tugofpeace
Pronouns: zie/zhem/zer
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Is the concern basically that bitcoin will be made illegal for businesses to accept? If so, does anyone have any thoughts on that?
Bitcoins/Litecoins/Virtual Currencies
- Thread starter Tripamang
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Is the concern basically that bitcoin will be made illegal for businesses to accept? If so, does anyone have any thoughts on that?
Flobee
Vyemm Raider
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The main way this manifests would be a separation of "Clean" utxo's from "Dirty" utxo's from a compliance standpoint. Maybe party A holds their coins on an approved exchange and is fully KYC'd etc and party B bought theirs non KYC, ran it through a mixer, etc. The idea here is that because Bitcoin is a publicly viewable ledger a government or whatever censoring entity could allow party A to transact with "clean" bitcoin and deny party B from transacting. This obviously only applies to transactions that would occur within the regulatory moat. The core of Bitcoin is that no one, no matter how powerful, can stop two entities from trading in Bitcoin because it is not censor-able on the base layer.
The game theory of Bitcoin attack surface is quite in depth and this particular attack vector is not seeming very likely at this time. See below, legalization of small payments via BTC suggests to me we're moving in the other direction for the time being.
As of right now, I would be more concerned about an overarching attempt to lure self-custody Bitcoin into various capital instruments, lending, like kind ETFs, etc with the goal for forced liquidations or other means of capture. I don't think this is an immediate danger, but if the general Bitcoin thesis is correct EVERYONE will want your Bitcoin especially governments. Not your keys not your cheese
Rangoth
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yes, I don’t think they can stop transactions, I get that. No different than you could stop a store owner from taking cash. But they could say: any business(wallet) that accepts cash from this bad wallet is fine/punished/whatever. Since all transactions are public ledger, no way hide that. Because even if you move coins off bad wallet to new wallet that could be traced and you now just have another bad wallet listed. And this can happen automatically and real-time. Basically you’d only be able to do business with other shady wallets that don’t care.
Sanrith Descartes
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Rangoth
Vyemm Raider
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Holy fuck. I didn’t research if true, but assuming it is…..a wallet moving shit after 14 years? Wtf?
did someone who forgot they bought Bitcoin find their wallet? A big player taking action? I find it near impossible that any normal human wouldn’t have sold off like 1 million worth at some point during the rise to fund their life. Almost feels like a takeover.
for those of us not super knowledgeable about the private key thing. Let’s assume I die and I have the key to my wallet. Is there a way, at all, from a technical perspective, to access that wallet? My understanding is the answer is no but I’m starting to wonder with tweets like that
did someone who forgot they bought Bitcoin find their wallet? A big player taking action? I find it near impossible that any normal human wouldn’t have sold off like 1 million worth at some point during the rise to fund their life. Almost feels like a takeover.
for those of us not super knowledgeable about the private key thing. Let’s assume I die and I have the key to my wallet. Is there a way, at all, from a technical perspective, to access that wallet? My understanding is the answer is no but I’m starting to wonder with tweets like that
Sanrith Descartes
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Maybe they found that hard drive I threw away with the rest of my old PC like 20 years ago in the landfill.
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Khane
Got something right about marriage
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Go back about a month in this thread when I was talking about one of the true believers I had just met and then read the responses of the morons in this thread.
Truly sensational. Actual fucking dipshits who cant separate reality from "OH well NOW I know better!!!"
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Haus
I am Big Balls!
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I can confirm that if you die, you won't be able to access your wallet, since you'll be dead.
But if someone else has your keys (i.e. your seed phrase) they can install as compatible wallet app and get into it with your keys
I literally made metal plates with my seed phrase on then and stopped them away. So that if I die they aren't lost.
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Flobee
Vyemm Raider
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Also just because these addresses haven't moved in 14 years doesn't mean the owner didn't have other addresses they did sell from. This is interesting but it doesn't really mean anything except maybe there is a whale about to add a lot of sell pressure to the market. Could mean a lot of other stuff too
Tuco
I got Tuco'd!
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would be interesting to find out. I imagine there's an industry around "mining" bitcoins from random hard drives. I know more than a few people who have "I have bitcoin around in a landfil" stories.
Blazin
Creative Title
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There is a good bit of inactive bitcoin, it's a possible point of disruption. There has been an assumption by some that the this dormant bitcoin is lost. This event shows that people may be making some false assumptions including the original satoshi mined coins which is more coins than MSTR holds. It's the sleeping giant that could awake at some point.
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Tmac
Adventurer
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Can you speculate into what kind of disruption it might create? As in you think it could get sold off and potentially sink the market?
Flobee
Vyemm Raider
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Not to speak for Blazin, but from my perspective there being a greater potentially available supply than expected (regarding presumably lost coins) would likely have a negative price affect in the short term. At a minimum it would absorb the ever increasing demand for Bitcoin for longer while the price stagnates.
Even if every single mined Bitcoin, including the ones attributed to Satoshi, was spendable and available for use in the market it doesn't really affect Bitcoin in a fundamental way outside of short to medium term price. So long as the system is intact, which includes the 21m cap, it's not fundamentally an issue, but it could definitely dunk the price for a while.
Even if every single mined Bitcoin, including the ones attributed to Satoshi, was spendable and available for use in the market it doesn't really affect Bitcoin in a fundamental way outside of short to medium term price. So long as the system is intact, which includes the 21m cap, it's not fundamentally an issue, but it could definitely dunk the price for a while.
Arden
Blackwing Lair Raider
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I've been saying this for a long time. A whole lot of assumptions are being made- including that Satoshi is actually dead. No one even know who Satoshi was (is)- how could they possibly know he is (they are) dead??
Events like this show some people have the patience to sit on huge piles of btc without selling.
Satoshi is sitting on up to 1,000,000 btc (something like 110 billion dollars at today's valuation). If his wallets were to suddenly "wake up"- either through Satoshi or someone that has control of his keys- it would be more than disruptive, it would be outright catastrophic.
That's now. If btc were to become the world's reserve currency...
Seananigans
Honorary Shit-PhD
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Arden
Blackwing Lair Raider
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Because it would destroy the core assumption that those coins are permanently dormant. None of the coins attributed to Satoshi have *ever* been spent or moved. The sudden availability of up to 1 million BTC (about 5% of total supply) could trigger panic selling, crash the price, and undermine trust in BTCs decentralization and stability.
It would raise a ton of questions like whether Satoshi is alive, if his stash has been hacked, etc.
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Seananigans
Honorary Shit-PhD
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What does any of that matter? None of that changes the base foundation that Bitcoin is built on. And who the fuck is basing anything on “those coins being permanently dormant?” Everyone knows there are (will be) 21 million bitcoin. Nobody I have ever encountered has suggested their strategy involves an assumption that one million of them stay dormant. I really don’t understand your point of view.
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