5 ms·

That is probably the fastest way to kill crypto. Seizing any coins involved in illegal activity, even if it's been through numerous other owners since (and for

That is probably the fastest way to kill crypto. Seizing any coins involved in illegal activity, even if it's been through numerous other owners since (and for legal purchases). Once everyone is asking if the coins they are getting are clean they'll stop acquiring coins.

landemva 4y ago
Government cleans crime proceeds when they auction it off. Same for planes and cars.
- counttheforks 4y ago
  Which government, and are there international agreements about this?
  - dopamean 4y ago
    I'd assume whichever government seized the goods.
  - landemva 4y ago
    USA federal government sold seized bitcoin years ago. https://www.reuters.com/article/us-usa-bitcoin/venture-capitalist-draper-wins-u-s-bitcoin-auction-idUSKBN0F719920140702 https://www.reuters.com/article/us-usa-bitcoin/venture-capit... And local and State government. https://www.nyc.gov/site/nypd/services/vehicles-property/police-auction.page https://www.nyc.gov/site/nypd/services/vehicles-property/pol... USA is sovereign and does not respect international agreements.
  - MerelyMortal 4y ago
    Ireland sold seized Monero (XMR) and Bitcoin (BTC) in an online auction in 2019. I think they even opened it up to foreigners.
- ISL 4y ago
  Yes, but that is after they seize it. If a criminal steals my bitcoin and spends it, everyone who accepts it and everyone who accepts it from them is taking delivery of stolen property, trivially traceable back to me. I'll want it back, because it is mine and was stolen. https://en.wikipedia.org/wiki/Possession_of_stolen_goods https://en.wikipedia.org/wiki/Possession_of_stolen_goods As a practical matter, if crypto continues to gain adoption, law must emerge to keep the ecosystem from getting jammed up.
Sargos 4y ago
China, Russia, Egypt, and many others have already banned crypto and seize any assets regardless of legality and it hasn't killed crypto yet. Even the USA as the largest economic market in the world couldn't kill crypto by seizing assets as there are dozens of other countries that will keep using crypto for the anti-corruption, stability, and efficiency benefits it provides. It's a lot like the internet where a country can ban or control it but ultimately it only harms their own citizens and prevents them from properly competing on the world stage.
three_seagrass 4y ago
Isn't that just admitting that the primary use case of crypto is illegal activity?
- ISL 4y ago
  No -- it means that a single instance of illegal activity can potentially be charged-back by a government through a web of otherwise-legal transactions at any time. The immutable historical retention of all transactions has at least the capacity to threaten the immutability of transactions in the real world.

landemva 4y ago

Government cleans crime proceeds when they auction it off. Same for planes and cars.

counttheforks 4y ago
Which government, and are there international agreements about this?
- dopamean 4y ago
  I'd assume whichever government seized the goods.
- landemva 4y ago
  USA federal government sold seized bitcoin years ago. https://www.reuters.com/article/us-usa-bitcoin/venture-capitalist-draper-wins-u-s-bitcoin-auction-idUSKBN0F719920140702 https://www.reuters.com/article/us-usa-bitcoin/venture-capit... And local and State government. https://www.nyc.gov/site/nypd/services/vehicles-property/police-auction.page https://www.nyc.gov/site/nypd/services/vehicles-property/pol... USA is sovereign and does not respect international agreements.
- MerelyMortal 4y ago
  Ireland sold seized Monero (XMR) and Bitcoin (BTC) in an online auction in 2019. I think they even opened it up to foreigners.
ISL 4y ago
Yes, but that is after they seize it. If a criminal steals my bitcoin and spends it, everyone who accepts it and everyone who accepts it from them is taking delivery of stolen property, trivially traceable back to me. I'll want it back, because it is mine and was stolen. https://en.wikipedia.org/wiki/Possession_of_stolen_goods https://en.wikipedia.org/wiki/Possession_of_stolen_goods As a practical matter, if crypto continues to gain adoption, law must emerge to keep the ecosystem from getting jammed up.

Sargos 4y ago

China, Russia, Egypt, and many others have already banned crypto and seize any assets regardless of legality and it hasn't killed crypto yet. Even the USA as the largest economic market in the world couldn't kill crypto by seizing assets as there are dozens of other countries that will keep using crypto for the anti-corruption, stability, and efficiency benefits it provides. It's a lot like the internet where a country can ban or control it but ultimately it only harms their own citizens and prevents them from properly competing on the world stage.

three_seagrass 4y ago

Isn't that just admitting that the primary use case of crypto is illegal activity?

ISL 4y ago
No -- it means that a single instance of illegal activity can potentially be charged-back by a government through a web of otherwise-legal transactions at any time. The immutable historical retention of all transactions has at least the capacity to threaten the immutability of transactions in the real world.