3 ms·

this is actually good for bitcoin. just proves that no powerful government can touch money stored in bitcoin. Finally an alternative to digging gold bars in the

by grezql 6y ago

this is actually good for bitcoin. just proves that no powerful government can touch money stored in bitcoin. Finally an alternative to digging gold bars in the woods :)

dghlsakjg 6y ago
60 million in bitcoin is pretty worthless to a man stuck in a concrete box.....
- bitstan 6y ago
  "Hey ma, if I'm locked up I need you to give this pass phrase to my lawyer - he'll know what to do". Lots of multi-sig schemes you could invent to make your funds accessible.
  - est31 6y ago
    A lawyer would lose his license if he were complicit in money laundering.
    - bitstan 6y ago
      And then he'll get a job at Deutsche Bank. Point is the 60M could be liquid if needed to be.
Sunspark 6y ago
I am not German, but in North America, a Judge can rule you in contempt of court and held in custody until you comply with the terms of the judical order. There is no "oh, you ran out the clock, ok off you go you scamp!".
- lazide 6y ago
  Yes, but they do tend to avoid doing so if you’ve, for instance, plausibly lost the ability to do what the order demands you do - like forgotten the password or lost the keys, and there is no evidence you have backups. Additionally, ‘knowledge’ such as a password has been pretty consistently ruled as protected by the 5th amendment and in theory someone couldn’t be held in contempt for refusing to divulge it here in the US. However, if someone is already convicted or seizure of something is blocked by that knowledge (that may also be incriminating if someone has it?), that is less tested and probably not protected. Even if you haven’t, it is very, very rare (and usually requires high profile political pressure) for being held over contempt to happen for very long.
  - anonymousab 6y ago
    > it is very, very rare (and usually requires high profile political pressure) for being held over contempt to happen for very long. I think it will be a lot less rare if digital currencies become a bigger thorn in a government's side.
    - lazide 6y ago
      It depends on how plausible/likely it was you actually have control or how much of an example they wanted to make I imagine. Here is a story about such a case, but not crypto related - 17 years! [https://www.google.com/amp/s/abcnews.go.com/amp/2020/story%3fid=8101209&page=1 https://www.google.com/amp/s/abcnews.go.com/amp/2020/story%3...]

by grezql 6y ago

this is actually good for bitcoin. just proves that no powerful government can touch money stored in bitcoin. Finally an alternative to digging gold bars in the woods :)

dghlsakjg 6y ago

60 million in bitcoin is pretty worthless to a man stuck in a concrete box.....

bitstan 6y ago
"Hey ma, if I'm locked up I need you to give this pass phrase to my lawyer - he'll know what to do". Lots of multi-sig schemes you could invent to make your funds accessible.
- est31 6y ago
  A lawyer would lose his license if he were complicit in money laundering.
  - bitstan 6y ago
    And then he'll get a job at Deutsche Bank. Point is the 60M could be liquid if needed to be.

Sunspark 6y ago

I am not German, but in North America, a Judge can rule you in contempt of court and held in custody until you comply with the terms of the judical order. There is no "oh, you ran out the clock, ok off you go you scamp!".

lazide 6y ago
Yes, but they do tend to avoid doing so if you’ve, for instance, plausibly lost the ability to do what the order demands you do - like forgotten the password or lost the keys, and there is no evidence you have backups. Additionally, ‘knowledge’ such as a password has been pretty consistently ruled as protected by the 5th amendment and in theory someone couldn’t be held in contempt for refusing to divulge it here in the US. However, if someone is already convicted or seizure of something is blocked by that knowledge (that may also be incriminating if someone has it?), that is less tested and probably not protected. Even if you haven’t, it is very, very rare (and usually requires high profile political pressure) for being held over contempt to happen for very long.
- anonymousab 6y ago
  > it is very, very rare (and usually requires high profile political pressure) for being held over contempt to happen for very long. I think it will be a lot less rare if digital currencies become a bigger thorn in a government's side.
  - lazide 6y ago
    It depends on how plausible/likely it was you actually have control or how much of an example they wanted to make I imagine. Here is a story about such a case, but not crypto related - 17 years! [https://www.google.com/amp/s/abcnews.go.com/amp/2020/story%3fid=8101209&page=1 https://www.google.com/amp/s/abcnews.go.com/amp/2020/story%3...]