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Author Topic: US government should start a Strategic Bitcoin Reserve with Seized Coins  (Read 1689 times)
crazy_rabbit
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October 07, 2013, 08:06:26 AM
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While a number of people think the Government seizing the SilkRoad coins is a bad thing, it might actually work to our benefit. Having the US government as a major shareholder of BTC could provide a good stability mechanism for Bitcoin. According to one article on the SR adventure, the FBI still has not gotten to DPR's encrypted Bitcoin wallet which supposedly holds nearly $80 million worth of Bitcoin. With this amount of Bitcoin in public coffers at this stage in the game it means that the US government could end up being one of the largest holder of bitcoin in the entire ecosystem and might spur other governments (namely China) to aggressively seek to create/mine/seize their own reserves of Bitcoin. Such information would most likely be a boon to the value of Bitcoin and could see the integration of Bitcoin into large public financial structures down the line.

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October 07, 2013, 08:09:14 AM
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*shudder*

I think the last thing any of us want is for there to be an actual incentive to encourage the government to steal people's BTC.  They already do that enough with our fiat, cars, houses, etc.
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October 07, 2013, 08:20:36 AM
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*shudder*

I think the last thing any of us want is for there to be an actual incentive to encourage the government to steal people's BTC.  They already do that enough with our fiat, cars, houses, etc.

The fact is the incentive has always been there. Fortunately they at least have to find a reason first, unlike the countless actual thieves out there, and you do have legal recourse. IE: there is a crazy slim chance that DPR gets acquitted and gets his coins back.

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October 08, 2013, 05:51:41 AM
 #4

If it's true that DPR's encrypted wallet has 600,000 Coins in them, then maybe the NSA should give their hand at trying to crack his encryption. :-)

http://www.theguardian.com/technology/2013/oct/07/fbi-bitcoin-silk-road-ross-ulbricht

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October 08, 2013, 05:52:44 AM
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If it's true that DPR's encrypted wallet has 600,000 Coins in them, then maybe the NSA should give their hand at trying to crack his encryption. :-)

http://www.theguardian.com/technology/2013/oct/07/fbi-bitcoin-silk-road-ross-ulbricht

I can see them going for it either that or Prison Break XD
Also thanks knew that was true
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October 08, 2013, 06:22:14 AM
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If it's true that DPR's encrypted wallet has 600,000 Coins in them, then maybe the NSA should give their hand at trying to crack his encryption. :-)

http://www.theguardian.com/technology/2013/oct/07/fbi-bitcoin-silk-road-ross-ulbricht

I see something like this as more likely.



Except in place of the $5 wrench, I'd imagine a threat of a harrowingly long mandatory minimum sentence would be the coercion.
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October 08, 2013, 08:09:11 AM
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Tax refunds in BTC? Social security in BTC? Give us our fucking money back, permanently. Including the BTC of innocents and victimless criminals on Silk Road.

Assuming DPR is really who they say he is.

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October 08, 2013, 08:26:52 AM
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If it's true that DPR's encrypted wallet has 600,000 Coins in them, then maybe the NSA should give their hand at trying to crack his encryption. :-)

http://www.theguardian.com/technology/2013/oct/07/fbi-bitcoin-silk-road-ross-ulbricht

I see something like this as more likely.



Except in place of the $5 wrench, I'd imagine a threat of a harrowingly long mandatory minimum sentence would be the coercion.

They just need some cloth and water. They have done it before so why not now?

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October 08, 2013, 10:16:28 AM
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Creating a strategic Bitcoin and Namecoin reserve would be the best what the governments could do to stabilize their national currency.
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October 08, 2013, 11:16:13 AM
 #10

While a number of people think the Government seizing the SilkRoad coins is a bad thing, it might actually work to our benefit. Having the US government as a major shareholder of BTC could provide a good stability mechanism for Bitcoin. According to one article on the SR adventure, the FBI still has not gotten to DPR's encrypted Bitcoin wallet which supposedly holds nearly $80 million worth of Bitcoin. With this amount of Bitcoin in public coffers at this stage in the game it means that the US government could end up being one of the largest holder of bitcoin in the entire ecosystem and might spur other governments (namely China) to aggressively seek to create/mine/seize their own reserves of Bitcoin. Such information would most likely be a boon to the value of Bitcoin and could see the integration of Bitcoin into large public financial structures down the line.

That was the case from the start. Use Litecoin instead.
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October 08, 2013, 11:29:33 AM
 #11

While a number of people think the Government seizing the SilkRoad coins is a bad thing, it might actually work to our benefit. Having the US government as a major shareholder of BTC could provide a good stability mechanism for Bitcoin. According to one article on the SR adventure, the FBI still has not gotten to DPR's encrypted Bitcoin wallet which supposedly holds nearly $80 million worth of Bitcoin. With this amount of Bitcoin in public coffers at this stage in the game it means that the US government could end up being one of the largest holder of bitcoin in the entire ecosystem and might spur other governments (namely China) to aggressively seek to create/mine/seize their own reserves of Bitcoin. Such information would most likely be a boon to the value of Bitcoin and could see the integration of Bitcoin into large public financial structures down the line.

That was the case from the start. Use Litecoin instead.

Till they seize that too.

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October 08, 2013, 11:09:17 PM
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Isn't this what all the gold reserves are supposed to be for? In fact, what is the official government line on the purpose of gold reserves in this current era? I'm guessing it sounds at least a little indefinite... Cheesy (if such a thing even exists as a single statement of policy)

Vires in numeris
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October 08, 2013, 11:34:59 PM
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They could use that to raise the debt ceiling

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October 09, 2013, 12:02:50 AM
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crazy rabbit.

let them buy them like everyone else.
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October 09, 2013, 01:23:26 AM
 #15

<TinHat>
Kind of a far fetched extension of the OP's idea, but, perhaps the FBI waited as long as it could to bust DPR hoping to increase their take...perhaps the debt ceiling crisis forced their hand to take him now...maybe this is the contingency plan for a collapse of the US Dollar...owning 5% of all the Bitcoin isn't a bad position to be in at the start of a financial armageddon.

</TinHat>

Hardfork aren't that hard.
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October 09, 2013, 06:39:14 AM
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<TinHat>
Kind of a far fetched extension of the OP's idea, but, perhaps the FBI waited as long as it could to bust DPR hoping to increase their take...perhaps the debt ceiling crisis forced their hand to take him now...maybe this is the contingency plan for a collapse of the US Dollar...owning 5% of all the Bitcoin isn't a bad position to be in at the start of a financial armageddon.

</TinHat>

lol

yeah, the FBI let one of the most notorious drug rings in history run for a few extra months so they could nab $80M instead of $70M. Because the government always does the most profitable thing.

The government couldn't give less of a shit about Bitcoin. To 99.99% of the world they are internet funbux. Shit, even to me they're still internet funbux.

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October 09, 2013, 08:11:20 AM
 #17

crazy rabbit.

let them buy them like everyone else.

Exactly, but no need to buy them now, right? Especially if they crack open DPR's encrypted wallet. It's a perfect addition to the US financial system with one fell swoop. A real coup' if you think about it.

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October 09, 2013, 11:46:57 AM
 #18

While a number of people think the Government seizing the SilkRoad coins is a bad thing, it might actually work to our benefit. Having the US government as a major shareholder of BTC could provide a good stability mechanism for Bitcoin. According to one article on the SR adventure, the FBI still has not gotten to DPR's encrypted Bitcoin wallet which supposedly holds nearly $80 million worth of Bitcoin. With this amount of Bitcoin in public coffers at this stage in the game it means that the US government could end up being one of the largest holder of bitcoin in the entire ecosystem and might spur other governments (namely China) to aggressively seek to create/mine/seize their own reserves of Bitcoin. Such information would most likely be a boon to the value of Bitcoin and could see the integration of Bitcoin into large public financial structures down the line.

They probably can't do much, especially if their actions are in the open, but, if anything, they will use it to destabilize bitcoin rather than stabilize it. That is based on the experience with gold (note: suspicion only).


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crazy_rabbit
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October 09, 2013, 11:51:05 AM
 #19

While a number of people think the Government seizing the SilkRoad coins is a bad thing, it might actually work to our benefit. Having the US government as a major shareholder of BTC could provide a good stability mechanism for Bitcoin. According to one article on the SR adventure, the FBI still has not gotten to DPR's encrypted Bitcoin wallet which supposedly holds nearly $80 million worth of Bitcoin. With this amount of Bitcoin in public coffers at this stage in the game it means that the US government could end up being one of the largest holder of bitcoin in the entire ecosystem and might spur other governments (namely China) to aggressively seek to create/mine/seize their own reserves of Bitcoin. Such information would most likely be a boon to the value of Bitcoin and could see the integration of Bitcoin into large public financial structures down the line.

They probably can't do much, especially if their actions are in the open, but, if anything, they will use it to destabilize bitcoin rather than stabilize it. That is based on the experience with gold (note: suspicion only).

I've never gotten the rabid suspicion of the US government from Bitcoin folks. I agree it's not a transparent country and all that, but it's not a one party dictator for life organisation. There are normal people who run for office, get elected, and make a difference. There is no reason to think they would wantonly destabilize bitcoin for no reason. And no, contrary to what the forum might think, bitcoin is not a threat to the dollar by far. 

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October 09, 2013, 12:02:14 PM
 #20

Tax refunds in BTC? Social security in BTC? Give us our fucking money back, permanently. Including the BTC of innocents and victimless criminals on Silk Road.

Assuming DPR is really who they say he is.

I passed on your request to the customer service rep at the FBI.  He seemed really helpful, offered me a cup of coffee, we discussed the pros & the cons, and just when i was ready to take back the coinz he laughed, pointed at me & told me to GTFO Shocked
I think he peed in my coffee, too Sad
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