[2016-05-31] Ernst & Young to sell $13 mln in bitcoins confiscated from Silk Roa

[smartgerman]

Ernst & Young to sell $13 mln in bitcoins confiscated from Silk Road drug dealer
Consulting firm Ernst & Young will hold a series of auctions in Sydney to sell 24,518 bitcoins ($12.9 million at current exchange rate). The coins were seized during a police operation against a drug trafficker who used the popular darknet market Silk Road.
http://www.coinfox.info/news/5598-ernst-young-to-sell-13-mln-in-bitcoins-confiscated-from-darknet-drugdealer-2

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[1Referee]

The funny thing is that when the previous auction of a good number of coins happened, that the price went up significantly, and suddenly dropped HARD once the auction was over. I think it's pure coincidence, but it will be funny if exactly the same thing happens again.

[notthematrix]

The funny thing is that when the previous auction of a good number of coins happened, that the price went up significantly, and suddenly dropped HARD once the auction was over. I think it's pure coincidence, but it will be funny if exactly the same thing happens again.

its very simple if you sell coins and the buyer dumps them on the market the price will lower.
its also simple that the state wants best price for coins and waits until the price soars
Manipulating market price will cost you extra so is not smart.

[1Referee]

The funny thing is that when the previous auction of a good number of coins happened, that the price went up significantly, and suddenly dropped HARD once the auction was over. I think it's pure coincidence, but it will be funny if exactly the same thing happens again.

its very simple if you sell coins and the buyer dumps them on the market the price will lower.
its also simple that the state wants best price for coins and waits until the price soars
Manipulating market price will cost you extra so is not smart.

Like last time, the price was being pumped up by Chinese exchanges. If the exchanges themselves are pumping the price up like MtGox did, then it doesn't cost them anything as everything happens with fake market orders. Only time will tell if this is going to happen once again. Will come back once the auction is over.

[Hazir]

The funny thing is that when the previous auction of a good number of coins happened, that the price went up significantly, and suddenly dropped HARD once the auction was over. I think it's pure coincidence, but it will be funny if exactly the same thing happens again.

I thought the same thing. I wonder if that amount of coins when dumped will lower the price of BTC. I guess rapid dump of that caliber could do that.
When situation on the market will 'magically' repeat after this auction I would be ready for 3rd auction or next events like these in the future.