U.S. Justice Department have access to the Ulbricht’s bitcoin cache

Asrael999

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Quote from: FiatKiller on January 09, 2014, 10:19:16 AM

Interesting, but again since there are not really "bitcoin laws" yet, maybe
they do not have to follow standard procedure.

Its property - and they don't have the power to change the form of any other property to USD.
They cannot sell a car for example as if found innocent they have to return it, the same applies here.

FiatKiller

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Interesting, but again since there are not really "bitcoin laws" yet, maybe
they do not have to follow standard procedure.

Minor Miner

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Quote from: FiatKiller on January 09, 2014, 09:22:22 AM

Quote from: notme on January 08, 2014, 08:56:01 PM

Quote from: TiagoTiago on January 08, 2014, 08:30:55 PM

Is the money evidence, or just the wallet and the blockchain?

Regardless, it is seized property and can't be sold until the owner is convicted.

But this is a strange case.
Maybe converting into USD and then holding the dollars till conviction is acceptable. How do they handle seized stocks
normally? Same would probably apply although there are physical stock certificates technically behind stocks.
Wallets are not physical property also...

they FREEZE the stock account. They do not actively trade the portfolio. After conviction, someone comes in to make best use of the assets to repay the investors. In this case, there are no investors so after conviction, the goods will be auctioned off in lots. With this much money on the line, do not think that DPR is not going to have some GREAT lawyers lining up to help defend them. And the greatest of lawyers take years to bring a case to trial. Delay is their friend.

FiatKiller

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Quote from: notme on January 08, 2014, 08:56:01 PM

Quote from: TiagoTiago on January 08, 2014, 08:30:55 PM

Is the money evidence, or just the wallet and the blockchain?

Regardless, it is seized property and can't be sold until the owner is convicted.

But this is a strange case.
Maybe converting into USD and then holding the dollars till conviction is acceptable. How do they handle seized stocks
normally? Same would probably apply although there are physical stock certificates technically behind stocks.
Wallets are not physical property also...

notme

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Quote from: TiagoTiago on January 08, 2014, 08:30:55 PM

Is the money evidence, or just the wallet and the blockchain?

Regardless, it is seized property and can't be sold until the owner is convicted.

TiagoTiago

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Firstbits.com/1fg4i :)

Is the money evidence, or just the wallet and the blockchain?

traderCJ

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Quote from: MANofthePEOPLE on January 08, 2014, 08:03:45 PM

Quote from: FiatKiller on January 08, 2014, 01:50:42 PM

Wow, if tens of thousands are sold in weeks, that could really kill the price.

But at least it will be a great opportunity to buy cheapies.

Surely they won't sell at an exhange though?

Nope, wouldn't make any sense. They can get a much better price at auction and won't have to incur the natural risks of dealing with gigantic sums of money on an exchange. Can you imagine them 1) crashing the exchange rate, resulting in huge losses 2) trying to get over $100mil USD off of an exchange. What's to stop the exchange operator from simply walking away with the DoJ's money?

traderCJ

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Quote from: Tomatocage on January 08, 2014, 07:55:45 PM

Since when do they sell off evidence before trial has even started?

They don't. The author is either ignorant or a charlatan.

MANofthePEOPLE

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Quote from: FiatKiller on January 08, 2014, 01:50:42 PM

Wow, if tens of thousands are sold in weeks, that could really kill the price.

But at least it will be a great opportunity to buy cheapies.

Surely they won't sell at an exhange though?

Tomatocage

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brb keeping up with the Kardashians

Since when do they sell off evidence before trial has even started?

rampantparanoia

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i don't trust any site owned by a company that has a history of mailing out CDs.

billyjoeallen

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Hide your women

I hope they sell on the exchanges, drive the market to $100, and walk away with pennies on the dollar. FBI bastards basically stole that wallet. Even better: they destroy the private keys through incompetence. What's more likely is someone connected like the suits at circle.com are going to buy it and it'll end up backing some ETF.

traderCJ

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Bleh, why do articles like this get so much traction? The author ought to be flogged.

reb0rn21

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Quote from: zeroday on January 08, 2014, 10:22:40 AM

For sure! They are going to sell-off all the exchanges and then shutdown bitcoin with secret annihilation code provided by Ulbrich who is really Satoshi as all you know.

Don't wait! Sell everything and invest it in dogecoin and quarkcoin which are the only safe havens for cryptos.

Agree

FiatKiller

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Wow, if tens of thousands are sold in weeks, that could really kill the price.

But at least it will be a great opportunity to buy cheapies.

Minor Miner

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Quote from: BitchicksHusband on January 08, 2014, 01:45:54 PM

They really don't care what kind of asset it is. They will follow protocol. When Ulbricht is found guilty, they will then sell the coins at auction in lots.

Until he is convicted they will do NOTHING. Go to govdeals and the other sites and look for the drug dealer cars. They sit for years before they auction them.

BitchicksHusband

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They really don't care what kind of asset it is. They will follow protocol. When Ulbricht is found guilty, they will then sell the coins at auction in lots.

zeroday

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For sure! They are going to sell-off all the exchanges and then shutdown bitcoin with secret annihilation code provided by Ulbrich who is really Satoshi as all you know.

Don't wait! Sell everything and invest it in dogecoin and quarkcoin which are the only safe havens for cryptos.

Bitbuy

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like in the OTHER thread -->

Quote from: Bitbuy on January 08, 2014, 03:25:11 AM

so...through all the fud & misinformation: Did Ullbricht give them the private keys or not? Untill I see something like that confirmed, or the certainty that the FBI has access to them, I defintely refuse to even assume there will be an FBI sell-off.

Cluster2k

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If the US government is smart they'll wait until those seized bitcoins are enough to pay down the debt to China. Give it a couple of years and the USA can trade all the many billions in goods and services sourced from China for a bunch of data.

Topic: U.S. Justice Department have access to the Ulbricht’s bitcoin cache (Read 2068 times)