BITCOIN

Barry_Bear

Deleted comment asked elsewhere.

Malthusian

Scottex99 said:

Yep, fine.

But to add, if you have a cold wallet with BTC in it, that has never received coins from a CEX with KYC (or gov can't figure out the trail through various Exchanges, DEXs, Mixers etc, then the coins are anonymous. So if you were that way inclined, they can see a certain number of coins sit in a certain wallet address, but they have no idea they are yours. And therefore can't threaten to throw you in jail

Sure they can. They're an oppressive government remember, they can do what they like.

If the Government has fined you for participating in a blockade it's not their problem if you moved your money into Bitcoins, you can either move it back out again and pay up, or go to jail. Or flee to Dubai.

If you have "cleared out your bank account and moved to Bitcoin" (the scenario here) the government knows exactly how much you moved into Bitcoin from the transaction history of the bank account. Where it is now is not their problem, it's yours.

There was a bro in the US who in the 1990s moved all the assets of his marriage into offshore bank accounts in an attempt to steal his wife's share on divorce. He claimed he'd lost the money in duff investments, a succession of judges called BS and told him to pay up. He was in jail for fourteen years without ever being charged with a crime (his contempt of court was a civil matter). Eventually a judge ordered his release, saying that if he was ever going to pay up he'd've done it already. He was 73. Hopefully he felt the money was worth it.

If he'd been born 20 years later he would have hidden his ex-wife's money in Bitcoin instead, but the outcome would have been exactly the same.

Can't touch muh Bitcoin! Can't touch muh offshore accounts!

Scottex99

There’s Bitcoin ATMs, can load them with cash.

Or what about my bank statement shows 10k of payments to Coinbase or Gemini yet I actually have 200k of crypto now. I just send back 2 ETH and say yep you caught me, here’s all my coins, good sirs.

Malthusian

"For violating Ottawa traffic regulations you're hereby fined 10k, buddy."

"Haha I ain't got 10k bro, I put all my money in Bitcoins."

"No problem, you can take it out again and settle your fine, or go to jail."

"Did I say I put it in Bitcoins? I meant I put it in a Bitcoin ATM... no wait, can't get me that easily. I mean I never had any money in the first place. I work for free."

[to Canadian haulage company] "Does this guy work for you for free?"

"No, but he asked to be paid in cash for some reason. Yes officer, of course you can look at our payslips."

Or what about my bank statement shows 10k of payments to Coinbase or Gemini yet I actually have 200k of crypto now. I just send back 2 ETH and say yep you caught me, here’s all my coins, good sirs.

Then you've settled your 10k fine / divorce bill / whatever. Congratulations, you've beaten the system.

Sucks to be the people who lost 190k (assuming you eventually cash out the rest at that price) but that's their problem.

Scottex99

Then you've settled your 10k fine / divorce bill / whatever. Congratulations, you've beaten the system.

Sucks to be the people who lost 190k (assuming you eventually cash out the rest at that price) but that's their problem.

Nice pivot 

Zola.

Russians flocking to Bitcoin as their government may try to steal their money..
https://finbold.com/russia-to-seize-60-trillion-rubles-from-citizens-if-sanctions-are-tightened/

bugbyte_2

I do hope that the average person in Ukraine and Russia can somehow escape loosing their life savings by buying crypto but if what people on this thread have said is true about always being able to trace transactions on a blockchain I cant see it. Terrible situation.

Malthusian

Zola. said:

Russians flocking to Bitcoin as their government may try to steal their money..
https://finbold.com/russia-to-seize-60-trillion-rubles-from-citizens-if-sanctions-are-tightened/

The bro who wrote this article is unaware that the Communist Party hasn't ruled Russia for over 30 years.

In response to the measures taken abroad, State Duma deputy from the Communist Party of the Russian Federation (CPRF), Nikolai Arefiev, has revealed funds placed by Russian residents will be utilized in the event of a fresh economic collapse, he said in a statement to news.ru.

In other words, this is not Putin's plan, but what a minority opposition party thinks Putin will do.

Thus, more Russians appear to be turning to crypto owing to the anonymity and decentralization that it provides, given that the Communist Party would be unable to access their funds. [emphasis added]

"Hi, I'm from the 1980s. I haven't picked up a newspaper for over thirty years but never mind that, I'm here to tell you about tHe FuTuRe oF mOnEh!"

FWIW, I wouldn't be at all surprised if Arefiev was right. It's the idea that number go up because Stalin will confiscate ordinary Russians' roubles (but still let them buy Bitcoin without the KGB coming a-knocking) that is rather weak.

Zola.

bugbyte_2 said:

I do hope that the average person in Ukraine and Russia can somehow escape loosing their life savings by buying crypto but if what people on this thread have said is true about always being able to trace transactions on a blockchain I cant see it. Terrible situation.

Depends when they say "we need your rubles" i suppose.
There are also some ways around it - decentralised exchanges, public Bitcoin ATMS (although there's only a small number in the major cities), etc

Scottex99

bugbyte_2 said:

I do hope that the average person in Ukraine and Russia can somehow escape loosing their life savings by buying crypto but if what people on this thread have said is true about always being able to trace transactions on a blockchain I cant see it. Terrible situation.

It's the opposite surely. People are getting locked out of their banks, credit cards dont work etc. People are moving into BTC and other cryptos for that exact reason, to control their own money. Hence the 20% pump in the last week.

They have to stomach the volatility of course but better than having no access to money at all