Post
Topic
Board Bitcoin Discussion
Re: [PROPOSAL] - lock the apparent Mt. Gox coins for now
by
Biomech
on 05/03/2014, 00:28:32 UTC
Multiple senior people on these boards have told you this one of or possibly the worst proposal they have ever heard of for bitcoin.

I understand people's reluctance, but I've yet to hear that this would really hurt anyone other than possibly the people with the locked coins. And in those cases, there would be a procedure for unlocking.

I also understand the general concern that this would change the underlying perception of bitcoin. In other words, that the value of bitcoin for most people is derived from the fact that there is no such locking possible. Now while that certainly has been the rule to date, the question is, would such an ability to lock addresses, subject to a review procedure, increase or decrease the typical potential user's confidence?

Certainly the criminal element wouldn't like this. By and large, of course, they would usually be flying under the radar of some limit on the amount and would likely be in trouble by the time legal action is taken against them anyway, but presumably they still wouldn't like this.

But I do wonder what the effect would be for the much larger number of potential users that bitcoin is trying to expand into? Certainly the aficionados who tend to read this forum aren't representative of this group.

I've actually read comments of at least a few miners that might be in favor of such an idea, because they don't want their resources being used to commit a large fraud or theft.

I tend to be interested in the actual facts behind an issue and don't pay much attention to arguments from authority. If you don't like my discussions or posts, please go ahead and block me so you don't have to read them.

I'm a miner, and I would leave bitcoin the day such a foul scheme were enacted.

Which criminals do you think would be affected by this? The Goxxers?

Maybe. But one well known criminal groupl would seize on your proposal like a fish to water. By implementing this, you have just opened the door for asset forfeiture, which is one of the biggest scams in human history. And that particular criminal group steals between 50 and 75 percent of every honest man's income every single year, and then uses the money against us. So far, Bitcoin is resistant to this. If you implement this, We might as well throw in the towel. The governments will own all of the blockchain in less than a day.