Jeff
@jeff-xyz
https://x.com/tftc21/status/1930318424468795427?s=46 Are you a paying attention…?
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Gus
@gus
https://x.com/propelforward/status/1930371417234911342?s=46
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Jeff
@jeff-xyz
I see Drew’s logic: if someone dies and their property sits vacant for years with no will or trust, it makes sense for the state to eventually put it to use. What doesn’t sit right with me is the arbitrary time limit that gives the government the ability to seize assets. For example, I’ve held BTC in cold storage and haven’t touched it in over 5 years, purposefully. I set and forget. If that were sitting on a CEX, the state could just seize it? That’s not protecting citizens, it’s penalizing long term self-custody and low-activity hodlrs. It seems less like public service and more like another way for Uncle Sam to grab assets that were created to exist outside his reach.
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Daniel Fernandes
@dfern.eth
Somewhat, but it's not 'asset seizure' like civil forfeiture, it's unclaimed property, which happens for ex. when a company tries to mail you a check to an address that you no longer live at. Brian Armstrong himself has said elsewhere: custody is a loss leader, it's a recurring cost to Coinbase to store BTC in wallets sitting at rest, in some ways by shifting this liability onto the state it saves private CEXs money, though perhaps 3 years is too short. Cold storage custody solutions should also be exempted.
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