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I'm not the most saavy BTC person, but isn't part of the allure of bitcoin the ability to evade this type of seizure?
The Feds seized it from "Individual X" who hacked the account, they didn't hack and seize the account directly
So what happens to bitcoins which were seized by the US government?
I'm not the most saavy BTC person, but isn't part of the allure of bitcoin the ability to evade this type of seizure?
With a bank they don't need your permission, they can just take your money straight from the bank. With cryptocurrencies they have to threaten you. And if you're ok with spending some time in jail (for court contempt), there's nothing they can do.
This gives the US government a lot of power over bitcoin... That both gives the government an incentive to let bitcoin thrive (to protect it's holdings), but also an opportunity to substantially manipulate bitcoins market price, possibly down to nearly zero. Or the keys to these bitcoin will sit idly in a filing cabinet forever...
Despite loads of blockchain haters on HN, the government recognizes that bitcoin has value and has formal processes to seize, custody, and auction off the assets to add money to the federal treasury.
I'm not the most saavy BTC person, but isn't part of the allure of bitcoin the ability to evade this type of seizure?
Earlier quoted context omitted.
Despite loads of blockchain haters on HN, the government recognizes that bitcoin has value and has formal processes to seize, custody, and auction off the assets to add money to the federal treasury.
I simultaneously believe blockchain vastly underperfoms its promises and is a net waste of so much investment (human talent + time + capital) and also believe that bitcoin can be exchanged for real US dollars.
I'm not the most saavy BTC person, but isn't part of the allure of bitcoin the ability to evade this type of seizure?
It's pretty impossible to beat the $5 wrench attack (or in the case of the government, 5 years in prison) unless you have anonymity, which Bitcoin does a very bad job of.
Earlier quoted context omitted.
Despite loads of blockchain haters on HN, the government recognizes that bitcoin has value and has formal processes to seize, custody, and auction off the assets to add money to the federal treasury.
I simultaneously believe blockchain vastly underperfoms its promises and is a net waste of so much investment (human talent + time + capital) and also believe that bitcoin can be exchanged for real US dollars.
I'm not the most saavy BTC person, but isn't part of the allure of bitcoin the ability to evade this type of seizure?
The point of bitcoin is that you can drive across the country "carrying" $1B worth of assets, and if you get pulled over by the cops it won't be found. Try doing that with gold bars or stacks of cash.