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$7.5B In Stolen Bitcoin from 2016 Bitfinex Hack has just been moved

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Re: $7.5B In Stolen Bitcoin from 2016 Bitfinex Hack has just been moved

#151

Post by A4ET8a8uTh0 »

kjrose wrote: post #148

You see. This is what bitcoin so fascinating... it is absolutely impossible to hide a transaction. So imagine the field day the irs would have with this if everyone used it. They basically would be able to send bills to owners of wallets. And anyone ever caught working with an undesirable would be able to have their funds more or less locked up. So now, we all watch as billions of stolen money moves and we know the m…

I think this seems to be main reason crypto wasn't shut down by government when it was relatively easy to do ( now there are real players entering the fray ). There is already a small cottage industry based on selling insights from BTC nodes to FinCEN and banks ( but I do not know whether they are buying ).

Re: $7.5B In Stolen Bitcoin from 2016 Bitfinex Hack has just been moved

#153

Post by barbazoo »

kjrose wrote: post #148

You see. This is what bitcoin so fascinating... it is absolutely impossible to hide a transaction. So imagine the field day the irs would have with this if everyone used it. They basically would be able to send bills to owners of wallets. And anyone ever caught working with an undesirable would be able to have their funds more or less locked up. So now, we all watch as billions of stolen money moves and we know the m…

> the moment it gets converted to anything real, the owners will be caught

Is that how it works? Won't there be, say banking institutions that simply won't keep a record of who converted the bitcoin to money similar to how VPN providers are claiming to not log user's IP addresses?

Re: $7.5B In Stolen Bitcoin from 2016 Bitfinex Hack has just been moved

#154

Post by hervature »

issamehh wrote: post #130
hervature wrote: post #124

Earlier quoted context omitted.

Yes, look forward to my $20 check that lasts one month.

I'd take that over still not receiving a stimulus check despite needing them more than ever.

Yea, my comment was more that $7.5B is $1 per person in the world or $20 for people in the US. Nowhere near something to be considered UBI. I hope you get the assistance you need.

Re: $7.5B In Stolen Bitcoin from 2016 Bitfinex Hack has just been moved

#155

Post by rabf »

arcticbull wrote: post #120
qeternity wrote: post #116

“Stolen” This is Bitfinex we’re talking about. It’s a company run by criminals.

Fun little reminder that when Bitfinex was "hacked" they took a 36% haircut, if memory serves, from all account holders, in all assets -- not just Bitcoin. [1] Except for one account. Coinbase . [2] They then issued tokens to all the accounts they skimmed, valued at $1 each redeemable for shares in Bitfinex. They effectively converted a $72 million dollar theft (at the time) into a $72 million dollar valuation for Bi…

The loss became tradable on their exchange, the swap for equity was optional, their was also a token for for representing the return of the stolen funds that was trading as well. Eventually the tokens representing the losses were trading for an equal value to the loss so if you were a little patient you were reimbursed. Alternatively if you took the gamble to buy the debt tokens at below dollar parity you made a nice return. Meanwhile MtGox users are still waiting for legal proceedings to conclude and get their money back.

Re: $7.5B In Stolen Bitcoin from 2016 Bitfinex Hack has just been moved

#156

Post by rabf »

rabf wrote: post #155
arcticbull wrote: post #120

Earlier quoted context omitted.

Fun little reminder that when Bitfinex was "hacked" they took a 36% haircut, if memory serves, from all account holders, in all assets -- not just Bitcoin. [1] Except for one account. Coinbase . [2] They then issued tokens to all the accounts they skimmed, valued at $1 each redeemable for shares in Bitfinex. They effectively converted a $72 million dollar theft (at the time) into a $72 million dollar valuation for Bi…

The loss became tradable on their exchange, the swap for equity was optional, their was also a token for for representing the return of the stolen funds that was trading as well. Eventually the tokens representing the losses were trading for an equal value to the loss so if you were a little patient you were reimbursed. Alternatively if you took the gamble to buy the debt tokens at below dollar parity you made a nice…

After the Mtgox hack mtgox debt was breifly tradable on website called bitcoinbuilder iirc. Financial innovation at its finest.

Re: $7.5B In Stolen Bitcoin from 2016 Bitfinex Hack has just been moved

#158

Post by pier25 »

kjrose wrote: post #148

You see. This is what bitcoin so fascinating... it is absolutely impossible to hide a transaction. So imagine the field day the irs would have with this if everyone used it. They basically would be able to send bills to owners of wallets. And anyone ever caught working with an undesirable would be able to have their funds more or less locked up. So now, we all watch as billions of stolen money moves and we know the m…

> it is absolutely impossible to hide a transaction

What about tumblers?

Re: $7.5B In Stolen Bitcoin from 2016 Bitfinex Hack has just been moved

#159

Post by csomar »

whimsicalism wrote: post #87
csomar wrote: post #46

Earlier quoted context omitted.

Atomic swaps were possible way before Uniswap and the DeFi craze. Liquidity is another issue for 7.5bn though.

Isn't Uniswap doing a swap within the same chain?

Indeed. Alts should be wrapped so that they become swap-able with Uniswap. In that sense, Atomic swaps are superior since you have zero counter-party risk. Who guessed Bitcoin tech is superior to that of Ethereum?

Re: $7.5B In Stolen Bitcoin from 2016 Bitfinex Hack has just been moved

#160

Post by not_kurt_godel »

pier25 wrote: post #158
kjrose wrote: post #148

You see. This is what bitcoin so fascinating... it is absolutely impossible to hide a transaction. So imagine the field day the irs would have with this if everyone used it. They basically would be able to send bills to owners of wallets. And anyone ever caught working with an undesirable would be able to have their funds more or less locked up. So now, we all watch as billions of stolen money moves and we know the m…

> it is absolutely impossible to hide a transaction What about tumblers?

Tumblers don't hide transactions, they just obfuscate them. Afaik the coins can still be easily traced programmatically.
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