"what if they pay with stolen BTC and FBI comes wanting to seize it?" \ stacker news ~bitcoin

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"what if they pay with stolen BTC and FBI comes wanting to seize it?"

477 sats \ 26 comments \ @jasonofbitcoin 19 Aug 2023 bitcoin

I was talking to a US business owner friend of mine about accepting BTC. (They have an international user base and have to deal with a lot of fraudulent orders.) He likes the idea of no chargebacks, of course, but he's afraid to accept BTC because "what if they pay with stolen BTC and later law enforcement comes along later and wants to seize it?"

What would you recommend I say to allay this fear?

Is it even a legitimate fear? Of course they could just sell all the BTC that comes in, but what if they want to hodl some? Do they have to coinjoin everything that comes in?

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111 sats \ 18 replies \ @ryu 19 Aug 2023

If the Bitcoin received was mixed before payment, legally nothing can (more like should with how shitty governments are) be done to either party.

That being said, utilizing Bitcoin is enough to put you under governmental scrunity anyway. So tell them to get fucked if they come at your door.

I'd tell your friend to think about it the same way as someone paying with dirty cash: they don't know it was earned through less than legitmate means, so they're not held liable for accepting it so long as they assumed it was earned legitimately.

105 sats \ 17 replies \ @Fabs 19 Aug 2023

Fuck me, i didn't mean to zap 100 sats, more like 25. Sucks to be new, I guess.🥲

510 sats \ 5 replies \ @ek 19 Aug 2023

Here is your change, 75 sats :)

75 sats \ 1 reply \ @mallardshead 19 Aug 2023

Here's 75 sats to make up for @Fabs renege.

75 sats \ 0 replies \ @Fabs 19 Aug 2023

You kind devil 😄

46 sats \ 2 replies \ @Fabs 19 Aug 2023

Hah! You awesome little (or big) dude, thanks ! :D

25 sats \ 1 reply \ @ryu 19 Aug 2023

If you're on mobile, just hold the zap icon to manually type how many SATs you want to send.

If on desktop, just long or (to my knowledge) right click.

0 sats \ 0 replies \ @Fabs 19 Aug 2023

Yep, works Just fine 😶‍🌫️😄

0 sats \ 10 replies \ @mallardshead 19 Aug 2023

LOL

100 sats \ 9 replies \ @nemo 19 Aug 2023

deleted by author

0 sats \ 7 replies \ @mallardshead 19 Aug 2023

I see the icon on yours and zapped you, I don't see it on my reply you're responding to

0 sats \ 6 replies \ @nemo 19 Aug 2023

deleted by author

21 sats \ 5 replies \ @SatoshiNakanodo 20 Aug 2023

LOL

0 sats \ 4 replies \ @SatoshiNakanodo 20 Aug 2023

Do you see the zap icon on my LOL? Perhaps @SN doesn't like that particular combination of characters.

I've always thought LOL was kind of a dumb thing anyway. Brings me back to the days of AOL chat rooms.

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20 sats \ 0 replies \ @nemo 19 Aug 2023

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100 sats \ 0 replies \ @DarthCoin 19 Aug 2023

People are really retarded still coming with this bullshit. If they are scared they should just give me all those btc. I will take care of them.

1 sat \ 0 replies \ @2bithits 19 Aug 2023

I guess if they make it accepting lightning only it would be harder to track.

Still if the FBI busted down your door you could just hand over that particular UTXO & send them on their merry way

1 sat \ 0 replies \ @petertodd 19 Aug 2023

Do they have to coinjoin everything that comes in?

It would be good if they did, because improving your privacy helps everyone. And coinjoining is easy with tools like Wasabi.

If he's accepting funds via Lightning there's pretty much no issue at all. Lightning doesn't have a clear on-chain trail beyond those you have directly opened a channel to.

1 sat \ 0 replies \ @monaco 19 Aug 2023

He could use a payment processor or sell it for fiat or clean BTC immediately.

0 sats \ 0 replies \ @SatoshiNakanodo 20 Aug 2023

Boating accidents fix everything.

0 sats \ 0 replies \ @0260378aef 19 Aug 2023

Why isn't this a problem with fiat money also?

(My best understanding:

Short answer, it is a problem with fiat money, also. But it's rare, I think this is a legally very complicated thing, to claw back money paid in this way, though I would be interested to hear details who really knows about this stuff).

0 sats \ 0 replies \ @DeltaClimbs 19 Aug 2023

HFSP