wolverine.ks (OP)
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October 07, 2013, 04:19:40 AM |
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Should miners collude to steal funds from wallet confiscated by US government?
are the any other situations where this is encouraged?
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datafish
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October 07, 2013, 04:21:37 AM |
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No, this puts us on the slippery slope of reducing fungibility.
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wolverine.ks (OP)
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October 07, 2013, 04:29:11 AM |
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51% or hard fork maybe. I'm sure it could be done with the top three pools pretty easily.
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knight22
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October 07, 2013, 04:29:16 AM |
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That would be really funny but also a really bad idea.
Allowing such behavior would open a door to all kind of abuse. I think the goal here is not to fight the establishment but just showing them how irrelevant they are becoming in the modern days.
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Nancarrow
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October 07, 2013, 04:32:30 AM |
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I conjecture that the OP is suggesting that miners use a rewritten form of mining software, that allows bitcoins from that address (you all know what I mean) to be spent without signing with the private key. Procedurally, I don't see this working. Firstly it's not so much miners, as mining pool operators, that would have to agree to this. Can't see them doing it. Secondly I don't think it's just the mining effort that would need to be on board with this. It would also be all those nodes that are validating transactions. That's even less likely to happen. That's the 'how-to' side of things. The 'why-to' side of things, i.e. the ethics of it... no. Just no. ETA: Steal Team 6. Nice
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If I've said anything amusing and/or informative and you're feeling generous: 1GNJq39NYtf7cn2QFZZuP5vmC1mTs63rEW
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Astro
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October 07, 2013, 04:35:25 AM |
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This is likely the worst idea I've ever seen on these forums, and this place is full of bad ideas.
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Taras
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October 07, 2013, 04:35:47 AM |
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Should miners collude to steal funds from wallet confiscated by US government?
are the any other situations where this is encouraged?
I encourage this. It will never, ever, ever happen. But I at least think it should.
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milone
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October 07, 2013, 04:51:57 AM Last edit: October 07, 2013, 05:40:19 PM by milone |
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Let's say this happens. Bigger than the SR story would be the story that "a few million dollars has been stolen from the government." Do you think that would help or hurt Bitcoin? Do you think the average person is going to feel safe buying Bitcoins when not even the FBI could keep their Bitcoins safe? This is likely the worst idea I've ever seen on these forums, and this place is full of bad ideas.
Agreed. Edit: To the people whining below that it can't be done and therefore anyone answering whether it should be done is an idiot... the question is whether it should be done. Nowhere in the OP does it ask if it can be done, or how difficult or unlikely it would be.
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DPoS
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October 07, 2013, 05:01:05 AM |
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of course but we should use big magnets like in breaking bad
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MineForeman.com
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October 07, 2013, 05:13:28 AM |
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51% or hard fork maybe. I'm sure it could be done with the top three pools pretty easily.
Really? You think miner should collude to wind the blockchain back to a week ago and then what?
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jl2012
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October 07, 2013, 05:16:33 AM |
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COULD miners collude to steal funds from wallet confiscated by US government?
NO
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Zangelbert Bingledack
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October 07, 2013, 05:17:14 AM |
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People who voted "Yes," think about this a little more. If the Bitcoin community was going to pull such a stunt, it would have to save it for a cataclysmic situation. If the feds somehow seized half of all bitcoins in existence, then it might be time to have a careful debate about this...and probably still not do it. But for this little bit of money?
It would destroy Bitcoin's reputation as impartial, unimpeachable, immutable money. Not only would it turn governments against us, it would also show people that money they receive could be taken from them if they lose in the court of public opinion. It would be like a giant billboard saying BITCOIN: YOUR MONEY AT THE WHIMS OF THE MASSES.
And some people say there's a clean line we can draw in the case of the feds. How about legitimately seized bitcoins, from real criminals? How about those of the big banks? How about large companies like Apple and Walmart, that have close ties with the government just by virtue of their size? How about pirateat40's stash? Why not anyone with a Scammer tag on bitcointalk? Heck, why not annul the bitcoins of all taxpayers, since they feed the government by not resisting?
This is the most dangerous idea to come about in a long time. Please, please, please think this through.
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Zangelbert Bingledack
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October 07, 2013, 05:20:50 AM |
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Besides, letting the government get comfortable with Bitcoin and maybe get a sizeable stash will just help the cause. Government becoming a stakeholder in Bitcoin, particularly if the price rises a few more orders of magnitude as this case runs its course over several years, could be the best thing to ever happen to Bitcoin.
We have to decide once and for all, Is Bitcoin as good as gold? If it is, we have to take the bitter with the sweet. Consistency is a bedrock principal of sound money. Start getting cute with it and it'll all crumble to the ground.
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DobZombie
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October 07, 2013, 05:30:29 AM |
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I think the harder question would be, WHO would get the redirected funds?
Me?
You?
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Tip Me if believe BTC1 will hit $1 Million by 2030 1DobZomBiE2gngvy6zDFKY5b76yvDbqRra
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drawingthesun
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October 07, 2013, 05:36:50 AM |
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Should miners collude to steal funds from wallet confiscated by US government?
are the any other situations where this is encouraged?
If this ever happens, Bitcoin dies that day. Its really that simple, not sure why people think this could be done with no repercussions. Bitcoin works because of its trustless nature, Satoshi himself made a big point about that. However if we allow the movement of funds without knowing the private key then Bitcoin becomes a trusted system, we now have to trust the miners not to move funds and now Bitcoin is the absolute opposite of what Satoshi intended. So if this happens, the trustless foundation is no more and people will lose faith and the value of a Bitcoin will become less than a dollar.
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drawingthesun
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October 07, 2013, 05:38:20 AM |
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Also I am sure if the miners do this the Bitcoin nodes will reject the block making a hardfork. I might be wrong about this though.
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bitspill
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October 07, 2013, 05:56:19 AM |
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This would only manage to set a shady precedent and possibly lead to situations where it is decided that someone is "wrong" so we confiscate all their money
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DannyHamilton
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October 07, 2013, 06:12:03 AM |
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It isn't possible
There is nothing miners can do to send the bitcoins from that address to anywhere else without first getting EVERY single person using a bitcoin wallet to agree to run a modified wallet that allows the spending of bitcoins without a proper signature. Nobody with bitcoins and half a brain is going to be dumb enough to run such software since it would put their own bitcoins at risk.
Miners don't have some special magical power that allows them to force nodes to accept invalid blocks into the blockchain no matter how many of them collude.
All of you who are talking about whether or not it *should* be done, need to realize that it can't be done.
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