US Marshalls auction SilkRoad bitcoins - page 5.

Mikez

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Quote from: juju on June 13, 2014, 11:37:13 AM

I can't take credit for this because I believe it was Danny_Hamilton who said it, but the entirety of the Silkroad coins that were seized 120k+ is ~ what is generated by the blockchain in 48 days. I wouldn't expect this to have an enormous impact on the exchange price. Unless someone ends up buying the coins for insanely cheap, which won't happen their will be competition for them.

Around ~172800BTC are generated in 48 days, with the current reward per block. It's a bit mind boggling...
On the topic of the auctioning, I'm glad that at least their not dumping it all at once. Guess they realised that it might be counter-productive for them to do that.

EvilPanda

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Small Red and Bad

Quote from: Parazyd on June 13, 2014, 11:21:26 AM

Quote from: jjc326 on June 13, 2014, 11:17:58 AM

I guess it will be a private sale. That is actually REASSURING to me regarding the price because it means they won't just be all dumped at once at an exchange. But I do think the bigger investors will look at the price and try to extrapolate it to the exchanges. In other words if the auction goes for way less than $600/btc then the exchange price will drop.

I'm sure it won't go below the market price. If anything, it will go above.
That said, the coins won't be dumped unless there's some profit to it.

That's right. It's just money changing owners, this happens every day and doesn't affect the market. Even if somebody wanted to sell I doubt he'd just pick an exchange and drop everything in 1 day. He'd just lose the money.

juju

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I can't take credit for this because I believe it was Danny_Hamilton who said it, but the entirety of the Silkroad coins that were seized 120k+ is ~ what is generated by the blockchain in 48 days. I wouldn't expect this to have an enormous impact on the exchange price. Unless someone ends up buying the coins for insanely cheap, which won't happen their will be competition for them.

BurtW

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All paid signature campaigns should be banned.

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

$200,000 is just the deposit in order to be able to bid. You will be bidding on a lot of 3,000 BTC so you will need somewhere between one and two million dollars cash (333 USD/BTC to 666 USD/BTC) in order to participate and have a chance of winning one of the 10 blocks of 3,000 BTC.

Parazyd

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Space Lord

Quote from: jjc326 on June 13, 2014, 11:17:58 AM

I guess it will be a private sale. That is actually REASSURING to me regarding the price because it means they won't just be all dumped at once at an exchange. But I do think the bigger investors will look at the price and try to extrapolate it to the exchanges. In other words if the auction goes for way less than $600/btc then the exchange price will drop.

I'm sure it won't go below the market price. If anything, it will go above.
That said, the coins won't be dumped unless there's some profit to it.

jjc326

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I guess it will be a private sale. That is actually REASSURING to me regarding the price because it means they won't just be all dumped at once at an exchange. But I do think the bigger investors will look at the price and try to extrapolate it to the exchanges. In other words if the auction goes for way less than $600/btc then the exchange price will drop.

Parazyd

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Space Lord

People definitely won't get cheap coins this way. It's an auction, they'll probably end up paying more than they would on Bitstamp or another exchange.

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

Interesting to think how this will affect bitcoin prices
On the open market.

First instinct is to say OMG they are making huge sells.
Second thought is, it's a private sale, and will be met with a private buy.
It won't touch the open market.

On the other hand, investors that buy their coins
from the FBI arguably would have done so on the open
market and driven price up more, so we'd miss that...

...but... Then again, buyers may get a discount because
buying these coins are a big pain and less anonymous,
So may attract additional dollars into bitcoin. Also it
may generate press and more investors.

overall, I'm not expecting any huge price moves when
The auction takes place.

ChuckBuck

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better everyday ♥

Wish I could get in on this action.

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

Parazyd

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Space Lord

Quote from: ljudotina on June 13, 2014, 08:33:06 AM

Yes this is basicly most legal way in US to buy BTC right now. Noone cant ask you anything after this.
"Sir where did you get your BTC from?"
"F fuckin BI"!

Don't forget they're gonna tax it for you Wink

And will probably be the most non-anonymous coins out there.

ljudotina

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Yes this is basicly most legal way in US to buy BTC right now. Noone cant ask you anything after this.
"Sir where did you get your BTC from?"
"F fuckin BI"!

Bit_Happy

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A Great Time to Start Something!

Quote from: ibminer on June 13, 2014, 06:15:27 AM

I prefer my comic strips to have faces, whoever creates them on xkcd must have some psychological issues? Grin

Isn't this auction causing people to expose their personal information to the US government that a lot of them otherwise seem to hide?

This appears to be another good way for the US government to collect information about high financial players of bitcoin and I would expect a lot of people wouldn't want to go anywhere near this auction..… combined with such short notice, this may keep bidding very low and give the winner(s) more of a reason to dump them at market value for a nice profit

There is the other side.

Savvy "mainstream" wealthy people, some of whom would never consider using a typical Bitcoin exchange, now have a chance to pick up amounts of BTC which they expect to hold for Huge gains. This helps reduce the overall supply even more, and the party rolls on...

ibminer

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Goonies never say die.

I prefer my comic strips to have faces, whoever creates them on xkcd must have some psychological issues? Grin

Isn't this auction causing people to expose their personal information to the US government that a lot of them otherwise seem to hide?

This appears to be another good way for the US government to collect information about high financial players of bitcoin and I would expect a lot of people wouldn't want to go anywhere near this auction..… combined with such short notice, this may keep bidding very low and give the winner(s) more of a reason to dump them at market value for a nice profit

Bit_Happy

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A Great Time to Start Something!

Quote from: turvarya on June 13, 2014, 05:21:06 AM

Quote from: Bit_Happy on June 13, 2014, 05:16:36 AM

Quote from: turvarya on June 13, 2014, 05:03:18 AM

Quote from: icet208 on June 13, 2014, 04:58:35 AM

wondering how the gov. get the private keys from the silkroad owner

http://xkcd.com/538/

That is an "unknown" type of link that is sometimes dangerous. Do you have a relevant paragraph to quote, or a link to a more familiar site? Thanks

Seriously?
xkcd.com is a very popular Comic Strip.

I just didn't figure out, how to emb the Picture(or was too lazy to figure it out). Here you go.

Nice one, thanks.
Seriously?
Yes, it is possible to spend a lot of time on the Internet and still not hear/see everything.

turvarya

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Quote from: Bit_Happy on June 13, 2014, 05:16:36 AM

Quote from: turvarya on June 13, 2014, 05:03:18 AM

Quote from: icet208 on June 13, 2014, 04:58:35 AM

wondering how the gov. get the private keys from the silkroad owner

http://xkcd.com/538/

That is an "unknown" type of link that is sometimes dangerous. Do you have a relevant paragraph to quote, or a link to a more familiar site? Thanks

Seriously?
xkcd.com is a very popular Comic Strip.

I just didn't figure out, how to emb the Picture(or was too lazy to figure it out). Here you go.

OnkelPaul

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Quote from: Bit_Happy on June 13, 2014, 05:16:36 AM

Quote from: turvarya on June 13, 2014, 05:03:18 AM

http://xkcd.com/538/

That is an "unknown" type of link that is sometimes dangerous. Do you have a relevant paragraph to quote, or a link to a more familiar site? Thanks

more familiar than xkcd? You're kidding, right?

Onkel Paul

Bit_Happy

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A Great Time to Start Something!

Quote from: turvarya on June 13, 2014, 05:03:18 AM

Quote from: icet208 on June 13, 2014, 04:58:35 AM

wondering how the gov. get the private keys from the silkroad owner

http://xkcd.com/538/

That is an "unknown" type of link that is sometimes dangerous. Do you have a relevant paragraph to quote, or a link to a more familiar site? Thanks

adhitthana

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Quote from: TookDk on June 13, 2014, 05:02:05 AM

At least they auction them in bulks, one can hope that big whales pig them up and stash them away, it would be nasty if they just dumped all of them on the exchanges.

Better if an genuine investment fund bought them and made it public. This would be fantastic for BTC

turvarya

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