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Author Topic: Tainted coins - Who dictates that a coin is tainted?  (Read 2967 times)
doldgigger
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May 13, 2012, 03:33:34 PM
 #21

Well, in fact this is one of Bitcoin's least important questions right now. You shouldn't be believing everything a company with liquidity problems tells you.

It was just one of many excuses MtGox pulled in order to get through with withholding their customers' money for a while. If there was any legal relevance to this, they would have made themselves liable as well, as they facilitated the trade with the "stolen" funds and only used it as an excuse to withhold the user's withdrawal later. Hopefully, they will stop pulling such stunts after raising enough money to have their users' deposits fully backed by real money again.

Just choose a more honest exchange and ignore this "issue".

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JoelKatz
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May 13, 2012, 08:01:13 PM
 #22

Not necessarily...  If someone gave you a pile of fiat that was splattered with some bright colored dye or paint, such as what happens when a bank robber flees the scene of the crime and opens their bag of ill-gotten bills only to find an exploding dye canister going off in their face and all over the bills, would you really expect a bank or merchant to accept those "tainted" bills?  This is the fiat equivalent to "tainted" Bitcoin.

I haven't personally decided if I support the idea of "tainting" bitcoin yet, but this would be an example of the real-world equivalent.
No, that's totally different because this "taint" is visually obvious and can't appear on a bill while it's sitting in your pocket. A better analogy would be if the FBI regularly published a list of serial numbers of currency that would no longer be honored. Banks would refuse to accept bills on the list, and soon so would grocery stores and so on. That hundred dollar bill you got from the bank, now sitting in your wallet, could appear on that list at any time because the person who deposited it at the bank right before you withdrew might have stolen it.

Think about what using currency would be like in such a world. Could you even have ATM machines? In fact, it would be the death of cash -- forcing people to use cash only for small amounts of money they could afford to lose. Such "tainting", if it hit the Bitcoin world, would similarly be the death of Bitcoin if it caught on in any significant way.

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fastandfurious
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May 14, 2012, 02:44:29 AM
 #23

Not necessarily...  If someone gave you a pile of fiat that was splattered with some bright colored dye or paint, such as what happens when a bank robber flees the scene of the crime and opens their bag of ill-gotten bills only to find an exploding dye canister going off in their face and all over the bills, would you really expect a bank or merchant to accept those "tainted" bills?  This is the fiat equivalent to "tainted" Bitcoin.

I haven't personally decided if I support the idea of "tainting" bitcoin yet, but this would be an example of the real-world equivalent.
No, that's totally different because this "taint" is visually obvious and can't appear on a bill while it's sitting in your pocket. A better analogy would be if the FBI regularly published a list of serial numbers of currency that would no longer be honored. Banks would refuse to accept bills on the list, and soon so would grocery stores and so on. That hundred dollar bill you got from the bank, now sitting in your wallet, could appear on that list at any time because the person who deposited it at the bank right before you withdrew might have stolen it.

Think about what using currency would be like in such a world. Could you even have ATM machines? In fact, it would be the death of cash -- forcing people to use cash only for small amounts of money they could afford to lose. Such "tainting", if it hit the Bitcoin world, would similarly be the death of Bitcoin if it caught on in any significant way.


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May 14, 2012, 03:45:17 AM
 #24

I think it's becoming clearer and clearer that tainting is just a Bad IdeaTM and not really in the best of interests of anyone wanting to use Bitcoin.

Also the idea of optional "taint lists" I think just leads to a slow spiral of death as more and more such lists are put together by different legal jurisdictions whose decision about what is or isn't a crime will inevitably vary.

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May 20, 2012, 05:48:55 PM
 #25

Bumping as this recently became very relevant.

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May 20, 2012, 05:56:55 PM
 #26

A coin is tainted when its been rubbed in someone's taint.

I will not accept tainted coins. However, since bitcoins are digital, they cannot be tainted Cheesy

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May 24, 2012, 08:32:29 AM
 #27

99% of fiat has cocaine on it. All your moneyz belong to George Bush.

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