Assuming they unlock your phone with a warrant issued by a judge, and do a very thorough search: you could just have a debit card linked to your crypto, you could just bring the card with you and not have your wallet even on your phone.
The best defense is not being a known criminal who might be subject to searches in the first place. Otherwise, no one is going to go through all the legal hassle of forcing you to unlock your phone and search for evidence that a an address on a decentralized ledger says you own digital assets in excess of 10 grand.
Yes and according to this bill , even if you have gift cards from chucke chesses worth more than 10k ..they can also be confiscated... its just pathetic
On tous d'accord sur un point que le bitcoin est purement humain et elle peut séfondrer a tout moment. Mais autrement ton article est vraiment bien. Merci
It's an absolutely ridiculous piece of potential legislation, I compare it to having to announce your stock and asset holdings at the border. I understand that its different because cryptocurrencies have the potential to be more liquid, but I believe this type of regulation will only incentive legitimate holders to taking extra precautions storing their coins. Most are more than willing to follow fair regulation, but this is simply ridiculous. I have no desire to be scrutinized simply because of my legitimate investments that they simply don't understand. Great post!
Well-stated. Hopefully such rational views will get integrated into the decision-making process as this all evolves - of course, it's early on and new territory, so may take some time for wisdom to appear in the process...
It is actually quite understandable that this happens. The view of legislators is stuck on the idea that anything beyond $10,000 that is carried should be declared (and, unfortunately, can be seized). Stuck in this view, they also target cryptocurrencies.
But you are not carrying something physical over the border. It is just information (a private key). The key basically means access to something, not carrying the physical thing with you like cash. If access is the defining feature, bank cards and credit cards should be seized as well. Actually, whole humans should be seized, valuable as they are in generating and accessing wealth. Beware, bright programmers 😄
Perhaps legislators need a crash course in cryptocurrency to avoid these embarrasing headlines.
Can a Trezor be compared to carrying cash or is it more like a credit card? In any way, if seizures do happen, people will find a way soon to avoid seizure. Whether that is brainwallets or webservices, no way this will stop cryptocurrency from crossing borders.
We are the pioneer here, the first generation who benefited from free taxes for years. Now, everything changed. Once the regulation for crypto will be in place, the crypto will be like stocks or shares and we won't have anything to declare!
Assuming they unlock your phone with a warrant issued by a judge, and do a very thorough search: you could just have a debit card linked to your crypto, you could just bring the card with you and not have your wallet even on your phone.
The best defense is not being a known criminal who might be subject to searches in the first place. Otherwise, no one is going to go through all the legal hassle of forcing you to unlock your phone and search for evidence that a an address on a decentralized ledger says you own digital assets in excess of 10 grand.
EXCELLENT addition to the conversation.
If $10,000+ can be seized (to be kept by the auhtority involved), you betcha people with go at lengths in finding it.
To be American and hold bitcoin must be stressful. It's mad that exchanges have been refusing US customers. Good luck
That would be ridiculous! Cmon they want to put a hand on it ...
Good response... :)
There are plenty ways we can protect our digital assets. Fuck that gov mafia... world is changing
Unfortunately, the US government assumes the only way Joe Sixpack can make $10k is if he's doing something illegal.
This is simply not the case. In any instance, I record my earnings and pay my taxes, so hopefully that's good enough.
Pretty sure if you got busted bringing in more than $10k of crypto, it wouldn't be.
Yes and according to this bill , even if you have gift cards from chucke chesses worth more than 10k ..they can also be confiscated... its just pathetic
Stupid congresspeople have no idea what they're doing.
Wait until someone tells them that you can keep all your bitcoin in your HEAD! Hahaha, what are they gonna do, lobotomize me?
If anyone wants a good way to remember your passphrase, try the "Mind Palace" technique:
F*ck Statism. me at the border
On tous d'accord sur un point que le bitcoin est purement humain et elle peut séfondrer a tout moment. Mais autrement ton article est vraiment bien. Merci
English...?
This is what Google translate produces:
"On the basis of this agreement, you will find a piece of pure mentality and a lot of time. But for the rest a very good article. Thanks".
It's an absolutely ridiculous piece of potential legislation, I compare it to having to announce your stock and asset holdings at the border. I understand that its different because cryptocurrencies have the potential to be more liquid, but I believe this type of regulation will only incentive legitimate holders to taking extra precautions storing their coins. Most are more than willing to follow fair regulation, but this is simply ridiculous. I have no desire to be scrutinized simply because of my legitimate investments that they simply don't understand. Great post!
Well-stated. Hopefully such rational views will get integrated into the decision-making process as this all evolves - of course, it's early on and new territory, so may take some time for wisdom to appear in the process...
It is actually quite understandable that this happens. The view of legislators is stuck on the idea that anything beyond $10,000 that is carried should be declared (and, unfortunately, can be seized). Stuck in this view, they also target cryptocurrencies.
But you are not carrying something physical over the border. It is just information (a private key). The key basically means access to something, not carrying the physical thing with you like cash. If access is the defining feature, bank cards and credit cards should be seized as well. Actually, whole humans should be seized, valuable as they are in generating and accessing wealth. Beware, bright programmers 😄
Perhaps legislators need a crash course in cryptocurrency to avoid these embarrasing headlines.
Can a Trezor be compared to carrying cash or is it more like a credit card? In any way, if seizures do happen, people will find a way soon to avoid seizure. Whether that is brainwallets or webservices, no way this will stop cryptocurrency from crossing borders.
It'd be more like a vault - that you would NOT want to bring across a border of its value was worth more than $10k.
We are the pioneer here, the first generation who benefited from free taxes for years. Now, everything changed. Once the regulation for crypto will be in place, the crypto will be like stocks or shares and we won't have anything to declare!