Bitcoin Forum

In the fucking shithole that the UK has become in the last decade, with progressive impoverishment of society, massive immigration, a two-tier justice system or expulsion of talent and wealth, we only needed the icing on the cake.

The UK Home Office is preparing to sell a massive stockpile of bitcoin seized from criminals, potentially netting the Treasury billions to address budget pressures, The Telegraph reported this weekend.  (https://news.bitcoin.com/report-uk-moves-to-sell-billions-in-confiscated-bitcoin-assets/)

As if £7 billion is going to solve anything within a deficit of £164 billion. Let's see if it becomes a third world country for once, since they are working so hard for it.

This is a welcome development because even if the money that will be realized from the sale of the seized Bitcoin due to fraud and other irregularities it will be a good thing because it will go a long way in taking away the pressure from the economy, with the UK government moving towards the way of Bitcoin so that it can be used in solving their immediate problems is a sign that Bitcoin has become an alternative source of income even for countries who are looking for a way out.





More countries are opening their doors to Bitcoin because they are beginning to realize that Bitcoin has become a global asset that is in high adoption rate due to the fact that can be trusted, this is a wake up call for people who has not yet realized the potentials that Bitcoin has to do so because Bitcoin is one assets that is worth investing into

Get ready the price will change and the market will be bearish. We and those who want to own Bitcoin at a much cheaper price than now, that's the time.

Emotionally, the UK Government is only thinking of a short-term plan if it is true that they will sell all the Bitcoin they have.
It is not an accurate solution to solve the problems experienced with the profit of selling such a large amount of Bitcoin.

But, the decision is up to those who are responsible for what will happen after that is done.

Well, they got the bitcoin for zero pounds, so they're not at any loss. Even if it won't solve the problem faced by the economy, it will solve whatever they have in mind for it.
Of course, they would have made more money from it if they had kept holding it for another 5 to 10 years, but when will be the right time to sell from their perspective? Because if they wait for another 10 years, the deficit to profit ratio would have increased, and it will still not look like the right time because people will still be expecting btc to rise even more by then.


Yeah, I hope they sell it in bits and not sell every the same period because putting 61 thousand btc in the market in a week will definitely affect the price, but the good thing is, bitcoin has evolved beyond this. In the past it would have been a disaster for the price, but now, I believe bitcoi will recover quickly.

It won't solve anything. Haven't you read what I wrote?



That will be the case if they are foolish enough to sell them all at the same time, although I would not be surprised. The rational way to sell them is with multiple sell orders spread out over time and across various exchanges, as MSTR does when buying, so that the price is influenced as little as possible. Otherwise, they will shoot themselves in the foot, as the same order will drive the price down and they will get much less than they expected.

This happens when they accept migrants that mostly create problems. The whole system is terrible, there are people who really want to come to work for a better future but now, the door for such people is closed but for those, who have no education, no ethics, no good behaviors, they are not only welcomed but they are provided free houses, free food, free money, they also get a very good treatment when they ruin someone's life or steal something. Liberalism is good but in a different society, you shouldn't expect that to work in a society that's 900 years behind.

Now, let's return to the topic. It's funny when other governments are creating Bitcoin strategic reserves and meanwhile, UK tries to sell everything it has :D

They’re not the first government & they won’t be the last to make such a monumental error as selling their Bitcoin. These governments are financially illiterate & don’t appreciate now valuable a finite supply asset is. Why would they sell Bitcoin for something they can & do recklessly print, it’s stupid but I am not surprised.

I see no foolishness here, and we should weigh the situation carefully before passing judgment. It mustn't be Bitcoin all the time before countries can be progressive, and they have gained enough holding this stash for this long. Something must pay for the budget and government obligations, especially this time that the UK is now preparing for unplanned self-militarisation. This is actually free money. Besides, the UK still has investments all over, so what?

wow 7 billion GBP is massive even for a government stash. Many countries wish to have this liquidity ready to go in cash.

Keep in mind that prior to Trump's "crypto reserves" executive order, the US authorities were regularly auctioning and selling BTC and other crypto assets that would fall to their possession.

Why should we expect any government to hold BTC? Is there any good in that? We have to realize that price and government involvement don't matter.
We can't expect the government to be a guardian of bitcoin's price when usage still remains so low. The cash might as well benefit a wider array of people more greatly IF the government uses it wisely.

Sadly of course governments have a history of fucking up nearly everyone in their country because they usually serve the interests of the few.

There are so many things that I still don't understand in this world and it drives me crazy. There are lots of emigrants from my country to the UK, one of them is even my close friend. Almost everyone I know from my country in to the UK, are doing very well financially. As they say, salaries there are high, quality of life is good, they earn enough to have a good lifestyle in the UK and to also feed families in my country but in internet I read that the UK has become one of the worst country, there are thefts and robberies everywhere, I even read articles that said that UK people have to make a choice between food and heating in winter.

Btw if the UK sells Bitcoins right now with the aim to buy them back again when the price drops, then it's a smart move but if they want to get rid of their assets forever, then it's a very dumb decision.

If a country does not allow its citizens to walk with a loaded gun, it is not worth paying taxes there.

Remember this when some engineers stomp you to death in the middle of a city while living on social benefits funded by your taxes.

And who are against guns? Politicians with armed security living in their guarded castles, and brainwashed people who think guns equal school shootings while turning a blind eye to other European countries where guns are allowed and there are no school shootings.

Meanwhile, gun crimes have increased over the last decade in the UK.

Seriously, financial debt is the least of your worries.
 
 8)

https://i.postimg.cc/yNybfW7B/a12c3o.jpg

I can understand why the UK government would sell the seized crypto. It's normal for governments and companies facing financial difficulties to sell assets they don't need. However, this would never solve the problem with the budget deficit. The only measures that would reduce the budget deficit are cutting government spending and raising taxes. I prefer the first option, nobody wants to pay higher taxes and increasing the taxes would hit the economy. The UK was living off of debts for too long. Now, the debts have to be paid.
Governments selling seized BTC might be a good thing for the Bitcoin market. More BTC gets into circulation and the BTC price drops for a while, which presents a great buying opportunity.

I don't know what the laws are in the UK regarding seized property, but perhaps the law simply states that such property must be sold within a certain period of time. If that's not the case, maybe someone has judged that a bear market is approaching and that it's smart to sell now. That would certainly be smarter than if they had sold it a year ago, as was the case in Germany.

Besides, regardless of the huge deficit, those £7 billion will help to some extent, and the unrealized profit does not help at all.

The British government may have sought other ways to cover some of its budget deficit such as raising taxes or cutting public services but in today unstable global economy, sacrificing the public would undoubtedly cause unrest, therefore one option deemed most relevant is to sell all of its Bitcoin assets which they didn't buy anyway, it's like free Bitcoin for them but of course this measure is only considered a temporary safety net but it's quite useful in the short term. One thing is certain the UK must be careful in managing its Bitcoin if it doesn't want to repeat the mistakes of 1999 with its gold reserves.

Yeah some government and companies are always making this mistakes and they always end up regretting especially when Bitcoin hit a shocking price, there's no need for a nation to quickly sell there Bitcoin, I'm sure they are rich and the money they used to invest in Bitcoin is not something they need for anything in the moment so there's no use to sell at this early stage, they have a lot of source of income why not take from there and run what ever they want to run, they really don't understand what having or investing on long term investment is all about.

You talked about printing money recklessly the government can't just print money recklessly if they do it will lead them to inflation and the public will lose trust in there currency there by making there currency lose value in the world market, so money can't be print recklessly.
If they needed money for a project they have other way or source of income which I'm very sure can help them get or raise the money they wanted.
All I see here is lack of trust and poor thinking.

Well, 7 billion is better than no billion, so I sort of understand. Plus considering bitcoin is at its peak, if they rush, they can sell at the peak price and that won't be too bad. I am not saying it's a bad idea, I am also not saying UK is ruled good, because obviously they are doing badly, but they sort of had it coming, didn't they?

I mean they keep complaining about Africans and Pakistanis and Indians etc that rush to their nation, refugees and what not from other nations. But, they were the ones who went to those nations, raped, pillaged, plundered, so those nations are basically getting back what they are owed from the UK, years later.

I am sorry, but I can't really feel that sorry about UK and what's happening to them, the history is filled with bad things UK has done all over the world. Look at a world map, from the furthest right, to furthest left, they did bad stuff. So I can't feel sorry that it is going down the drain now, it's just consequences of their own actions.

Even now, when the future of bitcoin seems predetermined (countries and corporations will accumulate, and therefore the value will grow), there are countries ready to get rid of this asset faster. Instead of accumulating. I would not be surprised if another country was featured in this news, but to see the UK ready to sell bitcoin seems unusual to me. Or do members of the government know something that we don't know and therefore will get rid of bitcoin? :) Is a quick change in trend and a fall of bitcoin coming? Or is this the same short-sightedness as those European countries that sold bitcoin several years ago for "almost pennies"?

Why are you so hostile against the UK? Looks like you live there, got sick of what you have seen and that’s why the hostility.

£7 may not solve the UK’s deficit problem completely but it is not peanuts either.

Maybe you feel disappointed because Trump is about to go yuge with bitcoin and the UK considers selling theirs.

Not the best timing without a doubt.

This is a case of a confiscated coin and not a coin bought from the country's treasury. UK's Home office might not be on the wrong track if they choose to sell the seized bitcoin to offset their budget pressures, this move is better than raising taxes or cutting down salaries.

 It could also be a tactical move to divert the society's interest on how the seized coin was spent, Sometimes calculated moves like this are made where by in real sense they might end up moving the coin to a different address just to distract people from high expectations from the government in regards to what they did with the seizure.

Then you don't understand Bitcoin's economics or the problems of the UK. This is complete foolishness and utter stupidity. Instead of fixing the government waste and inefficiency they are selling the best asset in existence. Do you know who was also not foolish? Bulgaria being stupid sold all of its BTC and took IMF loans afterwards. Instead they could have paid back their whole national debt if they had kept it.

https://cointelegraph.com/news/bulgaria-bitcoin-sale-could-have-erased-national-debt
People don't learn anything anymore from history/ Read Bulgaria's story.

Well, I think there might be laws in place on what the government must or must not do with assets that have been seized from criminals. I doubt they can willy nilly decide to simply hodl in hopes of speculation gains. Personally, I am ok with this. The Bitcoin goes back to the people and the price will go down, which means cheaper Bitcoin available to buy. Although considering the amount being sold off, I doubt it will have any kind of significant price impact.

Not everyone can be smart in using their money and priorities differs
Currently what they care about it's reducing their debt no matter how small.
And the method they considered best is selling and Peter agrees which is a sign they are making a mistake like Germany did  :D

Well They can't print more to finance such debt.
Nor do they care about the fact that Good money should be kept and bad money used.

I guess that they're better than the German government who sold earlier and if they have just held for more months, they would have enjoyed the better profits that they get after selling.

Yes, it make sense that they get the sale of these seized Bitcoin. And all they have to do is sell all of it so that they can at least lessen the burden and the debts that they have if they're in deficit with their budget.

The law can be changed to adjust this so I don't see how this is a real argument to justify this bad behavior.

Selling off an asset to pay an ongoing deficit isnt a solution but its no surprise as this is what this government have done previously.
  At the start of the century the same political party took the genius decision to sell gold at the lowest price it had been for decades, its risen ever since registering 1000% gain since a large part of the country's gold reserves were auctioned off to undermine the market price and help bail out a bank with a bad bet.
  Seems politics is bad governance for such decisions as they will always favor themselves over their country by burning everything in sight just to keep warm till the morning.

Everyone should know these mistakes regardless of location, UK is part of the global reserves after all even if much minor to the Dollar.  Many duplicate mistakes also leading upto 2009, its part of the BTC DNA and contained within the first blocks I believe.

 It wasnt filler, it matters then as much as it matters now because it was a mistake not corrected but built on and repeated, until it falls apart.

They will know the repercussions of their decisions sooner or later. So let them decide what they want for themselves. This is the good thing in this market, everyone has their prerogative what to do with their assets. And whatever the outcome will be is what they will receive. So it doesn't matter what they do with their btc's, so long they won't blame this market later on. I believe this is the advantage of being in this market, you have your own decisions on what to do with your assets. And of course, the repercussion is also on you.
People may say something just like this one, but in the end, if you are an entity or organization or a country, you know better what to do with your assets because you have other things that you need to consider and people are not seeing those other considerations.

The German government sells bitcoin because it needs to comply with federal regulations and laws. Is it worth breaking federal regulations and laws just for a little profit?
Furthermore, they didn't spend a single penny to buy those bitcoins, so it can't be said that they lost money or were stupid for selling their bitcoins too early.
Likewise, this is the bitcoin that the UK government seized in the Ponzi scam, they didn't spend any money to buy it. So no matter what price they sell it for, it's still absolute profit.


If we assume that anyone who sells now will regret it in the future, we will all regret it, not just them. Because bitcoin price will increase over time and can reach 1 million or 3 million dollars in the future. But on the other hand, what is the benefit of holding bitcoin forever when the purpose of investment is profit?


It is obvious that they are selling bitcoin for a clear purpose and to solve a problem for the country, why is that considered wrong?

You say it as if politicians cannot change the laws or interpret them as they wish with the connivance of the judiciary. To put millions of illegal immigrants in and jail people for writing tweets they have no problem in UK, so if they wanted to with this they would have no problem in HODL either.

Selling bitcoin at this price does look like a good idea, not sure if that's a bad thing or not. I get that some people may consider this bad, because lets be honest UK is mismanaging their funds, but bitcoin was never a good thing for the governments.

IMF is very against it, look at El Salvador, they are saying it is not even legal tender there anymore, because governments realize, they can't just put money aside, they are spending way too much, and saving is not ta thing they do. I know we all wish they did, but they spend more than they earn, hence they print money, so in a situation like that, saving aside makes no sense. They need to sell all they have, in order to tell people they need more, otherwise, if they have billions aside, you can't tax people more, they will just tell the government to sell more.

I think government want to make this Bitcoin to dollars because they want to establish their economy because dollar is their currency and they know that Bitcoin is best cryptocurrency but now they are taking this step to hold the money because when government will be change then these assets will go to the next government and they will handle this and will take the credit and present government is very selfish and they will think about their profit but if these Bitcoin will be hold by that government then they could be super power in the next 10 years .Now currency power of every country depends upon the government and politics because politicians are making effort and they are handling the Bitcoin.

We already know the potential of Bitcoin is amazing, and with governments being involved, we are not discussing technology anymore, we enter the stage of who decides the circulation of the Bitcoin and its value. I am aware that political egotism troubles you, and, it is true, assets which are large are not too rarely turned to temporary advantage. However, when applied in with correct vision, Bitcoin can become an outstanding instrument of bringing the future of our country to life. We are entering a new war and it is not necessarily good versus bad but it is the forces that have not changed in years and the new things coming along with them to democratize the economy. It is just a hope that the next leader would also get not only his assets, but also his vision that is great.

And how exactly it's good thing if governments start to hoard bitcoin?

Imho it's insane to trust governments to get involved and politicians try to boost the price artificially by lobbying it. It was supposed to be good and resilient against oppressive governments for unbanked, and now we are supposed behave like governments are some sort of  influencers pushing the price up like in early days.

Governments have sold and used seized assets forever now and issues you mentioned have nothing to do with this.

According to the article, they are developing a "centralized cryptocurrency storage and fulfillment structure" to securely manage and sell the seized digital assets. This means they plan to sell even more if they seize them. It may not solve all the problems; it depends largely on priorities. If the money is properly allocated, it could alleviate some. But the fact is, it could be used to create a Bitcoin reserve fund. Unfortunately, the UK is already going in the opposite direction of most of the capitalist world, stating that the measure is "not appropriate for our market," as Emma Reynolds said at the Financial Times Digital Asset Summit in London (https://decrypt.co/318045/uk-rules-out-national-crypto-reserve). They're just doing what they preach: for them, cash is better than Bitcoin.

I have also reasoned it from your perspective that they want to offload it because they are mostly seized coins and they want their people to feel that they are using the funds for something good that will benefit their economy. Also perhaps so that people will not think that they are relying on tainted coins to boost their Bitcoin reserve because I cannot see any other tangible reason why other countries are making provisions for solid Bitcoin strategic reserves but they want to offload.

My major concern is that if this happens now it can alter this bull run that we are looking at ATH hitting way beyond $150k, it might as well be a begining of early bear run because automatically the obvious excess supply into the market will result to price significant dump. We will just have to wait and see how it unfolds and see how it impacts on the market.

You are probably from Russia or your country shows Russian news.
I saw this on the TV news: "The British have to choose between food and heating" :)
Even in Russia, not everyone believes the government propaganda

but I'm really interested to see how the UK sells £7bn worth of bitcoin and how the market chews it up )
It seems the UK government has changed its style of solving problems to "here and now"
However.. selling Bitcoin near its peak price is not an outright bad idea.

there are many people in our world (including on this forum) who hate the Western world, and you are one of them.

If seen and if you think about the British government is not stupid to take steps to sell Bitcoin, as far as I know the British Bitcoin they sell is a confiscated asset, not the assets they buy with state money.

Of course what they do has a purpose.
As I saw:

I think the steps taken by the British government are genius steps, they have to have to borrow or issue a state treasury to cover the state budget deficit because the current global economic condition is indeed bad, isn't that a good step they take.

But the positive and negative sides of course you.
Positive the British government by selling Bitcoin can cover the budget deficit to inflation and can stabilize the economy in the country.
Negative, of course, can affect the global crypto market for these sales, because the price of bitcoin is slow to move.

No, I'm not from Russia but I'm from a former Soviet Union country and there are two political parties in my country, the one is pro-Russian and another one is pro-European. The pro-russian party tries to promote every material through their TV and other media channels that makes Europe and western countries to look bad but I it's a well-known fact in my country that EU countries are doing well because lots of people leave my country to work abroad and feed their families here. There are even types of people who work and live in Europe but admire Russia for some strange reasons. When you ask them to move to Russia, they ignore this question or answer like I want but I can't, I'm too tired for new migration and etc.

I was watching story recently on someone who was invited to Russia but they neglected to learn Russian or really posess any big skill.
   For some reason they think this one country is better then their own when all countries have some faults anyway.   So this new traveler and extreme optimist was sent to the front line and was dead not that long after, if he cant even speak or read the language for equipment or be taught easily he is just cannon fodder in the fields and Russia has a proud tradition of service in this way, even better if the citizen isnt even one of your own.

It's as simple as the law of supply and demand.


The fools in the UK government have produced the worst budget in decades, so I'm not surprised they're doing things like this, selling off their best financial asset to cover a small part of the deficit, which is a short-term gain, long-term pain.

I doubt if they are to sell out of emotions because long ago. The UK governments never had interest on the insight to own Bitcoin as their asset reserve and never sighted the liquidity volume of Bitcoin has a potential for economy reserve that is why they never bought a dime of Bitcoin.

So they never hold those Bitcoins as a strategic of asset reserve that is why those forfeited funds is being managed by the law enforcement jurisdictions and not literally the HM Treasury.
So on that context in doubt of Bitcoin potentials, the central parliaments would not mind selling those Bitcoins off with the impression that it would go a long way cutting costs of their budgets.

It seems I know which country you're from. My wish is for your people to build a wonderful life, free from Russia's influence, and for there to be no more wars, ever.

They are always skeptical and it seem that even that Bitcoin is widely been adapted they are still exploring things because they only know Bitcoin is a risky asset. But they are denial on its potential since they are been covered up by fear.

That's why I really don't expect them to do bold move like holding Bitcoin for long term since maybe we don't came unto that point yet and they don't have a set of leaders who knows Bitcoin well that's why this things happened. If people would elect a official which have knowledge on crypto for sure that they won't have this shaky or unsure outlook towards Bitcoin.

I understand that term, but how is this an answer to my question?

I don't even consider individual whales to be a good thing for btc, so how are governments hoarding it is cool now? Or are you just mainly wanting to someone rich pump your bags?

And what do you think happens when they need to liquidate that value in the future, when they are the main holders and price is high enough. Because there's no way that liquidity could hold huge country sized selloffs. What do you think happens to reserves of huge countries suddenly drop >50% in value?

Well, if you allow me, I'll try to explain.
All cryptos were waiting for mass adoption. But they didn't get it (for a number of reasons.. Bitcoin is expensive, difficult to use and volatile).
As the price grew, Bitcoin turned into a tool for accumulation and speculation.
However, stablecoins received mass adoption (very limited).
Oh, but you know all this of course.

Ultimately, many came to Bitcoin to save their money and maybe even get a little rich. But there is no mass adoption..
And now that governments and corporations have started accumulating Bitcoin, this is a signal for many: "hey, Bitcoin is not so bad if large corporations use it to hedge." In theory, this will increase people's trust in Bitcoin. Yes, it will be centralized and expensive.
But everything comes at a cost.

it's like owning gold or oil. not everyone has it. and it's not fair. well... that's the explanation ))

yes, the price will fall. you have to be prepared for it. and you have to endure it.
eventually the stock price can fall too.
Well, in fact, it is unknown what the fate of the dollar or the entire banking system will be.

Well, because as Satoshi would say, if you don't understand it, I'm not going to waste a lot of time trying to explain something obvious to you.


That's your problem.


This makes me think that you have little or no bitcoin. It's normal for you to say those things.


I think the same as about what would happen if aliens came and stole all our bitcoin.

To be fair even their people, who mostly voted for them to make them president and ruling party, knows for a fact that they will waste that money. Not because they are bad politicians, but because they are politicians, you can pick either of the isle and both would waste it. This is another waste too.

Only reason why they did this, to show the public that they sold all other options and only thing left is to print more money or tax more people, if crypto was still there, then people would have said sell that first, before you print more, hence they had to. It wasn't a financial decision, it was a political decision. This means they are going to end up with bunch of issues with time, and if they do that, then they will face plenty of issues.

Yes, you are right it cannot solve all the problems but at certain reasons, it can also help. That’s probably the reason why they have ended with this kind of decision, and I think this also a well-decided plan from the heads of UK government, and with that for sure they have weigh things first prior to decision making.

However, its still best to keep and hold their bitcoins for long term. But since every government has its own goal and purposes why they end up selling bitcoin, maybe they have also prepared for its outcome and consequences, if there are any.