Topic: All of Satoshi's bitcoins will belong to NY after 5 years of inactivity (Read 4704 times)
August 08, 2014, 09:52:24 AM
In 5 years, bitcoin would be worth a lot more. Accounts on websites or banks are one thing. Cold storage is a different thing.
August 08, 2014, 07:25:36 AM
It's impossible to wait for 5years with no activity but you have the sole right to your account thats the advantage of bitcoin
August 07, 2014, 12:42:19 PM
What a confusing title. I'm thinking the OP is confused thinking they will take Bitcoin from whomever they want which is not possible. Maybe if you playing in their overly regulated system you will have the potential of losing your money but only if you hold your money there.
You're right in that they probably can't take your bitcoin, short of you giving them your private key, possibly under duress. BUT, if you don't turn over bitcoins when requested, they CAN send you to jail for violating their laws.
August 06, 2014, 10:49:22 PM
What a confusing title. I'm thinking the OP is confused thinking they will take Bitcoin from whomever they want which is not possible. Maybe if you playing in their overly regulated system you will have the potential of losing your money but only if you hold your money there.
You're right in that they probably can't take your bitcoin, short of you giving them your private key, possibly under duress. BUT, if you don't turn over bitcoins when requested, they CAN send you to jail for violating their laws.
August 05, 2014, 11:31:19 PM
What a confusing title. I'm thinking the OP is confused thinking they will take Bitcoin from whomever they want which is not possible. Maybe if you playing in their overly regulated system you will have the potential of losing your money but only if you hold your money there.
August 05, 2014, 10:24:13 PM
Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)
Am I reading this right?
Am I reading this right?
No. No more than dollars under your mattress you don't use for 5 years belongs to NY. Abandoned property deals with THIRD PARTY accounts. So under the BitLicense if you had an account with an exchange and you didn't login for 5 years the EXCHANGE would turn the account over to the state.
Holy mother of fuck that cannot be real.
All they gotta do is make up some bullshit charges (Patriot Act or something) and put you in jail for 5 years and then keep all your money for inactivity. If you use coinbase or something that is.
Eh no. If you are convicted of a crime the government has no stake to take any property from you that is already yours.
The law prohibits the government from seizing property or money during incarceration, this is why people found guilty of embezzlement go to jail for a few years and come out rich as fuck. They strike a plea deal that states that they only pay a small fine and spend some time in jail, once they pay the fine the government cannot take any more money from them for the crime.
August 02, 2014, 09:55:20 AM
Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)
Am I reading this right?
Am I reading this right?
No. No more than dollars under your mattress you don't use for 5 years belongs to NY. Abandoned property deals with THIRD PARTY accounts. So under the BitLicense if you had an account with an exchange and you didn't login for 5 years the EXCHANGE would turn the account over to the state.
Holy mother of fuck that cannot be real.
All they gotta do is make up some bullshit charges (Patriot Act or something) and put you in jail for 5 years and then keep all your money for inactivity. If you use coinbase or something that is.
Eh no. If you are convicted of a crime the government has no stake to take any property from you that is already yours.
The law prohibits the government from seizing property or money during incarceration, this is why people found guilty of embezzlement go to jail for a few years and come out rich as fuck. They strike a plea deal that states that they only pay a small fine and spend some time in jail, once they pay the fine the government cannot take any more money from them for the crime.
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August 02, 2014, 12:00:47 AM
Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)
Am I reading this right?
Am I reading this right?
That sounds like a bad idea but a good idea for their pocketbooks
Anyways shouldn't be easy to claim unless they have private keys to all of their accounts personal and business.
Unless it was all in one central bitcoin wallet and then distributed from their then it is possible to do this.
August 01, 2014, 10:39:06 PM
This would only be true if he held his bitcoin at an exchange and his account at the exchange were to be inactive after 5 years. After the 5 year period is up the assets would still belong to the customer, but the state would "hold" the assets until the customer claims them.
Unless the state runs low on revenue
http://abcnews.go.com/GMA/story?id=4832471
July 29, 2014, 03:03:47 PM
This would only be true if he held his bitcoin at an exchange and his account at the exchange were to be inactive after 5 years. After the 5 year period is up the assets would still belong to the customer, but the state would "hold" the assets until the customer claims them.
Unless the state runs low on revenue
http://abcnews.go.com/GMA/story?id=4832471
July 28, 2014, 11:14:09 PM
Plus no one knows who he is, so how would they find him. Also, if he "loses" the private keys, then they could not possibly get the bitcoin off his wallet.
July 28, 2014, 11:12:51 PM
Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)
Think for a minute. Lets say they do implement this. Now how are they going to execute and enforce this? One of the benefits of bitcoin is that it's yours, and you're in full control of it. The fundamentals of bitcoin does not operate within the law and regulation.
Actually, fundamentally if you don't own the private keys to your bitcoins you dont own your bitcoins.
So coins left in an exchange are fundamentally not yours!
Always use a private wallet, located on your computer. Not an app, or an exchange or an online wallet.
my $0.2
July 28, 2014, 11:07:55 PM
This would only be true if he held his bitcoin at an exchange and his account at the exchange were to be inactive after 5 years. After the 5 year period is up the assets would still belong to the customer, but the state would "hold" the assets until the customer claims them.
July 28, 2014, 09:11:10 PM
I would imagine that business will have to have some special bitcoin account or something, it might not be in the regulation yet but I could see it. If some of these businesses keep their coins in an exchange they could be subpoenaed and they go from there. I could see a few things happening like this. If I thought of this then you know they have. These people pay millions to their lawyers to figure this stuff out. Im sure they will figure out some way to get money out of it.
They could try that. But is not hard to keep crypto revenues off book just like a cash business might.
Or simply create an entity of shore in a favorable jurisdiction to "own" your business or to book your crypto revenues through.
I bet they will prosecute some people to instill fear in people but the well prepared business person could get around it.
Heck, put all of your assest in a corp owned by an offshore entity. Many ways to do this.
July 27, 2014, 11:51:14 PM
I would imagine that business will have to have some special bitcoin account or something, it might not be in the regulation yet but I could see it. If some of these businesses keep their coins in an exchange they could be subpoenaed and they go from there. I could see a few things happening like this. If I thought of this then you know they have. These people pay millions to their lawyers to figure this stuff out. Im sure they will figure out some way to get money out of it.
July 27, 2014, 11:37:44 PM
But they can put you in jail for violating their laws, if they can link you to a bitcoin address.
It's not an address, it's an account at an exchange / web wallet that operates in NY - where the coins technically aren't really yours because you don't have the private key (you have only their word they will spend on your behalf)
This has nothing to do with those who manage coins themselves.
July 27, 2014, 10:57:15 PM
We can avoid a lot of confusion and FUD if people take the time to read up on this stuff. The original question doesn't even make sense.
July 27, 2014, 07:30:31 PM
Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)
Think for a minute. Lets say they do implement this. Now how are they going to execute and enforce this? One of the benefits of bitcoin is that it's yours, and you're in full control of it. The fundamentals of bitcoin does not operate within the law and regulation.
Exactly....there's no way to just take or seize bitcoins from someone so easily. It would take quite a process.
But they can put you in jail for violating their laws, if they can link you to a bitcoin address.
July 27, 2014, 07:29:51 PM
ugh this is the same with banks..
http://www.mybanktracker.com/news/2010/10/05/inactive-bank-accounts/
No cause for alarm here...
http://www.mybanktracker.com/news/2010/10/05/inactive-bank-accounts/
No cause for alarm here...
July 27, 2014, 07:15:41 PM
I can't wait to see where this goes, and how they will try to enforce this regulation, if they succeed I can see other states following suit! But didn't california already pass regulatory laws??
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