Topic: Silkroad closed down. Owner Arrested. - page 5. (Read 9649 times)
Watching the recent block confirmations. A lot of big transfers by fat wallets. Either some involved party is busy hauling off Silkroad's corpse, or this crash is going deeper than I expected.
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The FBI has also seized approximately $3.6m (£2,2m) worth of bitcoins - a virtual currency.
http://www.bbc.co.uk/news/technology-24373759The question then becomes. Will the US Government sell the BTC to pay its debts or hold?
The wallet is mostly likely password protected. The feds can see the balance but wont be able to spend it without a password. Either a keylogger needed to be installed or ulrich gives the password.
He will definitely give the password if it gets him a plea of some sort. Thats a lot of money to just leave hanging out there and the FBI will probably want to do something with it. Especially considering there is a chance that somebody else out there knows the password and has the wallet.dat
The wallet is mostly likely password protected. The feds can see the balance but wont be able to spend it without a password. Either a keylogger needed to be installed or ulrich gives the password.
That's only the case if Silk Road didn't support instant withdrawal.If instant withdrawal was supported, then there was a hot wallet that can't be password protected (or is password protected with a plaintext password stored elsewhere - equally useless). Of course, given that the seized BTC stash is less than 10% of the supposed commissions collected during Silk Road's operation, there's a significant chance that Silk Road has a cold password-protected wallet not covered by the reported seizure, and a near-surety that Ulbricht has other coins at some other address.
Quote
The FBI has also seized approximately $3.6m (£2,2m) worth of bitcoins - a virtual currency.
http://www.bbc.co.uk/news/technology-24373759The question then becomes. Will the US Government sell the BTC to pay its debts or hold?
The wallet is mostly likely password protected. The feds can see the balance but wont be able to spend it without a password. Either a keylogger needed to be installed or ulrich gives the password.
How did they "seize" bitcoins?
Silkroad has a government closure notice, so they obviously obtained control over its servers.Given that, and given that Silkroad didn't use brainwallets for ops money, control over the Bitcoin private keys - and thus, the bitcoins - is trivial.
Edit: Then again, unless we've seen a huge, tens-of-thousands-of-BTC transaction in the last 48 hours, it's possible that the FBI has merely assumed the above without actually taking possession of the bitcoins. In which case, if a bailed Ross Ulbricht has access to a wallet backup...
How did they "seize" bitcoins?
Just how they can seize your computer
. Bitcoin is much bigger than SR, in the long run this will be a good thing!
Not really. Most (all) of the sites that accept bitcoin directly, or through a payment processor, look like bodega shops.
Long-term, this is not going to have a catastrophic effect. Short-term, well, we're seeing a crash at this very moment, and it'll probably go some distance before things level out.
How did they "seize" bitcoins?
This is the buying opportunity we've all been waiting for.
It is, indeed :3That's not how speculative markets work. If everybody believes a certain price point or range will be reached, then it will not.
Yes, it is that simple. Puzzling why some of you have not figured this out yet.
Plants need light, silly!
Aka don't try to correct me on something I've never even mentioned.
I never mentioned any certain price point.
This is the buying opportunity we've all been waiting for.
Last chance to get BTC below $100
btce 25.70% 7080.84 92.73 USD
btce 26.81% 7761.12 80.00 USD
btce 26.81% 7761.12 80.00 USD
This is the buying opportunity we've all been waiting for.
It is, indeed :3That's not how speculative markets work. If everybody believes a certain price point or range will be reached, then it will not.
Yes, it is that simple. Puzzling why some of you have not figured this out yet.
This is the buying opportunity we've all been waiting for.
It is, indeed :3
This is the buying opportunity we've all been waiting for.
Sub 100 is clearly possible, maybe I should have said that with crazy crash I mean sub $60 xD
But I don't think it will be for long.
I'm no oracle though, we will see ^^
But I don't think it will be for long.
I'm no oracle though, we will see ^^
Exactly - at 60 I'll start to buy. Cant wait.
BTC-E just hit 109 and dropping.....
coinbase no longer tracking bitstamp
Sub 100 is clearly possible, maybe I should have said that with crazy crash I mean sub $60 xD
But I don't think it will be for long.
I'm no oracle though, we will see ^^
But I don't think it will be for long.
I'm no oracle though, we will see ^^
Exactly - at 60 I'll start to buy. Cant wait.
This is a roller coaster, I can't imagine which other asset / currency is so muchy fun to trade?
Is this the second presumed "death" of Bitcoin or just a slight pothole? (no pun intended)
It's really impossible to judge which way this is going to go. Great fun as always.
But we all knew that SR was going bust one day, it was only a question of when..
Is this the second presumed "death" of Bitcoin or just a slight pothole? (no pun intended)
It's really impossible to judge which way this is going to go. Great fun as always.
But we all knew that SR was going bust one day, it was only a question of when..
no effect
I think it will have an effect, there are some people who believe Silk road is a good portion of the Bitcoin market and they will probably sell.
Also those that want to profit from that fall will also sell.
So I guess we will see a selloff for a short time, but no crazy crash.
Sub 100 is clearly possible, maybe I should have said that with crazy crash I mean sub $60 xD
But I don't think it will be for long.
I'm no oracle though, we will see ^^
Ok, this is getting silly now. Time to buy some cheap BTC 
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