Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[kurious]

The FBI was somehow able to get DPR's private keys for at least part of his stash.  The FBI moved these coins to an address they control with a series of 324BTC transfers (324 = FBI on telephone keypad).  So they already have the private keys needed to auction the coins off.  

Why would they do it that piecewise, rather than all at once?

how is this different than auctioning off rare art or expensive cars that were proceeds of crime?  

I don't know.

Suppose that instead of bitcoins he had the money deposited as Swiss francs in a Swiss bank account, and the FBI got hold of the bank account number and password.  Could they just transfer the francs to another account in the same bank and auction them, or convert them to USD?

Or suppose that he had placed a large bet on the outcome of World Soccer Cup 2018.  Would the FBI auction his betting ticket?

As someone has already posted they'll most likely just auction it off. It'd be very interesting to see what price it'll go for. And probably in one big transaction

The Bitcoin foundation should lobby for it to be sold in smaller tranches to not allow a huge manipulation of the market.

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[1714628086]

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[oroboras]

The FBI was somehow able to get DPR's private keys for at least part of his stash.  The FBI moved these coins to an address they control with a series of 324BTC transfers (324 = FBI on telephone keypad).  So they already have the private keys needed to auction the coins off.  

Why would they do it that piecewise, rather than all at once?

how is this different than auctioning off rare art or expensive cars that were proceeds of crime?  

I don't know.

Suppose that instead of bitcoins he had the money deposited as Swiss francs in a Swiss bank account, and the FBI got hold of the bank account number and password.  Could they just transfer the francs to another account in the same bank and auction them, or convert them to USD?

Or suppose that he had placed a large bet on the outcome of World Soccer Cup 2018.  Would the FBI auction his betting ticket?

As someone has already posted they'll most likely just auction it off. It'd be very interesting to see what price it'll go for. And probably in one big transaction

The Bitcoin foundation should lobby for it to be sold in smaller tranches to not allow a huge manipulation of the market.

They should give them to those miners who were screwed over by Butterfly Lab's inability to ship on time

(me, bitter? never!!)

[jojo69]

like watching paint dry

[Peter R]

The FBI was somehow able to get DPR's private keys for at least part of his stash.  The FBI moved these coins to an address they control with a series of 324BTC transfers (324 = FBI on telephone keypad).  So they already have the private keys needed to auction the coins off.  

Why would they do it that piecewise, rather than all at once?

Two reasons:

1.  Fanfare (324 = FBI)

2.  It is more secure to do it this way (and this shows that the FBI had a competent bitcoin consultant helping them).  Say the FBI sent 40,000 BTC to an address that they control with a single transaction.  This means that a single 40,000 BTC coin is sitting in the FBI's new address.  Now imagine they want to move 10 BTC to a different address.  Well, they will have to "spend" the *entire* 40,000 BTC coin, send 10 BTC to where they want, and issue the remaining 39,990 BTC back to their own address or to a new change address.  What this means is that in the *extremely unlikely* event that something goes terribly wrong on this 10 BTC transfer, they could potentially lose 40,000 BTC, not just the 10 BTC they were trying to spend.  

If your address contains a bunch of smaller coins, the most you could lose to some *extremely unlikely* "bit flip" or other error, would be the full value of the coin you used as the input to the transaction.  For this reason, I always transfer coins to paper wallets with a series of smaller transactions rather than a single large transaction.  

[JorgeStolfi]

Why would they do it that piecewise, rather than all at once?

It is more secure to do it this way [... if] something goes terribly wrong on this 10 BTC transfer, they could potentially lose 40,000 BTC, not just the 10 BTC they were trying to spend.

Thanks!

[JorgeStolfi]

Surprised there's not more on, this is decision point.

Trading volume seems to be decreasing (15,000 BTC daily at MtGox/USD and Bitstamp/USD) , and most of it seems to be speculative rather than commercial.

At MtGox the price seems to be jumping up and down by 10 USD, more than once per minute, but on very small volume; while most bid/ask orders are still.  Is that attempts to drive the price across the bid/ask gap? Or to "jog" it so that the charts are not all red?

[HigsonPP]

real big spreads between bids and asks, especially on mtgox. does this indicate anything?

[Nolo]

real big spreads between bids and asks, especially on mtgox. does this indicate anything?

I think it means gox is dying as an exchange due to continued incompetence.  I don't believe you can really extrapolate anything onto bitcoin itself from it.

[adamstgBit]

I just come back from a bitcoin meetup, lots of fun, i was telling poeple how I organized the first few meetups and i've seen it grow and grow and just talking about bitcoin's AWESOMENESS

tons of fun!

now i wana hit market buy 

[adamstgBit]

I just come back from a bitcoin meetup, lots of fun, i was telling poeple how I organized the first few meetups and i've seen it grow and grow and just talking about bitcoin's AWESOMENESS

tons of fun!

now i wana hit market buy  

Choo choo it is then... or the PRC blocks all its currency leaks and we have a real war on the charts

PRC?

and ya up up up for the next 10 years 

[SheHadMANHands]

No weekend crash and almost Sunday.. bullish.  Long   

[TERA]

Choo choo mofo  


Its the world's slowest (or bitcoins slowest) crash with ask an ask mountain growing, pressing against the bid walls, and inching the price down dollar by dollar. Maybe it gets faster if daily averages cross.

[adamstgBit]

Choo choo mofo  


Its the world's slowest (or bitcoins slowest) crash with ask an ask mountain growing, pressing against the bid walls, and inching the price down dollar by dollar. Maybe it gets faster if daily averages cross.

a little snow can't stop a train

CHOO CHOO

[adamstgBit]

Its the world's slowest (or bitcoins slowest) crash with ask an ask mountain growing, pressing against the bid walls, and inching the price down dollar by dollar. Maybe it gets faster if daily averages cross.

this is very normal behavior after tons of volatile

the pungle will be soon!

quickly sell ME your bitcoins today!

lol

 

[adamstgBit]

time for a bitmovement update soon
I think i've made up my mind!
it will go down and then up!
... hmm.... well maybe up down and then up!
maybe ill give this more though...

LMAO

[ChartBuddy]

[Le Happy Merchant]

The market is getting ridiculously tight.

I personally predict a breakout between Dec 15 - 19. I expect a rise to $1250, slight retraction, then steady towards $2000 by Jan 1.

I have felt this way for a while. I think that 'crash' to $570 showed us the bottom is well supported.

[SheHadMANHands]

The market is getting ridiculously tight.

I personally predict a breakout between Dec 15 - 19. I expect a rise to $1250, slight retraction, then steady towards $2000 by Jan 1.

I have felt this way for a while. I think that 'crash' to $570 showed us the bottom is well supported.

Which one?

4, 11, 12, 2, 10, 8, 9, 7, 3, 6, 5, 1

[dgarcia]

China raised from 5250 to 5253!

It's going to outer Spac3! t0 'da m00n! R0ck3t! R0cks!
All bears will miss this really!1 S3ll us m0r3 ch33p coINS! KKTHXBYE!

5255!!1now!!!111onetwoeinszweidreischickeschickeschweine

Cho00 Chooo! ZOMFG!



Edit:

Sorry, 'im a bit bored.

[Cablez]

The market is getting ridiculously tight.

I personally predict a breakout between Dec 15 - 19. I expect a rise to $1250, slight retraction, then steady towards $2000 by Jan 1.

I have felt this way for a while. I think that 'crash' to $570 showed us the bottom is well supported.

Which one?

4 please god FOUR!!!!!                and if she's busy then any KTHX.  lol