for the good of the country and themselves also.

[laurenB7742]

How would they know every citizen who has Bitcoin? Unless you store them on centralized exchange where they can take control of it. But first, what could be the reason for them to do that? Back in the 1900s, the government confiscated gold to combat the economic crisis. Aside from this possible reason, what could be the other reason for them to target crypto assets? Probably if they're trying to ban or make crypto illegal in the US. But aside from that, I don't know any other reason for that so I don't think there's a big chance of it to happen. If there were an economic crisis, they probably would try to secure gold first rather than crypto assets to back up their currency.

Nor can I think of any reason for the government to do this. Seizing cryptocurrency is not possible because of its decentralization, and above all, cryptocurrency is not something more valuable than gold, it has potential but is still nothing compared to gold. And I agree with you, if there is a major crisis again, they will also find a way to usurp our gold, not our cryptocurrency, which is an unstable and volatile asset. To be fair, gold will always be the first choice if there is a larger crisis.

[greek_hephaestus]

How would they know every citizen who has Bitcoin? Unless you store them on centralized exchange where they can take control of it. But first, what could be the reason for them to do that? Back in the 1900s, the government confiscated gold to combat the economic crisis. Aside from this possible reason, what could be the other reason for them to target crypto assets? Probably if they're trying to ban or make crypto illegal in the US. But aside from that, I don't know any other reason for that so I don't think there's a big chance of it to happen. If there were an economic crisis, they probably would try to secure gold first rather than crypto assets to back up their currency.

Nor can I think of any reason for the government to do this. Seizing cryptocurrency is not possible because of its decentralization, and above all, cryptocurrency is not something more valuable than gold, it has potential but is still nothing compared to gold. And I agree with you, if there is a major crisis again, they will also find a way to usurp our gold, not our cryptocurrency, which is an unstable and volatile asset. To be fair, gold will always be the first choice if there is a larger crisis.

Truthfully i hered in US & CANADA and i dont know other country is not there and When you lost your job and are still finding one, you are given a pension until you find a job. That's what I've heard in those countries,
The two are very different and if they could do a general crypto seizure it wouldn't take them long to do it, but the truth is that until now they haven't been able to and  the government confiscated gold to combat the economic crisis. Aside from this possible reason and such as restricting exchanges or enforcing reporting requirements, the actual seizure of assets will require compliance. action from individuals or the use of force.

[Zilon]

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....

It was easy for the government to seize gold in the 90s because the asset is centralised but for digital assets that operate with non custodial wallets how will the government plan to achieve that? the best the can do is freeze the bank accounts of their citizens which leaves them with no other option but to switch completely to p2p transaction. The only way the government can attack and have control over digital assets is through exchanges and if crypto investors decides to use less of exchange the government will get handicapped