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A comment on Coinbase Wants to Be Too Big to Fail. Parent comment

Re:Coinbase Wants to Be Too Big to Fail by ac29 on Thursday September 27, 2018 @05:58PM (#18089163)
> You do not have to worry about your money being stolen by means like Civil Asset Forfeiture, which is literally legalized highway robbery. Crypto has similar properties to cash, while not being as susceptible to physical theft.

Sure, its slightly harder to seize crypto assets compared to a suitcase full of cash, but the US Government certainly does it all the time. Usually under colorful cases like "United States v. Approximately 85.6971800 Bitcoins". [0]

I suppose you could refuse to divulge your keys (or even destroy them), but I guarantee that would just end up with you in prison indefinitely.

[0] https://www.usmarshals.gov/assets/2018/bitcoinauction/

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Re:Coinbase Wants to Be Too Big to Fail by beaner on Thursday September 27, 2018 @06:20PM (#18089335)
Yeah, if the government wants something then it's going to get it. There's this, obviously, and you're right: https://xkcd.com/538/. I am not advocating that crypto can help you bypass the law. But at least in the instances you're talking about, I would hope there would be due process.

There is no due process for civil asset forfeiture. If your money's on your phone, maybe they'll seize your phone, but you'd still have your keys, and that would not be illegal.

Typically they just see physical cash and take it. They take it because they see it, and it's theirs immediately. This is the type of theft that crypto helps prevent.

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