Please answer my question while you are at it ..
Why other nation states shouldn't start their own #SBRs confiscating #bitcoin of their own citizens or international corps .. US has legitimised the confiscation !
A lot of people are misunderstanding this SBR so I’m going on with nostr:nprofile1qqsd0uazmzmhwseeym3rjhf3txyjapreapc6sq8yq8cy07cg45tlx2cpp4mhxue69uhkyunz9e5k7tcprpmhxue69uhhyetvv9ujucm4wfex2mn59en8j6f0nhvj5y and nostr:nprofile1qqs9r4l3kumdr9v054h3z05z5fuc0gav5ncwd53hl28ux6wvzcyvtsqpz3mhxue69uhhyetvv9ujuerpd46hxtnfduqscamnwvaz7tmzwf3zu6t0uj5yyv later today to help clarify it.
Discussion
Confiscation is nature's way of saying "Not your keys, not your coins." And okay, sure, it's the government, so they have guns. So more like,"Not your timelocked keys, not your coins." Yes sir Mr. Policeman sir, I'll give you my corn, as soon as my key works in :checks watch: 5 years.
And surely people can get more creative about making that even more difficult for the state to handle. Especially with some sort of automated key rotation.Give 'em a key with a descriptor that'll be good IF they can use it right when the blockheight is reached, before your automated system rotates out the key.
Not that I'm normally one to trust too much automation when it comes to key management...but the point is, there's a LOT of opportunities, and most confiscated coins are just those that people got lazy about and left on an exchange.
Are you saying THE SILK ROAD was not sophisticated enough to ensure safety of their keys ! And their coins ?
The site about which Ross posted a help wanted ad for from his home IP on the Bitcoin Talk forum? Which existed prior to segwit and taproot and all of the security that came with them? Also, the site which had been infiltrated by the FBI?
Yea, I'm saying that.
Even BIP-39 came out the year they were shut down. They didn't even have passphrase wallets.