Topic: Here's an interesting question.... - page 2. (Read 2619 times)
of course there are no proofs that those coins were destroyed
Logically those coins should be destroyed,
Why? They aren't dangerous, like drugs or guns or alcohol or tobacco. They will probably be auctioned off, as if they were the proceeds of crime, eg like when a drug-dealer's car gets seized.Quote
but is there any way to prove that they are?
Yes. There are three main ways to get rid of unwanted coins:- Send them in a transaction that has a spending script that always returns false. Technically, consists only of OP_RETURN. This is provable and does exactly what you want.
- Send them in a transaction with zero outputs. This doesn't destroy them, but it distributes them in a more or less random way, to the miner who mines that block. It's better - less deflationary - for the community. We would want to be sure they weren't broadcast in a way that favoured a miner who was connected to the public servant charged with getting rid of them.
- Send them to a nonsense address for which it is unlikely that anyone knows the private key. This isn't quite provable, although if they use an address like 1crimedoesntpaycrimedoesntpayguys and it turns out someone has the private key, they probably deserve the money.
That is exactly what they should do....
I'm not following the logic of why a government would want to do this.
I am not saying that they want to do this, I am saying that they should do this.
Just like they "do" with the illegal drugs they seize
It is none the less the biggest part of an illegal act!
It's all about the money right?
That is exactly what they should do....
I'm not following the logic of why a government would want to do this.
Why should they destroy them? They are not illegal, like drugs.
The fact that Falcon wants to buy them should be a lesson to all bears. It means that serious investors believe in BTC.
The fact that Falcon wants to buy them should be a lesson to all bears. It means that serious investors believe in BTC.
Seizing those coins were like seizing the property. So those will not be destroyed, but may be sold in like chunks over time.
Logically those coins should be destroyed, but is there any way to prove that they are?
It is possible to "burn" coins by sending them to invalid address, just like CounterParty did.Why all this talk of "burning" coins? There's nothing inherently illegal about bitcoin. It would make as much sense as for the government to burn stacks of US currency seized in a drug bust.
That is exactly what they should do....
If nothing else their sale would certainly put the lid on all that coin validation shit.
Logically those coins should be destroyed, but is there any way to prove that they are?
It is possible to "burn" coins by sending them to invalid address, just like CounterParty did.Why all this talk of "burning" coins? There's nothing inherently illegal about bitcoin. It would make as much sense as for the government to burn stacks of US currency seized in a drug bust.
Logically those coins should be destroyed, but is there any way to prove that they are?
It is possible to "burn" coins by sending them to invalid address, just like CounterParty did.
There's no way in hell they'd ever dream of using any current exchange. They'd have to pay fees, they're not legitimate enough, there's not enough money on them and any exchange would probably be wiped off the face of the Earth by Anonymous or someone similar.
All the big sales take place miles from an exchange. The large public holders like SecondMarket would have deals with early holders or big time miners to buy directly from them.
The market probably will plunge briefly even though it has absolutely no impact on how it operates. The coins will go into an investor's pocket and be sat on. I'd guess they'd set the auction price by taking a mean across all the exchanges. There's no shortage of people ready to buy them all.
All the big sales take place miles from an exchange. The large public holders like SecondMarket would have deals with early holders or big time miners to buy directly from them.
The market probably will plunge briefly even though it has absolutely no impact on how it operates. The coins will go into an investor's pocket and be sat on. I'd guess they'd set the auction price by taking a mean across all the exchanges. There's no shortage of people ready to buy them all.
The FBI moved them to their own wallets.
Interesting. I see from:http://www.fbi.gov/newyork/press-releases/2013/manhattan-u.s.-attorney-announces-seizure-of-additional-28-million-worth-of-bitcoins-belonging-to-ross-william-ulbricht-alleged-owner-and-operator-of-silk-road-website
Quote
Through forensic analysis of the computer hardware, federal law enforcement agents recovered a Bitcoin wallet containing approximately 144,336 Bitcoins.
I wonder who exactly within the US government has access to the private keys of the new addresses now.
I also wonder if they could make more at auction than selling them slowly on an exchange site! Obviously trying to sell them all would move the market, question is how much will the market move on news of an auction.
The FBI moved them to their own wallets.
They'll be auctioned. There are (or were) a lot of people lining up to buy them. No doubt the price will crash anyway because people seem to enjoy a good panic.
They'll be auctioned. There are (or were) a lot of people lining up to buy them. No doubt the price will crash anyway because people seem to enjoy a good panic.
I wasn't asking "that" it happened, I asked how, exactly, they were seized.
They seized all of his computers and he no longer has access to the private keys for the coins. I do not know if the FBI have proven they do have access. Does anyone know? Logically those coins should be destroyed, but is there any way to prove that they are?
Logically they should be given back to the rightful owners (gox account holders).
That is an interesting subject there....
What do you think will happen if Mark went to the U.S. to stand trial?
The U.S. government will add more coins to their wallet....
True story!
Brainfart removed 
The plan is to auction them as seized property.
That doesn't sound very nice.
What if the person that buys them get's them at a favorable price and decides to dump all of them at once when the price is good enough for them?
Price crash once again.....
I think they should just destroy them
Much better for mankind!
That's just what is done in the War on Drugs. Blame Reagan-era laws for that.
Also blame DPR/Ross Ulbhricht for being dumb enough to leave a hot wallet with $80 million of his personal stash of bitcoins on the same laptop that he used to administer Silk Road, only an expensive password attack away from seizure. Otherwise the feds would have had only $20 million.
Free FBICoin! Dole them out to the homeless...
Nah, they wouldn't do that...they're sans souls and integrity
Nah, they wouldn't do that...they're sans souls and integrity
OK, I know that the SilkRoad case is still under investigation but....
What will happen to all the seized coins after the case is closed?
Logically those coins should be destroyed, but is there any way to prove that they are?
What will happen to all the seized coins after the case is closed?
Logically those coins should be destroyed, but is there any way to prove that they are?
The plan is to auction them as seized property.
That doesn't sound very nice.
What if the person that buys them get's them at a favorable price and decides to dump all of them at once when the price is good enough for them?
Price crash once again.....
I think they should just destroy them
Much better for mankind!
OK, I know that the SilkRoad case is still under investigation but....
What will happen to all the seized coins after the case is closed?
Logically those coins should be destroyed, but is there any way to prove that they are?
What will happen to all the seized coins after the case is closed?
Logically those coins should be destroyed, but is there any way to prove that they are?
The plan is to auction them as seized property.
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