Topic: US GOVERNMENT CONTINUES BITCOIN SEIZURES, CONTROLS NEARLY 1% OF CIRCULATING SUPP (Read 442 times)
March 13, 2024, 12:03:19 AM
I think 1% of the circulating supply of bitcoin is a very insignificant amount to cause worry in the space. Circulating supply is not the total supply, and I think they want to do more of the take over if they have the opportunity. That is one of the reasons I love bitcoin decentralized nature, the more you want to take the dominance of the bitcoin the more it gets difficult for whoever.
March 12, 2024, 11:04:18 PM
This was expected op since it's the US that we are talking about who always want to be first in literally anything no matter what. Their control over the crypto world will definitely keep rising, but they will never fully control BTC and other popular crypto.
This is what makes these cryptocurrencies so special since all other currencies are completely controlled by them.
This is what makes these cryptocurrencies so special since all other currencies are completely controlled by them.
but do you think the us government might print some type of fiat that is backed by bitcoin? then people just use that instead of the us dollar but then we would need to make sure that the us government never went off the "bitcoin" standard like the did the gold standard because if they tried to do that then it would be a disaster for bitcoin users. their paper money with the private key would immediately become questionable to whether it was worth anything at all.
March 12, 2024, 07:31:42 AM
Then why are they constantly selling every coins thats has been seized once it's status is cleared?
Just last month they auctioned more coins than Salvador has:
https://cryptonews.net/news/bitcoin/28459784/
Just last month they auctioned more coins than Salvador has:
https://cryptonews.net/news/bitcoin/28459784/
Selling to whom? The people? Or private/institutional investors? Even though the US government is selling BTC, it still holds a substantial amount of coins in its reserves. Cashing out for USD will keep them in the profit zone before the market correction. After BTC dumps, they will buy more and "hodl" it until the next pump.
The point is that governments are now deep in the game. As long as they don't get to hold the majority of BTC's circulating supply, there should be nothing to worry about.
March 11, 2024, 04:55:46 AM
yes, but this is not new. they extort money with the threat of violence on a daily basis.
criminal cabal control the world, lines drawn between countries have been put there to divide us, to prevent unity & uprising. it's all a scam.
stop complying with criminals because it's the right thing to do. all they do is lie and deceive.
if you're feeding the system at all right now, you're part of the problem.
good to see bitcoin is pumping though - lots of money exiting the fiat ponzi. people are starting to figure it out.
criminal cabal control the world, lines drawn between countries have been put there to divide us, to prevent unity & uprising. it's all a scam.
stop complying with criminals because it's the right thing to do. all they do is lie and deceive.
if you're feeding the system at all right now, you're part of the problem.
good to see bitcoin is pumping though - lots of money exiting the fiat ponzi. people are starting to figure it out.
March 10, 2024, 10:05:24 PM
US never fails to amaze me as they try to get a piece of everything be it gold, oil or diamonds or even crypto in that cases as they just want sot control everything and show that they are the biggest superpower or World police. But they cannot control Bitcoin like they do other resources as that's the advantage of decentralization and as of now I don't think we should worry about involvement of US as they are mostly seizing the Bitcoin of criminals and eventually they will increase their reach but can never fully control it. Now what do they do with the seized BTC?
Apparently they auction off the bitcoin to the highest bidder so that kind of makes people who buy from the usa government complicit in stealing other peoples' bitcoin. it's kind of like someone that fails to pay their property taxes and loses their house and someone else paid the back taxes and takes over the house. the person taking over the house profits and lives off of other peoples' misfortune, lets not sugar coat it.
the thing is though when uncle sam auctions off his bitcoin, he doesnt pay any capital gains tax. oh no. it's all profit. and no taxes for him. he just sticks the proceeds in his back pocket and spends them on anything he wants to.
meanwhile the people he sells his bitcoin too have to pay taxes anytime they sell any of their bitcoin. 
March 09, 2024, 02:16:47 PM
US never fails to amaze me as they try to get a piece of everything be it gold, oil or diamonds or even crypto in that cases as they just want sot control everything and show that they are the biggest superpower or World police. But they cannot control Bitcoin like they do other resources as that's the advantage of decentralization and as of now I don't think we should worry about involvement of US as they are mostly seizing the Bitcoin of criminals and eventually they will increase their reach but can never fully control it. Now what do they do with the seized BTC?
March 09, 2024, 08:11:46 AM
Of course the US is accumulating Bitcoin. The government is not that stupid.
Then why are they constantly selling every coins thats has been seized once it's status is cleared?
Just last month they auctioned more coins than Salvador has:
https://cryptonews.net/news/bitcoin/28459784/
The source said that US holdings came from another seize, from bitfinex hackers but since bitfinex does not operate in US so they refuse to give back those coins to the exchange which is really absurd. Will they be called thief too?
It's far more complicated than that!
It's not about refusal to return the coins, it's about to whom the coins should be returned!
Under US laws you can't just simply give it back if there is a lawsuit between the exchange and the people who actually owns those coins!
The DoJ has said it clearly, until there is consensus between the exchange and the ones that have been reimbursed via tokens on how the sums will be distributed there will be no return, Bitfinex claims they have paid back in their return tokens the sums, but they have done in $ value, the former victims demand that the difference between the prices at the moment of the hack and the current levels should also be distributed.
Quote
At the heart of Bitfinex’s argument is a long-ago token distribution. After the attack in August 2016, when a hacker made away with more than 119,000 bitcoin, Bitfinex allocated losses of more than 30% to all customer accounts. It then created and credited BFX tokens to customers at a ratio of one for every $1 lost. Within eight months, all holders had those tokens redeemed, or had exchanged them for iFinex capital stock. During that time, bitcoin’s price had nearly doubled, according to Bloomberg data
Essentially, Bitfinex wants the bitcoins that were stolen in the 2016 hack returned to the company and it will give a portion of that back to some of their customers in cash, not in bitcoins.
Essentially, Bitfinex wants the bitcoins that were stolen in the 2016 hack returned to the company and it will give a portion of that back to some of their customers in cash, not in bitcoins.
So, to who should the DoJ return the coins, the exchange or the clients?
Because if they decide to return it to Bitfinex it means by law that it has Bitfinex property and the former victims are screwed, and again by law, they will have to take not Bitfinex to court but the DoJ.
March 09, 2024, 05:26:40 AM
This was expected op since it's the US that we are talking about who always want to be first in literally anything no matter what. Their control over the crypto world will definitely keep rising, but they will never fully control BTC and other popular crypto.
This is what makes these cryptocurrencies so special since all other currencies are completely controlled by them.
This is what makes these cryptocurrencies so special since all other currencies are completely controlled by them.
March 09, 2024, 02:38:57 AM
Having a large chunk of Bitcoin's circulating supply is intriguing. It shows how the asset is becoming legitimate and how existing financial systems will merge with digital currency. This doesnt mean Bitcoin is bad; it shows its effect and mainstream potential.
This discussion requires empathy. Individuals with affected assets face a personal and complex predicament. Recognizing their experiences and considering the big picture is crucial. Bitcoin is designed to last. Its decentralization and worldwide community's devotion to its values counteract government or other control.
The role of governments in cryptocurrency is debated. Positively pushing for regulations that foster innovation, safeguard individual rights, and improve digital currency security and utility is vital. Education and dialogue are crucial in this dynamic climate. Bitcoin's mission of financial empowerment and freedom may thrive despite its limitations by creating a knowledgeable and active community.
This discussion requires empathy. Individuals with affected assets face a personal and complex predicament. Recognizing their experiences and considering the big picture is crucial. Bitcoin is designed to last. Its decentralization and worldwide community's devotion to its values counteract government or other control.
The role of governments in cryptocurrency is debated. Positively pushing for regulations that foster innovation, safeguard individual rights, and improve digital currency security and utility is vital. Education and dialogue are crucial in this dynamic climate. Bitcoin's mission of financial empowerment and freedom may thrive despite its limitations by creating a knowledgeable and active community.
March 08, 2024, 11:55:40 PM
The source said that US holdings came from another seize, from bitfinex hackers but since bitfinex does not operate in US so they refuse to give back those coins to the exchange which is really absurd. Will they be called thief too?
Selling those coins through OTC like coinbase is possible and additional fund for them, welp, a free investments.
Selling those coins through OTC like coinbase is possible and additional fund for them, welp, a free investments.
March 08, 2024, 10:13:40 PM
https://bitcoinmagazine.com/markets/us-government-continues-bitcoin-seizures-controls-nearly-1-of-circulating-supply-
The US, after all, controls nearly 1% of a massive industry with substantial leverage over it. Are they going to be the only country with this leverage? It may be difficult for any nation to build up these stockpiles in secret, but even so, the race has already begun. No matter who wins it, it’s Bitcoin that will be on top in the end.
unfortunately it would appear that the usa governments hands are dirty and it has stolen peoples bitcoins, confiscated them, throwing people in jail and all kinds of things. enjoy your bitcoins you buy from uncle sam because it is blood money...
The US, after all, controls nearly 1% of a massive industry with substantial leverage over it. Are they going to be the only country with this leverage? It may be difficult for any nation to build up these stockpiles in secret, but even so, the race has already begun. No matter who wins it, it’s Bitcoin that will be on top in the end.
unfortunately it would appear that the usa governments hands are dirty and it has stolen peoples bitcoins, confiscated them, throwing people in jail and all kinds of things. enjoy your bitcoins you buy from uncle sam because it is blood money...
Of course the US is accumulating Bitcoin. The government is not that stupid. It knows that the more supply it controls, the less people will be able to gain self-custody of their funds. The numbers will keep growing as Bitcoin becomes more popular. Even institutional investment companies such as BlackRock and VanEck are giving indirect control of BTC to the US government.
Fortunately, the network's consensus is determined by nodes and miners (not those with a lot of economic power). So I'm hopeful Bitcoin will stay decentralized and censorship-resistant forever. We must encourage people to practice self-custody for the betterment of Bitcoin as a free (as in freedom) currency for all. Who knows what the future holds for the cryptocurrency?
March 08, 2024, 09:23:49 PM
japanese gov(courts) had control of more coin than US, and from just one source (mtgox bankruptcy)
that very well may be true. so why not have a multi-government organization kind of like interpol except for bitcoin criminals. once this organization agrees that a certain bitcoin address has stolen funds or is related to criminal activity, they can issue a transaction to the blockchain to sieze the bitcoin on that address and have it transferred to their own address for further processing.
if they can establish a missing persons unit of interpol they could establish a bitcoin recovery unit too. and get that integrated directly into the bitcoin network if possible!
Interview: INTERPOL Launches Missing Persons Unit
https://www.hstoday.us/featured/interview-interpol-launches-missing-persons-unit/
it's not always possible to recover stolen bitcoin otherwise...
bitcoin ownership decided by human court.. um no thanks, lets not bastardise bitcoin via more code softened dev human control politics.
for instance.. lets take normal court:
in your silly scheme i could just say reward from blocks 1-100,000 are illegal, i file a claim in court, satoshi doesnt turn up to defend his coins, i win by default(absentee defence) and court writes a special tx which bitcoin recognises as a court created tx, court gets paid then court pays me
1 day later everyone is at the court house claiming every bitcoin is stolen and hope the real owners dont turn up, thus win by default due to absent defence
sorry but lets not bastardise bitcoin by breaking its security model
all of those scenarios you mentioned franky are impossible since we're talking about a special government unit that does their own drug human trafficking hacker investigations and decides what addresses need to be confiscated. no one is going to walk into a courthouse and have access to that special government unit so keep your private keys backed up they wouldn't save you if you lost them.
and the good news in that type of scenario is drug dealers lose their bitcoin at worst and also go to jail at best! everyone wins right?
March 08, 2024, 09:15:57 PM
We have known about the US government's tradition of confiscation for a long time.
if we agree that the usa government is allowed to confiscate peoples' bitcoin if they are criminals then why not put some type of feature in bitcoin where that can happen in a more automated fashion. example: still go through the legal system if you must but once they get the court order, they can present that order as a bitcoin transaction that miners would put into a block which would transfer the stolen bitcoin to the usa government's address. that seems reasonable to me. and no one here that agrees with government confiscation should have any issue with that since it increases the number of situations where victims can get their money back.Quote from: bitLeap
The US government does not immediately confiscate if there is no good reason, in this case confiscating it from criminals, etc.
imagine if they could prove a certain bitcoin address was involved in say drug smuggling but they didn't know who was behind it exactly. no need to know. just issue the special transaction to the blockchain and the bitcoin is automatically transferred out of those bad peoples' addresses into the government coffers to be used for whatever they see fit. again, if you're not a criminal then you shouldn't have any issue with this at all
bitcoin ownership decided by human court.. um no thanks, lets not bastardise bitcoin via more code softened dev human control politics.
for instance.. lets take normal court:
in your silly scheme i could just say reward from blocks 1-100,000 are illegal, i file a claim in court, satoshi doesnt turn up to defend his coins, i win by default(absentee defence) and court writes a special tx which bitcoin recognises as a court created tx, court gets paid then court pays me
1 day later everyone is at the court house claiming every bitcoin is stolen and hope the real owners dont turn up, thus win by default due to absent defence
sorry but lets not bastardise bitcoin by breaking its security model
#not-your-keys-not-your-coin
March 08, 2024, 08:54:58 PM
We have known about the US government's tradition of confiscation for a long time.
if we agree that the usa government is allowed to confiscate peoples' bitcoin if they are criminals then why not put some type of feature in bitcoin where that can happen in a more automated fashion. example: still go through the legal system if you must but once they get the court order, they can present that order as a bitcoin transaction that miners would put into a block which would transfer the stolen bitcoin to the usa government's address. that seems reasonable to me. and no one here that agrees with government confiscation should have any issue with that since it increases the number of situations where victims can get their money back.Quote from: bitLeap
The US government does not immediately confiscate if there is no good reason, in this case confiscating it from criminals, etc.
imagine if they could prove a certain bitcoin address was involved in say drug smuggling but they didn't know who was behind it exactly. no need to know. just issue the special transaction to the blockchain and the bitcoin is automatically transferred out of those bad peoples' addresses into the government coffers to be used for whatever they see fit. again, if you're not a criminal then you shouldn't have any issue with this at all
March 08, 2024, 03:13:58 AM
The US government does not immediately confiscate if there is no good reason, in this case confiscating it from criminals, etc. Regardless of the agenda out there that says that the US always has what everyone else in the world has and what all countries have. Only one goal is full dick and maintaining its status as a superpower that controls every financial producing sector. Everyone already knows the story, but they can't completely control Bitcoin. Even though you hold 1%, it doesn't mean the US government is part of the legal owner because it was taken from confiscated proceeds. We have known about the US government's tradition of confiscation for a long time.
March 08, 2024, 02:46:43 AM
They’ll probably sell it to Blackrock on the cheap discretely. Just a mild conspiracy theory but it wouldn’t surprise me now that Spot ETFs are here. Bitcoin is now firmly planted in mainstream US finance & it’s going nowhere. If they really wanted to benefit from Bitcoin then the US Government should be holding that Bitcoin plus buying more to hedge against their forever devaluing fiat ponzi scheme aka the USD.
Nice theory but I can totally agree with you on that but I'd like to add that it's probably not Blackrock that's getting those bitcoins sold to, most likely it's big banks like JP Morgan, even though they're a total opposition to bitcoin, they'll definitely buy those because it's sold to them at a discount by the US government. Or we can both be wrong about this and it's just the US government selling their bitcoins and getting all the profits for themselves, they need that money after all so why go through more complications when they can get the money themselves right? And maybe they might consider assuming control on bitcoin market after all, they're not the really good kind of government at all so the possibilities of evil things that they can do is just too many to list down. March 08, 2024, 02:45:37 AM
It all still return to the circulation even if there is confiscation by the US government happened since they sold it all again in an auction. If all of that confiscated Bitcoins will be sent into a dead address it would be nice as it may help skyrocket prices.
Bitcoin community will benefit on this whatever they wanted to do with it at the end of the day.
Bitcoin community will benefit on this whatever they wanted to do with it at the end of the day.
March 08, 2024, 02:08:10 AM
lol...stolen?? They literally confiscate it from criminals, people either who did illegal stuff to get bitcoin or who stole the bitcoin themselves. "throwing people in jail"...yeah cuz they were criminals who got caught.
So the coins they have seized from the Bitfinex hackers are dirty coins, they should have just left the hackers enjoy them , right?
Quote
The coins they got from James Zhong were against stolen coins, right? Or coins that a hacker got from Silk Road where legitimate gains in your opinion?
people should be responsible for securing their bitcoin that's the premise of bitcoin if not then don't use it but if you want to use it then accept the risks and act accordingly.Quote
Why don't you open a petition, the government should not try to seize any of the FTX coins, they are SBF's coins, he duped people for it legally, they should not seize one coin to pay back the ones that lost money on it. Same for Celsius or MtGox, just let the scammers enjoy the benefits!
that's right. you can let him go free and he will be an example of what happens when people are dumb and trust someone else with their bitcoin. that way they learn not to do it again.when are people going to understand that once bitcoin is transferred to a new address, there is no reversing it. and there is a new owner. all the bitcoin miners have to go with that and the government can't reverse it no matter what they do because if they could, which seems to be something you would agree with, then they would be taking complete control of bitcoin and it would not be decentralized anymore.
March 07, 2024, 07:01:20 AM
unfortunately it would appear that the usa governments hands are dirty and it has stolen peoples bitcoins, confiscated them, throwing people in jail and all kinds of things.
You said it yourself. The US government does not want to keep its bitcoins because they want (what they call) "liquid cash". That's why they auction off their bitcoins like crazy, sometimes vastly deviating from the market price of Bitcoin at the time it is sold.
It's a good opportunity for arbitrage though. Either way, those USA bitcoins usually end up in the hands of exchanges. So it's not like the US is going to control an ever-increasing amount of bitcoin. As long as they keep auctioning it that is.
Auctions are like that sometimes you get great deals as the buyer, other times the seller is looking at you like you lost your mind that you paid that much for something.
Government auctions are even more wonky because of the mixture of stuff that may be in it.
Cars, other vehicles and parts, tents, some BTC, snow removal equipment, all being auctioned on the same day at the same site.
We like to think that people are going to show up for the BTC, but more people might be interested in the cars.
On that note, anyone near Waco, TX who wants a good deal on a scrap Beechcraft?
https://www.gsaauctions.gov/auctions/preview/275409
-Dave
March 07, 2024, 06:44:43 AM
unfortunately it would appear that the usa governments hands are dirty and it has stolen peoples bitcoins, confiscated them, throwing people in jail and all kinds of things.
You said it yourself. The US government does not want to keep its bitcoins because they want (what they call) "liquid cash". That's why they auction off their bitcoins like crazy, sometimes vastly deviating from the market price of Bitcoin at the time it is sold.
It's a good opportunity for arbitrage though. Either way, those USA bitcoins usually end up in the hands of exchanges. So it's not like the US is going to control an ever-increasing amount of bitcoin. As long as they keep auctioning it that is.
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