3 ms·
>No need for chase schemes and cash briefcases. Moving that many Bitcoins in cash would be hard: 1. who would pay USD for them, 2. putting them for sale on a
by EthanHeilman 11y ago
>No need for chase schemes and cash briefcases.
Moving that many Bitcoins in cash would be hard:
1. who would pay USD for them,
2. putting them for sale on an exchange would crash the market,
3. and when everyone found out that Bitcoins were stolen from Satoshi, I suspect the Bitcoin community would rally together to hunt the person down, while blacklisting the transactions to make them unspendable (also to prevent a crash of the Bitcoin market).
All of this is silly though, anyone with that many Bitcoin should protect them with muiltisig[0] and make one of the parties to the multisig their attorney. Failing that Satoshi could just secret share his private key[1]. Certainly people unfamiliar with the details of Bitcoin may not take such precautions but Satoshi is not a member of that set.
Never underestimate human stupidity, but a rational criminal has much better risk-rewards ratio to choose them. A discussion of how Satoshi can and probably does protect his or her Bitcoin should reduce the risks of such a crime.
[0]: http://www.coindesk.com/year-multisig-so-far/ http://www.coindesk.com/year-multisig-so-far/
[1]: http://en.wikipedia.org/wiki/Secret_sharing http://en.wikipedia.org/wiki/Secret_sharing
- s73v3r 11y agoThey couldn't blacklist those coins without completely undermining confidence in Bitcoin itself. The same discussion came about with the coins that were confiscated by DPR.
- EthanHeilman 11y agoYou make a good point. Lets say you are miner and you are faced with two choices resulting from the stolen Satoshi coins being dumped on the market: 1. vote to blacklist the stolen Satoshi coins and prevent a collapse in the value of Bitcoin (short term benefit, possible long term loss). 2. or don't blacklist the coins and avoid setting a precedent which hurts Bitcoin (short term loss, possible long term benefit), Not an easy choice, I can see arguments for both positions.