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.
Maybe part of the comedy is the article's use of the expression: "simply freeze the funds" which hardly any government or court is going to be that dumb to even try it, are they? It would be the kind of thing that would inspire scoff law and show the government's impotence in that direction.. so many of us would likely speculate that no government nor court would even want to play that kind of an "order the freeze" card.
Luckily, I'm not addicted to crypto at all.
I might have a mild dependence on bitcoin, though...
Good point.
Until I saw your post, I was kind of wondering what that "crypto" thingie-ma-jiggie was and if it were to be somehow related to bitcoin.
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?
Life is definitely worse without bitcoin.
It seems that a lot of us would be a pretty pathetic kind of a place without bitcoin.. Maybe we would end up turning into various kinds of political activists? or detached? or in the woods like Ted Kaczynski? I suppose that there could be ways to still feel that there is something that can be done about any investment that we make to be in a kind of peril. Maybe we would hedge with real estate or gold, but surely the gold bugs are not doing good these days. Would gold do better if bitcoin did not exist? Perhaps?
Another reason to feel lucky that we are not in a position in which we would have to choose some of those various inferior investments.
[edited out]
I can buy $50 a day pretty easy peasy by simply selling the alt coin I simply do not like or mention. I mine a lot of it I am over invested in gpus. It is why I have been buying $50 a day since we dropped i from the 60k level I think it was on Nov 23.
I sold 17-18k at 61-67k and then went about buying it back using the unnamed shit coin sales.
Of course, we have discussed the idea of make up contributions that exist for retirement plans in the USA for anyone who is 50 years or older, so in the USA, retirement plans may well only allow for the
contribution of around $20k per year, but if you are 50 years old or older, then you can add an additional $6,500 to your amount.
So maybe you are considering something similar, philip? A kind of making up of the stacking of sats.
For sure there could be ways to make $50 per day or $350 per week to be sustainable, yet it is surely a bit more than most normies would be willing to contribute.. but surely, if you are able to sustain an extra $350 per week, then maybe you would want to just keep it as a current practice until you are either at fuck you status or getting close to fuck you status (whatever you determine that fuck you status to be, whether it is $2 million, $3.75 million as you had mentioned before, or some other amount that you believe might be suitable to your specifics).
Of course, one of the reasons that some of us might seem to get either greedy or anxious in our own stacking of sats is because frequently there can be feelings of security to either arrive to fuck you status early or to end up exceeding it; however, I am also an advocate of NOT letting the perfect be the enemy of the good because if you are able to manage and evaluate your BTC holdings in a way that accounts for volatility, then you should end up in a position that you had ended up pulling the fuck you lever too early.
I know that my charts might not always be sufficiently flexible, but let's say that in your case you had more or less started $350 extra invested in BTC per week and we can presume a starting point of around $50k and an average BTC price appreciation of about 12% per year, so we can see from the below chart that you would end up at around 1.2 BTC extra after four years of sticking with such an ongoing BTC accumulation plan, and nearly 2 BTC if you were able to continue for 8 years. Of course, I understand that you do not have 8 years, but you just want to put yourself in a better position in a relatively soon time of maybe even less than 5 years, if that were possible. Of course, I recognize and appreciate that I am projecting out some pretty whimpy BTC appreciation values, but in any case there is going to be some difficulties in having some kind of fair estimation that ends up being accurate, even though we can get some ballpark ideas, and also we can even create our own charts and tweak the assumptions contained therein.
Start $ StartDate % gain /time Time Price/BTC #BTC$0 11/23/21 6.00% 182.6 $50,000.00 0.00000000
DCA-$350/Wk
Date $Value DCA-Add TotInvstd Profits Price/BTC #BTC 5/24/22 $9,646 $9,646 $9,100 6.00% $53,000 0.18200000
11/23/22 $19,871 $9,646 $18,200 9.18% $56,180 0.35369811
5/24/23 $30,709 $9,646 $27,300 12.49% $59,551 0.51567747
11/23/23 $42,198 $9,646 $36,400 15.93% $63,124 0.66848817
5/24/24 $54,375 $9,646 $45,500 19.51% $66,911 0.81264922
11/22/24 $67,284 $9,646 $54,600 23.23% $70,926 0.94865021
5/24/25 $80,967 $9,646 $63,700 27.11% $75,182 1.07695303
11/22/25 $95,471 $9,646 $72,800 31.14% $79,692 1.19799342
5/24/26 $110,845 $9,646 $81,900 35.34% $84,474 1.31218247
11/23/26 $127,142 $9,646 $91,000 39.72% $89,542 1.41990799
5/24/27 $144,416 $9,646 $100,100 44.27% $94,915 1.52153584 11/23/27 $162,727 $9,646 $109,200 49.02% $100,610 1.61741117
5/23/28 $182,137 $9,646 $118,300 53.96% $106,646 1.70785960
11/22/28 $202,711 $9,646 $127,400 59.11% $113,045 1.79318830
5/24/29 $224,520 $9,646 $136,500 64.48% $119,828 1.87368707
11/22/29 $247,637 $9,646 $145,600 70.08% $127,018 1.94962932
Poll
