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Thanks for your honest answer. I'm of the opinion that it's legal (first amendment, etc), but rather unethical, especially since the evidence isn't conclusive.

Thanks for your honest answer. I'm of the opinion that it's legal (first amendment, etc), but rather unethical, especially since the evidence isn't conclusive. Regarding safety, currency stored in banks tends to be less susceptible to theft via coercion. If someone breaks into a house, holds a person at gunpoint, and demands their bank details, they probably won't be able to successfully transfer a few million dollars out without triggering some internal check. On the other hand, you could easily do that with bitcoins, assuming that the private key hasn't been locked up in a vault, or the transaction secured with multiple keys. I still feel it's an unlikely scenario, but it seems that claiming someone has $400 million in untraceable digital currency is going to impact their safety more than claiming they have $400 million in a bank, or in shares.

mpyne 13y ago
> If someone breaks into a house, holds a person at gunpoint, and demands their bank details, they probably won't be able to successfully transfer a few million dollars out without triggering some internal check. While that's true I suppose, whose fault is it for designing a system that is so much more susceptible to "rubber-hose theft"? It seems to me that this threat model would apply equally to anyone who gets rich via Bitcoin, not just Nakamoto, and it's an inherent side effect of refusing to allow banks to act as a trusted third party. You can't have your cake and eat it too. Should investigative journalism be forbidden from here on to anyone who has enough Bitcoin? Because if it's true that being rich will get you physically robbed then how many Bitcoin startups have founders and officers that are in mortal peril based on their Bitcoin holdings? Surely we can't apply a blanket "no investigate" order across them all. Rather I believe that, if this is a viable threat, that it's an unintended consequence which is essentially inherent to the new marketplace Nakamoto created, which is something that anyone publically known with Bitcoin riches will have to cope with in the future.
- weavejester 13y ago
  It's not too difficult to protect Bitcoins from "rubber-hose theft". The simplest solution is to keep the private key to the majority of the wealth in a bank vault, or several. If Newsweek got it right, then Satoshi has a number of options for securing his wealth, assuming he still has the private keys. But if Newsweek got it wrong, there's nothing Dorian Nakamoto can really say, other than to deny the story. Consider if Newsweek ran a story about a secretive millionaire who supposedly has millions in gold stored in his basement. If the subject of the investigation does have millions, but they are stored more sensibly, he could release a statement saying that, yes, he has gold, but its stored in banks, not in his basement. But if Newsweek are wrong, they've compromised the security of an innocent individual.

mpyne 13y ago

> If someone breaks into a house, holds a person at gunpoint, and demands their bank details, they probably won't be able to successfully transfer a few million dollars out without triggering some internal check. While that's true I suppose, whose fault is it for designing a system that is so much more susceptible to "rubber-hose theft"? It seems to me that this threat model would apply equally to anyone who gets rich via Bitcoin, not just Nakamoto, and it's an inherent side effect of refusing to allow banks to act as a trusted third party. You can't have your cake and eat it too. Should investigative journalism be forbidden from here on to anyone who has enough Bitcoin? Because if it's true that being rich will get you physically robbed then how many Bitcoin startups have founders and officers that are in mortal peril based on their Bitcoin holdings? Surely we can't apply a blanket "no investigate" order across them all. Rather I believe that, if this is a viable threat, that it's an unintended consequence which is essentially inherent to the new marketplace Nakamoto created, which is something that anyone publically known with Bitcoin riches will have to cope with in the future.

weavejester 13y ago
It's not too difficult to protect Bitcoins from "rubber-hose theft". The simplest solution is to keep the private key to the majority of the wealth in a bank vault, or several. If Newsweek got it right, then Satoshi has a number of options for securing his wealth, assuming he still has the private keys. But if Newsweek got it wrong, there's nothing Dorian Nakamoto can really say, other than to deny the story. Consider if Newsweek ran a story about a secretive millionaire who supposedly has millions in gold stored in his basement. If the subject of the investigation does have millions, but they are stored more sensibly, he could release a statement saying that, yes, he has gold, but its stored in banks, not in his basement. But if Newsweek are wrong, they've compromised the security of an innocent individual.