Imagine waking up tomorrow morning to the headline on the New York Slimes or your favorite Not FakeNews online finance magazine.
Trump Orders 4-Day Bank Holiday Puts Embargo on Bitcoin
That's right, US Government Nationalizes Bitcoin - All your coins are belong to us
Well it could happen. You could go to bed holding 100 Bitcoin in your wallet and the next morning find yourself spewing your coffee all over your ipad.
That's right! You see on April 5, 1933 President Franklin D Roosevelt penned an executive order that made it against the law to own gold.
FDR ran on bringing smaller government and reducing government spending but once he was in office he increased spending, he raised taxes and he added more government services. Sound familiar? President Trump has made the same promises and just last week he bonded with minority leaders Chuck Schumer and Nancy Pelosi to extend the debt for another three months.
President Trump has even at this point advocated to resend Article I, Section 8 of the US Constitution taking the control of the the country's spending limits away from congress. Oh yes.... let the real spending begin!
FDR's intention was to grow the economy. But he had to deal with existing law that prevented the gov't from just printing cash when ever it wanted to. So the next best thing.... confiscate everyone's gold. Yeah That's it! That's the ticket!
I published a post yesterday that dealt with a bill presented by Senator Chuck Grassely S.1241 that would allow local gov'ts to use civil asset forfeiture to not just confiscate your Crypto coins but everything you own. Also just two months ago Attorney General Jeff Session made plans to increase the Federal gov't reach by expanding civil asset forfeiture procedures used in the FAILED war on drugs.
Just keep in mind that gov'ts role today is not to protect the people but to preserve the government. It's not about you and it's not about me. It is about authority and central control.
Well Cryptocurrency is about as far away from central control as any technology that has come before it. Even access to the dark web with TOR has been circumvented by the US gov't that was exposed in an article published by Douglas Stewart on my wordpress blog back in 2011. So don't think for a moment when the gov't is backed into a corner it won't find a way to take your Bitcoins.
We have seen a lot of movement towards regulation in the last few months with governments taking a bigger and more aggressive role in Crypto regulation. China banned ICO's and some nefarious whales have started rumors of an outright ban of crypto in order to create a sell off thus profiting by their short positions. Or was it a rumor? You see, we just cannot be sure whats coming next and where it is coming from. You can only trust YOU.
I am just bringing you this information to inform you. It has happened in the past and it could happen again, tomorrow even. So keep your private keys safe for your wallets. Be careful and be very guarded of your crypto. It could be confiscated with a presidential pen-stroke and you could find yourself waking up one day a penniless fugitive.
Just my two Steems Worth.
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