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

Post by lhl » Thu, Apr 15, 2021, 1:31 AM UTC

kelnos wrote: post #172

lumost wrote: post #82

Earlier quoted context omitted.

It's a curious question for the value proposition of blockchain denominated currencies. There is a real possibility that in the future, all stolen assets will eventually be recovered and returned to their owners. There needn't be any limit to recovery given a universal, traceable, and non-fungible transaction log. Pretty soon payment processors/recipients would start maintaining blacklists of stolen coins which they…

Also interesting: since the total number of Bitcoins is fixed, as more and more coins are used for crime and get blacklisted, the value of remaining coins will become inflated. Given a long enough timeline, there will be too few coins for the currency to remain useful. (Though to be fair, people simply losing the private keys to their wallet also has the same effect. Not sure which phenomenon would, over time, result…

Post by backtoyoujim » Thu, Apr 15, 2021, 1:33 AM UTC

dheera wrote: post #157

backtoyoujim wrote: post #111

Earlier quoted context omitted.

you can buy a telsa with btc

Meaningless unless they fix the BTC price of the Tesla

Post by randmeerkat » Thu, Apr 15, 2021, 1:34 AM UTC

paulgb wrote: post #216

mike_d wrote: post #214

Earlier quoted context omitted.

Obama was that forward thinking, charismatic, enlightened leader that people wanted to work for. The White House Digital Service was by any metric a resounding success. But the pay did suck. The problem with the government paying "Google salaries" is who gets them? Is an IRS auditor really worthy of half a million a year in comp? What about the DEA agent deep under cover and risking his life, much more deserving... r…

This makes me wonder, was pay competitive for rocket scientists during the space race, or was the mission so compelling that nobody cared if they were making less than they might have at a defense contractor?

Post by aoeusnth1 » Thu, Apr 15, 2021, 1:43 AM UTC

hombre_fatal wrote: post #222

jasonjayr wrote: post #220

Earlier quoted context omitted.

IRS agents are easy to calculate pay. Base living wage ($70-$90k) + 1-5% of each amount recovered Incentivize pursuing the biggest evaders, and the problem may solve itself.

As other commissioned jobs will show you, like in real estate, that’s only an incentive to close high volume easy deals, not move mountains to chase hard deals. Your idea would likely just spur a movement to throw the book at normal working people to extract the most from easy targets, like self-employed misfiles.

Post by tamrix » Thu, Apr 15, 2021, 2:04 AM UTC

TrackerFF wrote: post #188

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…

Not sure how the scammers and thieves operate, but wouldn't they (likely) be laundering the money the same way they've always been doing it? I.e, exploiting things like identity theft, countries and exchanges with little oversight, mules, gambling, etc.