[2014-06-14] U.S. will auction mammoth Bitcoin haul seized in Silk Road drug bus

[erono]

http://www.pcworld.com/article/2363360/us-marshals-will-auction-rather-than-destroy-seized-silk-road-bitcoins.html

Slightly more than 29,656 bitcoins will be auctioned online on June 27 over a 12-hour period, according to a notice. Interested bidders must put up a $200,000 deposit, provide a government-issued ID and certify they’re not affiliated with alleged former Silk Road boss Ross William Ulbricht.

[tins]

and we saw the market go down $70 per bitcoin within hours of this news coming out.

Question is- how much more so will the market react once they auction of Ross U's coins (I believe there are a little over 140,000 being held).
I'd hate for it to go down 5 times that much...but would jump at the buying opportunity.

[Swordsoffreedom]

and we saw the market go down $70 per bitcoin within hours of this news coming out.

Question is- how much more so will the market react once they auction of Ross U's coins (I believe there are a little over 140,000 being held).
I'd hate for it to go down 5 times that much...but would jump at the buying opportunity.

Well the price will probably only stay dampened until the auction is passed
Then depending on who bought those Bitcoins the market could react very positively
Or neutrally on the sentiment.

[bryant.coleman]

and we saw the market go down $70 per bitcoin within hours of this news coming out.

Anything can happen. How will the markets react to, if the coins are auctioned at more than $600 per coin? That is a definite possibility. A lot of institutional investors are facing difficulty in making bulk bitcoin purchases through the exchanges. This presents a good opportunity for them to do so.

[crunck]

http://www.pcworld.com/article/2363360/us-marshals-will-auction-rather-than-destroy-seized-silk-road-bitcoins.html

Slightly more than 29,656 bitcoins will be auctioned online on June 27 over a 12-hour period, according to a notice. Interested bidders must put up a $200,000 deposit, provide a government-issued ID and certify they’re not affiliated with alleged former Silk Road boss Ross William Ulbricht.

This is going to be one big auction. Aside from pulling down BTC currently on long term I think the fact the government treated BTC's as a Legal property rather than drugs etc... would be beneficial. Someone might get few thousands coins richer on that day too (and maybe for a good price as well) .