Don't worry, they are good at spending.
When they start using it, it will be gone in no time anyway xD
Topic: Government has some siezed coins. What does this mean in long term? - page 2. (Read 2180 times)
October 13, 2013, 09:08:23 AM
October 13, 2013, 08:35:07 AM
Perhaps after the trial, the file closed, the bitcoin may be in government storage to stable the fiat currency (
)
I truly wonder if this is one case where more may follow, leading to the government owning a greater and greater portion of bitcoin holdings. I for one do not want this. They can have their US dollar.)Hypothetically: What if down the road the government has amassed 10% of the total bitcoin holdings? Or 15%?
What kind of control or power does that give them? Does it give them any control or power down the road that we have not forseen yet?
As a sort of side-note, It's too bad illegal activities such as Silk Road have perverted and degraded the use of bitcoin to the point of breaking laws, because at this point the government can "lawfully" take the bitcoin and thus acquire the currency by simply TAKING them. If we (as a group) didn't have illegal activities with bitcoin, this would protect the currency more against the government having any sort of legitimate "reason" to try and take bitcoin.
October 13, 2013, 08:32:06 AM
The 600K bitcoin now treats as real money, according to a judgement's speech. So the enforcement will do extremely carefully in order to maintain a good pace.
I think, the action implies you cannot do bad with bitcoin. Perhaps after the trial, the file closed, the bitcoin may be in government storage to stable the fiat currency ()
I think, the action implies you cannot do bad with bitcoin. Perhaps after the trial, the file closed, the bitcoin may be in government storage to stable the fiat currency (
) October 13, 2013, 08:23:00 AM
Whether the US government gets all 600,000 BTC from Ross Ulbricht, or they just have 26,000 BTC from Silk Road users' accounts, it's kind of disturbing to think they they have all this bitcoin.
What if the government forces Ulbricht (possibly by torturing him, or using other threatening means) to turn over 600,000 bitcoins to them? That's 5% of the total! That is a LOT of power in the form of acquired monetary value. And the US government is likely devious enough to do anything to obtain them.
And if they own a LARGE amount of BTC, it just seems like power in the wrong hands again.
Certainly nothing is stopping anyone from owning bitcoin, even the US government. They would have to play by the same rules as everyone else this way, but again it just is unsettling.
I know that if the price of bitcoin goes way up, so will everyone elses.
Hypothetically: What if down the road the government has amassed 10% of the total bitcoin holdings? Or 15%?
What kind of control or power does that give them? Does it give them any control or power down the road that we have not forseen yet?
I suppose one saving grace is at least the government can't just print more money in this case to deflate everyone.
Are my worries unfounded?
What if the government forces Ulbricht (possibly by torturing him, or using other threatening means) to turn over 600,000 bitcoins to them? That's 5% of the total! That is a LOT of power in the form of acquired monetary value. And the US government is likely devious enough to do anything to obtain them.
And if they own a LARGE amount of BTC, it just seems like power in the wrong hands again.
Certainly nothing is stopping anyone from owning bitcoin, even the US government. They would have to play by the same rules as everyone else this way, but again it just is unsettling.
I know that if the price of bitcoin goes way up, so will everyone elses.
Hypothetically: What if down the road the government has amassed 10% of the total bitcoin holdings? Or 15%?
What kind of control or power does that give them? Does it give them any control or power down the road that we have not forseen yet?
I suppose one saving grace is at least the government can't just print more money in this case to deflate everyone.
Are my worries unfounded?
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