Well, first, I don't think this bill will pass. It's a shot across the bow though. Second, if such confiscation began, BTC would crash. All the confiscators would get from it would be hassles. Any confiscation scheme would have to tread lightly to avoid this problem, and I'm not aware of such a tendency on the part of confiscatory agencies.

Third, this is why I'm not invested in cryptos, except for Steem, and my investment is limited to the time I spend writing and curating. It's not just this bill, but the general insecurity of digital devices, their failure rates, and my own history of data loss that causes me to resist the lure of the profitable volatility.

I am glad it's really worked out well for folks that are in it, and hope they all reach their dreams, but I'm just not that guy.

I really hope people that are invested in cryptos do diversify - and I don't mean by having some altcoins. Get a bag of junk silver. JP Morgan is going to cash in on it's long suppression of silver prices someday, and silver will appreciate incredibly in a very short period of time. Some solid stocks, bonds if you have the assets to park, etc.

Diversification to me means not just several different things of a type, but different types of assets.

Also, asset forfeiture of fiat, and other assets, continues apace. No asset class is safe from confiscatory agencies. Cryptos are especially vulnerable, imho, because you can't dig a hole in the back yard and hide any in it.

Thanks for the provocative post.