TD₿: You Need to Withdraw Your Bitcoin by Captain Sidd
TL;DR History is littered with examples of governments seizing the assets of its citizenry in times of crisis.
Hey Bitcoiners,
Today I read an article that summarized a report recently released by the U.S. Department of Justice that highlighted how, buried deep within the report, the government is calling for a “dramatic expansion in the federal government’s ability to seize and keep cryptocurrency.”
In the report, the U.S. Attorney General advocates for broading the rules of civil forfeiture to include Bitcoin, which can occur without any judicial process or conviction.
This form of asset seizure is popular because the seizing agency, not a judge, decides whether or not a property can be seized. Furthermore, if someone’s Bitcoin is seized, they would need to file a claim within the specified timeframe and get approved to have the property returned, or else it is forfeited to the State.
The article goes on to explain….
“After all, civil forfeiture lacks a conviction requirement, unlike criminal forfeiture. Moreover, there is a direct financial incentive for federal agencies to pursue forfeiture cases: Once property has been forfeited (either civilly or criminally), the seizing federal agency can retain up to 100% of the proceeds.”
On top of all that, under this type of forfeiture, there is normally a $500,000 cap as to how much property the federal government can seize. This DOJ report wants to remove this cap when it comes to Bitcoin.
Civil forfeiture is unconstitutional. It is a way for the federal government to infringe on the property rights of its citizens, and steal their wealth all while bypassing the rule of law.
As the traditional financial system implodes under a mountain of debt, currency devaluations will become more prevalent, and high inflation will become the norm. As a result, governments and central banks all over the world will increasingly turn to capital controls and confiscation in a desperate attempt to keep the system intact.
Captain Sidd wrote this article that explains this risk and why it’s so important to negate it by buying bitcoin and taking self-custody of your sats. (05/08/2021)
Bitcoin’s resistance to censorship and confiscation is what ultimately sets it apart from every other asset. Bitcoiners should expect hostility from governments to rise as the situation in the traditional fiancial system becomes more dire.
To protect themselves from the risk of confiscation, Bitcoiners should be withdrawing their bitcoin from all exchanges and third-party custodians into self-custody.
The best time to take self-custody of your bitcoin was yesterday. The second-best time is now.
Tick tock next block,
Cory Klippsten
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Quote of the Day
“By storing Bitcoin in self-custody, you are protecting your assets from failing banks, confiscation and other risks.” - Numbrs Self Custody
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Meme of the Day
If the government can’t steal from you in one way, it’ll steal from you in another. They even help their corporate “friends” 💰 set up ways to steal from you. It’s RICO all the way around.