Long John wrote:Your friendly neighborhood devil's advocate here. Bank BTC uses different technology and terminology than Bank ABC to store the numbers representing your holdings, but that doesn't mean Bank BTC is forever immune from internal corruption or outside interference -- or surveillance. Ordinary citizens and investors are not the only ones attracted by the anonymous benefits of BTC, and the intelligence agencies know it.
Not exactly sure this analogy is working. There is no bank that holds my bitcoin long term. I might acquire bitcoin through an exchange (some based in US, others not) but I hold my own bitcoin. Currently it is on a KeepKey device which is smaller than a cell phone. One could hold it on that, or a Trezor, or Nano, etc. It is the private keys that hold the value. A "BTC bank" only holds the private keys if you let them. So sure, a BTC "bank" like Coinbase is subject to all US regulations, and in fact they are fighting the government right now who want all records of their members. Doesn't matter for those who hold their own bitcoin. If the cops seize my KeepKey it also doesn't matter. They don't know the PIN and I'm not giving it to them. I can simply buy another KeepKey, re-initialize it with my 12 word passphrase, and I have my bitcoin. The cops have nothing.
If intel agencies want to stop bitcoin, what do they do? Try to tell Congress to make mining crypto illegal? Fat chance. Even if they did, mining would still continue (both "illegally" in the US, and legally in 200 other countries). The gatekeepers of high finance will throw up many scary objections to the masses about crypto. Do you think it is because they have your best interests in mind, or their own?