The impact should be huge if it were to sell on exchange, but seems like they are selling on auction?
Yes, but noone knows what will new owned do after auction ends and he get's his BTC. He can cold blooded sell it on exchanges all over the world if he pays low enough on auction. 
Topic: Silkroad seized bitcoins to impact price? - page 4. (Read 4362 times)
The impact should be huge if it were to sell on exchange, but seems like they are selling on auction?
LAst night 10k of sold BTC dropped price of BTC for 100$. It all depends on market deapth in that time what will happen with price. If someone puts buying wall it can all be sucked up w/o price ever noticing it. If there is no wall, it can bread price down to whatever...but thing is, it would rebound quickly (like it's rebounding right now)
Yup! Look, we're back in the 600s
Time to start buying again.
LAst night 10k of sold BTC dropped price of BTC for 100$. It all depends on market deapth in that time what will happen with price. If someone puts buying wall it can all be sucked up w/o price ever noticing it. If there is no wall, it can bread price down to whatever...but thing is, it would rebound quickly (like it's rebounding right now)
Buying them cheap(er) is not a bad idea...right...
So, the logic would be: 30k will be bought cheaper on the private auction, then sold on the public exchange for higher price, resulting in lowering the price?
Is there any explanation/guide on internet how selling of 30k would impact the price - I mean some basic calcs?
Hardly would impact the price. 27k BTC isn't much. It's 0.1% of all that are in circulation. This much is mined in a week.
Buying them cheap(er) is not a bad idea...right...
So, the logic would be: 30k will be bought cheaper on the private auction, then sold on the public exchange for higher price, resulting in lowering the price?
Is there any explanation/guide on internet how selling of 30k would impact the price - I mean some basic calcs?
The price didn't fall because of this, and it will not.
It's a private auction and has nothing to do with exchanges and therefore nothing to do with the current Bitcoin/USD price.
It's a private auction and has nothing to do with exchanges and therefore nothing to do with the current Bitcoin/USD price.
Why do you think so...?
http://www.forexlive.com/blog/2014/06/12/us-government-auction-30000-bitcoins-silk-road-market-13-june-2014/
Buying them cheap(er) is not a bad idea...right...
So, don't be so sure...
ZiG
I don't think someone would dump these coins on the market. Why buy them in the first place?
Depending on the motivations of the auction winners, the buyers may hodl, or they may place their newly acquired coins onto the open market.
Because the auction winners are an unknown and therefore the motivations of these unknown buyers cannot be known, some folks are understandably skittish.
The total represents about eight days worth of mined coins, so it shouldn't change things too much.
Because the auction winners are an unknown and therefore the motivations of these unknown buyers cannot be known, some folks are understandably skittish.
The total represents about eight days worth of mined coins, so it shouldn't change things too much.
The price didn't fall because of this, and it will not.
It's a private auction and has nothing to do with exchanges and therefore nothing to do with the current Bitcoin/USD price.
It's a private auction and has nothing to do with exchanges and therefore nothing to do with the current Bitcoin/USD price.
Hi,
I tried in trading section but it seems I should have asked here.
It is claimed briefly in this Bloomberg note that this morning price fell because of USGov selling seized bitcoins from Silkroad - but why would price fell 10% because of this announcement - what's logic applies? huh
"The U.S. government plans to start selling one of the largest caches of bitcoins, which it seized from the Silk Road marketplace used for buying and selling drugs. The virtual currency’s price fell."
http://www.bloomberg.com/news/2014-06-12/bitcoins-seized-from-silk-road-to-be-auctioned.html
I tried in trading section but it seems I should have asked here.
It is claimed briefly in this Bloomberg note that this morning price fell because of USGov selling seized bitcoins from Silkroad - but why would price fell 10% because of this announcement - what's logic applies? huh
"The U.S. government plans to start selling one of the largest caches of bitcoins, which it seized from the Silk Road marketplace used for buying and selling drugs. The virtual currency’s price fell."
http://www.bloomberg.com/news/2014-06-12/bitcoins-seized-from-silk-road-to-be-auctioned.html
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