Bitcoin stolen? There is now software to freeze coins

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The Bitcoin Association for BSV recently released software called Blacklist Manager to freeze lost or stolen bitcoins, and Bitcoin developer Joshua Henslee posted a video explaining how it works and what it means for Bitcoin SV.

Bitcoin Association released freezing software

Henslee begins by explaining how the new node software will allow nodes to receive digitized, notarized court orders and freeze the associated addresses. This will allow them to freeze coins at addresses suspected of being associated with criminal activity.

Henslee acknowledges that confiscation of coins is a touchy subject in the industry. However, he notes that due to the large scale of fraud in the industry, more people are coming around to the idea.

Prepare for the attacks

Henslee predicts that attacks on this move will come soon.

“They’re going to say this is just for these losers here with their altcoin,” he says. Indeed, criticism of the move was almost immediate from some “crypto” anarchists.

BSV has just implemented on-chain censorship. It’s been a long time coming, with support for freezing added to the client a year ago. They have just released software for miners to run called “Blacklist Manager”.
Next up will be redistribution of assets 🤮

— Bob Summerwill @ DEVCON6, Bogotá (@BobSummerwill) 5 October 2022

Another line of attack would be that this is Dr. Craig Wright’s endgame or his way of seizing Satoshi Nakamoto’s BSV for his final exit. Henslee points out that this doesn’t even make sense because the dollar amounts are so small.

“You’re going to have the same clowns on Twitter who don’t believe this is technically possible even though the original (Bitcoin software) supported it,” Henslee says.

However, the reality is that many people have lost their coins due to hacks, theft, accidental loss, etc. He believes that once it is demonstrated that mining is possible on BSV, someone will step forward to recover a significant amount of BTC and then have to the narrative changes.

This is really going to shatter the whole “not your keys, not your coins” narrative – Joshua Henslee.

Henslee admits he is a little conflicted about this idea and has gone back and forth on it several times. He still likes the idea of ​​uncensorable money because of things like government corruption and overreaction. Still, he believes that the trade-offs of having coins that can be recycled, so that the technology succeeds, are ultimately worth it.

“There are no solutions, only trade-offs,” he muses.

Important things from this video

• The Bitcoin Association has released software that allows nodes to freeze coins.
• This will allow them to comply with digital laws, such as freezing coins suspected of being linked to criminal activity.
• There will be resistance to this, especially from the usual suspects and “crypto” anarchists.
• Ultimately, this will inspire someone who has lost significant amounts of BTC to prove that it can be done on that chain as well.
• Smart people will figure this out and get ahead. In the end, that will ultimately be a good thing.

See: The presentation of the BSV Global Blockchain Convention, BSV Blockchain: A World of Good

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