Bitcoin Forum

http://techcrunch.com/2014/01/07/the-silk-roads-libertas-is-free-to-the-annoyance-of-us-authorities/

In related news, the millions of dollars in bitcoin seized by the FBI from Ross Ulbricht and the first Silk Road, currently stored in a set of online wallets, appears to be on the move. A source in the U.S. Justice Department said that “authorities” have access to the Ulbricht’s bitcoin cache and may be selling it off for less volatile currencies in the next few weeks. Ulbright has given the U.S. government the private keys to the bitcoins.

“The reason for selling is that the Government has lost faith in the value of bitcoin and does not want to deal with the volatility of the currency,” the source said. The wallets are publicly visible here and here.

I expect them to dump the Gox order book down to ~ $1.

Its obvious that he's been cooperating with the feds in light of the recent busts. Eventually they are going to dump the coin to USD, just a matter of when and if they dump it all at once. If they do, a fuck ton of coins coming onto the market all at once is going to drive price down. And with the recent govt and bank assault on bitcoin, would be another big blow.

Which exchange do you think they will dump it on?

 :D

Emptygox? :D

Yea, bitcoin is doomed, but I'll save you and buy all your coins at $100. Hurry up and sell it before it's back to single digits!

You know, FBI will dump all the coins and then initiate BTC-annihilation code acquired from DPR, who is really Satoshi, as everybody knows.

I really hope they dump on Gox. The FBI would quickly find out they can't withdraw worthless GoxBux and will have to buy the coins back again to try another exchange. That would be a sight to see. 8)

But seriously, I doubt they are that stupid to try and sell on an exchange. But it would be really funny haha.

Coinbase maybe?

It just occurred to me that the FBI can probably sell the coins pre-sentencing if Ross consents to the sale but still reserves his right to a trial. Why would Ross consent? He might expect the case to remain unresolved for a long time and wants to cash out before it's too late. That way, cash is sitting for him if/when he is released, as opposed to worthless coins.

Nope, Houbi ... this is why china tries to shut down exchanges. (to prevent FBI from dumping)

They will be auctioned off, just like every seized asset from every criminal case, ever.

To believe there will be a massive dump of this amount on any exchange is simply FUD.

Someone go to the auction, buy some coins, then go spend them on Silk Road 2.  :D

The coins are NOT on the move they still don't have access.

This story contains zero information.  

The coins are not "on the move."  They are sitting where they've been sitting since the seizure and not a single satoshi has been withdrawn:

https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN455paPH
https://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX

The words "faith" and "managing volatility" are nonsense as well.  The FBI will follow established procedures and sell the coins at auction, regardless of whether or not they have "faith" in the seized good, and regardless of the "volatility" of its market price.  

Of course they are not moving yet. Article mentions FBI is considering selloff within weeks.

We can put a stop to the FBI laundering money by transferring the coins to USD.

https://bitcointalk.org/index.php?topic=404427.0

so...through all the fud & misinformation: Did Ullbricht give them the private keys or not? Untill I see something like that confirmed, or the certainty that the FBI has access to them, I defintely refuse to even assume there will be an FBI sell-off.

It's bullshit! The OP is FUD!

...and if the OP reported that the US government are set to take a massive position in Bitcoin, would that still be FUD?

Yesterday, I suggested that you really should take some profits whilst Bitcoin was still in low 900's. It has since fell drastically but has recovered to low 800's but with probably much further to fall.

Was that FUD?

MatTheCat I may be wrong, but your buy orders seem too low to me (I just saw your other post).

Everyone said that the last time around, so I ended up nudging them up a bit, and got burned.

My buy orders stay, if they don't get triggered then I don't care.....I still have a bit of dough to play the bounces with...missed the 765 to 840 bounce cos I got to my PC when it was at 790, and I was trying to hold out for 780...DOH!!

I know what you say about last time - that means it likely won't play out like that again! Be aware.

What I have said is true. Despite China overall market sentiment has NEVER been so positive for Bitcoin. There is a certain future for Bitcoin in the States now and you can bet in today's world it will take off quite quick!

People know this. They will want in earlier rather than later.

That's market sentiment! And in the past it was seriously gloomy at these points. But not now!  :)

Heh, yeah.  I'm sure the government is concerned about Bitcoin volatility.  Do they rush out to sell seized gold based on gold speculation?


https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN455paPH
https://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX

The coins haven't fucking moved.