4 ms·

Is having bitcoin on a website illegal, even if you don't buy anything?

• owenmarshall 12y ago
  The question is irrelevant. The moment I transfer a bitcoin to Silk Road, it's no longer my bitcoin. It's theirs. I've exchanged it for a promise from Silk Road to pass on the bitcoin to someone else or return it to me when I ask. The government never seized my bitcoin. They seized Silk Road's bitcoin. This means Silk Road has more liabilities than assets. And since Silk Road hasn't given me a promissory note in exchange for my bitcoin, I'm an unsecured general creditor - and unsecured general creditors cannot establish standing to recover seized assets.
  • Anderkent 12y ago
    Good point, and I didn't think of that.
• smsm42 12y ago
  It's not illegal pre se, but if the website is engaged in illegal activity subject to seizure, you may lose your bitcoins, unless you can prove it is not connected to illegal activity.