18 Oct '13, 11am

Silk Road case could set bitcoin legal precedent against self-incrimination

Silk Road case could set bitcoin legal precedent against self-incrimination

Now that an all-star attorney has been selected for the Silk Road operator’s defense, the big show moves to key disclosure laws and whether the Silk Road assets can ever be confiscated by the government. While the government presumably has control over the 26,000 or more bitcoin held in escrow for Silk Road customers, the larger asset base is the primary bitcoin addresses containing over two years worth of operating commissions. FBI estimates place this amount at nearly 600,000 bitcoin (currently worth $80m), however it is probably significantly less than 600,000 since earlier bitcoin was not worth what it is now and some of it would have been paid out to employees or reinvested back into ongoing operations. Regardless, if access to those bitcoins is maintained via a brain wallet , then the only way for the government to gain access would be by compelling the defendant, Ro...

Full article: http://www.coindesk.com/silk-road-case-bitcoin-legal-prec...

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Bitcoin And The Silk Road | by @mikevolkov20

Bitcoin And The Silk Road | by @mikevolkov20

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