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For a starters, its not Bitcoin fault that someone did not have last will, or did not include the keys or their crypto in the last will. Second, when some larg
by joering2 5y ago
For a starters, its not Bitcoin fault that someone did not have last will, or did not include the keys or their crypto in the last will.
Second, when some large heist in the past happened on the chain, the largest exchanges announced they won't exchange proceeds from these addresses. It may still not be impossible to withdraw into fiat, but certainly it was harder. Eventually, there will be more regulation from US and other countries' bodies, some of it will benefit crypto holders, some inconvenience them some more.
One example could be of a Government Body that oversees crypto fraud. If you had some coin stolen and you are able to prove they were yours and are unable to communicate with the party who took your coins, these assets can go into some form of public "coins on red notice list", where government puts them there, and exchanges can see the addresses and know not to accept or exchange these assets. If someone tries to, exchange can show them a notice information, instead of completing transaction. Another list government can maintain is "public call notice" (I'm just making these names up) similar to how public hearings are made. In this scenario, government can call up on an owner of some specific questionable coins to explain transactions behind. If no owner comes up in 30 days, these coins could be again put on "red notice" list.
The bottom line is, since exchanges are regulated by governments, the governments will surely regulate even more. Ultimately because everything is transparent on a block chain, certain coins can become "dirty" just like money becomes tainted, and exchange or even possession of these coins can be made unlawful.
- acdha 5y ago> For a starters, its not Bitcoin fault that someone did not have last will, or did not include the keys or their crypto in the last will. It’s not Ford’s fault that someone didn’t drive safely, and yet they’re required to build cars with safety features. Bitcoin’s design ensures that these mistakes happen regularly, and most users end up paying a “I can’t believe it’s not a bank” exchange to hold their Bitcoin for them due to the many irrecoverable risks if you do it yourself.
- giaour 5y ago> For a starters, its not Bitcoin fault that someone did not have last will, or did not include the keys or their crypto in the last will. Since we can assume that some people will die without making arrangements to pass on their keys, then isn't it guaranteed that a non-inflationary cryptocurrency like BTC would eventually consist solely of lost, unreachable coins?
- epolanski 5y agoNo, but the reason would be simpler, the network dying because of low movement.
- largbae 5y agoI think what you're describing is a centralized body that can use due process to resolve disputes. 4 legs good 2 legs better?
- 01acheru 5y agoSince we cannot have an ever growing amount of BTC, you mean that in time more and more coins will be tainted? Assuming that frauds and heists and all that are constant but BTC generation is less than linear an ever growing percentage of coins will be tainted. Another thing: if someone steals money from me and I can prove it, and law can find him, and trial him, etc. I want the possibility to have my money back not some “coins on red notice”.
- headsoup 5y agoSounds like you're just talking the banking system and cash. Anonymity + regulation. They already regulate credit and banks have systems for fraud. What again does Bitcoin solve for over this?