This will be like taking off a band aid. It has to be done, we all knew the coins would eventually change hands.
And this is much better than the government deciding to dump them in an exchange.
Topic: FBI Seized coins on the move - page 3. (Read 6196 times)
I love how the fearful, panicky, easily spooked Bitcoin community constantly tries to turn non-issues into serious issues. With all the paranoid weak hands with a finger constantly on the SELL button 24/7/365, always looking around every corner for an excuse to sell, will bitcoin ever truly become less volatile and more stable in the future? Nope.
This is exactly why trading BTC is so darn profitable. PANIC! OMG! over nothing, price goes down. Buy. Oh, it was nothing, price goes back up. Sell (or hold). Rinse. Repeat. I love this about the Bitcoin community for the most part. However anything that attacks fungibility I take exception to.
I love how the fearful, panicky, easily spooked Bitcoin community constantly tries to turn non-issues into serious issues. With all the paranoid weak hands with a finger constantly on the SELL button 24/7/365, always looking around every corner for an excuse to sell, will bitcoin ever truly become less volatile and more stable in the future? Nope.
This is exactly why trading BTC is so darn profitable. PANIC! OMG! over nothing, price goes down. Buy. Oh, it was nothing, price goes back up. Sell (or hold). Rinse. Repeat. I love this about the Bitcoin community for the most part. However anything that attacks fungibility I take exception to.
Lets spam tweet the Sharks of shark tank see if we can get one to pick up a lot 
Maybe the community gets some strong supporters with it? I mean in case some big fish investor decides to give it a try... those people have their lobbyists at hand. And they want their investment to stay and prosper... maybe this is a nice thing for bitcoin.
This 1000%. This is what people should be thinking about and supporting. Who will get the coins is a very interesting question.I love how the fearful, panicky, easily spooked Bitcoin community constantly tries to turn non-issues into serious issues. With all the paranoid weak hands with a finger constantly on the SELL button 24/7/365, always looking around every corner for an excuse to sell, will bitcoin ever truly become less volatile and more stable in the future? Nope.
This is exactly why trading BTC is so darn profitable. PANIC! OMG! over nothing, price goes down. Buy. Oh, it was nothing, price goes back up. Sell (or hold). Rinse. Repeat. I love this about the Bitcoin community for the most part. However anything that attacks fungibility I take exception to. 
Maybe the community gets some strong supporters with it? I mean in case some big fish investor decides to give it a try... those people have their lobbyists at hand. And they want their investment to stay and prosper... maybe this is a nice thing for bitcoin.
I love how the fearful, panicky, easily spooked Bitcoin community constantly tries to turn non-issues into serious issues. With all the paranoid weak hands with a finger constantly on the SELL button 24/7/365, always looking around every corner for an excuse to sell, will bitcoin ever truly become less volatile and more stable in the future? Nope.
I think a lot of the impact of this depends on the price the buyer gets. If he/she gets a big discount then they might want to sell some immediately
Everybody who writes this - you consider other bidders as idiots who don't know about exchanges or something? The price most probably be well above market (because convenience), and the only negative factor it will have on bitcoin price is that it would lock the higher limit on the price until the coins are sent to buyers (1-2 weeks), after that the price rallies.
I think a lot of the impact of this depends on the price the buyer gets. If he/she gets a big discount then they might want to sell some immediately and sweeten the deal even more. If the winning bidder buys at market price then it may have very little effect. It should be interesting.
Lots of weak hands selling, and the people that stayed in ended up on top (as always)
But reasoning won't make weak hands stronger. Scared herd do not listen to reason; let the headless chicken do their run
Every bitcoin rally was started by a dip on some scary FUD news; this one seems to be no different (FEDs + 51% boooo). Many of you folks need to calm down and think this through. Due to the recent IRS guidance, any large purchase of Bitcoins will almost certainly be held for at least one year to qualify for the lower tax rate that comes with long term capital gains status. There will be no immediate mass dumping of these coins, nor any others that are sent to auction and picked up by an investor.
You raised a good point. Most assume that those who'll buy of the auction will dump their coins immediately. 30k is nothing, relatively speaking.
Many of you folks need to calm down and think this through. Due to the recent IRS guidance, any large purchase of Bitcoins will almost certainly be held for at least one year to qualify for the lower tax rate that comes with long term capital gains status. There will be no immediate mass dumping of these coins, nor any others that are sent to auction and picked up by an investor.
The people that buy it wouldn't have much to gain by dumping it all at once (they'd actually lose quite a bit), so it seems like a lot of worry over nothing. Reminds me of the mini crash after SR got raided. Lots of weak hands selling, and the people that stayed in ended up on top (as always)
this is what I'm thinking, why would someone spend millions of dollars on bitcoins just to sell them immediately at a loss? makes very little sense.
I would like to hear the reasoning behind up I am curious myself.
Buying slippage free makes it likely the auction price will be above market.
That wouldn't even be the primary reason they *could* go above market... These are government-sanctioned, fully legal, documented coins. Large investors, institutionals, etc, would have zero legal-risk buying these coins.
From other sources (exchanges, early-adopters, etc), a large buyer may always feel some nagging uncertainty that the gov would eventually somehow claim that their bitcoins were illegal/stolen/whatever. No such risk when you're buying directly from the Feds!
The people that buy it wouldn't have much to gain by dumping it all at once (they'd actually lose quite a bit), so it seems like a lot of worry over nothing. Reminds me of the mini crash after SR got raided. Lots of weak hands selling, and the people that stayed in ended up on top (as always)
I would like to hear the reasoning behind up I am curious myself.
Buying slippage free makes it likely the auction price will be above market.
Exactly. It's a gift from sky for some whales. If they wanted to buy 30k on exchange they would drove price up by few hundred dollars.
I would like to hear the reasoning behind up I am curious myself.
Buying slippage free makes it likely the auction price will be above market.
Buying above market price will still be cheaper than buying on an exchange. If they bought for say $650 it would probably be cheaper than buying 30,000 worth on any exchange. But this is under the assumption that the buyer will hold.
Since there really is no limit to the number of people who can buy these coins, we don't have to act like it's going to be "a buyer." but probably multiple buyers, unless the single buyer pays enough to buy all of them outright and outbid everyone, which would then almost definitely be above market price.
All in all a Buy and Immediate Dump is very very unlikely IMHO.
30,000 coins doesn't even touch the BTC market supply. It's less than 1% of all coins. It's crazy how much of an effect that it has on the price though. If this person bought the coins and dumped them, he would hurt the price by maybe $50 or so. The price was hurt more by the news and speculation than could have possible been done by the actual act. lololol
There is not that much volume on exchanges. Most coins are not on the exchanges. 30k would be something, but obviously people would buy the lower prices evening out everything (and other factors, which I am forgetting). All will be well
Yeah I know it would definitely have an effect on the market, but the BTC price is making it seem like it will have some dire/substantial effect on the market. Which it really wont.
Especially whoever buys them is probably willing to take risks to hold on them and sell them for the most possible, no reason they wouldn't take their time clearing house.
I would like to hear the reasoning behind up I am curious myself.
Buying slippage free makes it likely the auction price will be above market.
30,000 coins doesn't even touch the BTC market supply. It's less than 1% of all coins. It's crazy how much of an effect that it has on the price though. If this person bought the coins and dumped them, he would hurt the price by maybe $50 or so. The price was hurt more by the news and speculation than could have possible been done by the actual act. lololol
There is not that much volume on exchanges. Most coins are not on the exchanges. 30k would be something, but obviously people would buy the lower prices evening out everything (and other factors, which I am forgetting). All will be well
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