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Author Topic: Bitcoin really is in trouble.  (Read 8686 times)
AndrewWilliams
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November 06, 2013, 07:16:18 PM
 #81

hello all
I dont understand all technical details but how it is possible that FBI bureau has located and seized a collection of 144,000 bitcoins???

I thought that BTC cannot be seized or taken away by officials or police. especially when someone encrypt the wallet.
How they could easily seized firstly btc of users of silkroad (in october) and now at second also seized ulbrichts money? Huh ?

You answer your own question.  Either his wallets were not encrypted, not encrypted well, or he was convinced to cough up the key.

It's called give us the password to your Bitcoins (in this case, ill gotten funds), or face another 20 years in prison.
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Keyser Soze
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November 06, 2013, 07:22:11 PM
 #82

Thank you all for quick deletion of my post which was not rude or offtopic!
this is reallly polite democratic discussion
and also thank you who managed to answer my curious question about bitcoin before someone disliked it and deleted it...

Probably because you posted the exact same thing in 4+ threads.
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November 06, 2013, 07:24:57 PM
 #83

It's called give us the password to your Bitcoins (in this case, ill gotten funds), or face another 20 years in prison.
There are ways to resist to this.
See https://bitcointalk.org/index.php?topic=323993.0 for a starter, multisigning is probably the best bet until some specific, unreplicable devices become reality.

[OVER] RIDDLES 2nd edition --- this was claimed. Look out for 3rd edition!
I won't ever ask for a loan nor offer any escrow service. If I do, please consider my account as hacked.
manfred
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November 06, 2013, 07:59:21 PM
 #84

It's called give us the password to your Bitcoins (in this case, ill gotten funds), or face another 20 years in prison.
There are ways to resist to this.
See https://bitcointalk.org/index.php?topic=323993.0 for a starter, multisigning is probably the best bet until some specific, unreplicable devices become reality.
There is no way to resist this.
Now lets fast forward some years and he has the choice to be a free man as soon as he gives the key or stay buried alive in a concrete room.  How many nights will he go to bed knowing he could enjoy live and not have the door slammed closed behind him?
What good is x amount of coins with no access to it ever.
Also giving up the coins would be considered being part of the "rehabilitation process".
Of course the smart move is to accept the deal offered and get reduced time to start with.
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November 06, 2013, 08:04:48 PM
 #85

There is no way to resist this.
Now lets fast forward some years and he has the choice to be a free man as soon as he gives the key or stay buried alive in a concrete room.  How many nights will he go to bed knowing he could enjoy live and not have the door slammed closed behind him?
What good is x amount of coins with no access to it ever.
Also giving up the coins would be considered being part of the "rehabilitation process".
Of course the smart move is to accept the deal offered and get reduced time to start with.

Please get familiar with multi-signature before being so sure. Wink

[OVER] RIDDLES 2nd edition --- this was claimed. Look out for 3rd edition!
I won't ever ask for a loan nor offer any escrow service. If I do, please consider my account as hacked.
AndrewWilliams
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November 06, 2013, 08:48:55 PM
 #86

Kouye, you only need to consider the countless drug dealers the governments have threatened with, "show us where the money is or face X amount of prison time" to know it's false.


Whether they use multi-sig or bury cash in a treasure chest in the middle of the desert, either way government will get it's way.

Trust me, in that sort of predicament, you will be rolling over faster than you can say "multi-sig!" by either giving them the password or revealing who the other people involved are.
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November 07, 2013, 05:05:56 AM
 #87

3. There seems to be a foolish assumption that nobody would bother exploiting this systemic flaw in Bitcoin because to do so would destroy the very thing they would be investing in exploiting. Alas gentlemen, you shall be hoist be your own petard.
As foolish as a Nash equilibrium. See you at the end of times to debrief about why Bitcoin didn't fail.
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