Bitcoin Forum
December 05, 2016, 02:46:36 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 3 »  All
  Print  
Author Topic: Use for bitcoin: Hiding assets from government  (Read 6706 times)
Peter Lambert
Hero Member
*****
Offline Offline

Activity: 756

It's all fun and games until somebody loses an eye


View Profile
May 25, 2011, 07:39:32 PM
 #1

Hi all. Perhaps this has been discussed before (in which case I am sorry for repeating) but I was just thinking about how people can use bitcoins to hide their assets from prying eyes.

Usually when talking about hiding assets from government, people refer to rich individuals. I would propose that this use of bitcoin could be used by poorer people as well. I remember seeing an application for some government help program (might have been medicaid) where one is inelgible for the program if one has more than $3000 in assets. To me this seems like a very small amount, just a couple month's expenses. If I had that much money and no job, the government aid would look very helpful, but since I have a savings I am inelgible until later, when my position is even more precarious. So I could swap some money for bitcoin to hide the value, then report to the government that my assets are below the threshhold and get the aid.

I admit this is a bit dishonest.

Thoughts?

-Peter-

Use CoinBR to trade bitcoin stocks: CoinBR.com

The best place for betting with bitcoin: BitBet.us
1480949196
Hero Member
*
Offline Offline

Posts: 1480949196

View Profile Personal Message (Offline)

Ignore
1480949196
Reply with quote  #2

1480949196
Report to moderator
1480949196
Hero Member
*
Offline Offline

Posts: 1480949196

View Profile Personal Message (Offline)

Ignore
1480949196
Reply with quote  #2

1480949196
Report to moderator
1480949196
Hero Member
*
Offline Offline

Posts: 1480949196

View Profile Personal Message (Offline)

Ignore
1480949196
Reply with quote  #2

1480949196
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480949196
Hero Member
*
Offline Offline

Posts: 1480949196

View Profile Personal Message (Offline)

Ignore
1480949196
Reply with quote  #2

1480949196
Report to moderator
1480949196
Hero Member
*
Offline Offline

Posts: 1480949196

View Profile Personal Message (Offline)

Ignore
1480949196
Reply with quote  #2

1480949196
Report to moderator
bytemaster
Hero Member
*****
Offline Offline

Activity: 728

BitShares


View Profile WWW
May 25, 2011, 07:45:43 PM
 #2

Governments are dishonest.  There is no honor amongst thieves. 

https://steemit.com  Blogging is the new Mining
kjj
Legendary
*
Offline Offline

Activity: 1302



View Profile
May 25, 2011, 08:14:17 PM
 #3

Ahh.  My tax dollars at work.

p2pcoin: a USB/CD/PXE p2pool miner - 1N8ZXx2cuMzqBYSK72X4DAy1UdDbZQNPLf - todo
I routinely ignore posters with paid advertising in their sigs.  You should too.
silversurfer
Member
**
Offline Offline

Activity: 103



View Profile
May 25, 2011, 08:25:13 PM
 #4

Hi all. Perhaps this has been discussed before (in which case I am sorry for repeating) but I was just thinking about how people can use bitcoins to hide their assets from prying eyes.

Usually when talking about hiding assets from government, people refer to rich individuals. I would propose that this use of bitcoin could be used by poorer people as well. I remember seeing an application for some government help program (might have been medicaid) where one is inelgible for the program if one has more than $3000 in assets. To me this seems like a very small amount, just a couple month's expenses. If I had that much money and no job, the government aid would look very helpful, but since I have a savings I am inelgible until later, when my position is even more precarious. So I could swap some money for bitcoin to hide the value, then report to the government that my assets are below the threshhold and get the aid.

I admit this is a bit dishonest.

Thoughts?

-Peter-

You could do that with USD cash too. 

You would be the criminal.  Not Bitcoin.

That which is falling should also be pushed.
bytemaster
Hero Member
*****
Offline Offline

Activity: 728

BitShares


View Profile WWW
May 25, 2011, 08:26:38 PM
 #5

THe government is the criminal for stealing the money.
He is not a criminal for taking it back by what ever means necessary.


https://steemit.com  Blogging is the new Mining
Basiley
Jr. Member
*
Offline Offline

Activity: 42


View Profile
May 25, 2011, 09:21:57 PM
 #6

Peter, you perfectly describe everyday existence/survival of [virtually any]corporations.
keeping pofit/funds away from social needs, stealing funds from social/country debts"
Ahh.  My tax dollars at work.
probably.
Indemnified
Full Member
***
Offline Offline

Activity: 201


View Profile
May 25, 2011, 09:31:16 PM
 #7

I have no problem with anyone wanting to keep their assets private. But I question the ethics of then using the system you do not support. A parasite is locked in to a dance with the (hated?) host, and if the host perishes, the parasite must find a new host or perish as well. Doesn't sound like freedom to me.
FreeMoney
Legendary
*
Offline Offline

Activity: 1246


Strength in numbers


View Profile WWW
May 25, 2011, 09:45:43 PM
 #8

Drink the blood of the parasite! Don't become reliant on it!

But seriously, you know why the walfare class has huge tvs and cars? They can't keep money in the bank without losing the support. They can have as many flat screens as the want though. Much better for them if they can save up value instead.

Play Bitcoin Poker at sealswithclubs.eu. We're active and open to everyone.
BookofNick
Full Member
***
Offline Offline

Activity: 189



View Profile
May 25, 2011, 10:10:19 PM
 #9

Yes, you could do this. I have no moral qualms about it whatsoever. Put it this way: Last year, my bicycle was stolen. I was furious. I loved that bike. Let's say I'm walking down the street tomorrow, and see my bike leaning up against a post. Is it immoral or criminal for me to hop on my stolen bicycle and ride away?

However, I urge caution. Firstly because you run a risk of fines and/or incarceration. I pay my taxes because I don't like running that risk. Secondly, because becoming reliant on government money is a kind of death, in terms of your independence, prosperity, and mental health. It's like moving back in with your parents, except in this case your parents are violent sociopaths.

abyssobenthonic
Jr. Member
*
Offline Offline

Activity: 56


View Profile
May 26, 2011, 05:54:39 AM
 #10

This just in.... Generalissimo Francisco Franco is still dead.

14wSP6EF4RQ1wW2wcgGi9tDh6MB6tQm3sg
bitpop
Legendary
*
Offline Offline

Activity: 1918


https://keybase.io/bitpop


View Profile WWW
May 26, 2011, 07:44:33 AM
 #11

Well for me, I would like to hide an emergency fund that NO ONE can touch or find. Forget gold, cash or swiss bank accounts.
I can make a wallet.dat file, encrypt it and then store it far far away in multiple locations that are only in my mind. NO ONE would ever find it.
Then I'd be able to get at my funds once I'm out of prison or running to another country.
Right?

Reputation  |  PGP  |  DigitalOcean  |  OpenVPN 2GB Free  |  TorGuard  |  Ethereum Classic
Bitcoin: 3DSh6AnmvBpDJFUz2mnLirMLmTMcFs9nDm
Bitmessage: BM-2cXN9j8NFT2n1FxDVQ6HQq4D4MZuuaBFyb
Gavin Andresen
Legendary
*
Offline Offline

Activity: 1652


Chief Scientist


View Profile WWW
May 26, 2011, 08:14:45 AM
 #12

Then I'd be able to get at my funds once I'm out of prison or running to another country.
Right?

Sure.  But if They sent you some of the bitcoins that were in that wallet then They might be able to track you down when you use those coins at a Ferrari dealership that is cooperating with or run by Them.


How often do you get the chance to work on a potentially world-changing project?
bitpop
Legendary
*
Offline Offline

Activity: 1918


https://keybase.io/bitpop


View Profile WWW
May 26, 2011, 08:16:21 AM
 #13

Ok I need to know quick please..
Only have a few more hours.

Then I'd be able to get at my funds once I'm out of prison or running to another country.
Right?

Sure.  But if They sent you some of the bitcoins that were in that wallet then They might be able to track you down when you use those coins at a Ferrari dealership that is cooperating with or run by Them.



Reputation  |  PGP  |  DigitalOcean  |  OpenVPN 2GB Free  |  TorGuard  |  Ethereum Classic
Bitcoin: 3DSh6AnmvBpDJFUz2mnLirMLmTMcFs9nDm
Bitmessage: BM-2cXN9j8NFT2n1FxDVQ6HQq4D4MZuuaBFyb
chickenado
Full Member
***
Offline Offline

Activity: 172


View Profile
May 26, 2011, 09:25:06 AM
 #14

Hiding money is easy. Even before Bitcoin it was easy.

Spending that money without detection, that's the hard part. That's where they are watching you. 
da2ce7
Legendary
*
Offline Offline

Activity: 1218


Live and Let Live


View Profile
May 26, 2011, 10:24:08 AM
 #15

Hiding assets is hard... e.g. a house, or a car.

They don't mind you hiding cash, because of inflation they make it worthless over time anyway.

Bitcoin is good, because it holds it's value.  So you can hide real 'wealth' instead of play-money.

 Cheesy

One off NP-Hard.
bitpop
Legendary
*
Offline Offline

Activity: 1918


https://keybase.io/bitpop


View Profile WWW
May 26, 2011, 10:37:36 AM
 #16

I'm going to make 3 usb thumb drives then bury them 5 miles apart. How do you suggest I weather proof them?

Hiding assets is hard... e.g. a house, or a car.

They don't mind you hiding cash, because of inflation they make it worthless over time anyway.

Bitcoin is good, because it holds it's value.  So you can hide real 'wealth' instead of play-money.

 Cheesy

Reputation  |  PGP  |  DigitalOcean  |  OpenVPN 2GB Free  |  TorGuard  |  Ethereum Classic
Bitcoin: 3DSh6AnmvBpDJFUz2mnLirMLmTMcFs9nDm
Bitmessage: BM-2cXN9j8NFT2n1FxDVQ6HQq4D4MZuuaBFyb
Lilium
Newbie
*
Offline Offline

Activity: 12



View Profile
May 26, 2011, 10:46:29 AM
 #17

I'm going to make 3 usb thumb drives then bury them 5 miles apart. How do you suggest I weather proof them?

Sealed plastic bags should do the job.
Also put it in a metal box of some sort, otherwise it might get damaged by pressure etc.


And I'd recommend storing your wallet somewhere on the net, otherwise you might run into bad luck if you get out of jail after 20 years and they had the idea of building a new skycraper cityscape at the places you buried your "Money".

Proxy Physical Body : 113xVaexTHoBYfDSuNFVsXTckXsf5pxEWb
eturnerx
Member
**
Offline Offline

Activity: 70


View Profile WWW
May 26, 2011, 10:52:33 AM
 #18

I'm going to make 3 usb thumb drives then bury them 5 miles apart. How do you suggest I weather proof them?
Include a moisture sucking sachet or two in the package to deal with an condensation that might build up in the bag. You don't want corrosion making the drive unreadable. Or, you could try submersing the flash key in non-biodegradeable oil to keep oxidisation at bay.

WatchMine - get Bitcoin prices and pool stats on your Mobile
bitpop
Legendary
*
Offline Offline

Activity: 1918


https://keybase.io/bitpop


View Profile WWW
May 26, 2011, 10:56:11 AM
 #19

Just got the call, I have an extra week. Good.

Buying bitcoins: sending cash in the mail, they'll never know it was me.
Saving bitcoins: Burying 3 thumbdrives in small jar of mineral oil.
Spending in 10-20 years: hopefully it will be $1,000 USDBTC. Anonymously sending to friends to cash in then give me cash.

Will the coins still post to my wallet if I had to already stop my software and bury the disks?

Reputation  |  PGP  |  DigitalOcean  |  OpenVPN 2GB Free  |  TorGuard  |  Ethereum Classic
Bitcoin: 3DSh6AnmvBpDJFUz2mnLirMLmTMcFs9nDm
Bitmessage: BM-2cXN9j8NFT2n1FxDVQ6HQq4D4MZuuaBFyb
bitpop
Legendary
*
Offline Offline

Activity: 1918


https://keybase.io/bitpop


View Profile WWW
May 26, 2011, 10:58:23 AM
 #20

Hence the 3 thumb drives 5 miles apart.

I might do a few places on the net but i dont know of any site that saves files that long. a yahoo mail account will get delete.

I'm going to make 3 usb thumb drives then bury them 5 miles apart. How do you suggest I weather proof them?

Sealed plastic bags should do the job.
Also put it in a metal box of some sort, otherwise it might get damaged by pressure etc.


And I'd recommend storing your wallet somewhere on the net, otherwise you might run into bad luck if you get out of jail after 20 years and they had the idea of building a new skycraper cityscape at the places you buried your "Money".

Reputation  |  PGP  |  DigitalOcean  |  OpenVPN 2GB Free  |  TorGuard  |  Ethereum Classic
Bitcoin: 3DSh6AnmvBpDJFUz2mnLirMLmTMcFs9nDm
Bitmessage: BM-2cXN9j8NFT2n1FxDVQ6HQq4D4MZuuaBFyb
Pages: [1] 2 3 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!