Bitcoin Forum

I've been living under a rock, I don't understand why since the 12th the price has started to just plummet. Any information?

A better question would be, why has the price been so high? I think that's the answer.

I think some bitcoiners are paranoid and this won't last long. It's because of a new article about the FBI considering selling their seized coins soon.
But just this week there's been so many positive story that are way more important than that, so I believe it will go back up quite soon.

FBI will likely be selling $25M of coins sometime soon.

The general picture is that many people believe that come 31 January maybe lots of Chinese people will sell their Bitcoins and withdraw their money, crashing the market. So some people would like to get out now. But it doesn't look like there is much panic or conviction in the current selling.

Some analysts would probably say that we need a correction regardless, but then most of them have been pretty stumped by the way Bitcoin has been behaving post the China bubble.

how do they know the password to unlock the wallet ?

$5 wrench.

Apparently DPR didn't take the proper precautions needed to protect his stash.

DPR gave it to them?

http://global3.memecdn.com/torture_o_663918.jpg

LoL, Thats why my coins are inside a plausible deniable encrypted volume rsrsrs ...

Anyways, they should hodl now; and be more profitable on 2014 second half ;)

because proudhon and his sources are in a full-on bear mode.
because people need cheap coins.
because 1000/coin is boring.
because bears believe in an alien invasion.
because some people honestly think FBI would transfer coins to a magic the gathering online exchange in japan for a sell. they also believe in an alien invasion ;)

many reasons.

No, it's a normal market movement at this stage. But with this low volume it takes too long for my taste.

The downtrend will accelerate. This is only the beginning.

Hope many of you took money off the table.

intro from the temple of misleading infowar ... ( while reading a book Statistically Sound Machine Learning for Algorithmic Trading of Financial ...) and 2nd friday's beer ;)

Space Ghost Coast to Coast promo
http://www.youtube.com/watch?v=q1yQ8zRnnhI

 ::)

ROFL'd

If they don't trust gox they could also use slovenian stamp, russian btc-e or chinese huobi. Still not convincing? Just ask Keiser to buy them....https://www.youtube.com/watch?v=N1bDMfRfsrw (https://www.youtube.com/watch?v=N1bDMfRfsrw) 1:20 - 1:55 :D

CitY of London really needs all bitcoin people generation ...

http://www.cityam.com/article/1389920882/uk-banks-risk-financial-meltdown-if-long-term-it-crisis-remains-unresolved

Btw-> the (Secret) City of London, Part 1: History " :-/ ';' :) " https://www.youtube.com/watch?v=LrObZ_HZZUc

Ya but I think it will rally when they go for more than spot. 25M order elsewhere would incur incredible slippage so the price should reflect that.

Because I'm about to buy.  ;)

Wouldn't they the FBI auction the Bitcoins off? Isn't auctioning how they liquidate most confiscated items that are not illegal? I doubt the FBI is going to register on Campbx and just say, "Fuck it lets market sell this shit.".

/me goes to register on CampBX...

Plummet?

I look at the 10 day charts for both Stamp and Gox and see prices about the same as they were a week and a half ago with a range of about 780-900 at Stamp and 880-1000 at Gox.

Meanwhile, we're at almost the exact same price as at this time yesterday.

The real question is why the price has been so stagnant. My guess is that everyone's waiting for the end of the month before deciding what China's reaction will be to their government's meddling. If the Bad News Bears are right, then we might see plummeting prices, otherwise the bullishness should start the choochoo running again.

We'll see.

???
Dude, you do know that when you say something like that on a public forum, you have just lost your plausible deniability -- don't you?

China + FBI... people are scared right now. Wait until mid Feb or March for the next uptrend. Staying in fiat for time being

I thought that was just obvious.

hmm...Less than 1 BTC has been traded on BitStamp in the last 8 minutes.  If you need to exchange any sizable amount of bitcoin into fiat, you can put up an ask and see what happens but you may need toto sell to the highest bidder which most likely would lower the price.  It's a buyers market right now and its been like this the last couple of days.  

I haven't been following that idiot Silk Road guy's case at all, but I've seen in a couple of posts here on the forum that "the FBI is going to sell his coins soon". 

Since (to my knowledge) he hasn't pleaded guilty (yes pleaded is correct, it isn't pled), and obviously there hasn't been a conviction they can't just "take" his coins without Due Process.  Generally this requires a hearing before the property can be disposed of. 

Otherwise it is a violation of his procedural due process rights and he has a right to sue the government for the violation.  Although, he obviously has bigger things to worry about. 

If there is probable cause to believe that property has been involved in a crime or results from criminal acts, then it can be seized regardless of whether the person whose property it is has been tried yet, or if tried, found guilty.  

US. Racketeering Influenced and Corrupt Organizations act.  Ronald Reagan was annoyed that multi-millionaire drug dealers could hire multi-million dollar lawyers to argue their cases, and this is the result.  Property gets 'probable cause' whereas people get 'beyond a reasonable doubt.'  Effectively if there's sufficient evidence to issue a search warrant for some property then there is sufficient evidence to seize it.

This is very bad law in my opinion and ought to be reversed by a constitutional challenge; but it hasn't yet been.

The coins they are auctioning off are the coins from the Silk Road website itself, not his personal stash. Nobody has claimed ownership of these, for some reason :D It's like when they raid some cocaine operation, nobody would be stepping out saying "hey man that's my 20 mil right there, all legit here's the receipt".

They can seize it based on probable cause, but they have to have a hearing (or atleast offer one) before the property can be disposed of.  For example, the police in New York state can seize a vehicle if they have probable cause to believe it was the instrumentality in a crime.  But they must offer a due process hearing (called a Krimstock Hearing in NY) in which a neutral judge/magistrate determines that the seizure was lawful.

The Executive Branch cannot just seize property without Due Process and dispose of it.  This would be unconstitutional. 

 

This sounds like a more reasonable explanation as to why this would be allowed to happen.

It's not plausibly deniable when they find the forum post admitting to it...

Daily volume = bad (<100k)
Daily volume % that belongs to China = bad (>60%)

http://bitcoinity.org/markets/list?currency=ALL&span=24h


Numbers don't lie. This said, good things are ahead after Jan 31st so stay tuned.