[2015-11-08] US Government to Sell Over 44,000 Bitcoins Today

[coinyoo]

US Government to Sell Over 44,000 Bitcoins Today
The US Marshals Services is auctioning off the remaining 44,000 BTC confiscated from Ross Ulbricht for the duration of the Silk Road investigation these days.
http://www.coindesk.com/us-marshals-final-silk-road-bitcoin-auction/

[tyz]

I'm curious if this will has any deeper impact on the Bitcoin price. Currently, there is not a deep price decline to see.

[OmegaStarScream]

I'm curious if this will has any deeper impact on the Bitcoin price. Currently, there is not a deep price decline to see.

I'm really curious as well , but I don't think it will do much since it's one buyer so it won't really affect the demand I suppose unless the man who buys them from the US marshals start selling them just after that on exchanges .

[bryant.coleman]

Pretty relieved to hear that the United States government will not be having any more Bitcoins in their possession, after this particular sale. Those 200-250K coins in their hands was always like a ticking time-bomb. Now I just hope that they will not seize anymore Bitcoins from anyone, just like they snatched them from Ross Ullbricht.

[botany]

The subject of this thread is misleading.
This article was published on November 5th, not November 8th.
The auction was completed on Thursday
http://www.reuters.com/article/2015/11/05/usa-bitcoin-auction-idUSL1N1302BJ20151105

[glerand]

The auction finished 3 days ago. It is great the overhang is cleared. It is good for the future bitcoin price.

[jackg]

I'm curious if this will has any deeper impact on the Bitcoin price. Currently, there is not a deep price decline to see.

I'm really curious as well , but I don't think it will do much since it's one buyer so it won't really affect the demand I suppose unless the man who buys them from the US marshals start selling them just after that on exchanges .

If they sell all the coins in one go then you should expect it to very quickly decline over a fast period of time. But, if the buyer doesn't sell on straight away or they sell to a large company such as coinbase then the value of bitcoin will not change by very much!

[bryant.coleman]

The auction finished 3 days ago. It is great the overhang is cleared. It is good for the future bitcoin price.

It will not affect the future Bitcoin prices by much. The volumes are not that big. For example, when the spike occurred a few days back, the combined trade volumes in all the major Bitcoin exchanges was over BTC500,000 in 24-hours time period. I just hope that some institutional investor purchased all those coins, for long term storage.

[meono]

The auction finished 3 days ago. It is great the overhang is cleared. It is good for the future bitcoin price.

It will not affect the future Bitcoin prices by much. The volumes are not that big. For example, when the spike occurred a few days back, the combined trade volumes in all the major Bitcoin exchanges was over BTC500,000 in 24-hours time period. I just hope that some institutional investor purchased all those coins, for long term storage.

Please stop looking at BS trade volume from BS exchanges.

I thought we've established this.

All Chinese exchanges volume numbers are all false. I would only expect some rookie journalist to make this mistake not a long time member here.

[bryant.coleman]

Please stop looking at BS trade volume from BS exchanges.

I thought we've established this.

All Chinese exchanges volume numbers are all false. I would only expect some rookie journalist to make this mistake not a long time member here.

I am not even considering these Chinese exchanges such as BTC-China, Huobi, LakeBTC and OK Coin. I have quoted my figures from reputed Bitcoin exchanges such as Bitstamp, BTC-e, Kraken, Bitfinex, and LocalBitcoins (the first two exchanges reported a volume of more then 100,000 BTC during the 24-hour period).