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FBI Unable To Seize 600,000 Bitcoins From Silk Road Operator

By Ryan Whitwam on October 7, 2013

Closing down the Silk Road and arresting its alleged operator has left the FBI in uncharted territory. After shuttering the hidden site, law enforcement went to work confiscating the money and materials belonging to supposed drug kingpin Ross Ulbricht, but this usually routine procedure is proving especially troublesome in this case. The cache of more than 600,000 bitcoins in Ulbricht’s personal fortune are still inaccessible to the FBI.

The only way to move Bitcoins out of a private wallet is to have the corresponding private key to authorize the transaction. The FBI has been unable to get through the encryption protecting Ulbricht’s wallet, leaving all those Bitcoins — amounting to roughly $80 million at current rates — out of reach. Based on publicly available data, this is about 5% of all Bitcoins in existence right now.

Read more; http://www.extremetech.com/computing/168139-fbi-unable-to-se...



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What if U.S. issues digital currency?

Then they can make it illegal to own bitcoin. They just need a federal judge to say bitcoin competes with US right of legal tender. Then bible prophecy is done (not that I am a big believer). They may not be able to seize it but if they can prove its your wallet you go to jail.

Imitation would be the highest form of flattery for Bitcoin

I can hardly wait until the US or any other country starts imitating Bitcoin!

On that same note, I think it is really neat that bitcoin is getting spread among some of the "lowest common denominators" around the world.

Not trying to offend the nerds, geeks, and dedicated programmers, but they sure as hell not the financial super manipulators that are in control now!

This whole thing may pan out in absolutely unexpected ways... I am hoping it will be all for the better because Bitcoin gives us a chance for that.

Just plain 'Happy'about the direction the world is taking! Especially if we live to reach LEV [Longevity Escape Velocity]

USA CORP.

They have the power switch and are prepared to use it.

All rights reserved and no rights waived.

I'm not sure

what you mean. Are you talking about the U.S. shutting down the Internet? If they could and did that there would be a lot more problems and angry people than Bitcoin users. Besides Bitcoin is global. To stop it being used completely you have to shut off the entire Internet over the entire world.

...

The internet may be more reliable and persistent than most would understand. However, when your local power company defaults, your going to understand. Tepco is just the start.

A car may have value but only if their is an available fuel to put in it. Without fuel a car is worth its weight.

All rights reserved and no rights waived.

Do you expect

the U.S. to be without power everywhere forever?

...

No, but long enough to regain dominant control.

All rights reserved and no rights waived.

FBI always take a back seat

FBI always take a back seat to the CIA. Look at 9/11. FBI has charged no body. NOT ONE.

All rights reserved and no rights waived.

Is this the end of bitcoin?

Does legislation loom? Because Mt. Gox is already insolvent.

Completely

unsubstantiated statement. Why do you think Mt.Gox is insolvent? You do realize Mt.Gox existed BEFORE even Silk Road, and has been the largest Bitcoin exchange since then, even when bitcoins were less than $1. If the Silk Road owner amassed $80M in profits Mt.Gox is probably not far behind, if not ahead.

Mt. Gox is insolvent

Mt Gox has not paid anyone a single drop of cash from a bitcoin sale in over 3 months.

The Empire is Crumbling

And you have a front row seat for the spectacle. What more entertainment do you need?

LOL. Bitcoin is serving its stated purpose.

Even though it is unbacked by any commodity and each one is tracked through infinity, it is not under any government jurisdiction and wallets are greatly encrypted.

Bitcoin is a one world

Bitcoin is a one world currency without a physical commodity to back it. It clearly states every transaction is recorded. Every device has a unique MAC address that is traceable. There is nothing private about bitcoin. Nothing is impenetrable and the insiders will be in control.

BTW We all talk about how many shills are here making bogus comments and manipulating content ratings.

All rights reserved and no rights waived.

For that reason alone

I'm interested in acquiring Bitcoins. To Fuq with The Man.

...

Well the money you paid for those bitcoin went to the power company to make them, so joke is on you. You work for the man.

All rights reserved and no rights waived.

Owned

Owned

Southern Agrarian

I heard they had hit men for

I heard they had hit men for sale on Silk Road. I saw it on cable news.

he allegedly put a hit out on someone

He allegedly put a hit out on someone. It was part of the governments case against him. Drug dealing, contract to murder, computer hacking....mostly they wanted his money I think. ROFL.

In case you missed it: http://www1.icsi.berkeley.edu.nyud.net/~nweaver/UlbrichtCrim...

I visisted the site a few times out of curiosity.

They didn't have murder for hire. In fact, it was against "their policy". LOL.

“I’m fully diversified. I’ve got some under the mattress, some under the floor boards, some in the backyard.”

Indeed

For that one needs to visit www.cia gov. And no, to my knowledge they do not accept Bitcoins.

Don't understand

why you got downvoted. Obviously, some people don't know the lyrics to Crazy Train.

Very appropriate.