Is there an official act that transforms stolen property back to legit?
Huh?
Topic: Fork The Blockchain And Block The Seized FBI Coins. - page 5. (Read 13501 times)
Huh?
If you were to do that bitcoin the fork created would just be monopoly money.
FTFY.
Is there an official act that transforms stolen property back to legit?
If you were to do that bitcoin would just be monopoly money.
I don't think the idea of "coins forfeiture" is acceptable. It's an obvious slippery slope.
Agreed. It is one thing to hard fork the block chain to protect the integrity of the network (as was the case in the August 2010 attack), but an entirely different and unacceptable thing to hard fork the block chain to confiscate coins. 
They are going to spend the BTC or give the private key to the entity that "wins the auction" that nobody legitimate will have the chance to bid on (explained in #2). Read.
Don't need alt clients, just miners to agree that tyrants and their cronies shouldn't win. All existing clients can attempt to spend the seized BTC, and then it'll never get included in a block* and sent back unless spent to the address of a non-profit to fight tyranny.
*Unless I guess they mine their own? Unclear.
Anyone will be able to bid on the BTC - even you. They will be auctioned off at one of the government's existing auction web sites.Don't need alt clients, just miners to agree that tyrants and their cronies shouldn't win. All existing clients can attempt to spend the seized BTC, and then it'll never get included in a block* and sent back unless spent to the address of a non-profit to fight tyranny.
*Unless I guess they mine their own? Unclear.
^ /facepalm
The fbi didn't steal those coins. dpr broke the law and the fbi was entirely within it's right to take those coins. The law is very clear on this. They were drug profits and had to be surrendered. The US govt does a lot of shady and marginally legal things. This was not one of them.
"Guilt by association" is not a valid way to erase the legal sales that occurred on SR, from history. 100% of coins seized weren't "illegal" proceeds of "crime" and actual crime (with victims).
Until law-abiding buyers/sellers are returned what was seized from their portion of the SR wallets, the FBI is shady as fuck by appearing that it intends to permanently deny law-abiders our funds.
It's like if you fork it then they win, if you don't then they still win but less.
No it is more like: if someone creates a fork they are wasting their time and Bitcoin continues along unharmed. If they do not waste their time and energy creating a fork then Bitcoin continues along unharmed.
The lesson everyone should learn from this is not that we should fight fire with fire, but that you should be prepared to render fire impotent from the start.
Use M of N wallets stored in different physical locations. Share this information with someone you trust and should you ever be seized by some group, make sure the individual your shared this information with is able to transfer those coins to a new wallet which is out of your control, therefore the group will not be able to coerce the coins out of you.
Disclaimer: This post is strictly theoretical and is not concerned with individual actors or groups nor their actions in real life. I do not support any actions taken by any real life actors involved.
Use M of N wallets stored in different physical locations. Share this information with someone you trust and should you ever be seized by some group, make sure the individual your shared this information with is able to transfer those coins to a new wallet which is out of your control, therefore the group will not be able to coerce the coins out of you.
Disclaimer: This post is strictly theoretical and is not concerned with individual actors or groups nor their actions in real life. I do not support any actions taken by any real life actors involved.
Doing as the OP suggests would totally undermine and be the death of Bitcoin.
Don't be silly. It will totally undermine and be the death of their new alt-coin which they forked from Bitcoin.
I personally can't wait to sell my alt-coins in order to purchase more actual Bitcoins. Any ETA on this fork?
It's like if you fork it then they win, if you don't then they still win but less.
The bottom line for both this thread and the other thread here:
https://bitcointalksearch.org/topic/this-months-plan-boycotting-the-fbi-coins-413403
is that you are not really going to do anything, nobody is going to do anything, even if someone tried it really can't be done so why are you going on and on about it?
https://bitcointalksearch.org/topic/this-months-plan-boycotting-the-fbi-coins-413403
is that you are not really going to do anything, nobody is going to do anything, even if someone tried it really can't be done so why are you going on and on about it?
Doing as the OP suggests would totally undermine and be the death of Bitcoin. Everyone would wonder "could i be next?". But then maybe killing BTC was the OP's hidden agenda.
Exactly, its the dumbest idea I've ever heard on this forum actually promoting a blockchain fork, it leads down a very destructive path indeed.
Doing as the OP suggests would totally undermine and be the death of Bitcoin. Everyone would wonder "could i be next?". But then maybe killing BTC was the OP's hidden agenda.
Even if it crashed to .0001 btc for a $1 I would just need to buy more btc to make my purchase.
Small math mistake here. The current price is about 0.001 BTC for $1. 0.0001 BTC for $1 is a ten fold price increase. I think you meant a crash to 100 or 1000 BTC per dollar. Which only makes a crash of that magnitude sound even better to me. If BTC ever got that low I would be buying as many as I could afford.
Yeah, that's reversed. lol
My point was price is meaningless to the real value of Bitcoin.
Even if it crashed to .0001 btc for a $1 I would just need to buy more btc to make my purchase.
Small math mistake here. The current price is about 0.001 BTC for $1. 0.0001 BTC for $1 is a ten fold price increase. I think you meant a crash to 100 or 1000 BTC per dollar. Which only makes a crash of that magnitude sound even better to me. If BTC ever got that low I would be buying as many as I could afford.
I would suggest first viewing Andreas M. Antonopoulos' presentation to the L. A. Bitcoin meetup in its entirety. He explains why blacklists, whitelists etc as is being proposed in this thread will destroy Bitcoin. https://www.youtube.com/watch?v=bTPQKyAq-DM
This proposed fork together with "Coin Validation" belongs in the trash heap.
Edit: Will Zerocoin work for the large number of coins the US Government holds?
This proposed fork together with "Coin Validation" belongs in the trash heap.
Edit: Will Zerocoin work for the large number of coins the US Government holds?
I completely agree with the sentiment behind this idea, but I don't think the idea of "coins forfeiture" is acceptable. It's an obvious slippery slope. It seems to go far beyond Bitcoin's ruleset, to the point that it violates fundamental principles behind the Bitcoin idea. I also question the premise... Couldn't they do the same thing you are proposing just by buying up coins the normal way? How are the seized SR coins any different from other coins the USG may have bought with USD?
Remember also that Bitcoin could fall, but that doesn't make much difference. Their battle is against an idea (cryptocurrencies), and ideas cannot be killed. If the USG are able to somehow crash Bitcoin with their coins (whether seized or purchased), then that should be the end of Bitcoin. Another cryptocurrency will take its place.
Remember also that Bitcoin could fall, but that doesn't make much difference. Their battle is against an idea (cryptocurrencies), and ideas cannot be killed. If the USG are able to somehow crash Bitcoin with their coins (whether seized or purchased), then that should be the end of Bitcoin. Another cryptocurrency will take its place.
Many people are confused about price. It's not possible for any adjustment in the USD exchange rate to destroy Bitcoin as long as people are willing to use it as a method of exchange. I wish Bitcoin would drop to $1 and stay there. That would make it really easy to buy something on overstock or with a gift card if it was a dollar. If I want something that costs $100 then I would need to buy 100 btc. Even if it crashed to
The fbi didn't steal those coins. dpr broke the law and the fbi was entirely within it's right to take those coins. The law is very clear on this. They were drug profits and had to be surrendered. The US govt does a lot of shady and marginally legal things. This was not one of them.
If the USG are able to somehow crash Bitcoin with their coins (whether seized or purchased), then that should be the end of Bitcoin.
Why does everyone keep saying this? If the GOV crashes the price then that is it - end of the line - pack up and go home. Bull.
If they buy up BTC and then sell them all at once to crash the price then they lose a ton of money. Ok, so it is not their money so the do not care. Fine, we can then buy BTC for the low price they have created. That is a plus not a minus.
If they seize coins and do the same thing then they do not make as much as they could have from the sale of the seized coins and will have to answer to someone for that. Even if they did it, the price goes down and, again, we get to buy cheap coins!
Both scenarios are just great buying opportunities. Neither are the END OF BITCOINTM
I completely agree with the sentiment behind this idea, but I don't think the idea of "coins forfeiture" is acceptable. It's an obvious slippery slope. It seems to go far beyond Bitcoin's ruleset, to the point that it violates fundamental principles behind the Bitcoin idea. I also question the premise... Couldn't they do the same thing you are proposing just by buying up coins the normal way? How are the seized SR coins any different from other coins the USG may have bought with USD?
Remember also that Bitcoin could fall, but that doesn't make much difference. Their battle is against an idea (cryptocurrencies), and ideas cannot be killed. If the USG are able to somehow crash Bitcoin with their coins (whether seized or purchased), then that should be the end of Bitcoin. Another cryptocurrency will take its place.
Remember also that Bitcoin could fall, but that doesn't make much difference. Their battle is against an idea (cryptocurrencies), and ideas cannot be killed. If the USG are able to somehow crash Bitcoin with their coins (whether seized or purchased), then that should be the end of Bitcoin. Another cryptocurrency will take its place.
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