Saturday, February 19, 2022

But Muh Crypto Will Save Me!

This isn't intended to be insulting to anyone, but I simply don't get how cryptocurrency is seen as this silver bullet to smite The Man. While it does provide a certain level of anonymity at the most basic level, it still has to travel over the intrawebz and that means there are chokepoints where the people who ultimately control the internet can get involved.




As police worked to arrest organizers of the convoy blockading Ottawa in downtown streets, a different kind of enforcement was playing out in court, where a group of citizens secured an order freezing millions in assets belonging to convoy fundraisers and organizers.

Convoy leaders are now restricted from moving as much as $20 million in assets tied to the occupation, from bank accounts to fundraisers to cryptocurrency assets, in what’s known as a mareva order that is in effect worldwide, according to the order issued by Justice Calum MacLeod.

“It’s the first time in Canadian legal history that bitcoin and cryptocurrency has been subject to a freezing order,” said the lawyer for the class action, Paul Champ.

I am not sure how the mechanics of seizing crypto would work but I imagine it is possible to accomplish depending on how you purchased and hold your cryptocurrency. 

While I am not saying the crypto has no utility, it certainly has limits and those are on display. If the government of Canada can seize your bank accounts, which is easy, and your crypto, which is harder I assume, then it really should change your notion about how much of "your money" is really "your money". 

There is a reason that they have been pushing so hard to get us to stop using cash and do all of our business electronically and it isn't for your convenience nor is it a fulfillment of some goody eschatology. It just makes it really easy to control people by controlling their ability to buy groceries and gas.

Do you have a moment to talk about Our Lord and Savior Tangible Assets? 

12 comments:

  1. My understanding is that the choke point for crypto is likely at the institutions who will convert it to dollars or some other currency. So long as you can purchase all you need with crypto, you may still be able to operate. However, there are few places offering essentials like food and fuel that accept crypto. And, you likely own't be able to pay your mortgage and utilities with crypto.

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    1. There is also the issue of the lights going on meaning you can't get to your crypto (or bank account) at all.

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  2. If you can't hold it in your hands, you don't own it.

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  3. I heard on the Economic Ninja YT channel that these bitcoin and cryptocurrency accounts where through the banks themselves.

    But I still don't trust them.

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  4. Who holds the "wallet"? If it's you, no theft is possible from a legitimate crypto currency. If it is an Exchange or "bank", u r skrwd.
    If you can't stand in front of it with an AR, you might not own the thing at all.

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    1. Yep, there are just too many things that can go wrong with crypto for me to place much trust in it.

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  5. that headline is BS. They didn't freeze CASH, they froze bank accounts, not the same thing. And at this point if you are in Canada and still have money in the bank, you're a fool. If you are anywhere else and not moving your money out of the bank you too are a fool. They just showed their hand.


    so cash economy it is.

    Also if some .gov weinie stole my assets I would be more than a little upset and might take some action on that. Just saying.

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    1. Most people still think that there is a drawer full of cash equivalent to their balance on a computer screen in the bank. They would be shocked to discover that there isn't much actual cash in a branch at all.

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  6. My eldest has a crypto wallet that got corrupted. Probably has $10k of bitcoin in it (he mined it when that would have been about $35 bucks). Now gone.

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  7. Yep. Most times if you need to make a large cash withdrawal, you have to call the bank in advance to make sure they will have the cash on hand. Also, anything over 9,999.99 is automatically reported to the IRS, I believe.

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  8. Crypto-currencies have their existence only in the digital domain. On the other hand, you will find that the fiat currencies have a tangible and physical existence. ecash XEC

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