Topic: Can the U.S. government sell seized bitcoins? (Read 1802 times)
Government agencies & financial institutions (at least in some Countries) are not allowed to 'dabble' or deal in bitcoins. Thus the only way they can 'play' the game is to seize.
They [edit: they = the FBI] already moved them (so they have the keys). Some are here:
http://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
The rest are here:
https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN455paPH
So, by moving the coins and consolidating them they have been shown to own them.
This may not be all of them but it is the BTC that the FBI has found so far.
Sir, by the way, who is owner account above?!? http://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
The rest are here:
https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN455paPH
So, by moving the coins and consolidating them they have been shown to own them.
This may not be all of them but it is the BTC that the FBI has found so far.
FBI should give the private keys to central bank, so US could get Bitcoin reserve for future.
United States pawns everything
Whats funny is that people keep on donating to the addresses, and have a public note with advertisements!
Yeah the US needs money, so why not!
The problem I see with bitcoins is that ... bitcoins are susceptable to ... counterfeiting.
Explain how.
The problem I see with bitcoins is that, like all fiat money, their value depends on trust. As long as there are safer and/or more convenient alternatives, bitcoins are susceptable to panic selling and counterfeiting.
Bitcoins have no intrinsic value. They can be used for obtaining goods and/or services only as long as the providers will accept them.
I consider bitcoins to be "No-Penny Stocks" and predict that they will be subject to the same abuses as the penny stock market, and with less regulation.
Bitcoins have no intrinsic value. They can be used for obtaining goods and/or services only as long as the providers will accept them.
I consider bitcoins to be "No-Penny Stocks" and predict that they will be subject to the same abuses as the penny stock market, and with less regulation.
My understanding is that they are required by law to sell seized assets at auction, but it would be interesting if they found a way to keep them for potential future value. Either way, it will be interesting to see the eventual outcome, whether they offload them or become a speculator
They [edit: they = the FBI] already moved them (so they have the keys). Some are here:
http://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
The rest are here:
https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN455paPH
So, by moving the coins and consolidating them they have been shown to own them.
This may not be all of them but it is the BTC that the FBI has found so far.
Sir, by the way, who is owner account above?!? http://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
The rest are here:
https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN455paPH
So, by moving the coins and consolidating them they have been shown to own them.
This may not be all of them but it is the BTC that the FBI has found so far.
FBI should give the private keys to central bank, so US could get Bitcoin reserve for future.
United States pawns everything
They [edit: they = the FBI] already moved them (so they have the keys). Some are here:
http://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
The rest are here:
https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN455paPH
So, by moving the coins and consolidating them they have been shown to own them.
This may not be all of them but it is the BTC that the FBI has found so far.
Sir, by the way, who is owner account above?!? http://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
The rest are here:
https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN455paPH
So, by moving the coins and consolidating them they have been shown to own them.
This may not be all of them but it is the BTC that the FBI has found so far.
Although they have another law for that, if you don't hand over you password when requested by a court, you get more jail time. God help those who are genuinely forgetful! 
Whats the difference between 10 years if you give password and say 15 years if you dont ? You will be out in 2/3 of jailtime anyway if your not problematic, so why give your Bitcoins to gov !
Ya especially if you own millions. I would just pass it on to a lawyer since they cant record whats going on between the person and a lawyer.
Although they have another law for that, if you don't hand over you password when requested by a court, you get more jail time. God help those who are genuinely forgetful!
Whats the difference between 10 years if you give password and say 15 years if you dont ? You will be out in 2/3 of jailtime anyway if your not problematic, so why give your Bitcoins to gov !
The USA taxes barter trades (commodity swaps), this means, Bitcoin had to be legally recognized in the USA courts!
They can sell the proceeds of crime. They would have to brute force the password on the wallet first though.
Although they have another law for that, if you don't hand over you password when requested by a court, you get more jail time. God help those who are genuinely forgetful!
They can sell the proceeds of crime. They would have to brute force the password on the wallet first though.
Although they have another law for that, if you don't hand over you password when requested by a court, you get more jail time. God help those who are genuinely forgetful!
Quote
Bitcoin is not called a currency by the government
In the Texas case S.E.C vs Trendon Shavers (Pirateat40) the government has to prove it was money and that he could use it to buy things.
http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539730583#.Un-nYiejN3U
Well even if they considered it like gold, it would be enough since gold can be traded.
Quote
Bitcoin is not called a currency by the government
In the Texas case S.E.C vs Trendon Shavers (Pirateat40), his defense was that it wasn't really money, the S.E.C proves it was commodity based money and that he was spending it on goods and services!
http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370539730583#.Un-nYiejN3U
They will just auction them off to the highest bidder. It will be a very large purchase so start saving now and when the auction happens is a few years you will be ready to jump in with a bid!
Why not split the BTC and sell separately, small buyers would be allowed to buy...
Im pretty sure they would also do that.
They will just auction them off to the highest bidder. It will be a very large purchase so start saving now and when the auction happens is a few years you will be ready to jump in with a bid!
Why not split the BTC and sell separately, small buyers would be allowed to buy...
I know.. seriously, FBI made bank busting Silk Road!
The government should use the money to pay for its debts though, it has too much...
The government should use the money to pay for its debts though, it has too much...
Seriously, this would be biggest waste of the Bitcoins to pay very small fraction of debts...
Why? They owe a lot of money and they have a lot of money in bitcoins. If they sell all that they have, they would get millions paid off.
I know.. seriously, FBI made bank busting Silk Road!
The government should use the money to pay for its debts though, it has too much...
The government should use the money to pay for its debts though, it has too much...
Seriously, this would be biggest waste of the Bitcoins to pay very small fraction of debts...
They will just auction them off to the highest bidder. It will be a very large purchase so start saving now and when the auction happens is a few years you will be ready to jump in with a bid!
what if the persons wallet was encrypted and use did not give them the password?
Can they not only seize if they confiscate the pc/hardware? what if the back up was placed on to the cloud and a transaction was made on another pc?
Can they not only seize if they confiscate the pc/hardware? what if the back up was placed on to the cloud and a transaction was made on another pc?
They already moved them (so they have the keys). Some are here:
http://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
The rest are here:
https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN455paPH
So, by moving the coins and consolidating them they have been shown to own them.
This may not be all of them but it is the BTC that the FBI has found so far.
Holy crap the FBI has a lot.
If they sell the btc at market price right now, it will surely pay them back for the expenses of the investigation.
And then some... Probably the expenses for the whole year!
I know.. seriously, FBI made bank busting Silk Road!
The government should use the money to pay for its debts though, it has too much...
Ya but then again, if they sold all of it at the same time, btc would drop like crazy.
Yeah, that's true..
They should sell large amounts, a bit cheaper than market price, to big companies interested in investing in them.
what if the persons wallet was encrypted and use did not give them the password?
Can they not only seize if they confiscate the pc/hardware? what if the back up was placed on to the cloud and a transaction was made on another pc?
Can they not only seize if they confiscate the pc/hardware? what if the back up was placed on to the cloud and a transaction was made on another pc?
They already moved them (so they have the keys). Some are here:
http://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
The rest are here:
https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN455paPH
So, by moving the coins and consolidating them they have been shown to own them.
This may not be all of them but it is the BTC that the FBI has found so far.
Holy crap the FBI has a lot.
If they sell the btc at market price right now, it will surely pay them back for the expenses of the investigation.
And then some... Probably the expenses for the whole year!
I know.. seriously, FBI made bank busting Silk Road!
The government should use the money to pay for its debts though, it has too much...
Ya but then again, if they sold all of it at the same time, btc would drop like crazy.
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