Bulgaria's government is top countries of the world for owning the most bitcoin

TheBeardedBaby

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Quote from: bitbunnny on February 18, 2020, 02:46:01 PM

Are you certain that this isn't just another fake news? That doesn't sound very convincing to me, inthat fact I'm sure it's disinformation.
Not just for Bulgaria, I don't think that any government is accumulating Bitcoin.
Yes, governments are interested in cryptocurrencies and want to know how they could be maybe integrated into state system but they are not buying it, not with funds from state budget. So, don't believe to.everything you read or hear somwhere.

You really didn't read the whole story, didn't you?
Nowhere is written that the government bought bitcoins, they were confiscated during a big police action from bunch of a criminals and were supposedly kept in secret. Some say the government already sold them on private auctions, or never actually had a possession of the private keys of the confiscated wallets.

bitbunnny

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Are you certain that this isn't just another fake news? That doesn't sound very convincing to me, inthat fact I'm sure it's disinformation.
Not just for Bulgaria, I don't think that any government is accumulating Bitcoin.
Yes, governments are interested in cryptocurrencies and want to know how they could be maybe integrated into state system but they are not buying it, not with funds from state budget. So, don't believe to.everything you read or hear somwhere.

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Quote from: pooya87 on February 11, 2020, 11:40:20 PM

Quote from: rdbase on February 11, 2020, 11:33:15 PM

I only remember it pumping an insane amount then dumping.

you can't pump something by having a large amount of that thing. all you can do is dump.

Yes you are correct.
It was this altcoin I was thinking of actually. Lips sealed

https://bitcointalksearch.org/topic/scammers-move-12k-btc-dump-is-comming-5225091

Quote from: ?? on ??

Quote from: Lucius on February 12, 2020, 11:35:19 AM

Bulgaria 200 000BTC again, story from 2015?

It has never been confirmed that Bulgaria has come into possession of any Bitcoins, the only thing allegedly confirmed is the investigation of criminal groups from Bulgaria, Serbia, Romania and Greece who are "compromising the countries Customs computerized systems in order to avoid paying taxes" led to information that they were hiding money through BTC.

Given the high corruption that prevails in Eastern Europe, does anyone think that this amount of BTC would remain intact today? If they ever had any control over them at all.

Quote from: https://www.selec.org/more-than-200000-bitcoins-in-value-of-500-million-usd-found-by-the-bulgarian-authorities/?highlight=bitcoin

As result of this criminal activity the damages recorded by the Customs Agency, only for year 2015, is around 10 million Leva. It was determined that the members of the organized crime group invested the money obtained from these illegal activities in bitcoins, around 200,000 being discovered in the virtual space. As a reference, the value of one bitcoin is rating to 2354 USD. The offenders choose the bitcoin way of investing/saving the money, because it is rather difficult to be tracked and followed

I think everyone in this thread has come to the same conclusion, if they did actually have them, they don't anymore. No one thinks that Bulgaria is able to keep these safe be it from corruption, immediate greed (sell now get fiat, fuck tomorrow) and most likely corruption.

And yes. Makes sense. If they did have such amounts of bitcoin through confiscations due to drug trafficking and whatever else they did, it would of been sold by now into their own currency and any trace of it dissolved from the sale.
And with the mining they have done, I think Iraq and China probably has cheaper electricity costing them very little to nothing so to amass much more cryptocurrency this way.

kryptqnick

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I stand with those that say we need proof to discuss this topic normally. I, for one, have never even heard of Bulgaria holding a lot of BTC. From what others say, it seems that there is no strong evidence to support this view. When googling, I can see that there are some articles about this, but they don't look convincing. From what I've read, there's been a seizure of 200k BTC by Bulgarian government a couple of years ago. As another article suggests, however,

Quote

Specifically, local news publication Bivol wrote in April 2018, the government auctioned off its haul in a low-key affair which involved various international buyers.

So while this amount seems to be huge (yet still around 1% of BTC), it's probably been disposed of during the auctions. Maybe that's why it's hard to find the info about the address with all this money or something else: it seems that Bulgaria does not have it anymore.

Lucius

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Bulgaria 200 000BTC again, story from 2015?

It has never been confirmed that Bulgaria has come into possession of any Bitcoins, the only thing allegedly confirmed is the investigation of criminal groups from Bulgaria, Serbia, Romania and Greece who are "compromising the countries Customs computerized systems in order to avoid paying taxes" led to information that they were hiding money through BTC.

Given the high corruption that prevails in Eastern Europe, does anyone think that this amount of BTC would remain intact today? If they ever had any control over them at all.

Quote from: https://www.selec.org/more-than-200000-bitcoins-in-value-of-500-million-usd-found-by-the-bulgarian-authorities/?highlight=bitcoin

As result of this criminal activity the damages recorded by the Customs Agency, only for year 2015, is around 10 million Leva. It was determined that the members of the organized crime group invested the money obtained from these illegal activities in bitcoins, around 200,000 being discovered in the virtual space. As a reference, the value of one bitcoin is rating to 2354 USD. The offenders choose the bitcoin way of investing/saving the money, because it is rather difficult to be tracked and followed

dothebeats

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Too many articles with inaccuracies and inconsistencies that it's hard to believe which is which. Though one thing is for sure: after the bust of the Onecoin scam, the exposé of Bulgaria having so much bitcoin at its disposal is a subject for debate unless one can provide substantial proofs to pin down the said claims. After all, those coins traced could belong to anywhere/anyone who's filthy rich and can literally buy some coins easily. For now, I'll stick to legitimate sources and not articles made by people who wear tinfoil for hats.

BitHodler

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Bulgaria wish it had that many coins. I have seen so much coverage on this for quite some time now but never seen any research actually pointing at Bulgaria's **imaginary** Bitcoin fortune.

Bitcoin's is transparent and at the same time the most widely monitored blockchain, which means that if there was actual evidence of that many coins being owned by a government it would be public information.

In this case I'm happy that they most probably don't own that many coins. I want governments to stick to gold and keep buying that metal with the money they created out of thin air.

gentlemand

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I'll believe it when I see it.

So much worthless shit is spouted about crypto and so many 'facts' are willingly discarded or bent to make it look cool I've given up believing anything I read about a single aspect of it.

The probable true story is they once saw a laptop webpage with a blockchain.com account set to satoshis rather than BTC before they stomped on it.

TheBeardedBaby

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Quote from: NeuroticFish on February 12, 2020, 02:51:11 AM

~
I believe that they don't have the laws for monetizing those coins. And I believe that some individuals there may have been stashing away some of those coins too, so when the legislation will exist they'll find out that the coins are missing.

This is exactly what is going to happen, maybe already happen if they really managed to seized them. When we (the community) rise the question regarding those bitcoins the authorities remain silent and denied any information. *
I was planning to rise the question again, and keep asking until we get an answer. This is huge amount of money, and there should be people responsible for the actions taken to protect this kind of wealth.

*The link to the official answer received from the Authorities to the request of one investigative journalist.

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Quote from: ?? on ??

they just auction them off and get their shitty fiat, I'm sure Bulgaria will do the same if they still have them and have the private keys/ passwords.

Of course. Nobody would expect a country start day trading Bitcoin (maybe excepting N Korea!). That "selling" part was a badly chosen word there.

My main point was that I expect that some (if not all) of those "Bulgarian government owned" coins may be already missing and maybe even converted to fiat long ago.

NeuroticFish

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Quote from: https://beincrypto.com/bulgaria-betting-on-bitcoin-holds-over-200000-btc-in-reserve/

Bulgaria is instead playing smart and likely has no intention of selling anytime soon.

I don't agree with this and I somehow think that something is very fishy. Bulgaria had quite big deficit in 2019. And I don't see it as a very rich country.
I think that if they would have known what to do, they would have been already selling those funds in a way or another.
I believe that they don't have the laws for monetizing those coins. And I believe that some individuals there may have been stashing away some of those coins too, so when the legislation will exist they'll find out that the coins are missing.

rdbase

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There are some articles which surfaced around the same time of this bust of the scam of onecoin about how much they hold in BTC.
https://beincrypto.com/bulgaria-betting-on-bitcoin-holds-over-200000-btc-in-reserve
https://www.newsbtc.com/2019/07/22/bulgaria-big-on-bitcoin-as-reserves-could-exceed-its-gold-stash

But yes there are just as many conflicting articles regarding their holdings.

pooya87

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Quote from: rdbase on February 11, 2020, 11:33:15 PM

I only remember it pumping an insane amount then dumping.

you can't pump something by having a large amount of that thing. all you can do is dump.

Quote

So why do you think they are amassing so much?

before we start talking about why we first have to see if they even have any bitcoin at all let alone a lot of it. i can't find any evidence to make me think they own any large amounts of bitcoin! google search turns up contradictory articles with no facts.

rdbase

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I posted a thread about inregards to the onecoin scammer called the cryptoqueen but then got into the subject of why bulgaria is the country who holds the most bitcoin. Which got me thinking why? Undecided

It got moved to the altcoin section after hugeblack's response with questioning why I thought so.
https://bitcointalksearch.org/topic/biggest-scammer-in-the-crypto-world-inventor-of-onecoin-dub-the-bitcoin-killer-5225068

A subject back in May 2019 of when they were listed just behind Satoshi on owning the most bitcoin at one time.
https://bitcointalk.org/index.php?topic=5141611.40

This had tmfp post about past allegations on the same doctor from other sources. Which has been a buried topic since finding out about it from its moonshot on an exchange sometime last year. I could of sworn it was on binance at one time but can not recall. I only remember it pumping an insane amount then dumping. But this is besides the point of this new thread inregards to the amount of bitcoin being held by the government of bulgaria.
So why do you think they are amassing so much? Centralized banking system in the works? Or just seeing something from all the crypto activity in their country from mining to the buying/selling them on a massive scale?

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