311 sats \ 2 replies \ @Undisciplined 27 Apr \ on: Privacy, Executive Order 6102 & Bitcoin bitcoin
I have mixed feelings about this topic, but I mostly think it's a red herring.
We were nominally on a gold standard still when order 6102 occurred. The purpose was to devalue the dollar, which wouldn't work if people were holding the commodity rather than the promissory notes.
If they seized bitcoin without outlawing it, the takings clause would apply and they'd have to compensate everyone the dollar value of the seized bitcoin. Unless the plan is to back the dollar with bitcoin, I don't quite know why they'd want to do that. Even if they wanted to back the dollar with Bitcoin, they'd want it to retain it's value, so it would be counterproductive to confiscate it, rather than just buying it.
Now, if they're feeling threatened by Bitcoin, all bets are off. They may well criminalize and attempt to confiscate it. They may charge all of us with domestic terrorism. They might take extrajudicial measures. Who knows?
Agreed that many contextual factors are different, which is one of the reason why it's interesting (and non-trivial) to think about. I don't think it's a red herring, though -- I think there's much to learn from the episode.
Now, if they're feeling threatened by Bitcoin, all bets are off. They may well criminalize and attempt to confiscate it. They may charge all of us with domestic terrorism. They might take extrajudicial measures.
Yup. I expect whatever happens, this will be the motivation for it. If they're not feeling threatened, it means btc has failed. Seems like we have evidence, already, that they're feeling threatened, though.
reply
There are lessons to be learned from previous attacks, but I don't think 6102 is likely to be analogous to how they'll go after bitcoin and bitcoiners.
I was talking to siggy earlier about how they went after the Liberty Coin guys. To me it's much more likely that they'll invoke financial crimes and domestic terrorism statutes that didn't exist in the 30's.
The solution will be the same as it was with 6102, though: don't surrender your gold/bitcoin and don't admit to owning any gold/bitcoin.
reply