Sorry about the image, but it was in a PDF file that is impossible to copy/paste from and I'm too lazy to type it out.
Topic: Silk Road Bitcoin Stash To Be Auctioned! (Read 3947 times)
They do sell assets online. Here is just a subset of the auction sites used (states can use their own sites as well):
Sorry about the image, but it was in a PDF file that is impossible to copy/paste from and I'm too lazy to type it out.
Sorry about the image, but it was in a PDF file that is impossible to copy/paste from and I'm too lazy to type it out.
I would love to see a temporary crash, just long enough to ensure the feds only get about half or less the value of their coins.
When the government auctions things, they do not do it online.There will be a auction at a physical place.
None of the bitcoins will be re-introduced to the market until the buyer(s) attempts to sell them.
If the buyer is wise they will slowly disperse the bitcoins ensuring they see their ROI.
i wonder how much they will start the bidding at?
I really hope this won't make the price crash.. If it will, then I can only say THANKS OBAMA!
I would love to see a temporary crash, just long enough to ensure the feds only get about half or less the value of their coins.
When the government auctions things, they do not do it online.
There will be a auction at a physical place.
None of the bitcoins will be re-introduced to the market until the buyer(s) attempts to sell them.
If the buyer is wise they will slowly disperse the bitcoins ensuring they see their ROI.
If the SR operator was wise he woulda had his hardware encrypted,
and backed up in a way that if something like this happens somebody could move his BTC for him.
I too want to know more about this auction.
Is it open only to US citizens?
How will they go about it so as not to crash the price?
could the rest of the community manipulate the market enough to short-change the FBI when they go to sell?
I would love to see a temporary crash, just long enough to ensure the feds only get about half or less the value of their coins.
Is this possible?
Is it open only to US citizens?
How will they go about it so as not to crash the price?
could the rest of the community manipulate the market enough to short-change the FBI when they go to sell?
I would love to see a temporary crash, just long enough to ensure the feds only get about half or less the value of their coins.
Is this possible?
SR is a nasty stain on Bitcoin's past.
Illegal content is a blemish on the torrent protocol?
People should stop putting BTC on a glass pedestal, it will break.
Anytime a decentralized system/network is created it will always be used for illegal activity.
Silk Road 2 already exists, new illegal sites pop up for BTC all the time.
The way drugs are distributed illegally irl is pseudo decentralized as well,
most dealers/druggies only know their supplier, rarely the whole chain of supply.
I'm waiting until DOGERoad gets shut down and which government agent can keep a straight face announcing an auction for seized DOGE coins. 
So, had to Google that thinking... can't be real... you gotta love reddit ( http://www.reddit.com/r/dogecoin/comments/1tlie9/doge_road_in_place_of_silk_road_lol/ )
Now, I need to watch my cat when she sits on my keyboard. For all I know, she's posting poop on DOGERoad and I'll end up with all of my equipment confiscated while the darn cat just runs off on a yacht with her boyfriend and all their ill gotten gains.
I'm interested in seeing what type of price bitcoin gets in an auction style format. Will it be cheaper than exchanges, the same, or more expensive? If cheaper or more expensive than why ?
I'm betting at least slightly below the going rate because (a) the buyer's premium that will be tacked on makes them want it cheaper, and (b) investors usually want a quick and BIG return on their investment. If they go over the current rate, they risk having to wait a longer time to finally be able to cash out at a respectable profit. If you aren't going to make a healthy profit, then why waste time with buying it at all. -- Of course, all it will take is one (noob?) hedge fund manager to blow that theory out of the water with the belief that they can hold them until xx years and make the profit that way.
I'm waiting until DOGERoad gets shut down and which government agent can keep a straight face announcing an auction for seized DOGE coins.
To me, all this news is "Bla bla blaaaa" - Why? Because this will bring the price down (media hype).. and guess what? The price is gonna go back up again. Sooooooooo... yeah. This isn't a real .. big thing to worry about. Things will be back to normal the same day, if not, the day after.
Group buy anyone? lol
I'm interested in seeing what type of price bitcoin gets in an auction style format. Will it be cheaper than exchanges, the same, or more expensive? If cheaper or more expensive than why ?
I'll be bidding on them myslf until the price goes higher than what i can buy them at from coinbase .
I'll be bidding on them myslf until the price goes higher than what i can buy them at from coinbase .
How do you think they would pick the lucky exchange? Such sales have to be as clean as possible and sending milions to an owner of a private exchange would raise some questions. Maybe if there was an official government owned bitcoin exchange, but since all exchanges are belong to private investors I can't see any other way than a public auction.
My thought was they could just put out a straight RFP (Request for Proposal) and making the responses public. The difference is that a RFP only requires a document that provides the information they need to pick an exchange (e.g. how much you'll pay/coin + service fees). All of that can be posted on line for everyone to see.
I guess one difference is that private individuals probably wouldn't go through the RFP process because it might seem foreign to them. I also wonder if the auction will be limited to US bidders or if it will be available globally?
I just looked at one of the auction sites routinely used by DOJ and it looks like they charge a buyer's premium ( "Ranging from 1% to 20%" ) instead of commission, so the buyer will probably be paying the fees.
If I were the government I would fast track the SEC approval process for the various Bitcoin ETFs that are in the works, and then liquidate on Wall Street for maximum return.
Probably a dumb question, but since it is in their wallet file... why don't they just send it through an exchange? What do they think an auction is going to produce?
OTOH, it would be a real crap-fest for them if the community rejected the bitcoins and only bit $1/BTC or some super low amount. (Not like that could happen because the community is too diverse... but it would be interesting)
OTOH, it would be a real crap-fest for them if the community rejected the bitcoins and only bit $1/BTC or some super low amount. (Not like that could happen because the community is too diverse... but it would be interesting)
US Federal law requires the auctioning of siezed properties.
But, isn't this a little bit like if they'd seized CISCO Stock Certificates and instead of just selling them through a trading vendor, they put them up for auction? There is already a sort-of set value for BTC. This makes me wonder if they would auction of stock certificates instead of just selling them through existing exchanges. Because, if you think about it, the auction site is going to take out a percentage of the value that they get at auction and they're not likely to get a higher bid than the current exchange rate. So, they're almost certain to come out about 10% behind.
How do you think they would pick the lucky exchange? Such sales have to be as clean as possible and sending milions to an owner of a private exchange would raise some questions. Maybe if there was an official government owned bitcoin exchange, but since all exchanges are belong to private investors I can't see any other way than a public auction.
Probably a dumb question, but since it is in their wallet file... why don't they just send it through an exchange? What do they think an auction is going to produce?
OTOH, it would be a real crap-fest for them if the community rejected the bitcoins and only bit $1/BTC or some super low amount. (Not like that could happen because the community is too diverse... but it would be interesting)
OTOH, it would be a real crap-fest for them if the community rejected the bitcoins and only bit $1/BTC or some super low amount. (Not like that could happen because the community is too diverse... but it would be interesting)
US Federal law requires the auctioning of siezed properties.
But, isn't this a little bit like if they'd seized CISCO Stock Certificates and instead of just selling them through a trading vendor, they put them up for auction? There is already a sort-of set value for BTC. This makes me wonder if they would auction of stock certificates instead of just selling them through existing exchanges. Because, if you think about it, the auction site is going to take out a percentage of the value that they get at auction and they're not likely to get a higher bid than the current exchange rate. So, they're almost certain to come out about 10% behind.
I going to bid with Bitcoins.
Probably a dumb question, but since it is in their wallet file... why don't they just send it through an exchange? What do they think an auction is going to produce?
OTOH, it would be a real crap-fest for them if the community rejected the bitcoins and only bit $1/BTC or some super low amount. (Not like that could happen because the community is too diverse... but it would be interesting)
OTOH, it would be a real crap-fest for them if the community rejected the bitcoins and only bit $1/BTC or some super low amount. (Not like that could happen because the community is too diverse... but it would be interesting)
US Federal law requires the auctioning of siezed properties.
You aren't helping the public perception with posts like this. While less of a crime in public perception, I'm pretty sure they are still thought of as "crimimals" very much so.
So, you are saying that all of Romney's accounting staff are criminals? Not to mention that even in my small town are accountants recommended for their ability to shuffle money. It's a grey area, just like derivatives, and completely legal because the point of the shuffling is to keep the information from the public eye (or a spouse, or a business partner, or ... ). While the general public might not take up with it, I would be willing to bet that there are accountants out there looking very hard at the capabilities of BTC because there is no central report that can be pulled based on your SSN or EIN. It is no different than running a cash based business. And, if you think a cash based business is illegal, then you need to talk to about a bazillion farmers out there who operate almost entirely on cash only.
Jump to: