Quote from: figmentofmyass on November 27, 2018, 10:32:29 PM

Quote from: SnowAugustine on November 26, 2018, 07:43:49 PM

"The bottom line for law enforcement is that they cannot seize virtual currency if they do not recognize it and do not know where to look. Even if evidence of virtual currency is found, unless law enforcement is equipped with the knowledge and the tools to take secure possession of it, then it will not happen and criminals will keep their ill-gotten gains."

So does that mean that the law will not touch your virtual wallet in case of debt, for example?

it means they can't seize cryptocurrency if they can't recognize it when searching your devices, or if they can't break your wallet passphrase. if you encrypt wallet files or private keys effectively, they won't be able to access them.

if the government can seize your wallet, they gladly will. consider the case of silk road creator, ross ulbricht. or the other cases where the USMS auctioned off coins. supposedly, the bulgarian government is sitting on 213,000+ seized bitcoins.

Woah... that's a lot of money. So, basically, if the authorities know of the digital wallet's existence, then they will seize it. Otherwise, it will stay safe and sound. Sounds logical.

Ok, just to clarify for those who were wondering why I was asking this. It's just plain old curiosity and a healthy argument with a friend that lead me to this question.

Thanks, everyone.

SnowAugustine

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