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FBI can't gain access to Silk Road mastermind's Bitcoin stash

By Shawn Knight · 5 replies
Oct 7, 2013
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  1. The alleged mastermind behind the Silk Road has asked a judge for more time to put together the best possible bail proposal during a recent court appearance. Magistrate Judge Joseph Spero was skeptical about what Ross Ulbricht’s public defender Brandon...

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  2. spencer

    spencer TS Addict Posts: 202   +22

    One of the features that makes bitcoin golden... unless you have logged in with your (hopefully extremely secure password) nobody can take a microbit, all you can do is give or receive. And all bitcoin transactions are encrypted So without that password I guess the account will remain full.
  3. I think that's a flaw on the bitcoin idea
    just 21 million bitcoins will ever be produced, this means that any bitcoin lost due to forgotten password is inaccesible to anyone and impossible to be replaced
    maybe over the years the number of lost bitcoins begins to become big mmm

    well what do I know
    Jamesbrah likes this.
  4. Jim$ter

    Jim$ter TS Booster Posts: 158   +32

    A think to remember to:
    A bitcoin can be divided down to 8 decimal places. Therefore, 0.00000001 BTC is the smallest amount that can be handled in a transaction. If necessary, the protocol and related software can be modified to handle even smaller amounts.

    So really if all but 1 bitcoin was lost it wouldn't matter
  5. MilwaukeeMike

    MilwaukeeMike TS Evangelist Posts: 2,875   +1,206

    Just 21 million will ever be produced? That's a flaw too... or would be eventually if Bitcoin becomes popular. As something becomes more popular more of it has to be produced or the price to buy it becomes obscene. This is why the govt continually prints money. The other example is stocks. A stock will split to create twice as many at half the price so it's affordable to more people.

    To see what will happen if you don't produce more, look at Berkshire Hathaway (BRK-A), a stock that's never been split. It's trading for almost $170,000 per share. Bitcoins won't be very useful if you have to trade .002 of one for every $100.
  6. Ranger12

    Ranger12 TS Evangelist Posts: 621   +122

    21 million bitcoins comes out to nearly 2.85 billion dollars at its current price. For now I think that's plenty to cover the number of people who actually trust it enough to use it. I'm gonna say it will never be widely used. I think it's more of an exercise, a precursor for a more stable and viable virtual currency.

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