Do we know why the price is dropping?

[Syke]

* Syke goes to register on CampBX...

[JimboToronto]

I've been living under a rock, I don't understand why since the 12th the price has started to just plummet. Any information?

Plummet?

I look at the 10 day charts for both Stamp and Gox and see prices about the same as they were a week and a half ago with a range of about 780-900 at Stamp and 880-1000 at Gox.

Meanwhile, we're at almost the exact same price as at this time yesterday.

The real question is why the price has been so stagnant. My guess is that everyone's waiting for the end of the month before deciding what China's reaction will be to their government's meddling. If the Bad News Bears are right, then we might see plummeting prices, otherwise the bullishness should start the choochoo running again.

We'll see.

[Cryddit]

LoL, Thats why my coins are inside a plausible deniable encrypted volume rsrsrs ...

Dude, you do know that when you say something like that on a public forum, you have just lost your plausible deniability -- don't you?

[Dafar]

China + FBI... people are scared right now. Wait until mid Feb or March for the next uptrend. Staying in fiat for time being

[MatTheCat]

I've been living under a rock, I don't understand why since the 12th the price has started to just plummet. Any information?

Because thee Almighty Karhu commands



that Bitcoin death spirals into the depths of the aether!

I thought that was just obvious.

[mrjeff]

hmm...Less than 1 BTC has been traded on BitStamp in the last 8 minutes.  If you need to exchange any sizable amount of bitcoin into fiat, you can put up an ask and see what happens but you may need toto sell to the highest bidder which most likely would lower the price.  It's a buyers market right now and its been like this the last couple of days.  

[Nolo]

I haven't been following that idiot Silk Road guy's case at all, but I've seen in a couple of posts here on the forum that "the FBI is going to sell his coins soon". 

Since (to my knowledge) he hasn't pleaded guilty (yes pleaded is correct, it isn't pled), and obviously there hasn't been a conviction they can't just "take" his coins without Due Process.  Generally this requires a hearing before the property can be disposed of. 

Otherwise it is a violation of his procedural due process rights and he has a right to sue the government for the violation.  Although, he obviously has bigger things to worry about. 

[Cryddit]

Since (to my knowledge) he hasn't pleaded guilty (yes pleaded is correct, it isn't pled), and obviously there hasn't been a conviction they can't just "take" his coins without Due Process.  Generally this requires a hearing before the property can be disposed of.  

If there is probable cause to believe that property has been involved in a crime or results from criminal acts, then it can be seized regardless of whether the person whose property it is has been tried yet, or if tried, found guilty.  

US. Racketeering Influenced and Corrupt Organizations act.  Ronald Reagan was annoyed that multi-millionaire drug dealers could hire multi-million dollar lawyers to argue their cases, and this is the result.  Property gets 'probable cause' whereas people get 'beyond a reasonable doubt.'  Effectively if there's sufficient evidence to issue a search warrant for some property then there is sufficient evidence to seize it.

This is very bad law in my opinion and ought to be reversed by a constitutional challenge; but it hasn't yet been.

[piramida]

they can't just "take" his coins without Due Process

The coins they are auctioning off are the coins from the Silk Road website itself, not his personal stash. Nobody has claimed ownership of these, for some reason It's like when they raid some cocaine operation, nobody would be stepping out saying "hey man that's my 20 mil right there, all legit here's the receipt".

[Nolo]

Since (to my knowledge) he hasn't pleaded guilty (yes pleaded is correct, it isn't pled), and obviously there hasn't been a conviction they can't just "take" his coins without Due Process.  Generally this requires a hearing before the property can be disposed of.  

If there is probable cause to believe that property has been involved in a crime or results from criminal acts, then it can be seized regardless of whether the person whose property it is has been tried yet, or if tried, found guilty.  

US. Racketeering Influenced and Corrupt Organizations act.  Ronald Reagan was annoyed that multi-millionaire drug dealers could hire multi-million dollar lawyers to argue their cases, and this is the result.  Property gets 'probable cause' whereas people get 'beyond a reasonable doubt.'  Effectively if there's sufficient evidence to issue a search warrant for some property then there is sufficient evidence to seize it.

This is very bad law in my opinion and ought to be reversed by a constitutional challenge; but it hasn't yet been.

They can seize it based on probable cause, but they have to have a hearing (or atleast offer one) before the property can be disposed of.  For example, the police in New York state can seize a vehicle if they have probable cause to believe it was the instrumentality in a crime.  But they must offer a due process hearing (called a Krimstock Hearing in NY) in which a neutral judge/magistrate determines that the seizure was lawful.

The Executive Branch cannot just seize property without Due Process and dispose of it.  This would be unconstitutional. 

 

[Nolo]

they can't just "take" his coins without Due Process

The coins they are auctioning off are the coins from the Silk Road website itself, not his personal stash. Nobody has claimed ownership of these, for some reason It's like when they raid some cocaine operation, nobody would be stepping out saying "hey man that's my 20 mil right there, all legit here's the receipt".

This sounds like a more reasonable explanation as to why this would be allowed to happen.

[eoJ]

FBI will likely be selling $25M of coins sometime soon.

how do they know the password to unlock the wallet ?

$5 wrench.

Apparently DPR didn't take the proper precautions to protect his stash.

LoL, Thats why my coins are inside a plausible deniable encrypted volume rsrsrs ...

It's not plausibly deniable when they find the forum post admitting to it...

[loopgate88]

Daily volume = bad (<100k)
Daily volume % that belongs to China = bad (>60%)

http://bitcoinity.org/markets/list?currency=ALL&span=24h


Numbers don't lie. This said, good things are ahead after Jan 31st so stay tuned.