There are 17 964 063 bitcoin[0] in circulation which means that this transaction accounts for 0,5261% of all Bitcoin. I wonder how common transactions that account for one half a percent of total markets are.
There is how many have been mined, and are an upper bound of that many bitcoin in circulation. Some of it is stuck with forgotten addresses and passwords, so some are just gone- I think bitcoin won't be used by the time we have enough computing power to track down dead addresses and crack the passwords.
Also, the short term price sensitivity of bitcoin is related to the depth of the order book and not the total market cap of coins. Someone placing a sell order at market rates for 94k bitcoin would wipe out the order books and the price would go way down, and take quite a while to recover. To sell 94k bitcoin without nuking the price they will have to sell at a slow trickle.
Thanks for posting this.
I don't understand how the US can go in and decide BTC-e was a money laundering op and then confiscate bitcoins and put people in jail. Who decides who gets those bitcoins?
Surely many other countries have money laundering laws. What makes the US so special that they can go flip a business operating in the Ukraine?
> Surely many other countries have money laundering laws. What makes the US so special that they can go flip a business operating in the Ukraine?
Likely what makes the US special in this instance is that they did it first, and as long as other countries aren't going to make a stink about it (i.e. the US backs up its claims to some degree or the other countries don't want to question them), then it will get away with it.
Rule of law is for people. Countries operate on a mixture of laws, norms, and consensus building. If every country but one decided to raid that one country, and they had the power (as in economic and military power) to do so, what's to stop them? Not a law, which they my nature can just rewrite.
> Real justification: Extraterritoriality is a thing you get to do when you're an empire.
This is exercise of extraterritorial jurisdiction, which is not the same thing as (though also not unrelated to) extraterritoriality.
And everyone gets to do it, it has nothing to do with being an empire (actual extraterritoriality beyond what is normal for, e.g., diplomats might, but this isn't that.)
Read the indictment for yourself. Namely page 16 and 17 which account for charges 3-21 of the indictment (the vast majority of it).
The only company within US jurisdiction that BTC-E did business with is a company called "tradehill". The amounts of money moved were small, ranging between $12.60 and $17,000. Less than $100,000 was moved overall and all of it was moved in early 2012.
The US doesn't care about tracking down the $12.60 that you laundered on 24 January 2012 like it says in the indictment. The US is just using that as an excuse to impose it's money laundering laws outside of it's jurisdiction. The indictment is a pretext for extraterritoriality. Extraterritoriality is a thing you get to do when you're an empire.
Not really sure how you're making the "empire" qualification. An empire by definition is not an entity which gets to make extraterritorial moves with impunity.
Just seems silly to try and cast the US as an "empire" here when all you're really saying is "the US is a very powerful nation".
That's not what extraterritoriality means -- it refers to having your citizens/property be immune to local laws in foreign countries, not applying your laws to foreign citizens/property in foreign countries.
They don't have a right to do it, but there's nothing to stop them.
A foreign power can have any law it wants, and no other foreign power has to respect it. You can try to sue them, but sovereign immunity, and foreign sovereign immunity, stops almost all of these attempts. The exceptions generally are human rights abuses (by the same state doing the suing...) and commercial transactions.
In this case, the USG stole from money launderers in a foreign country. So not only can people in the US not sue the USG over it (sovereign immunity), people in the Ukraine can't sue the USG over it (foreign sovereign immunity). The thieves would have the best claim, but it doesn't work out well when you claim your illegal business was stolen from. And since it's a foreign power, if the US balks, it would be covered under international law, and guess who enforces international law?
If your property is wrongfully seized by the government due to some criminal activity, you can file a claim to get it back. This happens all the time when a criminal is caught with stolen goods. The thieves do not have the best claim.
It may take some time and effort to get the property back, but there is a process.
Assuming the govt took the money under the auspices of a criminal forfeiture (which I assume because the company was supposedly for money laundering), you would basically need to prove a paper trail to show what specific part of the money they seized was yours, and even then who knows if there isn't a loophole that allows them to basically not respond if the forfeiture was of a foreign company on foreign soil. They took it from a non-US entity, so they may not have any responsibility to give any of it back, because it was not being held by someone in the US [with rights in the US].
Do you now understand why we need something like Bitcoin? (Even if it's gonna a be a newer version of it in the future, or something even more private etc.)
Doesn't this instead just show the Realpolitik nature of currency, that it doesn't matter the technical implementation when a government can still just step in and seize the asset using traditional force?
Yes but the key difference is with cryptocurrency the person that owns the wallet still has to sign the transaction, there is no other way. It's a push model instead of pull. Compare this to traditional banking where a 3rd party (the bank) can aquiesce to a government request without your knowledge or approval.
Enforcing illegal torrents failed. I think a cryptocurrency ban would be similar. Also, the US made it illegal to hold gold between 1933 and 1974 but almost nobody turned in gold to the feds. https://en.m.wikipedia.org/wiki/Executive_Order_6102
Both are essentially electronic systems of information on a computing system, a format and a protocol of communication through the internet. In terms of technical difficulty to enforce them it would be very similar.
I'm pretty sure that "They" was meant to refer to the Government. The Government could most certainly pass laws (or enforce existing laws) that put people in jail for accepting stolen or "dirty" coins. (Just like the Government could pass a law or re-interpret existing laws to make making owning bitcoins illegal.)
I feel confident that any major state actor could completely disrupt the bitcoin market. In traditional banking the government wants to maintain the value of its fiat currency. But the government doesn't care one iota about the value of Bitcoin except potentially for its own nefarious purposes.
This is assuming that Bitcoin wasn't invented by a government in the first place. Cryptos have a strong benefit to central authority in that they are simple to track flows of money, it's impossible to play a shell game if you can check the block chain. It becomes very easy to check the full transaction history of someone if you find out their addresses. Here is an NSA paper on cryptocurrency that came out in 1996
https://groups.csail.mit.edu/mac/classes/6.805/articles/mone...
It cannot if you own your own keys. "Not your keys - not your crypto". Of course if you let some other entity to hold your keys, you're basically just using a bank, which has its own benefits, but I was talking about the unique ability to handle your keys, which crypto provides, as opposed to any other electronic money system to date.
Doesn't this just show that Bitcoin is worthless in comparison to a state-backed fiat currency? It doesn't matter if you have all the bitcoin in the world, the US government has more violence at its disposal than you could ever buy, and ultimately violence is the only thing that ensures the ownership of anything. If a government wanted something from you they could just take it, that's the real reason that the money they print has value.
Fortunately those of us who live in the United States also have the protection of the U.S. Constitution, which provides a glimmer of hope that we can seek restitution when the government deploys its violence illegally. Who knows how much longer that will hold up though...
The Constitution is a piece of paper, it does nothing and protects no one. The real thing that is protecting you is the same thing that always has: the good will of your common man. The real power has always lied in the beliefs of the people and always will, and if you can’t have faith in that you can't have faith in anything. We all live at each other’s mercy. Any system that doesn’t have trust in each other as its fundamental basis simply can’t last.
Underwriters are not allowed to lend out shares for short sale until 30 days after the IPO. Other investors could lend out shares but there are not going to be that many shares on the market right after the IPO.
Do you have a similar opinion in regards to crimes? Do you think that there will be less crime if there are harsher prison sentences? Are you in favor of mandatory minimum sentences?
If not, why do you think harsher punishments are needed here but not for crimes?
White collar crimes (like this should be) are all about making value calculations. Take the famous Ford Pinto memo. They decided the risk to their customers' lives was smaller (in terms of pure dollar amount, after potential litigation) than fixing the gas tank issue. If you penalize reckless security practices that lead to data breaches companies will be far more inclined to look after their customers. We already issue fines like this with COPPA, so it's not a new concept.
Street crimes have a far different cause and should be treated differently. I'm surprised I even have to type that, it seems obvious.
Credit cards and debit cards -> Make a payment with a one-time use credit card
>In addition to regular credit cards, you can also use a one-time use credit card (also known as virtual credit card). It's commonly used as an alternative to physical credit cards when making online payments.
Maybe the documentaries on educationally focused services like Magellan TV or Curiosity Stream are of a higher standard than what you get on Netflix. I see advertisements for them but have not checked into them yet.
I don't think this is about lost sales from the small amount of people who buy both the audio-book and e-book. I think that publishers are just using this new feature to pressure Amazon into paying them more for the audio-book licensing,.
> Scientists studying satellite image data from the fires in the Amazon rain forest said that most of the fires are burning on agricultural land where the forest had already been cleared.
[0] https://www.blockchain.com/charts/total-bitcoins