Fork The Blockchain And Block The Seized FBI Coins.

[Holliday]

If you were to do that bitcoin the fork created would just be monopoly money.

FTFY.

[1715134783]

1715134783

[1715134783]

1715134783

[Holliday]

Is there an official act that transforms stolen property back to legit?

Huh?

[bitpop]

Is there an official act that transforms stolen property back to legit?

Huh?

Like when the govt auctions off seized property

[Holliday]

Is there an official act that transforms stolen property back to legit?

Huh?

Like when the govt auctions off seized property

Ahh... you mean legitimate in the eyes of the government. Well, there you go, you've answered your own question: government auctions.

[BurtW]

If you were to do that bitcoin the fork created would just be worse than monopoly money because monopoly money is fungible.

FTFY.

Fixed more.

[bitpop]

Is there an official act that transforms stolen property back to legit?

Huh?

Like when the govt auctions off seized property

Ahh... you mean legitimate in the eyes of the government. Well, there you go, you've answered your own question: government auctions.

Eg. when they get money

[aesma]

Well for the government it's not stolen to begin with. The official act will be when the "original owner" is convicted and a judge will impose the seizure as part of a sentence. Legally I'm not sure they can do anything with it before that.

[Coin_Master]

Doing as the OP suggests would totally undermine and be the death of Bitcoin. Everyone would wonder "could i be next?". But then maybe killing BTC was the OP's hidden agenda.

I am starting to wonder that myself.  It appears as though there is a coordinated multifaceted attack on Bitcoin and our community.  There are so many new members starting inciteful and controversial threads, one has to wonder, are these people just overly ignorant, or are they being paid to undermine our community.  I could list dozens of examples but here are the two that made me laugh the most.
One is titled "Central Banks could EASILY destroy Bitcoin (if they want)"
https://bitcointalk.org/index.php?topic=408955.0
The OP starts by saying "I am LONG on BTC, but want to understand if this scenario would work".  I nearly fell off my chair laughing.
LONG on BTC?  are you serious!!?  What does that even mean?
He then proceeds to describe how a bank could buy all the Bitcoins at a high price, and sell them at a low price to destroy the market.
Well I tell you what 'michielnl', I will sell all my Bitcoins at 1000 USD each, and buy them back from the bank for 1 dollar.  Anytime you like!

The other thread is by new member 'mooncake' entitled '51% attack hypothesis - Prove me wrong'
https://bitcointalk.org/index.php?topic=408566.0
He starts buy suggesting someone could 'buy a big pool to do a 51% attack' not understanding that a pool is mined by a group of independent miners.  Here is his response when it is pointed out that he does not know what a pool is.

I may be missing something. You are saying miners mine independently although they share server clusters.

You are missing something alright!  Why would anyone want to start a thread on a subject they know nothing about?

I am not alone in noticing this either, another member 'SirWilliam' posted

So the central banks ALREADY OWN 40 billion of bitcoins??? Wow they own more bitcoins than actually exist!
Man some of y'all got to be Sockpuppet trolls... The quality of the anti-bitcoin flames and wannabe panic starting threads is really low here, but they do make up for it with quantity...

[Krona Rev]

While I generally agree this is a bad idea, here's how I could imagine building an altcoin which makes a copy of all current bitcoins except the seized FBI coins. The main reason I'm describing it is because I thought of a great name for it: Retcoin (a play on retcon -- which seems like the right concept here). Unfortunately, based on a quick startpage search it seems there may already be a Retcoin.

1. Build an altcoin in the usual way, by copying the Bitcoin code (or Litecoin code, it doesn't matter) and making the appropriate changes.
Hack the code to allow the genesis block to include as many transactions with no inputs as possible, and for it to be as big as possible.

2. For each transaction in the Bitcoin blockchain (at a certain block number, say the one right...now!) with unspent transaction outputs (edit: except the seized FBI coins), make a copy of the transaction erasing the inputs and erasing spent transaction outputs.

3. Put all those transactions into your genesis block.

4. Release.

I have no interest in doing this, but I'd be curious to see the reaction. Actually, I'm generally curious why no one has released an altcoin doing something similar so that owners of bitcoins are automatically owners of the new coins when the new altcoin is released. It seems easy enough to do. It's easy to imagine lots of variations on this -- such as only looking at transactions in the past year so as not to re-reward early Bitcoin adopters.

[bitpop]

Why all this fud? They can't sell it for years until conviction. And even then it needs to be classified as property.

[bitpop]

While I generally agree this is a bad idea, here's how I could imagine building an altcoin which makes a copy of all current bitcoins except the seized FBI coins. The main reason I'm describing it is because I thought of a great name for it: Retcoin (a play on retcon -- which seems like the right concept here). Unfortunately, based on a quick startpage search it seems there may already be a Retcoin.

1. Build an altcoin in the usual way, by copying the Bitcoin code (or Litecoin code, it doesn't matter) and making the appropriate changes.
Hack the code to allow the genesis block to include as many transactions with no inputs as possible, and for it to be as big as possible.

2. For each transaction in the Bitcoin blockchain (at a certain block number, say the one right...now!) with unspent transaction outputs (edit: except the seized FBI coins), make a copy of the transaction erasing the inputs and erasing spent transaction outputs.

3. Put all those transactions into your genesis block.

4. Release.

I have no interest in doing this, but I'd be curious to see the reaction. Actually, I'm generally curious why no one has released an altcoin doing something similar so that owners of bitcoins are automatically owners of the new coins when the new altcoin is released. It seems easy enough to do. It's easy to imagine lots of variations on this -- such as only looking at transactions in the past year so as not to re-reward early Bitcoin adopters.

I'm stealing this.

[BurtW]

Interesting idea.  Thanks!  Something to actually think about.

[cp1]

You'd lose the history of the blockchain that way, but maybe you could make a block explorer hack that linked the two chains.

[tenthirtyone]

This comes in second for the dumbest bitcoin idea I have ever heard, right behind "We need legislation to legitimize bitcoin."

[El Dude]

fbi will sell thier coins on a dark pool , you won't see any price change.

[BurtW]

fbi will sell thier coins on a dark pool , you won't see any price change.

The FBI will sell the coins in a public auction at the FBI public auction web site because that is what they do with all assets they seize.  To them Bitcoins are no different than jewelry, digital jewelry sure but just high priced collectibles no the less. 

[TheButterZone]

fbi will sell thier coins on a dark pool , you won't see any price change.

The FBI will sell the coins in a public auction at the FBI public auction web site because that is what they do with all assets they seize.  To them Bitcoins are no different than jewelry, digital jewelry sure but just high priced collectibles no the less.  

Asserting this over and over again is nothing but /facepalm, unless you are the only person who knows those 2 private keys, and exactly how to set a new precedent for government auctions of intangible things. These BTC are NOT loaded on Cas coins; at most, they will be represented by bloody pieces of PAPER. Since when has the government ever auctioned an 8.5"x11" piece of copy paper? Or are you going to start minting US.gov physical BTC/Cas coin knockoffs? Your absolute certainty about everything must come from SOMEWHERE.

[cp1]

Why can't the winner submit the address they would like the BTC to go to?  I'm sure the FBI knows how to click send.  And why is there anything wrong with giving the user a piece of paper with the keys if they go that route?

[BurtW]

fbi will sell thier coins on a dark pool , you won't see any price change.

The FBI will sell the coins in a public auction at the FBI public auction web site because that is what they do with all assets they seize.  To them Bitcoins are no different than jewelry, digital jewelry sure but just high priced collectibles no the less.  

Asserting this over and over again is nothing but /facepalm, unless you are the only person who knows those 2 private keys, and exactly how to set a new precedent for government auctions of intangible things. These BTC are NOT loaded on Cas coins; at most, they will be represented by bloody pieces of PAPER. Since when has the government ever auctioned an 8.5"x11" piece of copy paper? Or are you going to start minting US.gov physical BTC/Cas coin knockoffs? Your absolute certainty about everything must come from SOMEWHERE.

Why do you think this is so complicated?  They auction off the BTC on their web site just like they do everything else, probably in blocks.  The winners pays them the amount of the winning bid, just like they always do.  The winner gives them the BTC address they want the BTC sent to.  They send the winning bidder the BTC they won in the auction.  I see no reason they would not do it that way because it is the way they do things.  They will not need to make it more complex than that.

[TheButterZone]

BTC is not like "everything else" that is auctioned (tangible), so please stop pretending that a government auction of a private key(s) or sweep thereof wouldn't be precedent-setting.