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Author Topic: Stolen Bitcoins  (Read 1052 times)
QuantumQrack
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October 22, 2012, 12:21:41 AM
 #1

Can somebody enlighten me here:

I have heard that stolen bitcoins are not allowed to process further in the blockchain, i.e. they are rejected.  Is this true, or ring true for anybody?

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tbcoin
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October 22, 2012, 12:32:03 AM
 #2

Completely false

Sorry for my bad english Wink
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hazek
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October 22, 2012, 12:32:36 AM
 #3

Any Bitcoin transaction virtually can't be stopped or blocked.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
QuantumQrack
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October 22, 2012, 12:37:08 AM
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Thanks for the answers. 
QuantumQrack
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October 22, 2012, 12:43:15 AM
 #5

Another question then: 

Are there bitcoin based businesses out there that reject stolen bitcoins?  Are they like blackmarked?

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hazek
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October 22, 2012, 12:54:31 AM
 #6

There is no such thing as stolen bitcoins. There are only allegedly stolen bitcoins and even those are not so anymore after a few transactions because it's impossible to know if they are still in the hands of the alleged thief.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
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October 22, 2012, 12:58:15 AM
 #7

Quote
I have heard that stolen bitcoins are not allowed to process further in the blockchain, i.e. they are rejected.
This is not true at all. Somebody made fun from You.
Quote
Are there bitcoin based businesses out there that reject stolen bitcoins?  Are they like blackmarked?
Some businesses are known in some time in past to keep and not release coins they consider "tainted". Mt.Gox are prime example on this. And there are nolifers who follow transactions down to blockchain wasting their time in a hope to catch the thief.

If You need assistance for properly laundering your coins so they will be accepted as clean by all exchanges then I will do it for very small fee.

1LEaxxAh1LKFUvDKYVhiMEVAHRM7K5o7cF
QuantumQrack
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October 22, 2012, 01:01:03 AM
 #8

That isnt why I am asking.  I am asking because if there is a mechanism to reject bitcoins, and that mechanism is controlled by popular vote or whatever, the bitcoins are useless as a non-centralized currency.
hazek
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October 22, 2012, 01:11:44 AM
 #9

That isnt why I am asking.  I am asking because if there is a mechanism to reject bitcoins, and that mechanism is controlled by popular vote or whatever, the bitcoins are useless as a non-centralized currency.

Let me repeat: Any Bitcoin transaction virtually can't be stopped or blocked.

My personality type: INTJ - please forgive my weaknesses (Not naturally in tune with others feelings; may be insensitive at times, tend to respond to conflict with logic and reason, tend to believe I'm always right)

If however you enjoyed my post: 15j781DjuJeVsZgYbDVt2NZsGrWKRWFHpp
sgravina
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October 22, 2012, 01:40:10 AM
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That isnt why I am asking.  I am asking because if there is a mechanism to reject bitcoins, and that mechanism is controlled by popular vote or whatever, the bitcoins are useless as a non-centralized currency.

It's true.  You can transfer bitcoins to an address and nobody can prevent it.  Neither that address nor it's owner nor the whole bitcoin network can prevent the transfer.  Even if the address doesn't exist you can force bitcoins to it.  In that case the bitcoins become lost, never to be transferred again.
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October 22, 2012, 03:42:15 AM
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That isnt why I am asking.  I am asking because if there is a mechanism to reject bitcoins, and that mechanism is controlled by popular vote or whatever, the bitcoins are useless as a non-centralized currency.
It is impossible to reject coins under circumstances except double-spending (ie, trying to re-spend a coin that you already spent and no longer own), or rather, it is impossible to prevent other people from sending coins (regardless of their origin) to you. All proposols to prevent "tainted" bitcoins from circulating fall down on this point.

For example, suppose you receive a bitcoin that you believe to be stolen. What then? You can't keep it while refusing to accept it as payment as you would with a counterfiet $100 bill, since the bitcoin in question is provably not counterfeit and absolutely genuine in every way. You also can't send it back since it is impossible to know whether the sending address actually belongs to the person to sent it (if they were using an online wallet for example, the address would belong to wallet provider, and not the individual who sent the coins). There is literally nothing you can do about it except accept the tainted bitcoin as valid payment.

Will pretend to do unverifiable things (while actually eating an enchilada-style burrito) for bitcoins: 1K6d1EviQKX3SVKjPYmJGyWBb1avbmCFM4
chedder
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October 22, 2012, 08:22:48 AM
 #12

Quote
I have heard that stolen bitcoins are not allowed to process further in the blockchain, i.e. they are rejected.
This is not true at all. Somebody made fun from You.
Quote
Are there bitcoin based businesses out there that reject stolen bitcoins?  Are they like blackmarked?
Some businesses are known in some time in past to keep and not release coins they consider "tainted". Mt.Gox are prime example on this. And there are nolifers who follow transactions down to blockchain wasting their time in a hope to catch the thief.

If You need assistance for properly laundering your coins so they will be accepted as clean by all exchanges then I will do it for very small fee.
http://www.bitcoinfog.com/ lol small fee
pgibson
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October 22, 2012, 10:10:21 AM
 #13

Some businesses are known in some time in past to keep and not release coins they consider "tainted". Mt.Gox are prime example on this. And there are nolifers who follow transactions down to blockchain wasting their time in a hope to catch the thief.

This is what I was refering to when I had suggested there are merchants who will blacklist (more appropriately called deny service as in DOS) in the freenode IRC (as NaruFGT).

As I said multiple times before, this is in the long run, ineffective. It only matters because for some theft, it will incur latency and overhead for the person trying to spend those coins.

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