Bitcoin Forum

Once we determine which exchange is attempting to sell off the coins that exchange will be deemed useless.

If you or Billy buys the coins from them direct, it will still get traced somewhere whether it be an exchange, business, or another individual.

Do not accept these FBI/drug coins in the market.

They were fine before the FBI took them but not now? ::)

I will accept the FBI coins. You're attacking Bitcoin's core value proposition, which is fungibility, with this call. True money has to be fungible, meaning each unit exchangeable on a 1:1 basis with another.

If FBI sells the coins in every exchange, you are going to boycott every exchange?

Agree with OP, I don't necessarily want to avoid dodgy coins, but I'm not going to go out of my way to be a buyer of them. Wasn't so long ago everyone was up in arms about coin tainting and blacklisting, I don't know what the future holds in that regards.

They were never fine as deemed by the FBI.

The FBI however cannot claim use of the coins along with the original owner, owners, individuals, etc.

They must be wiped from the Bitcoin network since they are disputed within another network.

These outside network systems cannot create a negative impact on Bitcoin or it then defeats the purpose of using this system for holding and exchanging value on a global scale.

We the community are aware of these coins and they have been marked for this purpose, it does not matter how much you try to "wash" the coins, they will forever be locked in the Bitcoin system.

This is 100% true.

If you're not going to accept coins from any address that was touched by the FBI-coins (once they hit the open market), you might as well stop using Bitcoin.

Dooglus (known for Just-Dice) at some point performed an analysis to determine where the famous 10K BTC for a pizza ended up. The answer? Pretty much everywhere (source: http://bitcoin.stackexchange.com/questions/450/is-there-any-way-to-track-an-individual-bitcoin-or-satoshi/2900#2900). And that was at a time when Bitcoin was being used a lot less.

Sooner or later, any coins that you don't like will find a way into your wallet. It is inevitable unless you disconnect yourself from the currency.

Let us know when you update the software and hard fork bitcoin to do this.  It will be fascinating to watch.

Ruining the fungibility of bitcoin is such a "great" idea I am sure you'll get at least a half dozen people to switch to your new alt-coin fork.

indeed 100 % true, if this were possible, that a group of activists could somehow invalidate anyones bitcoin for whatever reason they deem fit, because they dont like how these bitcoins were acquired, soon people would lose faith in bitcoins value. Because what is next, a group of anti gambling activist declares all Satoshi dice bitcoin null and void ? or a group of anti porn activists declares all bitcoin earned by porn sites null and void ?

What the OP plans to do can not be done with bitcoin and that is a good thing, because if it could be done, this would be a much bigger threat to BTC then the FBI dumping some coins.

To me this fear of the FBI dumping their coins is just silly, it actually demonstrates to the neutral unbiased observer that a lot of bitcoin owners feel pretty insecure about the vallue of their bitcoins since they so worried about someone dumping them. This looks a lot like when a new altcoin hits the exchanges and holders start bashing peeps for dumping their coins on the exchange.

These plans about boycotting anyones coins are just fantasies of people that refuse to face reality and deal with it.

As much as I hate the idea of the FBI and Government profiting from a drug raid ... (I've been raided before and am currently on probation)...

This is like saying you don't enjoy holding the $20 bill in your wallet because it has trace amounts of cocaine on it. Roughly 90% of all US paper currency has trace amounts of cocaine on it. If you don't want those bills, I'll gladly take them.

And they could just use a mixer.

A mixer will not hide the coins, you cannot hide in the Bitcoin network what so ever.

Mixers just spread the coins around many places, but they still link back to the original wallet the FBI had.

You don't even need to create a fork to reject anyone/place/business that has FBI tainted Bitcoins.

You don't have to create a fork, you can do it yourself on your own.  Let us know when that software is available, but note that once (if) the FBI auctions those coins (probably years away) within a very short period it will be nearly impossible to get a bitcoin payment without having tainted coins at some point.

If you want the network to reject the coins as was stated above, then you will have a hard fork.  It would be interesting to see how many people join the NonFungibleCoin network.  I know that many people will not want to establish the precedent that anyone is able to decide for any particular reason in the future that their coins are no longer spendable.

How's that even possible? Are they snorting tons of coke at the money printing factories?

It really does surprise me that you didn't know about this. It happens with most paper currencies.

To add the the argument, if you receive a single satoshi from anyone that got at least a satoshi from somebody who got at least a satoshi (you get the idea) from the FBI, all of your bitcoins at the receiving address will be tainted, not only that single satoshi.

You don't need to create software it is within the Bitcoin system.

https://en.wikipedia.org/wiki/Contaminated_currency (https://en.wikipedia.org/wiki/Contaminated_currency)
Cross-contamination by notes that have come into contact with drugs in the past.

Read my previous post. Once those FBI coins start moving, it won't be long until almost every wallet is 'tainted'. What are you going to do? Abandon Bitcoin?

If you went to the ATM right now and found out the $20 bill you just took out use to be in the pocket of a serial child molestor , would you return the $20 bill ?

Someone in another thread said something that stuck in my head.... money isn't guilty.

A bitcoin is a bitcoin, regardless of who's hands it ever passed though.

Unless the FBI were to dump them all at once (which there isn't any indication they would)  you should be happy the coins are coming back on the market. Would you prefer the FBI just hoard them ?

I'd laugh if they sold them on here and got scammed lol.

Then maybe you shouldn't of bought drugs with them in the first place...how bout that?  ::)

This is the dumbest thing I've heard yet this morning. But the morning is still young.

Don't ever speak on my behalf again. I think you are feeling a bit too self-righteous having joined this forum not 3 months ago.

What specifically do you mean by "it is within the Bitcoin system"?

There is another whole thread on exactly this same subject here:

https://bitcointalk.org/index.php?topic=412041.0

All of the responses in that thread to this idiotic notion apply to this thread as well.

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 (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?

The above is a verbatim copy of my reply to this thread https://bitcointalk.org/index.php?topic=412041.0;all (https://bitcointalk.org/index.php?topic=412041.0;all) It applies equally to this other proposed fork. Regardless of whether it is the state trying to freeze coins or those who hate the state trying to seize the state's coins the answer in both cases has to be NO.

The above is a verbatim copy of my reply to this thread: https://bitcointalk.org/index.php?topic=5979.0;all (https://bitcointalk.org/index.php?topic=5979.0;all)

As with the two fork proposals above this one also belongs in the trash.

The bottom line for both this thread and the other thread here:

https://bitcointalk.org/index.php?topic=412041.0

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?

Take the tainted coins. They're just as good as other bitcoins. You can tell by the way the FBI chose to keep them, not burn them.
At an individual level, concern over the source of every satoshi of your funds is too much for human processing capabilities.

It would, on the other hand, please and amuse me greatly if exchanges already had code in place to:
• detect coins from the FBI purse in accounts deposits
• relieve those accounts of those coins
• destroy the coins by sending them to an impossible address (range)

But my my they'd have to have some titanium testicles. And a go bag ready.

Clearly, you have totally ignored the few previous posts on why it wouldn't be able to do this due to how most bitcoins in existence would eventually be tainted.

i dont see any reason to boycott any tainted BTC

A Bitcoin proponent saying he wants to be the first to block certain coins is like a free speech proponent saying he wants to be the first to censor something.

We don't need blocks, blacklists, whitelists, labels or bans.

We already have what we need:  math.


If the recipient of Bitcoin can solve the math, they get the coin.  Period.  End of story.

Opening the door to ban lists is a door open for major banks and regulators to do the same.

to the OP and anyone that does not want tainted coins. please send any tainted coins you receive to either:
1. me
2. a faucet
3. anyone that has also posted that they dont care

Bitcoin is bitcoin. It is nothing more than a string of ones and zeros. It's got no past.

Wrong, everything within the Bitcoin network is forever recorded having a detailed record of the past.

Yup, it's got a recorded past and a recordable future.

"Pecunia non olet" :D

You can launder any money, given enough resource. Bitcoin + 3rd party laundering service = mafia's dream.

Well yeah, but it's probably easier to just launder cash. Bitcoin/cryptocurrency is just a new way to do this.

It's seriously retarded to propose any sort of boycott on the FBI coins. This is the sort of cronyism and interference that underpins our current financial system!

Let the market function normally, the FBI sell the coins, the price of BTC dips, everybody who is in for the long game can buy cheap and the market eventually corrects itself.

That is what happens when the current financial system is underpinning you.

Yeah, exactly. That's the test case to see if every bill is good and ready to leave the house ^^