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Shankopotomus
USA Fan
Social Distanced
Member since Feb 2009
20739 posts

re: Louisiana Banks get green light to store BTC and ETH
sure, at least I do ... I never said I was going to do it BUT I think having more options for more adoption is net-net probably good

If this was an attempt at REQUIRED - we'd be in a whole different ballgame obviously


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Jag_Warrior
Virginia Fan
Virginia
Member since May 2015
2814 posts

quote:

And if the fed authorizes a seizure of your assets, guess what?


What you’re saying is basically true. But in the case of a court ordered asset seizure or lien, even if you had your crypto in cold storage, would you lie about your assets to a federal investigator or the court? I mean, people do. Some get away with it… and some don’t. The ones who don’t tend to wind up in Club Fed. So I’m just asking.


RobbBobb
Matt Flynn, BCS MVP
Member since Feb 2007
22648 posts

quote:

would you lie about your assets to a federal investigator or the court?

It has been my understanding that crypto was created for the sole purpose of securing your wealth from the fed. So yes, you lie


JayDeerTay84
LSU Fan
Texas
Member since May 2013
9227 posts

quote:

I dont think you guys quite understand what a custodian does? In order for the bank to "protect and maintain" your crypto, you have to give up your passwords, and such


No. You don’t have to give up your passwords. You would transfer your BTC to their custodial account with a contract based on agreed terms. Once terms are fulfilled, you get your BTC back or roll in a new loan.


With just “storing”, most people keep their crypto on exchanges anyway which is centralized.

The network itself is decentralized.

The financial system will take much more time to decentralize and probably never in our lifetime with the way modern governments work.

DeFi is unique though, but is supper risky.
This post was edited on 6/27 at 12:52 pm


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TigerTatorTots
LSU Fan
The Safeshore
Member since Jul 2009
79788 posts
 Online 

quote:

I dont think you guys quite understand what a custodian does? In order for the bank to "protect and maintain" your crypto, you have to give up your passwords, and such

Its like a safety deposit box. The bank gets a key too. Sorta the complete opposite of decentralization, right? And if the fed authorizes a seizure of your assets, guess what?
I think most everyone in here knows all of these things you mention


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Jag_Warrior
Virginia Fan
Virginia
Member since May 2015
2814 posts

quote:

It has been my understanding that crypto was created for the sole purpose of securing your wealth from the fed. So yes, you lie


No, not this ol’ boy. I had an (ex) friend who got caught up in some insider trading foolishness back in the day. He tried to lie his way out of it and wound up in federal courtroom in Las Vegas. Didn’t have a happy ending.

Hopefully you won’t be faced with that choice. But you might pass that hypothetical by TheOcean (an attorney, I believe) before taking that firm stance. Just sayin’.


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