FBI seized coins sold = bitcoin legal in USA?

[Dexter770221]

Isn't that wonderfully news?
Thoughts?

[bitcoinsrus]

I posted a comment on why they don't keep the coins and someone responded that they always just liquidate (rather than think of what they have as an investment).

So I guess thats just what they are trying to do.

[Dexter770221]

I posted a comment on why they don't keep the coins and someone responded that they always just liquidate (rather than think of what they have as an investment).

So I guess thats just what they are trying to do.

Ok, but they must follow law. They can't do anything illegal (publicly). They will create precedence and admitt that nothig wrong is in Bitcoin and trade to fiat.

Edit: They can't sell seized drugs. Or am I wrong?

[gentlemand]

There's never been a question of it not being legal has there? It does add a nice little nudge of legitimacy though.

[Parazyd]

This actually one of the most legal ways to get BTC in the USA at this time. If they ask you where did you get them, you just say: FBI, biatch!

[wachtwoord]

If they confiscate XTC, they are not allowed to sell it. They are selling this. Of course this means it's legal. But then, wasn't it always legal to begin with? Nothing has changed.

[cypherdoc]

This actually one of the most legal ways to get BTC in the USA at this time. If they ask you where did you get them, you just say: FBI, biatch!

This action proves that bitcoins are fungible.

And fungibility means whether they originate from the FBI or not.

[600watt]

bitcoin was never illegal in the u.s. - that is true, but almost the entire year 2013 there was big fear here in this forum that it could become illegal. it was the senate hearings that calmed this fear in november last year. but before it was an often used example of FUD (or real fear) often referred to as the "biggest threat"

keeping this in mind it is imho ok to refer to this fed auction as a sign of approval by the feds.   

[piramida]

bitcoin was never illegal in the u.s. - that is true, but almost the entire year 2013 there was big fear here in this forum that it could become illegal. it was the senate hearings that calmed this fear in november last year. but before it was an often used example of FUD (or real fear) often referred to as the "biggest threat"

keeping this in mind it is imho ok to refer to this fed auction as a sign of approval by the feds.   

on the other hand, feds sell all kinds of illegal shit to pre-approved parties

[adamstgBit]

[blatchcorn]

And just imagine if it is the SEC buying? 

[adamstgBit]

bitcoin has been 100% legal in US since late last year. i'm guessing by the time the ETFs hit wall street all the regulation will be crystal clear.

FBI selling bitcoin is awesome.

the fact that they stole SR users funds makes one wonder if stealing peoples BTC fundz is legal... the FBI's doin it!  

[600watt]

bitcoin has been 100% legal in US since late last year. i'm guessing by the time the ETFs hit wall street all the regulation will be crystal clear.

FBI selling bitcoin is awesome.

the fact that they stole SR users funds makes one wonder if stealing peoples BTC fundz is legal... the FBI's doin it!  

wow, imagine that everything a governemt does would be declared legal. (are there laws out there that governments did not violate ? makes me wonder, since they made the laws... )

[JerryCurlzzz]

In practice, it does indicate legality. I'll feel better when we see specific regulations.

[JorgeStolfi]

This action proves that bitcoins are fungible.

Can't see why.  On the contrary, these coins will be better than others because they have a pedigree, "coins auctioned by the FBI"; while the others may be "coins stolen from MtGOX", "coins paid by an illegal casino",  "coins controlled by the Al Qaida", "coins with unknown history", etc..

[dropt]

On the contrary, these coins will be better than others because they have a pedigree, "coins auctioned by the FBI"; while the others may be "coins stolen from MtGOX", "coins paid by an illegal casino",  "coins controlled by the Al Qaida", "coins with unknown history", etc..

Who cares.  Do I need to know if the dollars in my wallet were ever used to buy Cocaine?  No.  If I find out they were, should I go ahead and destroy them because they're not as "clean" as dollars that weren't previously used to buy Cocaine?  Again, no.

Is one of the dollars in my wallet worth more, or valued higher because I know I got it from the bank instead of another dollar that I received as change at McDonalds?

[JorgeStolfi]

Who cares.  Do I need to know if the dollars in my wallet were ever used to buy Cocaine?  No.  If I find out they were, should I go ahead and destroy them because they're not as "clean" as dollars that weren't previously used to buy Cocaine?  Again, no.

You may not care, but the FBI (or your country's police) may take a special interest in you if you receive coins from an address that belongs to a drug dealer, Al Qaida, whatever.  If the interest is too intense, people and companies may start worrying about the pedigree of coins that they receive.

Crowd detectives are already trying to identify and publish addresses supposedly holding stolen coins.  If bitcoin grows, the police will start doing the same. 

Cash is moderately fungible because it is impractical to build a substantial database of "dirty" banknote numbers, keep it updated, and require everybody to check it before accepting a cash payment.  (But banks may already do that to some extent.)  With bitcoin, where all transactions are public and must be checked against the blockchain anyway,  these obstacles do not exist.

[Gianluca95]

Isn't that wonderfully news?
Thoughts?

Bitcoin was already legal in USA, when your country tax him like "property"  

[cypherdoc]

Who cares.  Do I need to know if the dollars in my wallet were ever used to buy Cocaine?  No.  If I find out they were, should I go ahead and destroy them because they're not as "clean" as dollars that weren't previously used to buy Cocaine?  Again, no.

You may not care, but the FBI (or your country's police) may take a special interest in you if you receive coins from an address that belongs to a drug dealer, Al Qaida, whatever.  If the interest is too intense, people and companies may start worrying about the pedigree of coins that they receive.

Crowd detectives are already trying to identify and publish addresses supposedly holding stolen coins.  If bitcoin grows, the police will start doing the same. 

Cash is moderately fungible because it is impractical to build a substantial database of "dirty" banknote numbers, keep it updated, and require everybody to check it before accepting a cash payment.  (But banks may already do that to some extent.)  With bitcoin, where all transactions are public and must be checked against the blockchain anyway,  these obstacles do not exist.

Sorry, but actions of gov't agencies can be held just as accountable as individuals in a court of law.

If the FBI  didn't care enough to destroy drug related bitcoin they seized but instead chose to profit from a sale,  they set a precident  for similar future transactions whether they like it or not. 

[Scott J]

The sale will make it easier to argue with banks that don't like Bitcoin transactions