Maybe I’m a psychopathic ideologue but I’m keen to the idea of destroying the private keys to my bitcoin before turning it over to the state if they were to attempt an unlawful and immoral seizure. I unfortunately don’t have that much but as far as I’m able I’ll endeavor that it never gets turned over to the state in an immoral seizure. I am prepared to watch this ship go down. I don’t know if it will ever come to that (hope it won’t!) but good to consider the worst case scenarios and brace oneself in advance as well as preparing for whatever possible contingency scenarios you can think of
There are dangerous bodies of water everywhere. Boating accidents do happen. Many a good gun and keys have been lost forever.
This is a humorous trope but a public blockchain would belie a claim the funds are lost
Only when they are moved or spent.
True… But what is the long term plan? Just hunker down and hope the law changes?
It's not about me. It's a matter of time. The coin is part of my legacy for my posterity... or theirs.... It will happen at some point. Second, make it private then never touch it in hopes that someday my descendants can? Or, destroy the keys so no one can ever touch it? In your scenario of confiscation, we both loose. My solution holds out hope for the future beyond me.
IMO, the unrealized capital gains tax is how they'll slowly steal your coins. They're laying the groundwork for it as we speak. Lots of people talk about boating accidents, but they'll watch your coins like a hawk for any movement. Destroying your keys certainly works but they'll probably still put you in jail for defying a court order.
Once I offset it by claiming all my unrealized dependents I shouldn’t have any tax liability left 🤪