Can bitcoin be confiscated? yes.
Can it be diluted? Yes. See derivatives.
Is it trustless where it concerns the banks and government? Nope. You have to trust the government to not find a stick to beat and banks to make it possible to route your fiat into bitcoin.
So, the fatal flaw in bitcoin is that it is a trust based system and only physical gold and silver solves that in combination with 2A.
Can it? I have not heard of a single case of confiscated bitcoin from a cold wallet where they key was not compromised. Not your wallet, not your coin. A single case of this makes bitcoin worthless in my view.
Now trying to do transactions without power or internet, i haven’t hearda reasonable rebuttal to that one
Bitcoin and gold seem to fit different SHTF situations. Outside of that bitcoin seems to be a gamble, gold a more stable investment.
I have not heard of a single case of confiscated bitcoin from a cold wallet where they key was not compromised.
We are probably not talking cold wallet here. I would agree, steeling it from a cold wallet is difficult to highly improbable. Cryptojacked is a thing, and a cold wallet is not exempt from it.
The latter is silkroad and the most notorious. That was 2020, november 5th in the amount of 70.000 @ around 14.000 per coin. Then the pump and dump scheme ensued to 68.000.
The Forfeiture has brought in potentially as a black budget: 5x that much.
With .gov resources, they could have made: 5 to 6 billion.
And it was not the first time. In 2015 this happened also with around 20.000 coins. But because there was no exchange, it was auctioned off @ 14.3 million dollars.
Since 2014, the US Marshals Service has auctioned about 175,000 bitcoins confiscated from Silk Road.
I agree with you that online things suffer from two major flaws: access to the internet and electricity. I am not sure what rebuttals you have heard, but from my perspective, this is a difficult thing to solve.
Some ways to do so, are being developed, for example by extension of networks on low voltage, which ties into the energy needs. However, an access point is needed. To some degree: Musks satellites could play a role to facilitate this if .gov in other countries would try to stymie the open access.
How can government do so? By mandating EU-ID type of identification prior to having access. This puts .gov in the driver seat to where you can go or not. Couple this with a CO2 budget, and it is easy to see how we are being fucked.
Another area is the application of current laws in terms of KYC, WwFT, AML, etc. The issues surrounding that are becoming problematic, as insurance companies in the Netherlands are also starting to require ID coupled with a so called government client number.
Widening the scope outside of bitcoin: crypto-currencies and precious metals indeed show to be a solution to different SHTF solutions.
Say you wanted to go to Nicaragua. It is easier to take your cold storage with you, than taking a ton of precious metals with you. When on the run, you want low weight, high value mediums of exchange.
For most people, it will be a matter of digging in. So, land, water, food, fuel, ammo, weapons-platforms, shelter, defense/ offense strategies, communities, real estate so to speak, will be of higher value.
People will always be slaves as long as you accept the idea that we MUST have a currency based system that allows some to hoard more than others and allows that currency to be leveraged against people.
lol
indeed: lol.
Can bitcoin be confiscated? yes.
Can it be diluted? Yes. See derivatives.
Is it trustless where it concerns the banks and government? Nope. You have to trust the government to not find a stick to beat and banks to make it possible to route your fiat into bitcoin.
So, the fatal flaw in bitcoin is that it is a trust based system and only physical gold and silver solves that in combination with 2A.
Can it? I have not heard of a single case of confiscated bitcoin from a cold wallet where they key was not compromised. Not your wallet, not your coin. A single case of this makes bitcoin worthless in my view.
Now trying to do transactions without power or internet, i haven’t hearda reasonable rebuttal to that one
Bitcoin and gold seem to fit different SHTF situations. Outside of that bitcoin seems to be a gamble, gold a more stable investment.
We are probably not talking cold wallet here. I would agree, steeling it from a cold wallet is difficult to highly improbable. Cryptojacked is a thing, and a cold wallet is not exempt from it.
However, here are some of the stories.
https://www.nytimes.com/2022/02/08/us/politics/ilya-lichtenstein-heather-morgan-bitcoin-laundering.html
https://www.bbc.com/news/technology-54833130
The latter is silkroad and the most notorious. That was 2020, november 5th in the amount of 70.000 @ around 14.000 per coin. Then the pump and dump scheme ensued to 68.000.
The Forfeiture has brought in potentially as a black budget: 5x that much.
With .gov resources, they could have made: 5 to 6 billion.
And it was not the first time. In 2015 this happened also with around 20.000 coins. But because there was no exchange, it was auctioned off @ 14.3 million dollars.
Since 2014, the US Marshals Service has auctioned about 175,000 bitcoins confiscated from Silk Road.
I agree with you that online things suffer from two major flaws: access to the internet and electricity. I am not sure what rebuttals you have heard, but from my perspective, this is a difficult thing to solve.
Some ways to do so, are being developed, for example by extension of networks on low voltage, which ties into the energy needs. However, an access point is needed. To some degree: Musks satellites could play a role to facilitate this if .gov in other countries would try to stymie the open access.
How can government do so? By mandating EU-ID type of identification prior to having access. This puts .gov in the driver seat to where you can go or not. Couple this with a CO2 budget, and it is easy to see how we are being fucked.
Another area is the application of current laws in terms of KYC, WwFT, AML, etc. The issues surrounding that are becoming problematic, as insurance companies in the Netherlands are also starting to require ID coupled with a so called government client number.
Widening the scope outside of bitcoin: crypto-currencies and precious metals indeed show to be a solution to different SHTF solutions.
Say you wanted to go to Nicaragua. It is easier to take your cold storage with you, than taking a ton of precious metals with you. When on the run, you want low weight, high value mediums of exchange.
For most people, it will be a matter of digging in. So, land, water, food, fuel, ammo, weapons-platforms, shelter, defense/ offense strategies, communities, real estate so to speak, will be of higher value.
Hence, I updoot you.
The reason why humanity has valued gold and silver for thousands of years is because of its stability.
A few EMPS and bitcoin is easily just as flawed as gold or silver.
Nothing is truly "safe" but diversifying is always a good strategy.
Water down shares of gold are worth more than plain paper or a bit/byte.
Say Rob, are "U" for some additional regulation?
right now SBF proved its a crap shoot!
People will always be slaves as long as you accept the idea that we MUST have a currency based system that allows some to hoard more than others and allows that currency to be leveraged against people.
You can't fool an old fool, you can't teach an old dog new tricks, and you can't bite a bitcoin. Thank you kind sir. ___ Underdog