Fork The Blockchain And Block The Seized FBI Coins.

[lunas]

this discussion is dumb your talking about stealing bitcoins from the fbi because you dont like them and are worried that they will crash crypto currency when they liquidate. The fbi confiscated it to use as evidence the end for the wallet will happen when the trial is over then the fbi will liquidate his assets and put the funds into a seized assets fund which will be put to use funding the local level police in anti drug programs. what is going to be important is that the fbi successfully does it the biggest problem is the coins are worth 5x what they were when seized. They should have liquidated them right away.

[1715080759]

1715080759

[1715080759]

1715080759

[1715080759]

1715080759

[1715080759]

1715080759

[1715080759]

1715080759

[1715080759]

1715080759

[Kungfucheez]

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.

I think you meant legitimate in the eyes of the law. Yes, governments have the legal right to auction off seized property and they do it all the time. I don't see anything wrong with that.

[2bfree]

Bitcoin should be neutral it's just money if the worst of the worst of the worst got the money stolen he/she should be able to spend it, now if that was cash they can go to jail but they don't "fork" the fiat currency in any case keep bitcoin neutral anyone can use it the good, the bad and the ugly.

[BurtW]

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.

What the heck are you talking about?  Why are you stuck on the private keys?  They can just send the BTC to all the addresses of all the new owners using standard Bitcoin transactions.  That is how they consolidated the BTC they recovered into the two addresses they control now!  Private key transfer makes no sense in this situation.

[TheButterZone]

If you're just going to ignore approximately half of everything I say Burt, then you can be ignored 100%. Ta.

[cAPSLOCK]

This may be the stupidest idea I have read on this forum so far.

And it completely goes against what bitcoin represents and strives for.

[proudhon]

This may be the stupidest idea I have read on this forum so far.

And it completely goes against what bitcoin represents and strives for.

I agree, but think about this for a moment.  It's technically possible for a non-governmental international community to "seize" "property" from a government.  And not just any government, arguably the most powerful government in the world right now.  I agree that it would be a bad idea, but the fact that we can seriously have a discussion about this, and it's actually possible for a community to say, "Uh, no, you can't just take those", is truly remarkable, I think.

[cAPSLOCK]

This may be the stupidest idea I have read on this forum so far.

And it completely goes against what bitcoin represents and strives for.

I agree, but think about this for a moment.  It's technically possible for a non-governmental international community to "seize" "property" from a government.  And not just any government, arguably the most powerful government in the world right now.  I agree that it would be a bad idea, but the fact that we can seriously have a discussion about this, and it's actually possible for a community to say, "Uh, no, you can't just take those", is truly remarkable, I think.

Indeed so, though we would have to sacrifice bitcoin to achieve this goal.  The moment that power is wielded we damage fungability AND become a central bank with an agenda.

In the end what's most interesting about this idea to me is thinking of a way to ensure it would be impossible for it to ever be implemented at all.

It IS remarkable that so much power resides in the community that is connected by the bitcoin network, but this idea is so antithetical to the foundation of bitcoin that I can almost begin to give credence to the paranoid background choir singing about anti-bitcoin sock puppets.  Almost.

Bitcoin is not a tool to promote a single political agenda.

[mikewoods]

This may be the stupidest idea I have read on this forum so far.

And it completely goes against what bitcoin represents and strives for.

Yes, thank you cAPSLOCK.

Bitcoin has to be transparent, even in hacking situations that hurts majority of users. Even whole countries (and their currencies) fall and rise, we just have to live with it.

[tacoman71]

I originally supported this idea, but think about it. If we actually do this, what will the world think about the fact that miners have the power to "steal" BTC? Even if it is for a good cause, it will cause people to distrust Bitcoin even more.

[cAPSLOCK]

This may be the stupidest idea I have read on this forum so far.

And it completely goes against what bitcoin represents and strives for.

Yes, thank you cAPSLOCK.

Bitcoin has to be transparent, even in hacking situations that hurts majority of users. Even whole countries (and their currencies) fall and rise, we just have to live with it.

It is the only way of actual freedom and fairness.

Those who agree with the op should think about this...

I guarantee you there are bitcoin users who support the FBI and the us government in this case.  Whether they are right or wrong or in the majority or minority who are you to act on their behalf.

Real freedom may come at a great price.

One of the most astonishingly beautiful aspects of the bitcoin ideal is it resists the tyranny of ideas like the op.

[BitDreams]

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.  

If the FBI wished to set an example of integrity, they will use the profits from those coins to either lower their funding requirements to government and or increase their conviction and peacemaking rates - spoken like an adding machine, does not reflect feelings either way.

[TheButterZone]

http://www.forbes.com/sites/kashmirhill/2014/01/16/the-feds-are-ready-to-sell-the-silk-road-bitcoin-kind-of/

“We have not yet determined exactly how the Bitcoins will be converted and liquidated,” said Manhattan U.S. Attorney Office spokesperson Jim Margolin.

There you have it, not even the government knows what the fuck it IS going to do with the seized, now legally forfeited by a judge, BTC.

Suck it, Mr. Absolute Certainty About Everything.

 

[BitDreams]

They are going to spend the BTC or give the private key to the entity that "wins the auction" that nobody legitimate will have the chance to bid on (explained in #2). Read.

Don't need alt clients, just miners to agree that tyrants and their cronies shouldn't win. All existing clients can attempt to spend the seized BTC, and then it'll never get included in a block* and sent back unless spent to the address of a non-profit to fight tyranny.

*Unless I guess they mine their own? Unclear.

Anyone will be able to bid on the BTC - even you.  They will be auctioned off at one of the government's existing auction web sites.

^ /facepalm

The fbi didn't steal those coins. dpr broke the law and the fbi was entirely within it's right to take those coins. The law is very clear on this. They were drug profits and had to be surrendered. The US govt does a lot of shady and marginally legal things. This was not one of them.

"Guilt by association" is not a valid way to erase the legal sales that occurred on SR, from history. 100% of coins seized weren't "illegal" proceeds of "crime" and actual crime (with victims).

Until law-abiding buyers/sellers are returned what was seized from their portion of the SR wallets, the FBI is shady as fuck by appearing that it intends to permanently deny law-abiders our funds.

They could probably get all the rest of those coins on tax rules, commerce rules, fda, literally throw the book case at him. If I were in his shoes i would not have been in his shoes any more after that first knock on the door. Of course they probably had a tail on him if not an implant... half / kidding.

[Morbo]

This blockchain fork could happen next day after FBI stole the coins from silkroad users. Now it won't happen, because doing it will mean discarding everything that happened after that and it will kill bitcoin.

[whtchocla7e]

Another brilliant idea after blacklisting addresses... No, no, and once again no.  

I have a better one. Lets play judge and monitor how people spend their money and reverse the transactions we don't like.

[cr1776]

Why don't all these people who want to blacklist coins, stop people from "hoarding" coins for long periods without moving them, inflation-coin, constant-reward-coin, bitcoin-isn't-fairly-distributed-coin, and the like actually write some code to do it and fork the blockchain?

Then once and for all we can put the respective question of who wants to use these alt-coins to bed.  

It is time for them to stop talking about it or do it.  I know there are plenty of people ready to sell the new-non-fungible alt-coin that result while keeping their bitcoins.

[Morbo]

Why don't all these people who want to blacklist coins, stop people from "hoarding" coins for long periods without moving them and the like actually write some code to do it and fork the blockchain?

The irony is also that many people who talk about writing code and forking have no clue how to do it. Not to mention the huge community hate that suddenly erupts when something actually gets forked (remember dogecoin?)

[BurtW]

Wait a minute, are you saying dogecoin is a blockchain fork of Bitcoin?  Does that mean I own some of these dogs?

[cp1]

As said earlier, it's not really a fork of the blockchain, it's a totally new blockchain with 1 block containing everything but the FBI's coins.