Bitcoin Forum

Seized BTC24,500 to be auctioned. This time in Australia.


http://www.coindesk.com/australian-government-soon-hold-9-million-bitcoin-auction/ (http://www.coindesk.com/australian-government-soon-hold-9-million-bitcoin-auction/)


Any takers?

Nice, going to try and nab some decent coinage in this auction if the price is right.

My guess is these auctions end up being good publicity for bitcoin. Ain't it?

I'am not fimillar to this but I heard that Silk Road is a website to sell drugs using bitcoin online , right ? so how it comes that it's not closed yet . I'am pretty sure they know where it's hosted + have the informations from credit cards etc of the users

You are 100 percent wrong.
Do research prior to making false accusations.

silkroad is a tor shop for illegal drug and weapons
recently FBI Seized around BTC30,000 from silkroad and auction them
and now Australian authorities are doing auction
we can see a negative impact of this auction on bitcoin's price

Not necessarily negative...just depends on who gets their hands on the coins.

the website is only accessible via Tor ? or only "safe" to access via tor  :o
How exactly they seized them :o if they didn't catch the owner of the website  :-\

The website doesn't exist no more (at least not the original one).

They did catch the owner, google Ross Ulbricht to get more info

How does one bid in this auction?

Are they selling the whole lot or will they break up the coins into smaller increments?

Great opportunity to grab some cheap coins

When will the auction take place? Also, will it be open to foreign investors?

There have been zero details regarding anything about the auction so far (not even the timing), nor that the coins will actually be sold via auction, as it would be possible for the Australian government to sell the coins on an exchange, slowly over time (if they think this would result in a larger overall price for them).

I would think the terms of such an auction, if there is one, would be very similar to the terms of the recent SR auction that Tim Draper won and was run by the USMS

I still remember during the last open auction had the btc price tanking. It's like suddenly you introduce so much supply into the open market

Agora is better.  u can buy a lot more stuff on there.  and there interface is better

Be interesting to see what they go for.  Hopefully it will be someone that buys and doesn't dump them on the market right away.  Maybe it will go for more than current market price.

I think it is interesting that the amount law enforcement in Melbourne seized from one seller was so close to the amount that the FBI was able to seize from Ross via SR when he was arrested.

I would speculate that some sellers/vendors on SR were essentially hoarding bitcoin and were paying out of their own pocket (or were also selling on the "street" and using these profits) to pay for the inventory that was sold on SR.

Even if they were a huge vendor/seller this is a lot to have seized for just one seller when basically the same amount was seized from SR

It bounced back relatively quickly though.

People realised that the coins were still being sold at market value and not 50% under as people assumed they'd be sold at.

Depends how you define good publicity? Publicity? Sure, but not good really. How did the Aussie authorities even get their hands on these coins?

It has not been shown what price the SR coins were sold at. All that is really known is the fact that one person (Tim Draper) won the entire auction.

I would say that the fact that one person won the auction was interpreted that the price was not a "steep discount" although even this is nothing more then speculation

In auctions does it actually ended up selling below market price?

There is no such thing as bad publicity. Good or bad, it is still a publicity.