Sirwin
Sirwin

Government Seizes $186 Million from Dormant Banks Accounts : Should Dormant Crypto be Movable After 100 Years?


Bitcoin Fixes This T-Shirt Interesting... this was posted as a "Bitcoin Fixes This" solution to a problem, which I'm not sure actually is a problem or not, to be honest. I'm curious what the Publish0x community thinks....

Basically, the UK government decided it was "okay" to confiscate the equivalent of $186 Million from bank accounts that have "...not been touched for 15 years" (and to use that money for COVID relief. Whether this is a "good cause" or not is not the point. Whether they should be allowed to is the question).

Perhaps just for the sake of churning out some content, DailyHodl.com decided this is good fodder for their readers, and so the author brings up the point that "Bitcoin Fixes This" right in the headline. The article details how assets belonging to crypto hodlers of course could never have this happen to them, well, because private keys, cryptography, etc... you get the point.

But is this really that big of deal?

Because the article further states "Funds will only be taken away from accounts whose owner has not been located despite an extensive search. The British government says anyone who discovers that their funds are missing can file a report to try and reclaim their money."

I think especially when referring to the fiat banking system, many would argue that after a certain (but how long...?) amount of time has gone by that we could just all agree that the account holders must have passed away, and it's okay to retrieve those funds back into the system. However, what if they're just in jail serving 20 years? And counting on their money still being there when they get out??

What if they deposited the money when a child was born, and a lawyer or a time capsule somewhere is going to be presented to the child on their 18th, or 21st, or 35th birthday? If any of these extreme but possible cases were to come up, the article says that at least the legitimate owners of the money have recourse. So no harm, right?

So is this really a problem? Maybe 15 years is a bit soon, is all I can come up with.

But Bitcoin? Crypto?

I think I've talked myself into the idea that there are plenty of legitimate cases (above) where leaving one's crypto untouched for even a few decades might be a legitimate enterprise, which should not be interfered with.

But I also can't help but wonder, how long is too long?

What about all those lost coins? Satoshi's coins...? We know we'll never get them back (because if we could, all accounts could be hacked)...

BUT what about a BIP (Bitcoin Improvement Proposal) or a protocol built into all future cryptocurrencies that actually just automatically released coins not moved for say, 75 or even 100 years? Just delete them from the ledger, and make them minable again. Miners at least would vote for it, lol.

Oh but wait... what if you're Walt Disney (or Fry from Futurama) and you were cryogenically frozen at death, and want your crypto to be there for you 200 years in the future, when they revive you with a cure?

Please tell me what you think below!   Thanks, Guy

Daily Hodl article:
https://dailyhodl.com/2020/06/02/bitcoin-fixes-this-uk-government-seizes-186-million-from-dormant-bank-accounts/ T-shirt image found here: https://teespy.com/app/campaigns/teespring/bitcoin-fixes-this  

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Guy Malone, CBP
Guy Malone, CBP

Certified Bitcoin Professional # 8e05f7 Came for the money, became passionate for the cause of how decentralization frees us from corrupt control systems. I onboard newbies and share blockchain breaking news all the time :)


Bitcoin Blockchain News & Views
Bitcoin Blockchain News & Views

Hi I'm Guy. I'm a bit obsessed with watching us race towards worldwide adoption. I enjoy sharing and discussing tech and regulatory breakthroughs, and teaching why decentralized solutions are important to human freedoms and finances. More than just a fanboy, I have certifications in Bitcoin / Intros to Digital Currencies, as well as a (DISCLOSURE) "real job" marketing/consulting for digital currency projects. I will of course disclose anything I am writing about, that involves my firm's client(s).

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