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Author Topic: [Brainstorm] Implications of Blacklisting DPR's Seized Bitcoins  (Read 4684 times)
super3
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October 09, 2013, 12:55:45 AM
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1) What are the implications of Bitcoin as a protocol as a whole if the seized coins are blacklisted?
2) How does this affect the pending legal status of Bitcoin and its uses?
3) If they were blacklisted how would this be done? Would miners simply refuse transactions from these coins? Or could they be returned to the network in the least disruptive way?

Not actually advocating this, but its just been a thought that has been on my mind.

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October 09, 2013, 01:52:08 AM
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You and several other people blacklist it and vow to never accept bitcoins from that address.

And the rest of us will accept them and they will propagate out to the whole network.

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October 09, 2013, 02:00:20 AM
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How can I blacklist all the $20's with traces of cocaine on? A lot of singles end up inside the panty of strippers. I need to find a way to blacklist them too. Smiley
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October 09, 2013, 02:05:19 AM
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these coins are perfectly legit

the FBI won them fair and square.

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October 09, 2013, 02:09:21 AM
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You don't.

That's how cash works.

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October 09, 2013, 02:11:53 AM
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1) What are the implications of Bitcoin as a protocol as a whole if the seized coins are blacklisted?
Bitcoin would essentially be a complicated and inconvenient PayPal competitor.

Bitcoin needs to follow the rules of the Bitcoin network protocol for everyone, without exceptions.  Otherwise it's no different than a centrally controlled currency.
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October 09, 2013, 02:14:23 AM
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You and several other people blacklist it and vow to never accept bitcoins from that address.

And the rest of us will accept them and they will propagate out to the whole network.

As I said before, it would be interesting to see what happens if the coins were sent TO MTGOX for exchange.  The US Government has taken Bitcoins from MTGOX via seizure. 

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October 09, 2013, 02:24:07 AM
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If such a blacklisting scheme that worked were implemented, it would be used against us at best and would kill the value of Bitcoin at worst.

Hardfork aren't that hard.
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October 09, 2013, 07:54:49 AM
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Horrible Idea. Bitcoins should be neutral forever and always. No matter how they are ill gained.

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October 09, 2013, 08:52:10 AM
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Fungibility is an extremely important property for bitcoin, as it is for all kinds of money! Take away fungibility and bitcoin is dead.

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October 09, 2013, 08:58:53 AM
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And how are you going to blacklist coins?

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October 09, 2013, 09:02:28 AM
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Call James Spader.

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October 09, 2013, 09:10:27 AM
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Call James Spader.

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October 09, 2013, 09:36:30 AM
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Apart from the fact that it would be a terrible idea for the whole Bitcoin environment, as fully discussed in many other threads on the same topic, I still wonder one thing... WHY one should do that? What's wrong with it? Why you should blacklist those coins?
They have been used in the commission of a crime (as recognised in almost every jurisdiction) and have been consequently seized. Full stop. What's your problem with that?

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October 09, 2013, 09:49:26 AM
 #15

because, someone might think it delightfully evil to disallow the fedz to spend or exchange the confiscated bitcoin, rendering those coins worthless.  Cry Cheesy


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October 09, 2013, 09:57:57 AM
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because, someone might think it delightfully evil to disallow the fedz to spend or exchange the confiscated bitcoin, rendering those coins worthless.  Cry Cheesy

I don't think there are enough dumb guys who would undermine the stability, fungibility and possibilities of success of this currency just because they don't like laws and rules.. or at least I hope so.

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October 09, 2013, 12:03:54 PM
 #17

3) If they were blacklisted how would this be done? Would miners simply refuse transactions from these coins? Or could they be returned to the network in the least disruptive way?
This is the important point, in my opinion. How can this even be done?

If we can find no proper way of doing this, discussing the implications is irrelevant.

You have the right to refuse to accept any coins you want, as does everyone else. In order to effectively blacklist these coins, everyone would have to refuse to accept them. How would you get everyone to do that?
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October 25, 2013, 09:13:35 PM
 #18

One of the most effective disruptive activities I imagine the Feds or banking industry could do, is publish their own white/blacklists of coins, with the implications that as long as businesses accept only whitelisted and/or refuse any blacklisted coins, that they have the blessings of the powers that be.

Of course, this wouldn't really stop anyone from using blacklisted coins, and especially those outside the US could do as they please... those who didn't honor the fed's coloring of coins would not be impeded in any way... but I will bet that if the fed colors the coins, they could successfully force the market to start tracking a different market price for their different colors of coins.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper or hardware wallets instead.
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October 25, 2013, 09:26:17 PM
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One of the most effective disruptive activities I imagine the Feds or banking industry could do, is publish their own white/blacklists of coins, with the implications that as long as businesses accept only whitelisted and/or refuse any blacklisted coins, that they have the blessings of the powers that be.

Of course, this wouldn't really stop anyone from using blacklisted coins, and especially those outside the US could do as they please... those who didn't honor the fed's coloring of coins would not be impeded in any way... but I will bet that if the fed colors the coins, they could successfully force the market to start tracking a different market price for their different colors of coins.

Couldn't the owner of a significant quantity of blackened coins taint everyone else by sending out hundreds or thousands of small or large amounts to "clean" addresses?
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October 25, 2013, 09:35:36 PM
 #20

how is it even possible, technically speaking?

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