Ok, for those more in the know, I have a hypothetical scenario followed by a question. When talking about crypto-currencies, I find it hard not to see them as a step down from even fiat currency which - at least in theory - still has a physical component to it (i.e. the paper). There are at least some safeguards preventing the arbitrary freeze and seizure of that paper as it's a tangible piece of property. Yes, there are MANY crap exceptions that shouldn't exist, but follow me on this. With crypto, the entire thing exists electronically. It's not tied, even nominally to a good or service and you have points of failure potentially in both the wallets and the exchanges. The currency, it stands to reason, can either be seized, frozen, or simply erased in such a way that it wouldn't necessarily even leave a trail that it was done, much less any recourse through courts and the like. First, if I'm WAY off-base in how crypto works here, by all means set me straight, but data is data and it seems like a currency which strictly exists AS data is vulnerable in a unique way. Second, if I'm not necessarily off-base about this as a possibility (even if remote), what prevents this from taking place if it is possible? Keep in mind, I'm not following any conspiracy theories. I've got no horses in the race. However, I'm a wee bit concerned that in an era where the IRS can already hound you like an incurable disease if the administration in power doesn't like your politics and with all this talk of COVID passports, social credit equivalents, etc. that there would also be so much hype towards a currency and a marketplace which has no tangible aspect to secure ownership of said currency. Seems like it would be EXCEEDINGLY easy for anyone suitably motivated or powerful to control people whose personal wealth is electronic. Alright. Educate away!
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