spat
.700 Nitro Express
You can physically print out a bitcoin wallet on paper and stick it in a safe if you want.
It could be a PITA to convert it back, but not prohibitively so.
Bitcoin / Cryptocurrency
- Thread starter Defilade
- Start date
It could be a PITA to convert it back, but not prohibitively so.
spat
.700 Nitro Express
It can be kept reasonably anonymous.So much for the basic tenet of crypto....
It is apparently NOT out of government reach.
Canada freezes at least 34 crypto wallets funding ‘Freedom Convoy’ - Washington Examiner
Canadian authorities have ordered the nation's regulated financial firms to halt the facilitation of any transactions from at least 34 crypto wallets connected to the funding of the "Freedom Convoy" protests. The Ontario Provincial Police and Royal Canadian Mounted Police, in cooperation with...www.washingtonexaminer.com
The government can seize anything they know about. The trick is not letting them find it.
Yes using an online wallet service or crypto trading site will get you seized.
Something like this makes it easy to spend and recieve. If they can't find it. They can't take it.
Trezor Model T | The Most Advanced Hardware Wallet
The most advanced cold storage wallet with a sleek touchscreen and Shamir Backup. Trezor coin with confidence.
shop.trezor.io
spat
.700 Nitro Express
You can just use an app on your phone TBH.Yes using an online wallet service or crypto trading site will get you seized.
Something like this makes it easy to spend and recieve. If they can't find it. They can't take it.
Trezor Model T | The Most Advanced Hardware Wallet
The most advanced cold storage wallet with a sleek touchscreen and Shamir Backup. Trezor coin with confidence.
If you really want it offline, any USB stick is sufficient.
The key is making sure you don't let the coins touch wallets that are identifiable.
The government can seize any coin that passed through any wallet. But they have to identify that wallet.
Good software generates a new wallet for every transaction.
meketrefe
.450/400 Nitro Ex
Crypto produces nothing. Some made money but many will take a big hit sooner or later.
About the same as the US dollar.
INMYOP . If you are holding a lot of crypto for investment more than 1 year get a cold wallet. If you are trading crypto infrequently and holding it under a year use a hot wallet. If you are trading crypto frequently open a robinhood account and trade BTC& ETH for free.
meketrefe
.450/400 Nitro Ex
Maybe but that is why one find productive assets to invest.
Blimey
.450/400 Nitro Ex
Yes, it does. Are you not aware of its power consumption? Do you not know that it costs thousands of dollars in electricity to now mint one bitcoin? The break-even point for miners to make money is five-digits. Do you think as it continues to grow in power the climate impact will not gain increasing attention from legislators/activists?
Have you not noticed that it is exceptionally correlated to the stock market? Here are 2 charts that explain why the stock market meltdown and bitcoin's slump are correlated — and that crypto is not a safe-haven asset like gold
Have you wondered why a supposed store of value, which is flaunted as an inflation hedge, has shed 40% of its value since Thanksgiving, even as inflation is now cranking up?
It's down 10% in just the last day or two.
13 years since inception and its only use case to date is adding a half decent anonymity to illegal transactions. Even that is a facade: The actual cost of a bitcoin transaction is over a megawatt. Many don't even hold bitcoin; they have an unregulated exchange do it for them and trade in tokens.
Tether is absolutely a scam. I'd bet my life on it. Tens of billions of supposed market cap in bitcoin are supported by something that is simply not a thing. It's not real, never was.
The red flags are innumerous.
Yet another reason I am reluctant to get involved in crypto:
www.vice.com
'We Are Fucked': Crypto Stablecoin Collapses After $182M Hack
Hackers used a flash loan to exploit the Beanstalk project, tanking its stablecoin's value from $1 to $0.15.
www.vice.com
Blimey
.450/400 Nitro Ex
Bigger news this week. A top ten coin has imploded: Controversial stablecoin UST — which is meant to be pegged to the dollar — plummets below 50 centsYet another reason I am reluctant to get involved in crypto:
'We Are Fucked': Crypto Stablecoin Collapses After $182M Hack
Hackers used a flash loan to exploit the Beanstalk project, tanking its stablecoin's value from $1 to $0.15.
its Reddit forum has a lot of anti-suicide posts: r/terraluna
Once again we have people desperate for quick returns abandoning lessons taught generations ago, insisting on touching the hot stove themselves.
Crypto continues to be nothing but speculation, not tied in any way to productive assets, severely under regulated, and suckers people in who balk at boomer returns of 10% a year.
Saltwater60
.950 JDJ
The crypto market has dropped significantly recently. I’m glad I only put like $30 into mine just to monitor and see what would happen. I’m not investing much of anything in it.
Crypto has been beaten down behind the woodshed lately. Quite shocking.
masterswimmer
.450/400 Nitro Ex
Shocking?
Crypto is probably the most speculative vehicle to park any funds in my lifetime. How it can be considered an investment by anyone is actually the most shocking description of it.
Most people I spoke to about it did so as a hedge against the USD and inflation.
Well...that hasn't worked out so well yet
holdover
.475 A&M Magnum
Thats the way it was sold to the public. I messed around with cryptos a little bit, but I got out as soon as Elon musk moved the entire market with a few words on SNL. That told me they were not independent of each other theres no way the entire market should move in the same direction based on a few words from one guy. I dumped it all after that. fuck that. Some kind of con game going on there.
You can make money,, but its more like making money at a casino
holdover
.475 A&M Magnum
its not a "pyramid scheme" its a "triangle of opportunity"
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Not really.
I keep my BTC in offline wallets. They are stored in encrypted files, and the wallets are encrypted as well. These files have multiple backups in different locations. Even if they had a copy of the encrypted archive, good luck, I'll see you in 1.4+ billion years which is the average time to crack AES. Oh, then you'd need to break the encryption on the wallet as well after that. The government can fuck off suck my cock.
spat
.700 Nitro Express
The government doesn't need to find or decrypt your wallets to seize it.
They don't care about transferring it. They could just declare those wallets seized, then anytime in the future they can seize any coin with your wallet in the ledger.
If they make such an announcement publicly, then nobody will accept any coin that ever touched any of your wallets because they are subject to seizure.
You still have control of them, but the government has rendered all your bitcoin worthless.
Think of it like a John Doe warrant filed to keep a statute if limitations from running out.
That would assume they know my wallet IDs.
That also assumes everywhere in the world cares about what the USA says is "bad".
Also, mixers exist: Criminals are using 'mixers' to launder millions in crypto. They're not illegal yet.
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holdover
.475 A&M Magnum
Buy the dip!
spat
.700 Nitro Express
All problems they can easily overcome if they want to.
They seized all the privately owned gold once.
Your crypto is nothing compared to that.
Except crypto is not gold.
Gold is a physical item. Crypto is math and a cryptographically signed ledger. They aren't anywhere near comparable.
spat
.700 Nitro Express
Still easier for them to seize crypto than gold.
Because all gold is fungible. There is no way for them to seize your gold without actually laying hands on it.
To seize your crypto they just need to publish the wallet ID.
They can declare any crypto you ever held as contraband and seize it from anyone who ever gets it.
Can't do that with gold. You bury gold in the back yard you can dig it up and spend it whenever you want. There is no way for them to find out where the gold came from.
You can bury 10 copies of your bitcoin in the back yard, but dig up any of them and try to spend it and you could find out your specific bitcoins are now blacklisted and nobody will accept them.
holdover
.475 A&M Magnum
And there it is.
holdover
.475 A&M Magnum
Nah man, global currency, they're gonna build back better.