Topic: US State Seeks to Confiscate $24 Million in Dark Web Bitcoin (Read 261 times)
Is this news really authentic? You didn't give any link within. But if this is true than it is really alarming. This much money is certainly enough to fluctuate the market. Hope situation will improve after recovering the amount.
catch them all big brother --- Illigal stuff is not welcome in the US unless you work for Wall Street 
These 4000 Bitcons will be added to the auction pool, of course this will slightly reduce the price on the exchanges, but I think it will not be critical.
Besides, by the date of the auction, the prospective buyer may try to lower the rate on the exchange, this he needs to buy cheaper from the starting lot.
This is only my guess, but it will not lead to a rise in price BTC.
Besides, by the date of the auction, the prospective buyer may try to lower the rate on the exchange, this he needs to buy cheaper from the starting lot.
This is only my guess, but it will not lead to a rise in price BTC.
Add some info when you start a topic, not just throw two lines and be done with it
Maryland Men Indicted on Charges Relating to Dark Web Drug Distribution and Money Laundering; Government Seized more than $22 Million in Assets
As for your question, it's going to take a lot of time before those coins will be sold, and they will go to an auction not to an exchange, just like it happened in the past with SR's coins.
Nothing to affect the price at this point.
Maryland Men Indicted on Charges Relating to Dark Web Drug Distribution and Money Laundering; Government Seized more than $22 Million in Assets
As for your question, it's going to take a lot of time before those coins will be sold, and they will go to an auction not to an exchange, just like it happened in the past with SR's coins.
Nothing to affect the price at this point.
I have no idea about the SR's coin but who is going to conduct an auction for these 4000 BTC? If its the government that will held an auction for this, why are they doing so when there ain't no regulations yet about crypto.
4000 BTC is enormous amount that could discourage an investor when their money invested depreciates in less than a day.
It's going to be the US Marshals Service:
These are the terms and the info for one auction that was conducted earlier this year, with nearly the same amount of BTC (although at a higher price)
https://www.usmarshals.gov/assets/2018/bitcoinauction/
and here is one from March:
https://www.usmarshals.gov/assets/2018/marchbitcoinauction/
Bitcoins are already regulated, the IRS sees them as property so they can be auctioned with no legal trouble.
Add some info when you start a topic, not just throw two lines and be done with it
Maryland Men Indicted on Charges Relating to Dark Web Drug Distribution and Money Laundering; Government Seized more than $22 Million in Assets
As for your question, it's going to take a lot of time before those coins will be sold, and they will go to an auction not to an exchange, just like it happened in the past with SR's coins.
Nothing to affect the price at this point.
Maryland Men Indicted on Charges Relating to Dark Web Drug Distribution and Money Laundering; Government Seized more than $22 Million in Assets
As for your question, it's going to take a lot of time before those coins will be sold, and they will go to an auction not to an exchange, just like it happened in the past with SR's coins.
Nothing to affect the price at this point.
I have no idea about the SR's coin but who is going to conduct an auction for these 4000 BTC? If its the government that will held an auction for this, why are they doing so when there ain't no regulations yet about crypto.
4000 BTC is enormous amount that could discourage an investor when their money invested depreciates in less than a day.
bitcoin doesn't have any direct authority so it's hard to control it's exchange places it up to the holder where they choose to use it, these kinds of deed is also happening with other online currencies as well , but it will not effect the prices of bitcoin
WOW! It's a great news for the industry. Through the implementation of the news, it will be a great circulation in the market, I guess.
Mainly with btc you can do whatever you want also you can trade anything with this currency based on this U.S did a good things because this illegal act should be monitor for you future because many people can affect based on this system so it’s a good initiative.
4000 BTC is enough to fluctuate the market you say? I really doubt that it would have that big of an effect.
Current 24-hour volume is 520,641 BTC according to Coinmarketcap. Even if you sell those 4k BTC on one exchange, I doubt we'll see much movement either way.
Current 24-hour volume is 520,641 BTC according to Coinmarketcap. Even if you sell those 4k BTC on one exchange, I doubt we'll see much movement either way.
Kobayashi might say otherwise....
How much of that volume is fakes so that some Chinese exchanges can claim to be nr1 in the world?
One 1000 BTC drop and we went down 300$ last time, I'm not that eager to see 4000BTC dumped at once.
But the feds will never sell the coins on an exchange with fluctuating prices.
I'm giving you the exact volume stats from Coinmarketcap. https://coinmarketcap.com/currencies/bitcoin/#charts
Now you give me the evidence for that 300$ drop that 'happened' when someone dumped a measly 1k BTC
Yeah, people were saying fake fake fake when OK and huobi were faking trades in 2013 but nobody listened.
It took a year until the public finally understood but seems like it was ages ago and the human memory can't keep with it.
https://medium.com/@sylvainartplayribes/chasing-fake-volume-a-crypto-plague-ea1a3c1e0b5e
Seen it before:
https://bitcointalksearch.org/topic/okex-and-many-more-faking-trading-volumes-wash-trading-3173106
https://bitcointalksearch.org/topic/is-okex-trading-volume-fake-4505046
As for the dump, check any trading tool and look for the volume during the drops.
In the previous one from 6260- to 6100 the entire volume during the drop was just 900 coins (sells plus buys) on Bitfinex, and that's the second largest exchange right now.
And now seriously, your proof is coinmarketcap? At least don't insult me, plz
It wouldn't be the end of the world, but at current prices it would be a problem, given the fact that we seem to be stuck in nowhere's land on this sort of $6k limbo. If someone dumps 4000 at once, we could lose the $5000-ish resistance which would lead to further panic selling. If the 4000 sale happens on other price ranges, it wouldn't matter that much.
Governments are supposed to use OTC market to auction the coins, but Kobayashi signed up to Kraken to dump the Gox stacks. Govs can be incompetent and screw up Bitcoin investors, they can be reckless. If they were smart they would be buying the coins themselves or simply holding them in vaults. Imagine if they held all the Silk Road coins.
Governments are supposed to use OTC market to auction the coins, but Kobayashi signed up to Kraken to dump the Gox stacks. Govs can be incompetent and screw up Bitcoin investors, they can be reckless. If they were smart they would be buying the coins themselves or simply holding them in vaults. Imagine if they held all the Silk Road coins.
Of course, it's not going to be the end of the world or the end of BTC, but it's pretty funny to see people downplaying a 4000BTC dump right now.
Especially since between our posts we have already gone below 6000 ,
The thing is that the US Marschall is not a bank or an investment company so they can't store anything of value or enter speculation territory.Might seem ironic but right now, it's better that those coins are locked rather than in the wallet of somebody who might cash out...
I think that the confiscated amount will not affect the price of bitcoin most Likely this amount will go to charity or to purchase medical equipment.But this is not important. The main thing that the crime is solved and the criminals will be punished to the fullest extent of the law.
these amounts, no matter how big they seem to be, has never affected bitcoin price in the history of bitcoin. and we have had quite a lot of them so far in the past 9 years and this one is not even the biggest.
so no, if you are waiting for some sort of drop because of this then don't hold your breath.
so no, if you are waiting for some sort of drop because of this then don't hold your breath.
Maybe you are right. The Cryptocurrency market is always fluctuating. Maybe this crash on dark web might have contributed to the price of Bitcoins.
This is really good decision taken by U.S based on this many drugs and illegal act are happening vai dark web also few people are misusing the btc also they are trading those things via btc so this should be regulate properly based on this they should monitor this issues also.
Its a great initiative. Because they are eliminating illegal transaction. If this happen people will show more attraction about this market and they will invest on this market. That’s why i think need more monitoring for removing illegal transaction.
Government actions like these can help save bitcoins name from illegalities. Darkweb is not fun of only bitcoins as payment processor but with monero and other anonymous coins too.
4000 BTC is enough to fluctuate the market you say? I really doubt that it would have that big of an effect.
Current 24-hour volume is 520,641 BTC according to Coinmarketcap. Even if you sell those 4k BTC on one exchange, I doubt we'll see much movement either way.
Current 24-hour volume is 520,641 BTC according to Coinmarketcap. Even if you sell those 4k BTC on one exchange, I doubt we'll see much movement either way.
Kobayashi might say otherwise....
How much of that volume is fakes so that some Chinese exchanges can claim to be nr1 in the world?
One 1000 BTC drop and we went down 300$ last time, I'm not that eager to see 4000BTC dumped at once.
But the feds will never sell the coins on an exchange with fluctuating prices.
I would need to see proof that the majority of that volume is fake, before I could even think about agreeing with you.
I'm giving you the exact volume stats from Coinmarketcap. https://coinmarketcap.com/currencies/bitcoin/#charts
Now you give me the evidence for that 300$ drop that 'happened' when someone dumped a measly 1k BTC
The U.S. government is seeking to forfeit 4,000 bitcoins that were seized during a crackdown of vendors on darkweb marketplaces - an amount that worth over $24 million as of press time! That's an enough amount of Bitcoin to fluctuate the market. What do you think ?
Nope, very small amount to shake the market. You might be interesting case where court is planning to pay back the bitcoins stolen at the MT.Goxx hack to their rightful owners. They are a lot of coins and if they are circulated in the market, I'm assuming it will shake the price down letting bitcoin fall below 2k as these people will make enough money by just selling them at the current rates compared to what they bought at during the Mt.Goxx phase.
The US government has declared to regaing 4k bitcoins which are worth over 24 million USD which were seized from the darkweb market places during a crackdowm of vendors.
I heard from the news in my country, that's some of the government guys from America, attending to confiscate some really big amounts of Bitcoin and then just sell them from the exchange, that's silly.
I think this is a very good decision. This will drop a positive impression among all the cryptocurrencies across everywhere including the businesses. I think this is a good step for a better future.
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