Australia just discovered that investing in Bitcoin is profitable

[franky1]

why would governments mine bitcoin?

much cheaper to pay a few 'officers' $200 each for a few days work to raid bitcoin services
think about it
receive a complaint from a customer of a bitcoin service. 5 minutes labour to read complaint.
check location of bitcoin service. 5 minutes labour
prepare a court order electronically. 5 minutes labour
pay the court administration
assemble a team
then go raid the location and raid, raid raid.

all done for under $2000(costs all included). reward=$18m

Add to that the lawyer cost involved with the people who has to fight these cases in the courts and you have a huge expense to the tax payer. They fight these cases with our tax money, and we have to defend ourselves with our own money too... a loose - loose scenario for the tax payers. The best thing for you to do, would simply be to plead guilty on lesser charges {if you are guilty} and to hope

for a plea bargain or a smaller sentence. {Your family will suffer a lot less, if you do} They have full control over us, even if we think we are free. 

my numbers of $2000 are actually redundant numbers.. court appointed lawyers and police officers are paid a yearly salary. whether they dont raid a house or they raid 200 houses a year. so the true costs are not that measurable.

however the cost to the person getting raided can be massive. especially if a government is incentivised to raid based on less evidence and more greed than before.

[Maesters1-]

i think not only  Australian but all over the world. the news is spreading that bitcoin is profitable. i think the trend has no completely change the people are entering in the world of bitcoin. they are investing their money in bitcoin. it is going to become a word wide crypto currency. this time i am sure that bitcoin will keep its position stable. its price will not decrease to such a low level. this time it will maintain its position.

[doof]

That's a big profit for australian government in only 4 years, they could say thanks to bitcoin community and open more its country to bitcoin.  They could start allowing its residents to pay the taxes with bitcoins.

lol, contracting to the ATO right now.  Tempted to slip a bitcoin payment option in...

[outatime1]

If Australia is auctioning off bitcoins, then I think this is another country that won't ban bitcoin. This is good news for those of us holding bitcoin for the long run.

[electronicash]

if they believe Satoshi is Aussie they should have invested to bitcoin right when Craig was on the news.
After all Craig wouldn't aggressively want to own patent if he wouldn't earn thru it.

[groll]

24,518 BTC seized in 2012, when they were worth $336,000, are currently being auctioned by Ernst & Young and, as of today, they're worth $18,600,000. A gift from Satoshi to Australian taxpayers

http://www.theaustralian.com.au/business/technology/cops-red-tape-and-a-25m-bitcoin-windfall/news-story/6de90658f976c3d1164fe8012241e55b?nk=db90bc3a56e034453f40669b544d006d-1466412588

We do hope will not stop but increase the bitcoin users in the country. In that way other countries will also compete and will engage in bitcoin activities. This is the only way to make the price of monetary value skyrocket. This news is beneficial to all bitcoin users as well as to Australias economy. The time has come to encouraged all countries to use bitcoin and take part in the new cryptocurrency economy.

[helloeverybody]

It will be interesting to see what they actually go for in auction.  Surely they will have to be auctioned off in smaller lots.  I would thibk they would struggle to find one buyer for such a large amount of bitcoin.

[pinkpanther03]

I have friend in Australia who worked there, I never expected that he's doing mining bitcoin too. When I heard that I felt excitement and so happy to hear that from him. He shared to me how bitcoin is very popular on their country and I'm so glad I had comrades friend who also like me doing mining bitcoins. Because obviously its very profitable.

[vetpet]

Did not know about this seizure of a large amount of bitcoin in Australia before. Heard only about that great sum that the FBI seized 3 years ago and auctioned it off.
I think we will be hearing most stories like this one in the future about several other countries as well. 

[romero121]

Over the past most users thought that it was fully used for illegal activities, now people's mentality have changed alot due to the increasing popularity of bitcoin. Now not only Australia, worldwide people were focusing to be a part of the profiting currency.

[Decoded]

Im from Australia. Found that out in 2012 :-/

Over the past most users thought that it was fully used for illegal activities, now people's mentality have changed alot due to the increasing popularity of bitcoin. Now not only Australia, worldwide people were focusing to be a part of the profiting currency.

But the problem is that first impressions stick. My friends all still think that bitcoin is a Ponzi, and so on. My father is a stockbroker and honestly, he's too tied to Fiat.

[hv_]

Im from Australia. Found that out in 2012 :-/

Over the past most users thought that it was fully used for illegal activities, now people's mentality have changed alot due to the increasing popularity of bitcoin. Now not only Australia, worldwide people were focusing to be a part of the profiting currency.

But the problem is that first impressions stick. My friends all still think that bitcoin is a Ponzi, and so on. My father is a stockbroker and honestly, he's too tied to Fiat.

But he should better understand 'diversification' or 'spread' or 'arbitrage' - all those things he can do much more with bitcoin .