Bitcoin Forum

So what do you think is going to happen now  ? looking at this article seems like they are going to auction the bitcoins seized from silk road http://www.coindesk.com/us-marshals-bitcoin-auction-2015/


That's a decent amount of bitcoin honestly and It could affect bitcoin hardly , what do you think is going to happen ? we are in no need of another huge dump with all the XT drama and the panic going on but it's likely to happen ..

Don't think it will impact bitcoin price atleast for now, it may have some long term impact on price but they won't dumped instantly to exchanges
XT drama seems finished and bitcoin started recovering price

I don't think nothing will happen at all. Nothing has happened during the last auction as well.

People who are strongly believing in Bitcoin are buying on these auctions. Price is very often even a bit higher than on the exchanges. Why are they buying then you might ask? Well you don't have an opportunity to buy 44,000+ of coins at the price of $241 all at once. That's a advantage of these auctions. Even if sales are made in batches of 3,000 od 5,000 coins it's still a big advantage since even 3,000 coins, if you bought them at once would move the price up a lot because very often, order books are thin.

People who buy coins like this won't just dump them straight away.

Agreed. I don't believe someone is going to buy a bulk amount of Bitcoins to have them thrown away on an exchange. The price right now is, in my opinion, super low for what the future could possibly hold. A person who would buy thousands of coins would more than likely see the same fate for Bitcoin making it foolish to dump them now when later down the line they'd be able to make multiple times the amount of profit.

Depends on what price does the USMS wants to offer. If they offer it on below market price, there is a possibility that these dudes would likely sell a portion of it and keep the bitcoins that are left when the price they bought it at was reached on the markets. These guys aren't dumb to throw millions of dollars in to something without thinking of a profit, so more or less they are thinking of ways to keep the price high rather than crashing the market by selling all those bitcoins at once.

Last time they sold for above market price and it caused a rate increase.

It could go either way. But this being the "final" auction I think is a bullish sign. You wouldn't want your auction-bought bitcoins depreciating much after this.

This is scary I am assuming the bitcoins will go down but bitcoin always survives lets just hope the government doesn't intentionally sell them for super super low

they are says : "We still don’t have any dates to announce, but do expect to [hold the event] before the end of the year."

so price will be up more and more until end of this year ?

May or may not be the final for Silk Road coins, but https://dockets.justia.com/search?parties=bitcoin&cases=mostrecent reveals some of the "civil forfeiture" cases in the pipeline. As long as government exists, BTC will be seized, regardless if nobody was actually harmed in connection with that BTC, by non-government actors violating the non-aggression principle.

Most likely they will be bought from some rich investors who heard about bitcoin and want to play with them.
I don't think they will sell. Most likely they will be invested on startups.

Somehow i think that instead of causing a dump it may increase a little bit the price, if you check the actual data the bitcoin price is raising and maybe if the price of the Auction will be almost the same and people starts fighting for the Silk Road bitcoins maybe an increase of 5-7% is possible in my opinion

If gonnadump we pick cheap coin. If gonna go east we are rich. Simple as simplicity.

I think a big investment company is going to buy them and sit on them for 5 to 10 years and when the price is right slowly put them back on the market.
Tim Draper won the previous aunction and he did not dump them, he is holding them for at least 10 years and he knows the price is going to go way up.

Most of the buyers of bitcoins in these auctions are long term bulls. Unless somebody with the intent of flipping them at exchanges for a quick profit buys them, it won't have a negative impact on the price.
Once the uncertainty around this additional supply of bitcoins hitting the market gets removed, we should see a positive trend (ceteris paribus).

144,000 silk road coins going back into the market is going to dent the price im sure.

Its going to raise alarms who arent in tuned to where the sell off is from thinking its some whale selling off their coins - creating another panic sell off.

thats right, the first thing that will happen is a creation of panic sell before it will go up again

How cheap are they getting off of the auctions?

Anyone know? Like are they saving by the $100`s? or just a small amount compared using todays current rates.

Are you talking about doing some arbitrage?

cause you need to quickly sell off just as you bought as well. when you refer to east im going to assume china since their usd hedges the rnb.

most of those guys are ex goldman sach members arent they?

last time I heard some private mining called cucumber mining, which all of them are collected by ex-bankers.

I think they changed their domain, I forget. I know it was cucumber something though..

it will go down for a long period of time but only after a price increase

I think this are all ways of bitcoin fluctuations, by showing this article they want public to come out and sell in panic so that they can buy it at low rates and what you told like keep them for some long period. my view is what ever happens my target is 500$ for selling till then i will only accumulate bitcoins and keep it for future .

so youre assuming like that guy above like how we have a over supply with coins.

if anything if I saw the supply coming out of no where, id be buying if people were selling the silkroad coin reaction.

I can see why people got antsy before the first auction. I don't think this one is barely worth discussing. The bidders will be of the highest calibre. We'll never know the price. None of the coins will ever hit any exchange.

Full stop.

I'm not expecting this to change anything since it will be only one transaction, with the highest bidder a very different guy from the average bitcoiner. The scary thing would be that those BTC would be sold one at a time, but this isn't how they will do it.

if they dont do it at one at a time, then you assume its just 1 big dump? lol.

thats such a shit storm waiting to happen, but whatever.. cant do much against people who have money to do these things like this.