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Author Topic: Governments now own BTC  (Read 3053 times)
adamstgBit
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October 09, 2013, 03:51:54 PM
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maursader
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October 09, 2013, 03:55:22 PM
 #2

Pretty good one! Haha, I enjoyed it.

I feel good about it because like most bitcoiners say, "any press is good press". As much as the gov't would like to think they have officially controlled bitcoin, they really have not.

But, whatever floats their boat eh?

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adamstgBit
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October 09, 2013, 04:35:42 PM
 #3

i feel uneasy.

not sure why... i just do...

meanig
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October 09, 2013, 04:44:39 PM
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i feel uneasy.

not sure why... i just do...

A typical Government is full of competing interests and mini empires. I wouldn't be surprised if there was internal fighting over who gets to control the coins.
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October 09, 2013, 05:11:29 PM
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Yea i wonder who will get control of them. I wonder what they would do with them. 
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October 09, 2013, 05:13:53 PM
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Yea i wonder who will get control of them. I wonder what they would do with them. 

Nobody. Nothing.

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October 09, 2013, 05:36:15 PM
 #7

Government probably just converts it into fiat and puts it into they'r debt they have.
No but seriously, I don't think they can inpact us by that much, the only thing that could happen is that they have had theyr wakeupcall and, yeah you get it....
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October 09, 2013, 05:37:55 PM
 #8

I bet that in a few years we will hear about the first scandals involving lost or stolen government bitcoins.  Wallet security is not a trivial task for a large organizations, and government agencies have a track record of data security blunders.      

One positive effect of this is that government agencies will now be forced to fully understand how bitcoin works, whether they want to or not.  That will help campaigners such as the Bitcoin Foundation in their efforts of educating governments.

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TheKoziTwo
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October 09, 2013, 05:50:14 PM
 #9

I feel uneasy too... if they sell the bitcoins, that will put USD in the hands of the government instead of someone else. That is never a good thing. Imagine if they managed to confiscate the entire 600k and sold it? that would drive a massive amount of USD away from bitcoin and into the US government. There is no way this can be a positive outcome.

The best thing that can happen would be if they destroyed the coins, that will make all our coins more valuable.

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October 09, 2013, 05:54:20 PM
 #10

Who's to say they didn't have large amounts before SR got busted? They could of been early miners easily.

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October 09, 2013, 10:38:39 PM
 #11

Those bitcoins that have been seized are only a small portion of a very large number of existing bitcoins. Come on. Only 27,000 BTC out of 11 million? Give it a rest, even that kind of volume won't do much. It's a tear drop in an ocean. You're fine. Calm down people.

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October 09, 2013, 11:09:51 PM
 #12

Some day gov't can just claim all the bitcoins their property as they did it with images of 3D printed gun  Undecided

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October 09, 2013, 11:20:27 PM
 #13

simply put

bitcoin loses its drug dealer 'money' credentials now theres one less place to use it for illicit purposes.

and

governments now see's bitcoin as a valued asset worth seizing.

all in the space of one week

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October 09, 2013, 11:40:38 PM
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One positive effect of this is that government agencies will now be forced to fully understand how bitcoin works, whether they want to or not.  That will help campaigners such as the Bitcoin Foundation in their efforts of educating governments.

+2.

Bitcoin itself is a viral idea. When someone with even a modicum of brains puts in the time to understand Bitcoin, they can't help but be swayed by it even if their opinion of Bitcoin  was negative previous to their understanding.

Bitcoin adoption will rise as more people in the banking sector and in the regulatory/enforcement world understand it and learn it. Many of them will still use it as a tool to sting the hapless mortals that are foolish enough to break the sacred laws of Holy Federal Church but as understanding of it grows, just being a Bitcoin user won't an immediate cause for suspicion anymore.
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October 10, 2013, 12:37:35 AM
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Government probably just converts it into fiat and puts it into they'r debt they have.
No but seriously, I don't think they can inpact us by that much, the only thing that could happen is that they have had theyr wakeupcall and, yeah you get it....
this imo. i don't think most in govt particularly care, or care for, bitcoin / digital currency generally. they just want to dump it for fiat. will probably auction it off and some lucky sob will make off like a bandit!!! in theory, unless dpr can prove the coins weren't received in commission of illegal activity, they could auction it off immediately.
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October 10, 2013, 12:50:18 AM
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Good, soon they will understand that Bitcoin is a good investment and after they have invested more then 10 million bitcoin, they announce that Bitcoin is legal to trade and bam, they earn more money!!!

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October 10, 2013, 02:42:45 AM
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I feel thrilled because this is the cancer being injected  Grin

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October 10, 2013, 03:13:34 AM
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They are going to sell it, other then that, they got no real use of bitcoin.

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October 10, 2013, 04:34:59 AM
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The us would be better off buying BTC and getting ride of their fiat before it collapses.
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October 10, 2013, 06:02:29 AM
 #20

It'd be nice if they dumped it. Gives opportunity to others to buy BTC at a cheaper rate thanks to panic sales that would come afterward.

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