Use for bitcoin: Hiding assets from government

[Peter Lambert]

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-

[bytemaster]

Governments are dishonest.  There is no honor amongst thieves. 

[kjj]

Ahh.  My tax dollars at work.

[silversurfer]

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.

[bytemaster]

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

[Basiley]

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]

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]

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.

[BookofNick]

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]

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

[bitpop]

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?

[Gavin Andresen]

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.

[bitpop]

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.

[chickenado]

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]

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.

 

[bitpop]

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.

 

[Lilium]

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".

[eturnerx]

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.

[bitpop]

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?

[bitpop]

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".