[Offically Announced] U.S. To Sell Silkroad's Bitcoins - page 2.

BitchicksHusband

sr. member

Activity: 378

Merit: 255

Quote from: seriouscoin on January 17, 2014, 04:40:37 PM

Quote from: BitChick on January 17, 2014, 04:37:08 PM

Anyone have an idea where these auctions usually take place? Not that I have any spare change to spend but I am curious.

I do think this is actually good for BTC. Besides the minor panic selling yesterday and today, this is all free advertising! Grin

I guess I am a bit more concerned about what will happen to Ulbricht's 144,000 coins that are still in limbo. Hopefully he lost the keys somewhere! Cheesy

You must be blonde.....

They already got the key and moved the coins to their own address. Can you read btw?

Yes she is blonde (well, fake)...

Maybe she missed an article somewhere along the way. But yes, the coins are no longer in limbo. They have been moved to an FBI controlled account.

Try some manners, dude.

BitChick

legendary

Activity: 1148

Merit: 1001

Quote from: seriouscoin on January 17, 2014, 04:40:37 PM

Quote from: BitChick on January 17, 2014, 04:37:08 PM

Anyone have an idea where these auctions usually take place? Not that I have any spare change to spend but I am curious.

I do think this is actually good for BTC. Besides the minor panic selling yesterday and today, this is all free advertising! Grin

I guess I am a bit more concerned about what will happen to Ulbricht's 144,000 coins that are still in limbo. Hopefully he lost the keys somewhere! Cheesy

You must be blonde.....

They already got the key and moved the coins to their own address. Can you read btw?

So I am.

I had not heard that Ulbricht's stash of 144,000 had been moved anywhere. Regardless, that makes me more nervous than the 29,000.

TheButterZone

legendary

Activity: 3038

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RIP Mommy

Quote from: gentlemand on January 17, 2014, 08:02:21 AM

does anyone know what proportion of trade on silk road was for legal goods? i'd feel a bit annoyed if the feds had the money i'd put on there to buy a lovely painting for my grandma, caveat emptor regardless.

Doesn't matter, they don't discriminate. Victimful crime money, victimless crime money, not a crime at all money, they take it all by force, and it's never, EVER, enough.

http://www.forbes.com/sites/kashmirhill/2014/01/16/the-feds-are-ready-to-sell-the-silk-road-bitcoin-kind-of/
“Any Silk Road users who had legitimate holdings on the site are out of luck.”

No wonder why anarchy is preferable to the chaos all governments administer, waving their magic wand and labeling 100% non-criminal transactions/funds thereof, “money laundering”.

seriouscoin

hero member

Activity: 658

Merit: 500

Quote from: BitChick on January 17, 2014, 04:37:08 PM

Anyone have an idea where these auctions usually take place? Not that I have any spare change to spend but I am curious.

I do think this is actually good for BTC. Besides the minor panic selling yesterday and today, this is all free advertising! Grin

I guess I am a bit more concerned about what will happen to Ulbricht's 144,000 coins that are still in limbo. Hopefully he lost the keys somewhere! Cheesy

You must be blonde.....

They already got the key and moved the coins to their own address. Can you read btw?

BitChick

legendary

Activity: 1148

Merit: 1001

Anyone have an idea where these auctions usually take place? Not that I have any spare change to spend but I am curious.

I do think this is actually good for BTC. Besides the minor panic selling yesterday and today, this is all free advertising! Grin

I guess I am a bit more concerned about what will happen to Ulbricht's 144,000 coins that are still in limbo. Hopefully he lost the keys somewhere! Cheesy

nodroids

newbie

Activity: 42

Merit: 0

I got short at the beginning of the week, and sweated... I hate selling coin at anytime. But now it appears to have been a smart move (just need some therapy to repair the trama from having my stash down by %10 for a few days). My game plan is coming together, I now have thousand$ waiting to catch this fall out. I can't believe people are selling coin under $4000 right now, and thank you!

thegolden24

member

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follow me on twitter @BitcoinBender

Quote from: analytics on January 17, 2014, 02:25:09 PM

I call major bullshit here. 25M is not all the coins. Nor do I see how they can sell assets before any court case has even started.

This reeks of short selling hype.

theres two wallets owned by dpr one with 144,000 coins and another with 29,000 I guess theyre starting with the smaller one. Just google "silkroad seized coins" and you find them on the blockchain.

analytics

member

Activity: 98

Merit: 10

I call major bullshit here. 25M is not all the coins. Nor do I see how they can sell assets before any court case has even started.

This reeks of short selling hype.

Sweetrevenge

newbie

Activity: 54

Merit: 0

I can't believe how no one talking about how a guy is being relieved of 25 million dollars of his cash for getting caught. Honestly, he shouldn't even be getting any jail time at all since he just donated more money to the FBI then a year's worth of taxes.

Littleshop

legendary

Activity: 1386

Merit: 1004

Quote from: jubalix on January 17, 2014, 02:32:37 AM

this is the best news ever

[1] You have a law enforcement agency of the US recognising the not only the value in bit-coins, but showing it is fully legal to sell them for FIAT. You probably couldn't ask for a better endorsement. (I wonder if the need a money transmitters licence to do this?)

[2] They are going to have to auction them of for the best price, I think the bids will really go up.

[3] the $25 mill / 26K of coins is not that much given the volume of BTC traded a day ~ about a days worth of trade on a slow day.

[4] The advertising factor of the alone is worth $25 Mil.

[5] people / weak hands that don't understand this giving us cheap coins

Agreed.

Also these coins WILL NOT be sold on an exchange. They will be auctioned by the normal federal process. Do you think they are going to send the coins to MTGOX for sale? That would be funny but it will not be happening.

Solidchance

full member

Activity: 169

Merit: 100

jcoin200

hero member

Activity: 504

Merit: 500

Any word on how/when the BTC will be auctioned off? Who else thinks they might just go to some insider before the public has a chance to get them.

Minor Miner

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Be A Digital Miner

Quote from: Kazimir on January 17, 2014, 11:36:38 AM

Quote from: Kazimir on January 17, 2014, 11:13:42 AM

Based on 114,636 BTC daily, the 29,655 BTC that the FBI is about to sell is what is normally being sold approximately every 6 hours. What's the big fuss about.

Most exchanges count the buy and the sell. So double 29,655 or half your exchange volume estimate. It is a huge amount of one days volume.
If you want to know why it would move the market temporarily, good supply and demand and its effect on pricing.

Kazimir

legendary

Activity: 1176

Merit: 1011

Quote from: Kazimir on January 17, 2014, 11:13:42 AM

Based on 114,636 BTC daily, the 29,655 BTC that the FBI is about to sell is what is normally being sold approximately every 6 hours. What's the big fuss about.

the_poet

legendary

Activity: 1137

Merit: 1035

Bitcoin accepted here

Quote from: jubalix on January 17, 2014, 02:32:37 AM

this is the best news ever

[1] You have a law enforcement agency of the US recognising the not only the value in bit-coins, but showing it is fully legal to sell them for FIAT. You probably couldn't ask for a better endorsement. (I wonder if the need a money transmitters licence to do this?)

[2] They are going to have to auction them of for the best price, I think the bids will really go up.

[3] the $25 mill / 26K of coins is not that much given the volume of BTC traded a day ~ about a days worth of trade on a slow day.

[4] The advertising factor of the alone is worth $25 Mil.

[5] people / weak hands that don't understand this giving us cheap coins

I totally agree.

btbrae

hero member

Activity: 680

Merit: 500

Nonsense, there was no question over whether selling bitcoins for FIAT was legal in the US.

Also, a lot of BTC volume is traded back and forth, not one way, so dumping 26k coins WILL make a different to the price, especially on a slow day.

It's not terrible news, but it's certainly not "the best news ever". Grin

jonanon

full member

Activity: 154

Merit: 100

Count me in for some cheap coins! In the long run this won't have any real affect on Bitcoin

crazy_rabbit

legendary

Activity: 1204

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RUM AND CARROTS: A PIRATE LIFE FOR ME

Personally I'm excited about this and I'm trying to round up some cash to buy in at new lows. :-)

bitpop

legendary

Activity: 2912

Merit: 1060

Quote from: gentlemand on January 17, 2014, 08:02:21 AM

does anyone know what proportion of trade on silk road was for legal goods? i'd feel a bit annoyed if the feds had the money i'd put on there to buy a lovely painting for my grandma, caveat emptor regardless.

Yeah and I was trying to buy a lava lamp

LiteCoinGuy

legendary

Activity: 1148

Merit: 1014

In Satoshi I Trust

Quote from: jubalix on January 17, 2014, 02:32:37 AM

this is the best news ever

[1] You have a law enforcement agency of the US recognising the not only the value in bit-coins, but showing it is fully legal to sell them for FIAT. You probably couldn't ask for a better endorsement. (I wonder if the need a money transmitters licence to do this?)

[2] They are going to have to auction them of for the best price, I think the bids will really go up.

[3] the $25 mill / 26K of coins is not that much given the volume of BTC traded a day ~ about a days worth of trade on a slow day.

[4] The advertising factor of the alone is worth $25 Mil.

[5] people / weak hands that don't understand this giving us cheap coins

lol , true Grin

Topic: [Offically Announced] U.S. To Sell Silkroad's Bitcoins - page 2. (Read 4345 times)