Re:For Sale: 29,656.51306529 Bitcoins
by thesimpsons1022 on Friday June 13, 2014 @08:34AM
(#7888451)
there are times when analogies are very helpful.. this isn't one of them. instead of comparing it to that, let's talk about what it actually is. an illegal black market for drugs. you're either being greedy, disingenuous, or crazy if you think their money should be returned. if anything they are lucky the government doesn't pursue the users with legal action.
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Is having bitcoin on a website illegal, even if you don't buy anything?
Re:For Sale: 29,656.51306529 Bitcoins
by owenmarshall on Friday June 13, 2014 @09:46AM
(#7888787)
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.
Good point, and I didn't think of that.