nahtnam (OP)
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December 10, 2013, 06:27:36 PM |
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Now that bitcoin is called a currency by the government, can the sell btc's seized from raids?
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RodeoX
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The revolution will be monetized!
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December 10, 2013, 06:28:48 PM |
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After the trial I assume they can. They can sell a drug dealer car, right?
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freakying99
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December 10, 2013, 06:30:08 PM |
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Now that bitcoin is called a currency by the government, can the sell btc's seized from raids?
Bitcoin is not called a currency by the government And yes, seized things are regulary auctioned
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ajax3592
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December 10, 2013, 06:31:22 PM |
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Most probably they would be auctioned off. If they did sell, How will they sell? By appointing meeting of all exchanges
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DeathAndTaxes
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Gerald Davis
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December 10, 2013, 06:31:47 PM |
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The process is called asset forfeiture. Yes the distict attorneys office will need to make a case that the coins were part of the proceedes of a criminal enterprise. If/when successful the assets (Bitcoins, gold, yatchs, real estate, priceless works of art, it doesn't really matter) becomes the property of the US treasury. The DOJ routinely auctions of billions and billions of dollars of forfeited property each year.
FBI often gets named but they have nothing to do with the process. The DOJ handles assets forfeitures in the US and any assets become the property of the US treasury (and indirectly the people of the United States collectively) until sold.
If you are talking about the Silk Road specifically understand the timeline is usually measured in years. It is an insanely slow process. Often property is destroyed (i.e vehicles rusted out, won't start, etc) because the process takes so insanely long. Obviously Bitcoins aren't affected by time but if you are expecting a sale tomorrow you will be waiting a long time.
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BurtW
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December 10, 2013, 06:32:30 PM |
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They will sell them using their regular auction process. Should be a very interesting auction when it does finally happen.
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Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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gekkomk
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December 10, 2013, 06:34:53 PM |
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They're waiting for the bitcoin worth $10,000. Profits!
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RodeoX
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December 10, 2013, 06:37:27 PM |
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I wrote an email to the DOJ explaining that bitcoin is about to crash to ZERO!! The email showed them how to sell me the coins for $100, so that they not left holding the bag. Maybe they'll noob out, and panic sell their coins.
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kickingcoin
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December 10, 2013, 06:42:04 PM |
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what if the persons wallet was encrypted and use did not give them the password? Can they not only seize if they confiscate the pc/hardware? what if the back up was placed on to the cloud and a transaction was made on another pc?
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BurtW
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December 10, 2013, 06:44:00 PM |
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what if the persons wallet was encrypted and use did not give them the password? Can they not only seize if they confiscate the pc/hardware? what if the back up was placed on to the cloud and a transaction was made on another pc?
They already moved them (so they have the keys). Some are here: http://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqXThe rest are here: https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN455paPHSo, by moving the coins and consolidating them they have been shown to own them. This may not be all of them but it is the BTC that the FBI has found so far.
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Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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devthedev
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December 10, 2013, 06:51:14 PM |
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Of course they can, why wouldn't they?
I think there are certain legal proceedings though.
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BurtW
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December 10, 2013, 06:53:38 PM |
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Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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Ecurb123
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December 10, 2013, 07:22:11 PM |
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of course they can, why not? At least it will probably cost them more than they earn though, just because of the bureaucracy.
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ajax3592
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December 10, 2013, 07:35:48 PM |
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I wrote an email to the DOJ explaining that bitcoin is about to crash to ZERO!! The email showed them how to sell me the coins for $100, so that they not left holding the bag. Maybe they'll noob out, and panic sell their coins. Lol if they do, let me know I'll help you to arrange for the fiat We'll partner up hehe
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nahtnam (OP)
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December 10, 2013, 10:09:47 PM |
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Now that bitcoin is called a currency by the government, can the sell btc's seized from raids?
Bitcoin is not called a currency by the government And yes, seized things are regulary auctioned Really? I was told that btc is consided a currency by the us government.
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nahtnam (OP)
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December 10, 2013, 10:11:04 PM |
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I wrote an email to the DOJ explaining that bitcoin is about to crash to ZERO!! The email showed them how to sell me the coins for $100, so that they not left holding the bag. Maybe they'll noob out, and panic sell their coins. Ha ha ha. Buy asant a you can and give them my email address... I'm willing to buy!
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DeathAndTaxes
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Gerald Davis
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December 10, 2013, 10:12:30 PM |
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Now that bitcoin is called a currency by the government, can the sell btc's seized from raids?
Bitcoin is not called a currency by the government And yes, seized things are regulary auctioned Really? I was told that btc is consided a currency by the us government. No FinCEN stated that virtual currencies are regulated as a method of money transmission then never indicated they are considered a currency under US law. In the Senate hearing it even came up "what is Bitcoin? A commodity? A currency? Something else?" and the experts did not provide an answer and FinCEN indicated that decision is outside of FinCEN's "scope". Part of the issue is most US laws & regulations define currency as the money of the United States or a foreign nation which Bitcoin obviously is not. Remember these laws were written when nobody considered the possibility of a currency that is neither the money of the United States, nor issued by any foreign government.
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nahtnam (OP)
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December 10, 2013, 10:13:09 PM |
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what if the persons wallet was encrypted and use did not give them the password? Can they not only seize if they confiscate the pc/hardware? what if the back up was placed on to the cloud and a transaction was made on another pc?
Of course there are ways to keep the btc away from the government but for most of the time it's as easy as confiscating a laptop.
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nahtnam (OP)
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December 10, 2013, 10:14:52 PM |
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Now that bitcoin is called a currency by the government, can the sell btc's seized from raids?
Bitcoin is not called a currency by the government And yes, seized things are regulary auctioned Really? I was told that btc is consided a currency by the us government. No FinCEN stated that virtual currencies are regulated as a method of money transmission then never indicated they are considered a currency under US law. In the Senate hearing it even came up "what is Bitcoin? A commodity? A currency? Something else?" and the experts did not provide an answer and FinCEN indicated that decision is outside of FinCEN's "scope". Part of the issue is most US laws & regulations define currency as the money of the United States or a foreign nation which Bitcoin obviously is not. Remember these laws were written when nobody considered the possibility of a currency that is neither the money of the United States, nor issued by any foreign government. So bitcoins is just bitcoin? There is no classification for it?
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microman2006
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December 10, 2013, 10:17:27 PM |
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great question
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