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RE: The War On Cash: Australia Considering Chipping Senior's Money To Stop Them From Saving
Agree, that's exactly the point. You don't even know what you can be accused of tomorrow. Also the blockchain trail may connect me to criminals. Also how can I prove that my coin exchanges are not taxable?
I heard that in Germany few weeks ago they introduced civil forfeiture law for anything valuable, such that everyone now must be able to prove the origin of his property if requested, even if it was acquired 100 years ago. They basically demand retroactive compliance, which is impossible in many cases. The US civil forfeiture law is actually worse, but at least it has been around for some time, so one most people are able to comply with it.
Well, thanks for the info. You've given me a lot to think about!
Well, I hope that in practice things don't turn out that bad. It's only that the more I think about it, the more paranoid I get.
For instance I once read an article of a renowned lawyer where he proved that almost every owner of cash is a criminal according to the law, and by that showing the absurdity of the law. I hope with cryptos it will be similar, such that due to the vast amount of users, things get too absurd.