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> it isn't unseizable It can be, with a memorized seed phrase and some willpower. I'm still amazed that the technically inclined Bitfinex hackers managed to ge
by olalonde 5y ago
> it isn't unseizable
It can be, with a memorized seed phrase and some willpower. I'm still amazed that the technically inclined Bitfinex hackers managed to get their wallet seized.
- noah_buddy 5y agoWhat's the xkcd... Something something, $15 dollar wrench? The application here is this: We (the US govt) know you (the hackers) did it. Cough up the cash and go to prison for a long time or don't and go for much much longer. Suddenly, the money is seized. That said, there are arguments to be made about that money as a bargaining chip if you keep the wallets 'unseizable' (until you cough it up for an offer).
- olalonde 5y agoI specifically included "some willpower" because I knew someone would bring that up. Technically, if you stand your ground and go to prison for a long time (or are going to prison for a long time regardless), the money won't be seized. Similarly, if you forget your passphrase or die, the money won't be seized. Or if you have a multisig wallet setup and your accomplices don't get caught, the money won't be seized. I believe there are multiple actual instances of the FBI not being able to seize rather large Bitcoin wallets.