New auction for 50000 btc from US marshalls!

ronald98

sr. member

Activity: 314

Merit: 250

Quote from: NUFCrichard on February 23, 2015, 11:57:29 AM

They do seem keen to sell low and keep the market down, I don't know why they are doing it in tranches either...
I hope this is it though and hopefully someone with a big name will buy in the auction.

The big name that bought in the first auction is now stuck with a pile of bitcoins worth half what he paid. If that's not going to put off other big names from buying I don't know what will.

Mellnik

sr. member

Activity: 242

Merit: 250

They have a typo in there, you write "Bitcoin" with a capital "B" not "b".

NUFCrichard

legendary

Activity: 1218

Merit: 1003

They do seem keen to sell low and keep the market down, I don't know why they are doing it in tranches either...
I hope this is it though and hopefully someone with a big name will buy in the auction.

BlindMayorBitcorn

legendary

Activity: 1260

Merit: 1116

Quote from: tyrexs on February 22, 2015, 09:55:39 PM

its mean bitcoin will dump again

Probably

tyrexs

sr. member

Activity: 266

Merit: 250

its mean bitcoin will dump again

D05GTO

sr. member

Activity: 406

Merit: 250

Quote from: calci on February 22, 2015, 05:26:09 PM

Why do people fear that all the auction coins will be dumped ?
I don't see it ever happening. They don't buy coins to dump.

Same reason you see all the numb numbs spouting off about coin inflation and all the miners dumping. They are not so bright. You know that 100% of the miners do not mine them to just dump them on the market. They will still say 3600 btc enter the market every day as a best case scenario when in truth it's only a small percentage of that entering.

calci

full member

Activity: 168

Merit: 100

www.secondstrade.com - 190% return Binary option

Why do people fear that all the auction coins will be dumped ?
I don't see it ever happening. They don't buy coins to dump.

turvarya

hero member

Activity: 714

Merit: 500

Quote from: NotLambchop on February 22, 2015, 07:01:16 AM

Quote from: bitcoin4eva on February 22, 2015, 04:17:23 AM

Quote from: NotLambchop on February 21, 2015, 02:28:45 PM

Quote from: bitcoin4eva on February 21, 2015, 02:26:50 PM

I really still think it was somewhat sketchy to sell the BTC. They wouldn't sell the 100$ bills they get from some drug raid for discounted rates, wouldn't they?

No, they wouldn't have to. They'd put those bills directly in the bank because that's real money.
But yeah, seized money goes in the bank, they don't incinerate it, if that's what you mean.

Yea and why didn't they do something like this with the seized BTC? I bet there are all kinds of stuff they could have bought with them. Or donate them or something.

Because USMS is not as dumb as most Bitcoiners?
Because you don't get to tell USMS what to do?
Because USMS always auctions off seized criminal proceeds?

If those aren't reasons enough, here's another:
If USMS chose to hold BTC (what you feel is the equivalent of putting USD in the bank), the agents would discover, much to their chagrin, that their "saved" BTC has lost most of its buying power, i.e. the same coin that was worth $1,2000 in December is now worth $245 Sad

Like so:

So the question really shouldn't be "why did USMS choose to sell," but "WTF didn't you?"

because:

NotLambchop

sr. member

Activity: 378

Merit: 254

Quote from: bitcoin4eva on February 22, 2015, 04:17:23 AM

Quote from: NotLambchop on February 21, 2015, 02:28:45 PM

Quote from: bitcoin4eva on February 21, 2015, 02:26:50 PM

I really still think it was somewhat sketchy to sell the BTC. They wouldn't sell the 100$ bills they get from some drug raid for discounted rates, wouldn't they?

No, they wouldn't have to. They'd put those bills directly in the bank because that's real money.
But yeah, seized money goes in the bank, they don't incinerate it, if that's what you mean.

Yea and why didn't they do something like this with the seized BTC? I bet there are all kinds of stuff they could have bought with them. Or donate them or something.

Because USMS is not as dumb as most Bitcoiners?
Because you don't get to tell USMS what to do?
Because USMS always auctions off seized criminal proceeds?

If those aren't reasons enough, here's another:
If USMS chose to hold BTC (what you feel is the equivalent of putting USD in the bank), the agents would discover, much to their chagrin, that their "saved" BTC has lost most of its buying power, i.e. the same coin that was worth $1,2000 in December is now worth $245 Sad

Like so:

So the question really shouldn't be "why did USMS choose to sell," but "WTF didn't you?"

readysalted89

sr. member

Activity: 327

Merit: 250

Quote from: bitcoin4eva on February 22, 2015, 04:17:23 AM

Quote from: NotLambchop on February 21, 2015, 02:28:45 PM

Quote from: bitcoin4eva on February 21, 2015, 02:26:50 PM

I really still think it was somewhat sketchy to sell the BTC. They wouldn't sell the 100$ bills they get from some drug raid for discounted rates, wouldn't they?

No, they wouldn't have to. They'd put those bills directly in the bank because that's real money.
But yeah, seized money goes in the bank, they don't incinerate it, if that's what you mean.

Yea and why didn't they do something like this with the seized BTC? I bet there are all kinds of stuff they could have bought with them. Or donate them or something.

There are some sort of legal rules which force them to auction the seized BTC rather than directly sell them or buy something with them. I don't know exactly how the rules work but that's why they auction loads of other things they confiscate like cars. They would probably raise far more money selling them directly but they can't.

bitcoin4eva

sr. member

Activity: 328

Merit: 250

Quote from: NotLambchop on February 21, 2015, 02:28:45 PM

Quote from: bitcoin4eva on February 21, 2015, 02:26:50 PM

I really still think it was somewhat sketchy to sell the BTC. They wouldn't sell the 100$ bills they get from some drug raid for discounted rates, wouldn't they?

No, they wouldn't have to. They'd put those bills directly in the bank because that's real money.
But yeah, seized money goes in the bank, they don't incinerate it, if that's what you mean.

Yea and why didn't they do something like this with the seized BTC? I bet there are all kinds of stuff they could have bought with them. Or donate them or something.

ajareselde

legendary

Activity: 1722

Merit: 1000

Satoshi is rolling in his grave. #bitcoin

Quote from: gentlemand on February 21, 2015, 04:24:27 PM

Quote from: okthen on February 21, 2015, 03:49:07 PM

Quote from: ssmc2 on February 21, 2015, 02:30:41 PM

It doesn't stay in the bank for long. Most seized funds are immediately converted into toys like this:

http://www.news9.com/story/24981268/seized-drug-money-helps-guthrie-police-purchase-armored-vehicle

Wow, they can do that?
Shouldn't the money go together with all of the tax revenues the government has?
It's everybody's money too after all...

They earned that money by frightening and extorting passing motorists.

http://www.theweek.co.uk/us/60343/hand-over-your-cash-how-us-cops-commit-highway-robbery

Welcome to America. Luckily I live in a developed country.

https://www.youtube.com/watch?v=3kEpZWGgJks its aJon Oliver show where he nicely described whats happening with Civil Forfeiture in usa.
Insane, just purely insane that people actually tolerate this kind of harrasment from the public service that was originaly created to serve, and to protect ..
Way to go 'murica

cheers

uki

legendary

Activity: 1358

Merit: 1000

cryptojunk bag holder

Quote from: NotLambchop on February 21, 2015, 01:44:18 PM

^Market price during the first auction > market price during the second auction > market price now.
Only possible regret: "Why didn't we sell this bag earlier?! Sad

"

but also: price drop after first auction -> almost no reaction after the 2nd -> and now?
probably also all is priced in.

WhatTheGox

legendary

Activity: 812

Merit: 1000

Quote from: ElectricMucus on February 21, 2015, 01:56:44 PM

They don't really care about selling for a good price, they are just liquidating the assets from the seizure like with anything else. And that is probably done according to a time table that is dictated by internal proceedings, not the market. So they would auction the Bitcoins now if they were a million dollars or just a nickel.

They do 50k now to leave 40k? seems strange but yeah i can see there is likely no thought at all into the whole process.

gentlemand

legendary

Activity: 2590

Merit: 3014

Welt Am Draht

Quote from: okthen on February 21, 2015, 03:49:07 PM

Quote from: ssmc2 on February 21, 2015, 02:30:41 PM

It doesn't stay in the bank for long. Most seized funds are immediately converted into toys like this:

http://www.news9.com/story/24981268/seized-drug-money-helps-guthrie-police-purchase-armored-vehicle

Wow, they can do that?
Shouldn't the money go together with all of the tax revenues the government has?
It's everybody's money too after all...

They earned that money by frightening and extorting passing motorists.

http://www.theweek.co.uk/us/60343/hand-over-your-cash-how-us-cops-commit-highway-robbery

Welcome to America. Luckily I live in a developed country.

okthen

hero member

Activity: 490

Merit: 500

Quote from: ssmc2 on February 21, 2015, 02:30:41 PM

It doesn't stay in the bank for long. Most seized funds are immediately converted into toys like this:

http://www.news9.com/story/24981268/seized-drug-money-helps-guthrie-police-purchase-armored-vehicle

Wow, they can do that?
Shouldn't the money go together with all of the tax revenues the government has?
It's everybody's money too after all...

ssmc2

legendary

Activity: 2002

Merit: 1040

Quote from: ElectricMucus on February 21, 2015, 02:37:24 PM

Quote from: ssmc2 on February 21, 2015, 02:30:41 PM

It doesn't stay in the bank for long. Most seized funds are immediately converted into toys like this:

http://www.news9.com/story/24981268/seized-drug-money-helps-guthrie-police-purchase-armored-vehicle

Nice tool to raid Libertarian extremists who think they can sell drugs and not pay taxes.

Just part of the ever-evolving Orwellian police state we have here in the U.S.

ElectricMucus

legendary

Activity: 1666

Merit: 1057

Marketing manager - GO MP

Quote from: ssmc2 on February 21, 2015, 02:30:41 PM

It doesn't stay in the bank for long. Most seized funds are immediately converted into toys like this:

http://www.news9.com/story/24981268/seized-drug-money-helps-guthrie-police-purchase-armored-vehicle

Nice tool to raid Libertarian extremists who think they can sell drugs and not pay taxes.

ssmc2

legendary

Activity: 2002

Merit: 1040

It doesn't stay in the bank for long. Most seized funds are immediately converted into toys like this:

http://www.news9.com/story/24981268/seized-drug-money-helps-guthrie-police-purchase-armored-vehicle

NotLambchop

sr. member

Activity: 378

Merit: 254

Quote from: bitcoin4eva on February 21, 2015, 02:26:50 PM

I really still think it was somewhat sketchy to sell the BTC. They wouldn't sell the 100$ bills they get from some drug raid for discounted rates, wouldn't they?

No, they wouldn't have to. They'd put those bills directly in the bank because that's real money.
But yeah, seized money goes in the bank, they don't incinerate it, if that's what you mean.

Topic: New auction for 50000 btc from US marshalls! (Read 5804 times)