Not saying it will happen but because of that the DOJ will wait for a conviction before doing anything with the seized assets.
Proceeds go to the treasury so it isn't like the FBI gets to keep the funds.
They don't need a conviction, which in a criminal case needs to be beyond a reasonable doubt. They could lose the criminal case and still win the civil forfeiture case, which is a separate legal action and they only need to win by a preponderance of the evidence in that action. interesting, did not realize that. so how would they auction these? just put up the entire lot of 177,000 btc or 250k, whatever it is? |
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Common sense would make you think that the bitcoin community should react positive with this news. Like i said elsewhere, we are years away from them deciding the case, so those coins are not going to hit the market any time soon.... So, we know that those coins will be out of the loop for years, unless DPR strikes a deal, which I dont think is going to happen...
And in the mean time bitcoin grows, and when the FBI finally does sell them, they suddenly have a trillion dollars to spend on privacy invasion. no the money goes to the treasury most likely, so it could be used to pay down the debt... lol but most likely they will spend it on gold plated toilet seats |
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as I may have mentioned before I am writing the weekly blog for mastercoin, one of the possible technological approaches to this. check it out if you have the time, and if you are a developer with some spare time the Mastercoin Foundation has a 300 BTC code contest  Making History With Distributed ExchangeNews for the week 43.2013. Last week we discussed the fantastic results of the 1st code contest. Through out this week a few key exciting events took place. J.R. Willet, the person behind the Mastercoin protocol, announced the 2nd code contest which is to enable distributed exchange transactions between two currencies (BTC <-> MSC); this ambitious contest is giving away 300 BTC and will need support not just from those who will be developing the wallet and website applications but also from those who are willing to test the developed applications, so take a look and get involved. Your contributions will be rewarded. We also saw an important decision take place with the Bitcoin code base. According to Gavin Andresen Bitcoin a pull request which allows for the association of up to 80 bytes of arbitrary data transactions will make it into Bitcoin’s 0.9 major release; this will enable Class C Mastercoin transactions (more information below). Lastly, earlier this week the Mastercoin Foundation Board had its first meeting. Scroll down to see the minutes. Read more... http://blog.mastercoin.org/2013/10/26/making-history-with-distributed-exchange/ |
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I just posted the latest blog, a ton of information on there summarizing all the activities from the last week. If I missed anything please let me know so I can include it next week. Or if I made any errors (especially in the more technical parts) please inform me via PM. Making History With Distributed ExchangeNews for the week 43.2013. Last week we discussed the fantastic results of the 1st code contest. Through out this week a few key exciting events took place. J.R. Willet, the person behind the Mastercoin protocol, announced the 2nd code contest which is to enable distributed exchange transactions between two currencies (BTC <-> MSC); this ambitious contest is giving away 300 BTC and will need support not just from those who will be developing the wallet and website applications but also from those who are willing to test the developed applications, so take a look and get involved. Your contributions will be rewarded. We also saw an important decision take place with the Bitcoin code base. According to Gavin Andresen Bitcoin a pull request which allows for the association of up to 80 bytes of arbitrary data transactions will make it into Bitcoin’s 0.9 major release; this will enable Class C Mastercoin transactions (more information below). Lastly, earlier this week the Mastercoin Foundation Board had its first meeting... Read more... http://blog.mastercoin.org/2013/10/26/making-history-with-distributed-exchange/ |
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could one of you guys comment on what this means for MSC? in layman's terms. i would like to add it to the newsletter for this week as it seems relevant and validates the MSC concept. just 2 or 3 sentences would be sufficient. https://bitcoinfoundation.org/blog/?p=290thanks in advance So, with some reluctance, I recently merged pull request #2738 : “Relay OP_RETURN data TxOut as standard transaction type.”
The idea is to give people a way to do what they clearly want to do (associate extra data with a transaction that is secured by the blockchain), but do it in a responsible way that strikes a balance between “you can put whatever you want into the blockchain” and “you will have to be tricky and inefficient to get your data in the blockchain.”
Pull request #2738 lets developers associate up to 80 bytes of arbitrary data with their transactions by adding an extra “immediately prune-able” zero-valued output.
Why 80 bytes? Because we imagine that most uses will be to hash some larger data (perhaps a contract of some sort) and then embed the hash plus maybe a little bit of metadata into the output. But it is not large enough to do something silly like embed images or tweets.
Why allow any bytes at all? Because we can’t stop people from adding one or more ordinary-looking-but-unspendable outputs to their transactions to embed arbitrary data in the blockchain.
What do I mean by “immediately prune-able?” The form of the up-to-80-byte transaction output (“OP_RETURN <data>”) is such that it can never be used as an input for another transaction– so it can theoretically be forgotten by everybody except for machines that want to keep a full record of every single transaction (“archive nodes”). That is a big improvement over the various hacks people are using today to associate data with their transactions, and will be more important in the future when we implement code that saves disk space by keeping only unspent transaction outputs and not every old block.
The core code has no easy way of creating these new transaction outputs– you have to create them yourself using the raw transactions API. And there are no plans to display the data in Bitcoin-Qt, so you don’t have to worry about somebody sending you a few millibits and attaching a short-but-annoying message to the transaction. |
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Without being licensed as money transmitter? Good luck.
You all are missing the point... think of how all those western union locations are licensed... Agent/franchise model. Still am in disbelief no one in bitcoin land has figured this out. Hire a guy with an MBA and a lawyer and get them to work setting it up, it isnt rocket science... dont you think 711 would offer bitcoin if they could make an extra 1% on transfers vs offering WU... you bet they would... By the time the dumb dumbs at WU realize this is going to hurt their business they will pay mega bucks to acquire the company, just like when Time Warner bought AOL which was a ridiculous deal I bet you can even train a monkey to take cash for bitcoins, scan qr codes and press send  |
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Is there a country where a business could be safely set up that sells colored coins/tokens of btc that are pegged to the dollar? Somewhere where they could sell as well as buy back the tokens and having the all funds all backed up in a bank or is such a business always at risk of being seized making the tokens worthless?
isn't this what ripple does essentially? |
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i would like to suggest that when there is a conference with litecoin holders at a conference that we start a new tradition buy playing for chickens with the Looping Louie game which actually has tokens with chickens on them (people would be able to buy chickens for LTC to play) perhaps there could be a raffle for 1 physical coin to all participants  the game also goes well with drinking, but we could seperate into drinking and non-drinking groups |
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so just a quick update, i have been pretty busy with work at my grad program, have a ton to read and write.
however, i have also started to help the folks at Mastercoin with their newsletters.
i think there technology is close to prime time. there are also folks actively seeking a proven system for stock ownership.
what I would suggest is using Mastercoin to run a proof of concept, at least for 1 trial run
i hope to finish up the voice of customer later next week and run the study for a couple weeks.
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hey Gals and Guys, I am writing the 2nd weekly newsletter tonight and if you have any suggestions to include anything from the previous week please let me know. For your reference the blog is here: http://blog.mastercoin.org/ |
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hey Gals and Guys, I am writing the 2nd weekly newsletter tonight and if you have any suggestions to include anything from the previous week please let me know. For your reference the blog is here: http://blog.mastercoin.org/ |
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hey Gals and Guys, I am writing the 2nd weekly newsletter tonight and if you have any suggestions to include anything from the previous week please let me know. For your reference the blog is here http://blog.mastercoin.org/thanks in advance. |
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I think they are saying the Wrinklevoss are pumping the price up so they can sell. those who buy into the trust.. well, too bad
If this were the case, it would have been dumb of Winklevoss to announce that they have a 1% stake in Bitcoin. it is in the regulatory filing, they don't exactly have a choice... |
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So bitcoin price is at the same point it was yesterday and bid sum has dropped only 500k...
Oh ok, I thought you were referring to the twins AND the SecondMarket Bitcoin Trust which made no sense!  no worries... i know my grammar and spelling completely suck, when i am not accountable (not getting a grade or getting paid for this lol) |
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So bitcoin price is at the same point it was yesterday and bid sum has dropped only 500k...
That was a crash? Really? It was an epic bear trap to me, who sold at $175? LOL
that's not really a crash. more like a correction. i think the real crash will happened after the bitcoin trust is listed and the winklevoss btc which are locked up right now flood the market and soak up all the fiat, this is sort of the run up in anticipation to that. this is pure speculation I don't get it, why would BTC be sold because of this? Won't this cause an even bigger rally instead because of greater demand? those 200k btc were not marketable and could not be touched since the july filing... what happens to price when the supply curve moves out? ths is not demand for 200k btc this is a supply of 200k btc being SOLD to the public, supply that was not available since the twins purchased it what happens when shareholders lock outs are done? econ 101.... |
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So bitcoin price is at the same point it was yesterday and bid sum has dropped only 500k...
That was a crash? Really? It was an epic bear trap to me, who sold at $175? LOL
that's not really a crash. more like a correction. i think the real crash will happened after the bitcoin trust is listed and the winklevoss btc which are locked up right now flood the market and soak up all the fiat, this is sort of the run up in anticipation to that. this is pure speculation It needs to be listed anywhere? I am total ignorant, indulge me! if you recall the twins put together a trust of about 200k btc (I think), and filed an s1 with the sec, that s1 was refiled on oct 8 (when this rally started basically) with letters from their law firm (i guess in response to sec questions from the original july filing) the sec has 30 days to approve or ask more questions. but assuming they find the law firm's letters acceptable then the winklevoss btc trust will go live some time between now and 6th of November I suppose (this is not my field really) at that point rather then paying coinbase 1% and shipping money of to some far away island or euroland, or meeting some shady drug dealer who wants to dump his btc via lbc, you could simply log into your brokerage or 401k account and supposedly buy this... anyway what it means is that there will be a glut of btc that was previously not marketable on the market...  |
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also i wonder if some of this was due to short term loans coming due on bitfinex...
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So bitcoin price is at the same point it was yesterday and bid sum has dropped only 500k...
That was a crash? Really? It was an epic bear trap to me, who sold at $175? LOL
that's not really a crash. more like a correction. i think the real crash will happened after the bitcoin trust is listed and the winklevoss btc which are locked up right now flood the market and soak up all the fiat, this is sort of the run up in anticipation to that. this is pure speculation |
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You should be using candle stick not closing price, as the lattet does not exist. |
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We didnt even test the high...  You know what that means... |
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