shahzadafzal
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Activity: 1540
Merit: 2896
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December 28, 2021, 04:16:26 PM Merited by JayJuanGee (1) |
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How much BTC has US government seized, and what does it do with it?
To date, it has auctioned off 185,000 BTC.
After the coins are sold, the cash is then distributed to different government departments. It often goes into the Treasury Forfeiture Fund or the Department of Justice Assets Forfeiture Fund.
Wait that’s not the interesting part, interesting part is yet to come.
they’re slowly learning that much of this is unnecessary because Bitcoin was designed in such a way that wallets can be frozen, and funds can be moved by court order. In other words, code is not law, law is law.
To imagine how this might work in the future, let’s imagine that Ulbricht’s Silk Road was still active today. If authorities could prove that wallets x, y, and z belonged to Silk Road, say by using blockchain analytics tools combined with traditional investigation techniques, they could secure court orders from judges that issue the orders to miners/nodes and have them simply freeze the funds. Later, a court could order the miners/nodes to move the funds from the Silk Road wallets to the wallets of the receiving agency.
Only if it was that simple. Yes code is not the law but “open source” code is the law. Full article here https://coingeek.com/how-much-btc-has-us-government-seized-and-what-does-it-do-with-it/
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It is a common myth that Bitcoin is ruled by a majority of miners. This is not true. Bitcoin miners "vote" on the ordering of transactions, but that's all they do. They can't vote to change the network rules.
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Richy_T
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Activity: 2436
Merit: 2119
1RichyTrEwPYjZSeAYxeiFBNnKC9UjC5k
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December 28, 2021, 04:38:50 PM |
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Don't use Merriam Webster when playing against government people. They get to make up words as they go along. |
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ChartBuddy
Legendary
 Online
Activity: 2170
Merit: 1776
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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December 28, 2021, 05:01:28 PM |
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LFC_Bitcoin
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Activity: 3528
Merit: 9544
#1 VIP Crypto Casino
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December 28, 2021, 05:10:38 PM |
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BobLawblaw
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Activity: 1826
Merit: 5551
Neighborhood Shenanigans Dispenser
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December 28, 2021, 05:27:58 PM |
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d_eddie
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Activity: 2492
Merit: 2899
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December 28, 2021, 05:54:39 PM |
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they’re slowly learning that much of this is unnecessary because Bitcoin was designed in such a way that wallets can be frozen, and funds can be moved by court order. In other words, code is not law, law is law.
To imagine how this might work in the future, let’s imagine that Ulbricht’s Silk Road was still active today. If authorities could prove that wallets x, y, and z belonged to Silk Road, say by using blockchain analytics tools combined with traditional investigation techniques, they could secure court orders from judges that issue the orders to miners/nodes and have them simply freeze the funds. Later, a court could order the miners/nodes to move the funds from the Silk Road wallets to the wallets of the receiving agency.
Hahahaha, good luck with that. Secure court orders to miners in Iceland, or inner Mongolia. Sure. Only if it was that simple.
Yes code is not the law but “open source” code is the law.
IOW, indeed. |
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ChartBuddy
Legendary
Online
Activity: 2170
Merit: 1776
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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December 28, 2021, 06:01:38 PM |
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cygan
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Activity: 3150
Merit: 7784
Crypto Swap Exchange
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December 28, 2021, 06:56:11 PM |
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banks are fucked - BTC fix it  |
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ChartBuddy
Legendary
Online
Activity: 2170
Merit: 1776
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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December 28, 2021, 07:01:27 PM |
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Phil_S
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Activity: 2091
Merit: 1461
We choose to go to the moon
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December 28, 2021, 07:16:51 PM |
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need some hopium...
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serveria.com
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Activity: 2240
Merit: 1172
Privacy Servers. Since 2009.
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December 28, 2021, 07:26:31 PM |
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need some hopium...
No news at all - no hopium, no FUD yet we're going down.  |
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suchmoon
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Activity: 3654
Merit: 8922
https://bpip.org
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December 28, 2021, 07:38:54 PM |
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Guys, let's all take a moment of reflection for Bill Gates. He's had a really rough year...
Yeah, inflation is gonna eat his billions. Should've bought bitcoins when he had a chance. |
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philipma1957
Legendary
Online
Activity: 4116
Merit: 7849
'The right to privacy matters'
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December 28, 2021, 07:42:12 PM |
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need some hopium...
No news at all - no hopium, no FUD yet we're going down. Get ready for some good dip. 45k and I am in for more than my daily 50 dollar buy. |
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d_eddie
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Activity: 2492
Merit: 2899
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December 28, 2021, 07:45:41 PM |
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It's not that bad yet. We can stack sats at better than 2k/usd...
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ChartBuddy
Legendary
Online
Activity: 2170
Merit: 1776
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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December 28, 2021, 08:01:27 PM |
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El duderino_
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Activity: 2506
Merit: 12038
BTC + Crossfit, living life.
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December 28, 2021, 08:05:16 PM |
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d_eddie
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Activity: 2492
Merit: 2899
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December 28, 2021, 08:06:46 PM |
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Luckily, I'm not addicted to crypto at all.
I might have a mild dependence on bitcoin, though...
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LFC_Bitcoin
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Activity: 3528
Merit: 9544
#1 VIP Crypto Casino
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December 28, 2021, 08:10:22 PM |
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Luckily, I'm not addicted to crypto at all.
I might have a mild dependence on bitcoin, though...
Bro, what is life without bitcoin…. |
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serveria.com
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Activity: 2240
Merit: 1172
Privacy Servers. Since 2009.
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December 28, 2021, 08:13:15 PM |
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Luckily, I'm not addicted to crypto at all.
I might have a mild dependence on bitcoin, though...
Bro, what is life without bitcoin…. Wait... there IS LIFE without Bitcoin? Or life AFTER Bitcoin like in mindrust's case?  |
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serveria.com
Legendary
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Activity: 2240
Merit: 1172
Privacy Servers. Since 2009.
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December 28, 2021, 08:14:39 PM |
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need some hopium...
No news at all - no hopium, no FUD yet we're going down. Get ready for some good dip. 45k and I am in for more than my daily 50 dollar buy. Not sure if we're going to dive that low... $45k doesn't seem too close atm |
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