U.S. Feds Seized Nearly $1B in Bitcoin from Wallet Linked to Silk Road

Re:U.S. Feds Seized Nearly $1B in Bitcoin from Wallet Linked... by gamblor956 on Thursday November 05, 2020 @03:52PM (#25001829)

In China or Venezuela, if your bank account is seized by the government, it's because you're already in prison, so not having access to money will be the least of your concerns. Rather, you will be worried about whether you'll ever get to leave prison, or more immediately, what form of mistreatment you will receive from the guards and whether the rest of your family was rounded up as accomplices for whatever alleged crimes you were charged with (if any).

[ Parent | on HN ]

Re:U.S. Feds Seized Nearly $1B in Bitcoin from Wallet Linked... by doggosphere on Thursday November 05, 2020 @04:11PM (#25002017)

And amongst that, the property remains out the hands of the government.

Perhaps it will be one day be moved and utilized by family descendants, whom have had time to find themselves in safer conditions.

That's the difference.

[ Parent | on HN ]

Re:U.S. Feds Seized Nearly $1B in Bitcoin from Wallet Linked... by gamblor956 on Thursday November 05, 2020 @07:46PM (#25003742)

True, but you can do that far easier with existing assets.

Authoritarian countries can always simply block their citizens' access to exchanges, and even just outlaw crypto ownership.

[ Parent | on HN ]

Re:U.S. Feds Seized Nearly $1B in Bitcoin from Wallet Linked... by doggosphere on Thursday November 05, 2020 @08:20PM (#25003920)

In a near future, we might not even need exchanges. Pay your rent with crypto. Buy groceries with it.

Even if its outlawed, that only slows it down at scale. People will still accept it if it has value. Drugs/prostitution/contraband can be traded even in the places where it is most strictly punished, outlawing it does nothing.

[ Parent | on HN ]