The United States Attorney in New York says about $28 million worth of bitcoins have been seized from a Ross Ulbricht charged with operating a notorious online drug marketplace known as Silk Road.
U.S. Attorney Preet Bharara said Friday more than 144,000 bitcoins were found on computer hardware belonging to Ulbricht.
Good lord. I appreciate all of these brave souls going out and working the bugs out of this whole bitcoin thing. I'll stick with gold and silver until someone does something about all of the problems.
ReplyDeleteIt's fine if you want to wait to adopt BitCoin until you trust it. But, just to be clear about this particular situation, this is not a failure of the BitCoin protocol or design. The Feds physically seized the hardware that the BitCoin data was stored on. They may have had to break through any security measures in place to do so, but they didn't compromise BitCoin.
DeleteThere are a couple of ways the suspect could have protected this stash. Google "brainwallet" for the ultimate defense.
Neither gold, silver, or fiat cash would have protected the suspect under these circumstances
In a related story, U.S. Attorney Preet Bharara is trying to determine what the fuck a BitCoin actually is.
ReplyDelete"I've got 28 million worth of the damn things, said Bharar, and we haven't a clue what they are or how to spend them. If I hadn't screwed over Silk Road, we'd at least be able to buy some decent porn and a couple of rounds of "blow" for the department. Now were just stuck with withering interest from the public, a pointless court case, and it it's not even going to help my career."
[Preedle-lee-deedle-lee-Preet preedle-lee-deedle-lee-Preet Cause we're really gonna rob 'em tonight. Rock and rob 'em]