This is interesting: I just realized, the theif can't spend this money for ANYTHING at ANY point in time!
That address will be tracked by a hundred people for all future, I'm writing a system for this NOW.
Basically, he has BTC but as soon as he spends them, he will get caught!
Edit: Can someone point me to threads about this fact OR prove me wrong!
YOU CANNOT STEAL BITCOINS!
Rupy come on, you've been here since 2011 and you don't know about PPS or how stolen coins can't be tracked? All the thief has to do is collect the coins, use a mixing service or even an exchange and they'll never be tracked again.
I wonder if the developers are making any headway into blacklisting addresses or would that defeat the anonymity of BTC?
As per discussions that have been around (and I've been part of some) black listing addresses is not an option.
The problem is simply that someone is then given the power to decide what addresses are black listed.
Who should be given power to control BTC? No one.
It's even worse when you consider what it means for the average person.
If I have 10BTC stolen can I then go to this 'power' and ask them to blacklist the target address?
Of course not - since we then have the issue of who is right and who is wrong - that again someone will be given the power to decide.
So basically it becomes a power to be used either for those with a lot of BTC and well known, or those who are also considered 'powerful' in the BTC world.
It's called give central control of BTC to a few people - which is of course a very bad thing.
Sorry Kano it was late and night and I couldn't type up a storm without waking up the wife/kids.
What I meant to say or ask was 2 things:
-could an address be added to a central repository (yes, centralization) that could track illegal activity? You might be able to answer this since - can we track the IP of where the coins are received assuming they're downloaded into a wallet? I know the coins don't literally exist in the wallet, the wallet is just a bunch of keys that unlock the transactions in the blockchain (or at least as I understand it). But since the blockchain shows a lot of information such a coin origination and propagation, does it also show if a wallet was being used to receive the coins?
-I know one of the key features of BTC is it's lack of centralization. No overt governing authority making rules. But that does not preclude people with a will and conviction to enforce ethical behavior. Just because there is no law preventing one from doing something bad doesn't mean it should be done. Just because there is no central Bitcoin police does not mean a group of moral people with skills can't come together to go after thieves and crooks. Nobody will defend this thief's actions unless it was reveled that OzCoin funded Osama Bin Laden or something insane like that. Every small squabble shouldn't have to be chased down for lack of due diligence on one's part, but blatant theft in the can't be condoned by saying "oh well, I guess it's our fault for not securing it enough". Might as blame me for not putting land mines outside my windows when the thief breaks into my house.