http://www.treasury.gov/auctions/treasury/rp/
Topic: If they do, when will the FBI announce to sell their alledged 600k BTC stash? (Read 4240 times)
October 21, 2013, 04:58:21 PM
October 21, 2013, 04:51:45 PM
moved their money they did.... Why I do not know....
https://blockchain.info/tx/011c3ab10f8fcf815fe19ad1f44be47da372654c861a5b338dcb35aa4d094573
https://blockchain.info/tx/011c3ab10f8fcf815fe19ad1f44be47da372654c861a5b338dcb35aa4d094573
How was it established that this is FBI's address? I thought it was only 1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX.
October 21, 2013, 03:16:39 PM
I doubt the FBI will sell them back because they're evidence.
October 21, 2013, 03:11:55 PM
Quote
The auction site allows people to use a credit card?
Yes, this particular one does allow it (2% fee when buying cars).They include an extensive agreement. Doing charge-back is not wise.
I'm not sure if they will use this website or maybe they have some other one.
Sometimes, they also do $5k money order participation per-payment.
Meaning, you would need to give them $5k money order to be able to place bids.
If you win, this $5k goes towards the winning bid.
If don't win, they give it back to you.
But that's for high-end items: yachts, exotic cars, properties.
For BTC, I think they will do cash offers only (actual cash, money orders).
This would be great for buyers because the prices will be lower.
Not that many people will shell out $10ks in cash and money orders,
just to have a change to bid on some BTC.
In this case I would expect prices to be 50% off...
But again, we are talking years ahead.
Who knows what's going to become of BTC 3 years from now.
October 21, 2013, 03:02:15 PM
By law they can't take DPR's property until after a trial. It's still his until proven it's illegally gained.
That said, I doubt they will dump it on GOX. They will call Citibank, slice it up nicely and auction it to the Chinese.
That said, I doubt they will dump it on GOX. They will call Citibank, slice it up nicely and auction it to the Chinese.
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October 21, 2013, 02:37:58 PM
Are you asking:
When will they sell the bitcoins
OR
When the will make the announcement that they (in future) are going to sell those coins?
In the latter case, the announcement has been made already..
When will they sell the bitcoins
OR
When the will make the announcement that they (in future) are going to sell those coins?
In the latter case, the announcement has been made already..
*moan* I guess people are still misreading the headline AND my description (not necessarily directed at you kiky).
Of course I ask for the date when they will ANNOUNCE that they intend to sell their 600k BTC stash, not for the date when they will actually sell it.
See, the mere announcment could wreak havoc over the market and deal some hefty blows to any upwards movement there is. And then once again when we near the day of the allegded sell off.
The headline and OP are poorly worded, and why can't we change our vote? I voted for "after the trial", because that is when they will sell the bitcoins. But now I realize that I should have voted for - oh, wait it's not even an option - "they already did". They have already said that they will sell the bitcoins after the trial, so this whole poll and thread are complete and utter rubbish.
The auction site allows people to use a credit card? This might be the long awaited way for people to use a credit card to buy bitcoins!
October 21, 2013, 02:35:26 PM
Quote
i don't know how easy it will be to find out when they are doing it, before they do it
They actually announce it. It is in their best interest to bring as many people as possible.
They have this website: http://gsaauctions.gov - where they auction off stuff.
You can see upcoming auctions for up to 1 month in advance.
Anybody can register and place a bid - credit card and verification required.
I've bought few cars from there. Pretty smooth experience.
I'm sure once they announce the sale of BTC - there will be news all over the place.
However, that is a pretty long time from now (few years?)
October 21, 2013, 02:20:31 PM
Quote
i don't know how easy it will be to find out when they are doing it, before they do it
They actually announce it. It is in their best interest to bring as many people as possible.
They have this website: http://gsaauctions.gov - where they auction off stuff.
You can see upcoming auctions for up to 1 month in advance.
Anybody can register and place a bid - credit card and verification required.
I've bought few cars from there. Pretty smooth experience.
I'm sure once they announce the sale of BTC - there will be news all over the place.
However, that is a pretty long time from now (few years?)
October 21, 2013, 01:43:53 PM
I am positive they will sell it via their own auction, possibly, even on their website.
this is the only way they do it. however, i don't know how easy it will be to find out when they are doing it, before they do it. October 21, 2013, 01:33:40 PM
I am positive they will sell it via their own auction, possibly, even on their website.
They will separate 26k coins into 260 "lots" with 100 coins in each.
Then they will sell the lots for whatever the highest bid the auction generates.
This process allows the sale at the true market price.
Meaning, whatever the market thinks is the right price in this case.
I estimate that price would be 20-30% less then current prices on exchanges.
The good news is that prices on exchanges will take the nose-dive before the auction will start.
That is in anticipation of huge increase in supply.
Another thing, do no expect them to release the funds right after auction.
It will take them few days to actually send BTC to winners' wallets.
Also, I'm sure there will be some "eBay" type of people who would bid crazy amounts on some lots.
But I believe government is smart enough to separate into many lots.
Because this way they will make a lot more money than with a single or few lots.
They will separate 26k coins into 260 "lots" with 100 coins in each.
Then they will sell the lots for whatever the highest bid the auction generates.
This process allows the sale at the true market price.
Meaning, whatever the market thinks is the right price in this case.
I estimate that price would be 20-30% less then current prices on exchanges.
The good news is that prices on exchanges will take the nose-dive before the auction will start.
That is in anticipation of huge increase in supply.
Another thing, do no expect them to release the funds right after auction.
It will take them few days to actually send BTC to winners' wallets.
Also, I'm sure there will be some "eBay" type of people who would bid crazy amounts on some lots.
But I believe government is smart enough to separate into many lots.
Because this way they will make a lot more money than with a single or few lots.
October 21, 2013, 01:10:20 PM
I think that there will be a price drop 
October 21, 2013, 01:01:45 PM
I think they would have to wait until after he is found guilty. Even then, I hope the keep it.
Please note that it's not a choice, they MUST be sold. Or destroyed in some particular cases. So no, they cannot "keep" them.What do you mean they can not keep them? If they decide that that is what they want to do, who is going to stop them? I mean maybe you could say it would be politically unprofitable, but thats definately not at all the same thing as saying they have no choice. they have most of and the biggest guns in the world, they can do what ever the hell they please.
Assets in commission of crime that are seized are subject to liquidation guidelines from the DOJ. I'm unsure, but I have a feeling they can't just hold onto them. Seizures are such an ingrained part of law enforcement budgets now that they are only interested in dollars, anyway. And they don't have to wait until the trial is over -- not unless Ulbricht can prove fast that the coins were not used in commission of crime. Good luck with that....
October 21, 2013, 11:51:45 AM
I think they would have to wait until after he is found guilty. Even then, I hope the keep it.
Please note that it's not a choice, they MUST be sold. Or destroyed in some particular cases. So no, they cannot "keep" them.What do you mean they can not keep them? If they decide that that is what they want to do, who is going to stop them? I mean maybe you could say it would be politically unprofitable, but thats definately not at all the same thing as saying they have no choice. they have most of and the biggest guns in the world, they can do what ever the hell they please.
October 21, 2013, 11:41:33 AM
moved their money they did.... Why I do not know....
https://blockchain.info/tx/011c3ab10f8fcf815fe19ad1f44be47da372654c861a5b338dcb35aa4d094573
https://blockchain.info/tx/011c3ab10f8fcf815fe19ad1f44be47da372654c861a5b338dcb35aa4d094573
True, with 50BTC going to what looks like a vanity address: 1PexpessseHF8qkzDrGuuWZSLzm2887Qwa
Any clue?
From the pex address, it's already moved again. Interesting.
And 36k bitcoin = 6 million?
October 21, 2013, 09:00:25 AM
moved their money they did.... Why I do not know....
https://blockchain.info/tx/011c3ab10f8fcf815fe19ad1f44be47da372654c861a5b338dcb35aa4d094573
https://blockchain.info/tx/011c3ab10f8fcf815fe19ad1f44be47da372654c861a5b338dcb35aa4d094573
True, with 50BTC going to what looks like a vanity address: 1PexpessseHF8qkzDrGuuWZSLzm2887Qwa
Any clue?
October 21, 2013, 08:24:30 AM
They are holding it just like we do, they think that Bitcoin could reach $1000 too 
October 21, 2013, 07:54:26 AM
moved their money they did.... Why I do not know....
https://blockchain.info/tx/011c3ab10f8fcf815fe19ad1f44be47da372654c861a5b338dcb35aa4d094573
https://blockchain.info/tx/011c3ab10f8fcf815fe19ad1f44be47da372654c861a5b338dcb35aa4d094573
October 09, 2013, 11:32:07 AM
First knightmb, now altoid. Not a good track record for 6-figure BTC holders. Who's next? ArtForz?
October 09, 2013, 11:15:57 AM
Are you asking:
When will they sell the bitcoins
OR
When the will make the announcement that they (in future) are going to sell those coins?
In the latter case, the announcement has been made already..
When will they sell the bitcoins
OR
When the will make the announcement that they (in future) are going to sell those coins?
In the latter case, the announcement has been made already..
*moan* I guess people are still misreading the headline AND my description (not necessarily directed at you kiky).
Of course I ask for the date when they will ANNOUNCE that they intend to sell their 600k BTC stash, not for the date when they will actually sell it.
See, the mere announcment could wreak havoc over the market and deal some hefty blows to any upwards movement there is. And then once again when we near the day of the allegded sell off.
I understand, but it's a silly question! If an asset or a good of any kind is under seizure pending a trial, it cannot be sold. The State can sell it once is confiscated, which means that from that moment the State owns it. The confiscation cannot be declared that at the end of the trial. So what are we talking about?
October 09, 2013, 10:50:49 AM
The auction or bitcoin buy will be off-exchange. It won't happen at Gox or Stamp or any other public exchange. It will be public and most likely you have to be physically there or you have to deposit your dollars at an FBI designated bank.
Obviously, it will not be anonymous.
The most likely scenario is a big entity or group will buy it, or some rich facebook twins or something like that.
Obviously, it will not be anonymous.
The most likely scenario is a big entity or group will buy it, or some rich facebook twins or something like that.
They could even allow bidding for smaller parts, with sensible limit of minimum bid in terms of USD. Then just cut it in parts in order.
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