All of Satoshi's bitcoins will belong to NY after 5 years of inactivity

[oceans]

I would imagine that business will have to have some special bitcoin account or something, it might not be in the regulation yet but I could see it. If some of these businesses keep their coins in an exchange they could be subpoenaed and they go from there. I could see a few things happening like this. If I thought of this then you know they have. These people pay millions to their lawyers to figure this stuff out. Im sure they will figure out some way to get money out of it.

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[btcforall777]

I would imagine that business will have to have some special bitcoin account or something, it might not be in the regulation yet but I could see it. If some of these businesses keep their coins in an exchange they could be subpoenaed and they go from there. I could see a few things happening like this. If I thought of this then you know they have. These people pay millions to their lawyers to figure this stuff out. Im sure they will figure out some way to get money out of it.

They could try that. But is not hard to keep crypto revenues off book just like a cash business might.

Or simply create an entity of shore in a favorable jurisdiction to "own" your business or to book your crypto revenues through.

I bet they will prosecute some people to instill fear in people but the well prepared business person could get around it.

Heck, put all of your assest in a corp owned by an offshore entity. Many ways to do this.

[iTRADEbtc]

This would only be true if he held his bitcoin at an exchange and his account at the exchange were to be inactive after 5 years. After the 5 year period is up the assets would still belong to the customer, but the state would "hold" the assets until the customer claims them.

[Bobsurplus]

Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)

Think for a minute. Lets say they do implement this. Now how are they going to execute and enforce this? One of the benefits of bitcoin is that it's yours, and you're in full control of it. The fundamentals of bitcoin does not operate within the law and regulation.

Actually, fundamentally if you don't own the private keys to your bitcoins you dont own your bitcoins.

So coins left in an exchange are fundamentally not yours!

Always use a private wallet, located on your computer. Not an app, or an exchange or an online wallet.

my $0.2

[williamj2543]

Plus no one knows who he is, so how would they find him. Also, if he "loses" the private keys, then they could not possibly get the bitcoin off his wallet.

[DeathAndTaxes]

This would only be true if he held his bitcoin at an exchange and his account at the exchange were to be inactive after 5 years. After the 5 year period is up the assets would still belong to the customer, but the state would "hold" the assets until the customer claims them.

Unless the state runs low on revenue
http://abcnews.go.com/GMA/story?id=4832471

[hugs1BTC]

This would only be true if he held his bitcoin at an exchange and his account at the exchange were to be inactive after 5 years. After the 5 year period is up the assets would still belong to the customer, but the state would "hold" the assets until the customer claims them.

Unless the state runs low on revenue
http://abcnews.go.com/GMA/story?id=4832471

That article says that CA is the worst offender of doing this, but it also notes that the money CA is taking as unclaimed is a "massive loan" so if the rightful owner of the property comes forward then the state will need to pay the owner for that property.

[Swordsoffreedom]

Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)

Am I reading this right?

That sounds like a bad idea but a good idea for their pocketbooks
Anyways shouldn't be easy to claim unless they have private keys to all of their accounts personal and business.
Unless it was all in one central bitcoin wallet and then distributed from their then it is possible to do this.

[shogodz89]

Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)

Am I reading this right?

No. No more than dollars under your mattress you don't use for 5 years belongs to NY.  Abandoned property deals with THIRD PARTY accounts.   So under the BitLicense if you had an account with an exchange and you didn't login for 5 years the EXCHANGE would turn the account over to the state.

Holy mother of fuck that cannot be real.

All they gotta do is make up some bullshit charges (Patriot Act or something) and put you in jail for 5 years and then keep all your money for inactivity. If you use coinbase or something that is.

Eh no. If you are convicted of a crime the government has no stake to take any property from you that is already yours.
The law prohibits the government from seizing property or money during incarceration, this is why people found guilty of embezzlement go to jail for a few years and come out rich as fuck. They strike a plea deal that states that they only pay a small fine and spend some time in jail, once they pay the fine the government cannot take any more money from them for the crime.

[51percemt]

Forfeit Bitcoins that are inactive for over 5 years to the State of New York - (200.12c)

Am I reading this right?

No. No more than dollars under your mattress you don't use for 5 years belongs to NY.  Abandoned property deals with THIRD PARTY accounts.   So under the BitLicense if you had an account with an exchange and you didn't login for 5 years the EXCHANGE would turn the account over to the state.

Holy mother of fuck that cannot be real.

All they gotta do is make up some bullshit charges (Patriot Act or something) and put you in jail for 5 years and then keep all your money for inactivity. If you use coinbase or something that is.

Eh no. If you are convicted of a crime the government has no stake to take any property from you that is already yours.
The law prohibits the government from seizing property or money during incarceration, this is why people found guilty of embezzlement go to jail for a few years and come out rich as fuck. They strike a plea deal that states that they only pay a small fine and spend some time in jail, once they pay the fine the government cannot take any more money from them for the crime.

The government can seize your property that you acquired as part of your crime. If you otherwise owe money, the fact that you are incarcerated does not prevent anyone from getting a judgment against you and seizing your assets.

[counter]

What a confusing title.  I'm thinking the OP is confused thinking they will take Bitcoin from whomever they want which is not possible.  Maybe if you playing in their overly regulated system you will have the potential of losing your money but only if you hold your money there.

[taylortyler]

What a confusing title.  I'm thinking the OP is confused thinking they will take Bitcoin from whomever they want which is not possible.  Maybe if you playing in their overly regulated system you will have the potential of losing your money but only if you hold your money there.

You're right in that they probably can't take your bitcoin, short of you giving them your private key, possibly under duress. BUT, if you don't turn over bitcoins when requested, they CAN send you to jail for violating their laws.

[bluemountain]

What a confusing title.  I'm thinking the OP is confused thinking they will take Bitcoin from whomever they want which is not possible.  Maybe if you playing in their overly regulated system you will have the potential of losing your money but only if you hold your money there.

You're right in that they probably can't take your bitcoin, short of you giving them your private key, possibly under duress. BUT, if you don't turn over bitcoins when requested, they CAN send you to jail for violating their laws.

The would be an oxymoron. The reason assets are turned over to the states is because of inactivity (it is plausible that the owner forgot about them - opening up a greater chance for fraud on those assets). If the government is able to find the person who owns the private keys, then the "account" would no longer be "inactive"

[abora]

It's impossible to wait for 5years with no activity but you have the sole right to your account thats the advantage of bitcoin

[Dabs]

In 5 years, bitcoin would be worth a lot more. Accounts on websites or banks are one thing. Cold storage is a different thing.