Meh, don't beat yourself up. You'd almost certainly have sold the BTC the moment they would've been worth something, thinking it couldn't last and you'd figure you made bank anyway.
Source: I spent 32 BTC I mined, when they were worth ~10 bucks a pop.
Bought me tabs of LSD and ~10g of weed on what was, at the time, the first Silkroad website. Looking back now I possibly had the most expensive LSD trips in history.
Don't feel too bad if you use Btc with addresses associated with drug sell from what I understand it sort of taints them due to address and wallets being public other fun fact because wallets are public you can see how because prices get manipulated with large v wallet accounts
Don’t feel too bad if you use Btc with addresses associated with drug sell from what I understand it sort of taints them due to address and wallets being public
It's more complicated than that; you can clean bitcoins effectively by going through tumblers, chaining exchanges, and the like. You'll pay a mighty premium but it's possible.
Also, the bitcoins in question weren't linked to drugs at all until I linked them to it, mind you.
Tumbling can if you have nation state/Interpol level resources, exchanging can't (at least on a timeframe of years).
If you sell your bitcoins in exchange for another cryptocurrency, especially one whose transactions can't be traced, like Monero or ZCash, tumble THAT or send it back and forth to yourself a few times then you're home scot free.
Not really. A tumbler service is the only one that could do that, and if they don't keep records, all you could know is all those wallets sent to the service and all those other wallets received from the service but if there are enough users of the service, you won't be able to link one to the other. It mainly depends on how many people use the service.
Though you can also do it with exchanges. Send them your dirty BTC. Switch them to another coin. Send that to your wallet (or even better, switch X% to one coin, the rest to another; create two wallets on both chains you picked, send the money there). Then do the exact same thing with another exchange. Then another. And so on.
Is it then impossible to identify you ? no, but it now requires serving warrants to many different businesses to reconstruct the chain, likely in widely different jurisdictions, and chances are some of those will be wildly uncooperative or won't keep adequate records.
Meh, don't beat yourself up. You'd almost certainly have sold the BTC the moment they would've been worth something, thinking it couldn't last and you'd figure you made bank anyway.
Source: I spent 32 BTC I mined, when they were worth ~10 bucks a pop.
OOF
Bought me tabs of LSD and ~10g of weed on what was, at the time, the first Silkroad website. Looking back now I possibly had the most expensive LSD trips in history.
deleted by creator
Nice lol. I used to have a shirt I got from a vendor for Silk Road Tea and it has sparked some hilarious conversations.
Don't feel too bad if you use Btc with addresses associated with drug sell from what I understand it sort of taints them due to address and wallets being public other fun fact because wallets are public you can see how because prices get manipulated with large v wallet accounts
It's more complicated than that; you can clean bitcoins effectively by going through tumblers, chaining exchanges, and the like. You'll pay a mighty premium but it's possible.
Also, the bitcoins in question weren't linked to drugs at all until I linked them to it, mind you.
I was under some impression that bitcoin tumbling can be reversed no?
Tumbling can if you have nation state/Interpol level resources, exchanging can't (at least on a timeframe of years).
If you sell your bitcoins in exchange for another cryptocurrency, especially one whose transactions can't be traced, like Monero or ZCash, tumble THAT or send it back and forth to yourself a few times then you're home scot free.
Noted and also will rember for personal use
Not really. A tumbler service is the only one that could do that, and if they don't keep records, all you could know is all those wallets sent to the service and all those other wallets received from the service but if there are enough users of the service, you won't be able to link one to the other. It mainly depends on how many people use the service.
Though you can also do it with exchanges. Send them your dirty BTC. Switch them to another coin. Send that to your wallet (or even better, switch X% to one coin, the rest to another; create two wallets on both chains you picked, send the money there). Then do the exact same thing with another exchange. Then another. And so on.
Is it then impossible to identify you ? no, but it now requires serving warrants to many different businesses to reconstruct the chain, likely in widely different jurisdictions, and chances are some of those will be wildly uncooperative or won't keep adequate records.