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Nobody is suggesting that Bitcoin will replace the USD (yet). For now, some people are going into Bitcoin because it cannot be confiscated. And govt default is
by jaekwon 13y ago
Nobody is suggesting that Bitcoin will replace the USD (yet). For now, some people are going into Bitcoin because it cannot be confiscated. And govt default is correlated with crazy taxation measures. Take a look at what France is doing now.
- Phlarp 13y ago>cannot be confiscated. Several internet drug lords would beg to differ.
- jaekwon 13y agoWhich ones? DPR's personal wallet is still intact.
- Phlarp 13y agoThat completely depends on how they were stored. If the FBI has his encrypted wallet file and DPR has the password to access those keys then the coins are effectively dead don't you think?
- jaekwon 13y agoOf course not. Only he can unlock his coins, and he can use them as a bargaining chip.
- narcissus 13y agoThat's presuming that only DPR had the wallet in the first place. Even without the wallet he may have some trusted cohorts that can move the funds via a brain wallet or something similar. Now having said that, that hasn't yet happened and I presume over time it's less likely to happen. But still, there's nothing intrinsic to Bitcoin that says "Party A has the wallet and therefore only they can spend what's in it".
- Phlarp 13y ago>"Party A has the wallet and therefore only they can spend what's in it" When the private key is gone, the coins are gone. Might be forgetting a brain-wallet, might be forgetting the password or losing the keys to the encrypted drive the keys are in, or it could be as simple as losing or destroying the physical media the keys are on. We can quibble about the precise technical details of how DPR specifically might have those coins secured, but it's mostly moot at this point; that address likely won't be changed any time soon. Surely removing 1% of the current circulation must have a few effects.