Quote:
Originally Posted by afc wimbledon
I will point out the obvious flaw in your reasoning here Vlad, if the Government are going to freeze you out they will also prevent you cashing out your crypto, while they may not be able to seize it that can effectively freeze it
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I am seeing this getting said a lot and it is fascinating to read as it shows a massive ignorance of how crypto works.
There are hundreds of guides online that tell you how to get around this specific issue. If someone is dumb enough to use a centralized exchange, hold their crypto there, or even use the custodial crypto address to accept donations, obviously the government will direct those exchanges to freeze the accounts.
However, provided someone isn't a complete moron, and assuming that you are trying to step around government interference, why would they used a centralized exchange that requires KYC?
For $100 I can buy a hardware wallet, obscure my crypto transactions, and move crypto around relatively easy. Even if the government is tracking specific BTC via wallets & transactions they are monitoring, I would just need to convert it to XMR, and further obscure the trail from there.
Also, it is possible to sell XMR for cash in every single major city in Canada.
You can also use Atomic Swaps to transfer XMR to BTC and sell for fiat.
You can use decentralized exchanges to sell for fiat.
You can use P2P trading platforms to sell for fiat.
In a nutshell, it would be possible to move crypto around from wallet to wallet as needed, and sell for fiat as needed, especially if you want to sell for cash.
The fact that the government was sending orders to self custodial services asking them to 'freeze accounts' shows me that there is a massive level of ignorance across the board on how crypto works, which explains the sudden grab interest in thinking they can regulate it via updated legislation.
The more government intrusion you will see into crypto, the more services will become available helping people hide & obscure their movements.