Topic: FBI sell-off may not be so bad for Bitcoin - page 2. (Read 1532 times)
By selling off all the Bitcoins they may well cause the price to crash a bit but in the long run they have just stupidly put all those coins back into circulation again so I don't think this will have any affect at all on Bitcoin in the long run, as for acknowledging Bitcoin, they may not be able to do it openly but your right in that they can't deny it has value because they've just admitted they're going to sell it for something.
There seems to be a lot of concern by some over the anticipated potential auction by the FBI of seized Bitcoins from the Silk Road.
On some level doesn't the potential auction actually validate Bitcoins as a valuable asset that the Federal authorities seem relatively certain to have some reasonable future as a legal way of transferring value?
If the FBI had seized a warehouse full of worthless balls of lint...there wouldn't be any discussion of trying to auction them off...nor would that be the case if they were illegal drugs or weapons. It seems to me that their action in many ways validates that they believe whoever buys these are going to be purchasing at the very least a "commodity" of some degree of lasting value that the government anticipate they will ultimately be able to tax etc.
I do understand the concerns about potential market disruption (and there may be some degree of that albeit I would imagine briefly)...but even there I think there will be some sensitivity as to how this is done so as to maximize return for FBI (and the commissions of the potential auction house that will handle the deal)...not to mention a desire of the FBI to avoid headlines reading that the FBI has pocketed millions from sales to US citizens of a next day worthless commodity.
In the long run it seems to me that the ultimate auction of these coins will lead to a lot of press that will be positive validation for Bitcoins and speak to the negative voices claiming it is a Ponzi Scam.
On some level doesn't the potential auction actually validate Bitcoins as a valuable asset that the Federal authorities seem relatively certain to have some reasonable future as a legal way of transferring value?
If the FBI had seized a warehouse full of worthless balls of lint...there wouldn't be any discussion of trying to auction them off...nor would that be the case if they were illegal drugs or weapons. It seems to me that their action in many ways validates that they believe whoever buys these are going to be purchasing at the very least a "commodity" of some degree of lasting value that the government anticipate they will ultimately be able to tax etc.
I do understand the concerns about potential market disruption (and there may be some degree of that albeit I would imagine briefly)...but even there I think there will be some sensitivity as to how this is done so as to maximize return for FBI (and the commissions of the potential auction house that will handle the deal)...not to mention a desire of the FBI to avoid headlines reading that the FBI has pocketed millions from sales to US citizens of a next day worthless commodity.
In the long run it seems to me that the ultimate auction of these coins will lead to a lot of press that will be positive validation for Bitcoins and speak to the negative voices claiming it is a Ponzi Scam.
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