If FBI gets access to his wallet they will probably sell all bitcoins for dollar, and if they sell all coins at once the price will crash down to 10$.
Or if they sell it over several weeks the price might just go down to 50$.
Topic: 600,000 coins gone!! DPR's personal wallet un crackable! - page 3. (Read 8185 times)
As long as he's believed to have control over those BTC, he can never be safe in prison and his family will be at risk of harm. I'm sure the feds will point that out to him - repeatedly.
His wallet may be "uncrackable" from a technological standpoint, but that's not worth a damn unless he's willing for himself or his family to die in order to protect its contents.
His wallet may be "uncrackable" from a technological standpoint, but that's not worth a damn unless he's willing for himself or his family to die in order to protect its contents.
The 600k coins are not in a single address.
2. They will know he (or someone else) has a backup/brainwallet if the 600,000 bitcoins show being moved one day on the blockchain.
He doesn't have to do it all at the same time. Looking at blockchain.info a "normal" day on Bitcoin has about 300,000 worth of Bitcoins being moved around (http://blockchain.info/charts/estimated-transaction-volume) this is after removing "change", if he could somehow emulate "change" transactions that'd even let him cycle through his keys quicker. Spread out those BTC transactions over a week and nobody has to know.
From this:
Quote
Even if the FBI is not able to transfer the money, merely having possession of the wallet file itself is enough to prevent the coins being spent. The Bureau is in a position equivalent to having seized a safe belonging to a suspect with no idea of the combination – and no hope of forcing it open any other way.
How do they know he doesn't have a brain wallet or a second backup? Seems rather likely IMO. 1. They don't.
2. They will know he (or someone else) has a backup/brainwallet if the 600,000 bitcoins show being moved one day on the blockchain.
Well at the very least if the 600,000 are out of circulation for an unknown period the FBI may indirectly become a central bank repository for Bitcoins long in the future 
2.8% of all circulation
A tiny mint lol
2.8% of all circulation
A tiny mint lol
What are you saying? It's actually possible to have more than one copy of a digital file??
You don't even need a copy of the wallet file, just a hand-written private key will do...Maybe he just has a flyer for a concert lying around in his bedroom, with a QR code actually containing the private key.
He might even know it by heart, I know I would if I had an address with 600k BTC.
Exactly. Is it possible to get internet access in prison? If so, its as easy as downloading electrum, remembering "ticket hat grasshopper magazine painter nose" and transferring all your coins to a new address. Then, no amount of noobing on the part of the FBI can get at the coins.
ahahahahahahah
you haven't seen prisonNo, I actually haven't, but it doesn't seem altogether unreasonable. Presumably you meet with your lawyer sometime. Perhaps your lawyer has a laptop and a phone with tethering. Would it be illegal for him to give you access to it for a couple mintutes? I highly doubt it.
He could use it as a bargaining chip w/ the feds. He's likely looking at life in prison for his crimes, and the federal prosecutor is likely eager to make an example out of his case to deter the other online black markets that are already cropping up to take SR's customers. But if he's in prison for life, why hand over the money? Instead he can use it to bargain for a lighter sentence. Unlike the existing banking system, the feds can't take the coins without his cooperation.
He could use it as prison currency. Let's say his fellow inmates believe he has 80 million in untouchable, untraceable internet currency. If he dies, the money dies with him. But he could use the promise of that money to buy protection with the promise of riches in the future. Or he could become the target of inmates who think they can beat the information out of him.
He could use it as prison currency. Let's say his fellow inmates believe he has 80 million in untouchable, untraceable internet currency. If he dies, the money dies with him. But he could use the promise of that money to buy protection with the promise of riches in the future. Or he could become the target of inmates who think they can beat the information out of him.
Somebody forward this to Neal Stephenson, this should be the basic plot of his next novel
What are you saying? It's actually possible to have more than one copy of a digital file??
You don't even need a copy of the wallet file, just a hand-written private key will do...Maybe he just has a flyer for a concert lying around in his bedroom, with a QR code actually containing the private key.
He might even know it by heart, I know I would if I had an address with 600k BTC.
Exactly. Is it possible to get internet access in prison? If so, its as easy as downloading electrum, remembering "ticket hat grasshopper magazine painter nose" and transferring all your coins to a new address. Then, no amount of noobing on the part of the FBI can get at the coins.
ahahahahahahah
you haven't seen prison What are you saying? It's actually possible to have more than one copy of a digital file??
You don't even need a copy of the wallet file, just a hand-written private key will do...Maybe he just has a flyer for a concert lying around in his bedroom, with a QR code actually containing the private key.
He might even know it by heart, I know I would if I had an address with 600k BTC.
Exactly. Is it possible to get internet access in prison? If so, its as easy as downloading electrum, remembering "ticket hat grasshopper magazine painter nose" and transferring all your coins to a new address. Then, no amount of noobing on the part of the FBI can get at the coins.
Quote
Even if the FBI is not able to transfer the money, merely having possession of the wallet file itself is enough to prevent the coins being spent.
I guess the guardian should investigate a little more about their topics before printing such false claims.
What are you saying? It's actually possible to have more than one copy of a digital file??
The guardian talks about a message when u encrypt ur wallet file. Something about "all ur backups won't work after this operation" thing.
That message is about CHANGE addresses. The unused change addresses keypool will be wiped out and a new keypool created when you encrypt your wallet.
Way to do "journalism"...
Love this quote:
This may have been posted already, but I didn't see it. If it has, feel free to delete.
http://www.theguardian.com/technology/2013/oct/07/fbi-bitcoin-silk-road-ross-ulbricht
http://www.theguardian.com/technology/2013/oct/07/fbi-bitcoin-silk-road-ross-ulbricht
This will be very interesting to watch. Does DPR hold the keys to 600k XBT? Probably not, but nobody knows for sure.
He could use it as a bargaining chip w/ the feds. He's likely looking at life in prison for his crimes, and the federal prosecutor is likely eager to make an example out of his case to deter the other online black markets that are already cropping up to take SR's customers. But if he's in prison for life, why hand over the money? Instead he can use it to bargain for a lighter sentence. Unlike the existing banking system, the feds can't take the coins without his cooperation.
He could use it as prison currency. Let's say his fellow inmates believe he has 80 million in untouchable, untraceable internet currency. If he dies, the money dies with him. But he could use the promise of that money to buy protection with the promise of riches in the future. Or he could become the target of inmates who think they can beat the information out of him.
He could use it as a bargaining chip w/ the feds. He's likely looking at life in prison for his crimes, and the federal prosecutor is likely eager to make an example out of his case to deter the other online black markets that are already cropping up to take SR's customers. But if he's in prison for life, why hand over the money? Instead he can use it to bargain for a lighter sentence. Unlike the existing banking system, the feds can't take the coins without his cooperation.
He could use it as prison currency. Let's say his fellow inmates believe he has 80 million in untouchable, untraceable internet currency. If he dies, the money dies with him. But he could use the promise of that money to buy protection with the promise of riches in the future. Or he could become the target of inmates who think they can beat the information out of him.
very interesting.
What are you saying? It's actually possible to have more than one copy of a digital file??
You don't even need a copy of the wallet file, just a hand-written private key will do...Maybe he just has a flyer for a concert lying around in his bedroom, with a QR code actually containing the private key.
He might even know it by heart, I know I would if I had an address with 600k BTC.
This will be very interesting to watch. Does DPR hold the keys to 600k XBT? Probably not, but nobody knows for sure.
He could use it as a bargaining chip w/ the feds. He's likely looking at life in prison for his crimes, and the federal prosecutor is likely eager to make an example out of his case to deter the other online black markets that are already cropping up to take SR's customers. But if he's in prison for life, why hand over the money? Instead he can use it to bargain for a lighter sentence. Unlike the existing banking system, the feds can't take the coins without his cooperation.
He could use it as prison currency. Let's say his fellow inmates believe he has 80 million in untouchable, untraceable internet currency. If he dies, the money dies with him. But he could use the promise of that money to buy protection with the promise of riches in the future. Or he could become the target of inmates who think they can beat the information out of him.
He could use it as a bargaining chip w/ the feds. He's likely looking at life in prison for his crimes, and the federal prosecutor is likely eager to make an example out of his case to deter the other online black markets that are already cropping up to take SR's customers. But if he's in prison for life, why hand over the money? Instead he can use it to bargain for a lighter sentence. Unlike the existing banking system, the feds can't take the coins without his cooperation.
He could use it as prison currency. Let's say his fellow inmates believe he has 80 million in untouchable, untraceable internet currency. If he dies, the money dies with him. But he could use the promise of that money to buy protection with the promise of riches in the future. Or he could become the target of inmates who think they can beat the information out of him.
From this:
Quote
Even if the FBI is not able to transfer the money, merely having possession of the wallet file itself is enough to prevent the coins being spent. The Bureau is in a position equivalent to having seized a safe belonging to a suspect with no idea of the combination – and no hope of forcing it open any other way.
How do they know he doesn't have a brain wallet or a second backup? Seems rather likely IMO. 
I would guess that the funds from the commisions were transfered automatically to an address belonging to an offline wallet under DPR's control. The point is though, to automate that, the address(e) in question had to be hardcoded somewhere in the software on the server. So while we can't say where these funds are, FBI, who had access to the server, knows exactly where they are and if they moved further. That's where the 600k BTC figure may coming from.
The FBI has control over the site, including its database. They can query it and discover how much money he made on commissions.
I didn't read that he *had* 600K coins in the complaint. That is just the estimate of the commissions made. Who knows what was spent, moved to other wallets, converted, etc..
The FBI has control over the site, including its database. They can query it and discover how much money he made on commissions.
I didn't read that he *had* 600K coins in the complaint. That is just the estimate of the commissions made. Who knows what was spent, moved to other wallets, converted, etc..Quote
Even if the FBI is not able to transfer the money, merely having possession of the wallet file itself is enough to prevent the coins being spent.
I guess the guardian should investigate a little more about their topics before printing such false claims.
What are you saying? It's actually possible to have more than one copy of a digital file??
The guardian talks about a message when u encrypt ur wallet file. Something about "all u backups won't work after this operation" thing.
I think thats when you empty our keypool.
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