Bitcoin Forum

Global professional services firm Ernst & Young has announced it will auction off 24,518 BTC (worth $12.9m) originally confiscated by a user of defunct online dark market Silk Road. See article here : http://www.coindesk.com/ernst-young-sell-12-million-bitcoin-auction/

So do you think this is going to affect the huge price increase that we see at the moment ?

Just as you posted this, Bitfinex BTC/USD spiked from $538 to $542+ in seconds... This rally is such a wild ride.

https://anonmgur.com/up/bad3aee41d2a134411730e4eae5b730b.png (https://anonmgur.com/up/bad3aee41d2a134411730e4eae5b730b.png)

Not at all. It's not the first big BTC auction and after the other ones nothing happened.
People who buys BTC do that to earn money. And for that a big dump is not the way to do it.

We are not going to down again and that is because you see that the value is stable but as you can see you see that it is rising slowly so that is really nice for the people with already Bitcoin.
And the bad thing is also that you are not for sure of course what the value will be and that is impossible to predict.

This again? None of the US marshal auctions proved to have much or any effect and they were bigger and scarier. They also proved that safe and wealthy hands are out there.

Also several billion words were squandered on here about people fanatasising about Wall St players spending millions so they could send their coins to piece of shit exchanges run out of grandma's cupboard to dump on us. Bizarrely, that never happened.

isn't this just a price corretion? not going down, it will be pumped again in few moment or days, i'm buying more at these level, easy profit, for the future

we are taking down at least not for the moment chinese are holding on 570+ for few hours already
so im expecting something similar for us to

We are not going down again and that is because you also can see now that there will be more people that is going to have some Bitcoin and the price is rising slowly so that is nice.
But you never know what will happen later in the future with the Bitcoin but the most people are hoping that it is going to rise for a long time and that would be perfect.

I don't think this will have much impact on the price. These coins will only get dumped when they are bought a good percentage below the current market rate. As long as that doesn't happen the buyer won't feel the need to get rid of the coins after buying them.

Anyone thinking a 24k btc dump won't drop the price is out of his mind...

Well the price is quite high and i think we will see the price sooner. and its attracting more people to dump their bitcoin to make even a low profit..
Many people are now buying bitcoin because of block halving thats why the price is increasingly fast..

Going down? I think that the the price is moving up again in value which is leading to allot of attention. The price will be going down soon if the halving is coming but before that there has to be a price rise.

It most likely won't make a huge difference to the price.

it is not the first time that they have auctioned confiscated coins like this and it won't be the last.

and so far these auctioned coins never had any significant effect on the price of bitcoin so I don't see how they can affect the price now.

24,000 bitcoins is nothing compared to the daily transaction volume in the world. After it is aunctioned, the price will rise further.

It probably won't affect the price at all. Those Bitcoins will be snapped up by speculators waiting to double or more their money when the price goes up after the halving. At the worst there might be a small downwards temporary blip on the price. Whatever happens the price is almost certain to go up after the halving.

They're auctioning it off in smaller tranches. Even govts arn't silly enough to dump on the market in one go.

It depends on who will be getting the winning bid, if it is another hoarder, it will not influence anything. If these coins goes into the exchanges, we might see a dip in the price. The announcement might even push the price down a little, but it will not have a huge impact. The supply & demand forces are still at work here, and currently supply is still on par with the current demand to keep the price stable. ^smile^

Let's hope a Bitcoin hoarder pick up these coins... Clearly E&Y wants to capitalize on the higher price.

"Ernst & Young said in a statement today that the auction will be held over a 48-hour period beginning at 12.01am AEST on 20th June 2016."

i hope it goes down a little so we can buy some more bitcoin before it is too late.

although i doubt if it has any effect! they have auctioned silk road coins before!!!

i dont think he is going down very fast but he will drop a little bit off course he cant be rising only you know. There is always a point when the coin is going down but believeme that is not very much.

I do not know what is going to happen with the price after the halving because it can go every way possible. It may go down it may go up, we have to wait and see what is going to happen.

true, I also think that this is a regular thing. bitcoin decrease occurred only in small amounts, I feel that the price of bitcoin will again be higher in some time

I don't see it happening that we will fall to back. Just a minor dip to maybe 550 and perhaps some stabilization around this price.
550 is good for miners to make profit (and us having a decent price for our bitcoin)

This is not going down this may stabilizing price before halving or preparation for another jump and down
Off course this doent mean anything and still we are preparing for halving maybe price will stay as it is

We are not going down and that is because the most people are waiting and holding now because they already see that the value of Bitcoin is rising slowly so that is really nice.
But it wont be that fast that you can earn some money with Bitcoin because it can takes a long time.

It is really hard to know what will happen with the value of Bitcoin and you even can see now that the price is rising but you dont know when it will stop so that is the problem.
The most people are also hoping now that the value will rise for a long time but badly your are not for sure for that.

Its a nature of bitcoin that the price will going down again because many people are satisfied of the price increase they are selling their bitcoin so that the price is reduce again.. but i think its low chance that the price will still stay for this price today and i think the price will increase again.. just don't panic to sell..

I am not satisfied with the bitcoin price performance. So I will have hold the coin and wait for higher price to sell.