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Author Topic: Stop panic selling  (Read 4570 times)
ChronoX5
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October 02, 2013, 07:18:22 PM
 #21

I'm curious about how they seized the bitcoins. To seize bitcoins, you have to get the private keys to the addresses holding them and transfer them.

Would it be seizing if they took a paper wallet from him?

Please keep in mind that I am currently trading/holding shares of ASIC Miner, ActiveMining, Rentalstarter, Labcoin and may be posting in my own interest. Always do your own research.
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
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XxionxX
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Digital money you say?


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October 02, 2013, 07:19:15 PM
 #22

Holy crap I totally missed all the cheap coins! You look away for one day and insane discounts are everywhere!

FAP Turbo 2.0, the FOREX trading robot which also trades bitcoin!

I had to link it because I love the name. Seriously, that is the real name.
Xiaoma
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October 02, 2013, 07:28:52 PM
 #23

Holy crap I totally missed all the cheap coins! You look away for one day and insane discounts are everywhere!

Wrong: You look away 10 minutes!! DAMN IT
mmitech
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October 02, 2013, 07:42:02 PM
 #24

Holy crap I totally missed all the cheap coins! You look away for one day and insane discounts are everywhere!

be thankful, I sold at 98$ at bitstamp thinking it would drop even further, thought about buying at 85 and then decided to wait a bit to see if it drops more.... price went up to 120 and I made a loss of 20BTC
notme
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October 02, 2013, 08:00:11 PM
 #25

Holy crap I totally missed all the cheap coins! You look away for one day and insane discounts are everywhere!

Wrong: You look away 10 minutes!! DAMN IT

My market making bot was ready with his standing orders Tongue

I love volatility Cheesy.

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notme
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October 02, 2013, 08:03:22 PM
 #26

They seized a few million in bitcoins, you don't think people here have more than that?
They seems have seized few million WORTH of Bitcoin (in USD value).

I hope they have brains to keep it safe. Maybe then, a few years down the road they will be able to pay up that fiat debt of theirs.

I'm not sure you want the FBI to have enough bitcoins to pay off the entire USG debt.  They are a law enforcement agency and will not give up their bitcoins.  They will use them to wield their influence.  Much of what they do is good, but with things like N-DEx they are an NSA wannabe with a data access security hole the size of every police department in the US.

https://www.bitcoin.org/bitcoin.pdf
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notme
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October 02, 2013, 08:11:25 PM
 #27

They seized a few million in bitcoins, you don't think people here have more than that?
They seems have seized few million WORTH of Bitcoin (in USD value).

I hope they have brains to keep it safe. Maybe then, a few years down the road they will be able to pay up that fiat debt of theirs.

I'm not sure you want the FBI to have enough bitcoins to pay off the entire USG debt.  They are a law enforcement agency and will not give up their bitcoins.  They will use them to wield their influence.  Much of what they do is good, but with things like N-DEx they are an NSA wannabe with a data access security hole the size of every police department in the US.

You're all assuming the dread Pirate did not have a self destruct in place. It would be nice if he had, especially for the customers.

My comment stands on its own without such assumptions.  A dead mans switch is possible, but it does not change the fact that the USG will not be paying down debt with funds seized by the FBI.

https://www.bitcoin.org/bitcoin.pdf
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johnyj
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October 02, 2013, 08:18:45 PM
 #28

Just missed the scene, I put a lot of buy order at $100 but none of them get executed

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October 02, 2013, 08:24:20 PM
 #29

Don't stop panic selling now!! The sky is falling, sell me your coins cheap while you still can!!!

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf
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October 02, 2013, 08:26:04 PM
 #30

Guys, I don't think the US gov't is dumping the coins yet.  He's not convicted yet and technically, they can't liquidate his asset until he's guilty of the crime.  There will be another huge sell off once everything is over.
ElectricMucus
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October 02, 2013, 08:26:49 PM
 #31

lol
theonewhowaskazu
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October 02, 2013, 08:59:07 PM
 #32

Guys, I don't think the US gov't is dumping the coins yet.  He's not convicted yet and technically, they can't liquidate his asset until he's guilty of the crime.  There will be another huge sell off once everything is over.

Don't they have to destroy it?

Lol, that would be hilarious. How much did they confiscate anyway?

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October 02, 2013, 09:00:15 PM
 #33

How come they got his wallet password???

gog1
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October 02, 2013, 09:02:30 PM
 #34

Guys, I don't think the US gov't is dumping the coins yet.  He's not convicted yet and technically, they can't liquidate his asset until he's guilty of the crime.  There will be another huge sell off once everything is over.

Don't they have to destroy it?

don't think so, proceeds from crime can be confiscated and auction off - gov't only destroy illegal stuff that it can't sell (like if they seized drugs, they'll have to destory it; if they seized money, it's theirs!).
theonewhowaskazu
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October 02, 2013, 09:02:49 PM
 #35

How come they got his wallet password???

Do you even have any evidence they do? It seems very likely to me that quite literally they asked him / viewed his computer how many Bitcoins he had (getbalance) and it returned something. That doesn't mean they necessarily have the decryption key.

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October 02, 2013, 09:04:50 PM
 #36

How come they got his wallet password???

With that famous xkcd $5 wrench.
giantdragon (OP)
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October 02, 2013, 09:10:02 PM
 #37

don't think so, proceeds from crime can be confiscated and auction off - gov't only destroy illegal stuff that it can't sell (like if they seized drugs, they'll have to destory it; if they seized money, it's theirs!).
May be they will not realize what to do with these Bitcoins and just forget about them?!
johnyj
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October 02, 2013, 09:53:49 PM
 #38

So now you know the worst method to store bitcoin is a paper wallet, anything with a strong password works better

Maybe tomorrow those coins were automatically transferred to another address by a script triggered after the accident

theonewhowaskazu
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October 02, 2013, 10:40:17 PM
 #39

IMO a paper wallet is still a good idea because computers have this habit of randomly dying, including those ones in the cloud. The ideal way of storing a wallet would be as a brain wallet, though.

wopwop
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October 02, 2013, 10:41:37 PM
 #40

LEAVE BITCOIN ALONE Cry
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