US Marshalls auction SilkRoad bitcoins - page 2.

boumalo

legendary

Activity: 1918

Merit: 1018

Quote from: mkc on July 02, 2014, 01:27:51 AM

Rumor said one person bid $900, is he the winner? I guess if he bid one lot at $900, all other @625, then the final price will be 625, am i right? We all expect some bullish move when the price released.

It seems very dangerous to bid @ 900; what you do is you bid @ the maximum you are interested or a bit higher

Quote from: pirsquared on July 01, 2014, 04:48:23 PM

Quote from: Melbustus on July 01, 2014, 04:45:24 PM

Quote from: skivrmt on July 01, 2014, 04:41:26 PM

We bid $455 which at the time was 81% of market value. Not accepted of course. Rumor has it winning bid(s) was at spot or maybe even above spot.

There was *one* winner: https://twitter.com/paulvigna/status/484074892946837504

Details to come soon, apparently.

All coins were moved in a single tx: https://blockchain.info/tx/9e95c3c3c96f57527cdc649550bf8e92892f7651f718d846033798aee333b0c3

Reading the weird messages from the dust transactions to the address is entertaining Grin

It is good the FBI coins are not sold on the market because it seems to find new buyers and to support the price, maybe it will even be the same if the 100,000+ bitcoins that the FBI still have are auctioned off

AltcoinAuthority

sr. member

Activity: 616

Merit: 251

CryptoTalk.Org - Get Paid for every Post!

Here's my take

YouTube Video

Speculation is starting to arise regarding the identity of the sole winner of the 30,000 bitcoin auction that was held by the US Marshals Service. The objective of this auction was to liquidate the bitcoins which were seized from the Silk Road back in October 2013. Who is this mysterious investor that outbid everyone else for $19 million worth of bitcoins?

The mere fact that one bidder, out of 42 others who put down a deposit of $200,000, won the entire auction has important ramifications on what’s to come. These bidders who have indicated a clear interest in buying bitcoin in large volumes will now be left to satisfy their demand on the open market. This could lead to a continuation of the uptrend that was started on Monday. However the question still remains: Who is this person that won all 30,000 bitcoins and what will they do with them next? According to the blockchain, the bitcoins have already been transferred and the deal is complete.

... Continue Reading:
http://altcoinauthority.com/2014/07/who-won-the-usms-silk-road-bitcoin-auction/

mkc

hero member

Activity: 517

Merit: 501

Rumor said one person bid $900, is he the winner? I guess if he bid one lot at $900, all other @625, then the final price will be 625, am i right? We all expect some bullish move when the price released.

DannyElfman

sr. member

Activity: 406

Merit: 250

Quote from: beetcoin on July 01, 2014, 04:48:53 PM

i'm guessing the winning bidder went over spot.. was probably around what it is right now at $650. a lot of people are paying attention to the whales to get a feel for the consensus of what they're willing to spend, and if it turns out to be $650, then bitcoin will jump to that price.

What makes you say this? I would say that the majority of bidders likely bid under the price as of when they submitted their bid. As of the time of the bid there was selling pressure on the market and any participant could have purchased coins at the market price

beetcoin

sr. member

Activity: 434

Merit: 250

i'm guessing the winning bidder went over spot.. was probably around what it is right now at $650. a lot of people are paying attention to the whales to get a feel for the consensus of what they're willing to spend, and if it turns out to be $650, then bitcoin will jump to that price.

pirsquared

member

Activity: 109

Merit: 10

Quote from: Melbustus on July 01, 2014, 04:45:24 PM

Quote from: skivrmt on July 01, 2014, 04:41:26 PM

We bid $455 which at the time was 81% of market value. Not accepted of course. Rumor has it winning bid(s) was at spot or maybe even above spot.

There was *one* winner: https://twitter.com/paulvigna/status/484074892946837504

Details to come soon, apparently.

All coins were moved in a single tx: https://blockchain.info/tx/9e95c3c3c96f57527cdc649550bf8e92892f7651f718d846033798aee333b0c3

Melbustus

legendary

Activity: 1722

Merit: 1004

Quote from: skivrmt on July 01, 2014, 04:41:26 PM

We bid $455 which at the time was 81% of market value. Not accepted of course. Rumor has it winning bid(s) was at spot or maybe even above spot.

There was *one* winner: https://twitter.com/paulvigna/status/484074892946837504

Details to come soon, apparently.

skivrmt

hero member

Activity: 994

Merit: 501

We bid $455 which at the time was 81% of market value. Not accepted of course. Rumor has it winning bid(s) was at spot or maybe even above spot.

Harley997

sr. member

Activity: 266

Merit: 250

Quote from: skivrmt on June 26, 2014, 05:08:20 PM

Quote from: Littleshop on June 15, 2014, 07:14:09 PM

Quote from: birr on June 15, 2014, 09:33:00 AM

Quote from: ChuckBuck on June 13, 2014, 10:23:10 AM

Wish I could get in on this action.

Alas I don't have the minimum $200,000 to place a bid. Cry

Second Market is accepting bids for aggregation:
https://bitco.wufoo.com/forms/participate-in-us-marshals-bitcoin-auction/

I cannot see how this matches the USM requirements of knowing and approving bidders. If they are really bidding for a group and disguise that they will be lying to the government. If the group is large and they honestly name the members and one is not eligible would not that invalidate the whole group?

Not sure how SecondMarket does it but they did it. In increments of $25k or $50k depending on various people you talk to. I'm part of a group. Bids were due today at noon. We made our bid and find out Monday if it got accepted. I'll reveal bid amount Monday after we know if it was accepted or rejected.

second market is making bids for the blocks. Their bids will be based on how their investors want to bid and second market will not have any direct control over the bid amount.

Previously second market was only selling bitcoin in blocks of $25k

skivrmt

hero member

Activity: 994

Merit: 501

Quote from: Littleshop on June 15, 2014, 07:14:09 PM

Quote from: birr on June 15, 2014, 09:33:00 AM

Quote from: ChuckBuck on June 13, 2014, 10:23:10 AM

Wish I could get in on this action.

Alas I don't have the minimum $200,000 to place a bid. Cry

Second Market is accepting bids for aggregation:
https://bitco.wufoo.com/forms/participate-in-us-marshals-bitcoin-auction/

I cannot see how this matches the USM requirements of knowing and approving bidders. If they are really bidding for a group and disguise that they will be lying to the government. If the group is large and they honestly name the members and one is not eligible would not that invalidate the whole group?

Not sure how SecondMarket does it but they did it. In increments of $25k or $50k depending on various people you talk to. I'm part of a group. Bids were due today at noon. We made our bid and find out Monday if it got accepted. I'll reveal bid amount Monday after we know if it was accepted or rejected.

Harley997

sr. member

Activity: 266

Merit: 250

Quote from: JorgeStolfi on June 15, 2014, 10:03:41 PM

Quote from: Harley997 on June 15, 2014, 09:37:36 PM

The flaw with a group buy is that everyone will be unrelated to eachother and many questions would need to be resolved in a very short period of time.

Indeed it seems complicated. Each member will have to hand in upfront some fraction F of 200'000 dollars, and if the group wins the auction he MUST immediately wire in F times 3000 times X, where X is the price that the group bid at (which of course the member cannot be told in advance), so that the group can send the total to the USMS by wire -- all that in a very short time.

If one member fails to pay, or has the payment delayed the entire group loses the auction AND their deposits.

So it seems that every member will have to send to the group leader, right from the beginning, a sum greater than F times 3000 times the maximum X that the group leader is allowed to bid. But that maximum X cannot be much lower than the estimated market price at the date of closing, otherwise competitors (who can easily infiltrate a spy) will outbid the group.

In order for a group buy to be successful the funds would need to be pooled prior to submitting the group's bid.

There is realistically not enough time to coordinate a group buy. The winning bidder will likely receive somewhat of a discount, however I don't think it would be so massive that it would be the deal of a lifetime.

JorgeStolfi

hero member

Activity: 910

Merit: 1003

Quote from: Harley997 on June 15, 2014, 09:37:36 PM

The flaw with a group buy is that everyone will be unrelated to eachother and many questions would need to be resolved in a very short period of time.

Indeed it seems complicated. Each member will have to hand in upfront some fraction F of 200'000 dollars, and if the group wins the auction he MUST immediately wire in F times 3000 times X, where X is the price that the group bid at (which of course the member cannot be told in advance), so that the group can send the total to the USMS by wire -- all that in a very short time.

If one member fails to pay, or has the payment delayed the entire group loses the auction AND their deposits.

So it seems that every member will have to send to the group leader, right from the beginning, a sum greater than F times 3000 times the maximum X that the group leader is allowed to bid. But that maximum X cannot be much lower than the estimated market price at the date of closing, otherwise competitors (who can easily infiltrate a spy) will outbid the group.

bitcoinstarter

hero member

Activity: 484

Merit: 500

Quote from: Parazyd on June 15, 2014, 11:57:59 AM

Quote from: Justin00 on June 15, 2014, 11:07:43 AM

would be funny if the FBI dude comes on here complaining he got scammed and wished he used escrow :p

LOL! Imagine that to happen.
Knowing the feds, that actually could happen Cheesy

this could happen!

Harley997

sr. member

Activity: 266

Merit: 250

Quote from: jonald_fyookball on June 15, 2014, 08:54:04 PM

Quote from: JorgeStolfi on June 15, 2014, 05:47:39 PM

Quote from: QuestionAuthority on June 15, 2014, 04:19:26 PM

Anyone up for a group buy?

But how would the group decide on the bid price?

If it is a large informal group, it may include spies who will tell competitors what the group plans to offer, and they will bid 0.01$ higher.

The group would have to choose a trusted manager, who will decide the bid price without telling anyone in the group. If he loses the auction because he bid too low, or people lose money in the end because he bid too high, would the group forgive him?

I'd be up for a group buy if we lowball an offer.

The flaw with a group buy is that everyone will be unrelated to eachother and many questions would need to be resolved in a very short period of time.

jonald_fyookball

legendary

Activity: 1302

Merit: 1008

Core dev leaves me neg feedback #abuse #political

Quote from: JorgeStolfi on June 15, 2014, 05:47:39 PM

Quote from: QuestionAuthority on June 15, 2014, 04:19:26 PM

Anyone up for a group buy?

But how would the group decide on the bid price?

If it is a large informal group, it may include spies who will tell competitors what the group plans to offer, and they will bid 0.01$ higher.

The group would have to choose a trusted manager, who will decide the bid price without telling anyone in the group. If he loses the auction because he bid too low, or people lose money in the end because he bid too high, would the group forgive him?

I'd be up for a group buy if we lowball an offer.

Littleshop

legendary

Activity: 1386

Merit: 1004

Quote from: birr on June 15, 2014, 09:33:00 AM

Quote from: ChuckBuck on June 13, 2014, 10:23:10 AM

Wish I could get in on this action.

Alas I don't have the minimum $200,000 to place a bid. Cry

Second Market is accepting bids for aggregation:
https://bitco.wufoo.com/forms/participate-in-us-marshals-bitcoin-auction/

I cannot see how this matches the USM requirements of knowing and approving bidders. If they are really bidding for a group and disguise that they will be lying to the government. If the group is large and they honestly name the members and one is not eligible would not that invalidate the whole group?

JorgeStolfi

hero member

Activity: 910

Merit: 1003

Quote from: QuestionAuthority on June 15, 2014, 04:19:26 PM

Anyone up for a group buy?

But how would the group decide on the bid price?

If it is a large informal group, it may include spies who will tell competitors what the group plans to offer, and they will bid 0.01$ higher.

The group would have to choose a trusted manager, who will decide the bid price without telling anyone in the group. If he loses the auction because he bid too low, or people lose money in the end because he bid too high, would the group forgive him?

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

Quote from: BurtW on June 15, 2014, 04:43:40 PM

Quote from: QuestionAuthority on June 15, 2014, 04:19:26 PM

Quote from: ?? on ??

Quote from: BetMoose on June 15, 2014, 02:53:45 PM

Any ideas on WHO (or at least what TYPE) of buyer it will be?

Yes, people that can plop down a $200,000 deposit and follow it up with a one to two million dollar cash payment if they win the bidding.

Not me and, I don't know you but since you hang out here on this forum, probably not you.

Those are the people that will buy them.

Anyone up for a group buy?

You can participate here:

https://bitco.wufoo.com/forms/participate-in-us-marshals-bitcoin-auction/

Thanks

BurtW

legendary

Activity: 2646

Merit: 1137

All paid signature campaigns should be banned.

Quote from: QuestionAuthority on June 15, 2014, 04:19:26 PM

Quote from: ?? on ??

Quote from: BetMoose on June 15, 2014, 02:53:45 PM

Any ideas on WHO (or at least what TYPE) of buyer it will be?

Yes, people that can plop down a $200,000 deposit and follow it up with a one to two million dollar cash payment if they win the bidding.

Not me and, I don't know you but since you hang out here on this forum, probably not you.

Those are the people that will buy them.

Anyone up for a group buy?

You can participate here:

https://bitco.wufoo.com/forms/participate-in-us-marshals-bitcoin-auction/

QuestionAuthority

legendary

Activity: 2156

Merit: 1393

You lead and I'll watch you walk away.

Quote from: ?? on ??

Quote from: BetMoose on June 15, 2014, 02:53:45 PM

Any ideas on WHO (or at least what TYPE) of buyer it will be?

Yes, people that can plop down a $200,000 deposit and follow it up with a one to two million dollar cash payment if they win the bidding.

Not me and, I don't know you but since you hang out here on this forum, probably not you.

Those are the people that will buy them.

Anyone up for a group buy?

Topic: US Marshalls auction SilkRoad bitcoins - page 2. (Read 5216 times)