> If the feds don't have the keys, they don't have the coins. Having the keys is necessary but not sufficient. Namely, if other people have the same keys you d

> If the feds don't have the keys, they don't have the coins. Having the keys is necessary but not sufficient. Namely, if other people have the same keys you don't really hold the bitcoins in any practical sense. It's like ten people all holding a $1000 check drawn against a bank account with only $1000 in it. Whoever cashes the check first has the money, everyone else don't have anything.