The US government sold 9800 bitcoin on March 14 - page 2.

o48o

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Well that seemed to have very small effect but didn't hurt the small bullrun to current value at all. Imho they timed it just perfectly. I hope that it will play out as well during next 3 patches.
I wonder if they are looking at the charts to decide when to sell or do they bother to do that. I am not even sure it would be lawful for them to do that as any kind of tactical manoeuvres could be counted as market manipulation from their part.

I guess that would have twice the effect if bitcoin would be twice as valuable.

cryptomaniac_xxx

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Quote from: Fundamentals Of on March 31, 2023, 10:17:23 PM

If I am not mistaken many confiscated Bitcoin were also sold via auction. I also wonder why they are now doing away with the usual way of disposing seized coins. They are probably maximizing their Bitcoin's worth? Perhaps the proceeds would be higher this way? They could easily get the right timing as to its price when they do that in this manner. And they're also doing this in batches. They're seemingly trying to make the most of these seized coins.

Yeah, just surprising that they are selling it as compare to their early strategy of just auctioning it and let the buyers decide for the price. Maybe they learn from it before wherein they sold at auction and it was for a cheap price.

So they just think of offloading it by themselves, through whatever means, OTC or any other, not just in auctions. And the timing too is great as they did it when the price is going up, so win win for them and maybe moving forward the US government will sell the rest just like this method next year when we are in a big bull run.

Husires

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For those who do not know the details of the case, you can view it here: https://www.coindesk.com/policy/2022/04/22/seized-silk-road-bitcoin-to-clear-ross-ulbrichts-183-million-debt/
This is the file of the judicial ruling in the year 2020: https://storage.courtlistener.com/recap/gov.uscourts.cand.368440/gov.uscourts.cand.368440.1.0.pdf

I think that the reason for dividing it into 4 batches is related to legal reasons, or at least until the procedure is completed, rather than being difficult to liquidate these coins, and perhaps the rest of the coins will be displayed in public auctions.

Quote from: Don Pedro Dinero on March 31, 2023, 10:10:36 PM

I don't think it's a very smart move. The logical thing to do would be to HODL those coins, but of course, they are not bitcoiners.

It's the US government where they can print dollars, why do they need to HODL 10K bitcoins when the GDP is over a trillion dollars?

When will the day come when Chipmixer coins will be sold. Grin

ashmodeus

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is that bitcoin from silk road who got stolen ? well , if u dont know , they still have another 41,5k btc left ready to sell.
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Quote from: jossiel on April 01, 2023, 05:38:56 AM

Are they needing some funds now and that's why it took that long for them to decide to liquidate it and the rest for four another rounds?

I guess that they're on the right time and the last remaining batch could be sold when the bull run has come. But if they intended to sell that in the first place, they should have decided to sell it on 2021.

not mean to judge, but they seems have enough funds , instead they seems playing with market i guess, lets say i am crazy and they have idea to take some of supply of btc by forcing sell in the low price.

jossiel

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Are they needing some funds now and that's why it took that long for them to decide to liquidate it and the rest for four another rounds?

I guess that they're on the right time and the last remaining batch could be sold when the bull run has come. But if they intended to sell that in the first place, they should have decided to sell it on 2021.

GreatArkansas

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Quote from: Tytanowy Janusz on April 01, 2023, 02:31:42 AM

Quote from: Don Pedro Dinero on March 31, 2023, 10:10:36 PM

(...)

(....)
I am not sure if the timing is correct, as I think we will see another leg up, but... they have much better traders and insiders than I am.

For sure they can even make a lot of profits besides selling those Bitcoins once this will happen. They can easily manipulate the media and spread some news just to pump the market and for sure, I agree with the insiders here which is really make more profits for them.

Tytanowy Janusz

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Quote from: Don Pedro Dinero on March 31, 2023, 10:10:36 PM

I don't think it's a very smart move. The logical thing to do would be to HODL those coins, but of course, they are not bitcoiners. At a time when cryptocurrencies are going to start being used as reserves in banks, currently limited to 1% in Europe, bitcoin is the best reserve you can have. But well, one thing is the government and another the banks, and what they want to do is spend that money, so it makes more sense to convert to fiat.

Silkroad was down in 2013, so they hodled for 10 years. It's longer than most of the "bitcoiners" hold. Don't you think that taking down 25% of a position after doing 200x is a wise take profit strategy? I am not sure if the timing is correct, as I think we will see another leg up, but... they have much better traders and insiders than I am.

Fundamentals Of

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If I am not mistaken many confiscated Bitcoin were also sold via auction. I also wonder why they are now doing away with the usual way of disposing seized coins. They are probably maximizing their Bitcoin's worth? Perhaps the proceeds would be higher this way? They could easily get the right timing as to its price when they do that in this manner. And they're also doing this in batches. They're seemingly trying to make the most of these seized coins.

Don Pedro Dinero

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I don't think it's a very smart move. The logical thing to do would be to HODL those coins, but of course, they are not bitcoiners. At a time when cryptocurrencies are going to start being used as reserves in banks, currently limited to 1% in Europe, bitcoin is the best reserve you can have. But well, one thing is the government and another the banks, and what they want to do is spend that money, so it makes more sense to convert to fiat.

adaseb

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Yeah so far they sold 25% of their stash and will sell 75% sometime in the next year. If you look at the chart you will see that March 14th was a bullish day for bitcoin. So most likely they will be selling into strength instead of just market selling it during low liquidity or bear market. Maybe they got someone at Coinbase that picks the most liquid time to sell those coins without affecting price too much.

Really surprised why they didn't just auction them off like in the past. Someone would of paid OTC no problem. There was Justin Sun who offered but he wanted to underpay by 10% and most likely they wouldn't go for it.

bbc.reporter

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The coins were from the Ross Ulbrict, Silk Road case. It was also mentioned in this memorandum that the American government will be liquidating the rest of the coins they have taken from the case this year and divided into 4 batches.

Why has the government not decided to sell them through an auction or over the counter similar to what they have done before?

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