Re:Bitcoin's Use in Commerce Keeps Falling
by dragontamer on Monday August 27, 2018 @08:48AM
(#17851111)
The US Government has the ability to extract money from you legally. It holds the power of taxation.
If the US Government, tomorrow, declares a 100% tax on Bitcoin, they can legally posess all of your BTC or... make you a criminal.
See Executive Order 6102 for historical precedent. FDR declared Gold to be illegal and took it from most Americans. At which point, you either gave up your gold, or became a gold smuggler. The US functioned as such until Nixon removed the executive order.
If the US Government, tomorrow, declares a 100% tax on Bitcoin, they can legally posess all of your BTC or... make you a criminal.
See Executive Order 6102 for historical precedent. FDR declared Gold to be illegal and took it from most Americans. At which point, you either gave up your gold, or became a gold smuggler. The US functioned as such until Nixon removed the executive order.