kurious
Legendary
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Activity: 2590
Merit: 1643
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December 14, 2013, 11:51:19 PM |
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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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oroboras
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December 15, 2013, 12:01:05 AM |
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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!!)
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jojo69
Legendary
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Activity: 3206
Merit: 4386
diamond-handed zealot
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December 15, 2013, 12:07:15 AM |
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like watching paint dry
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Peter R
Legendary
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Activity: 1162
Merit: 1007
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December 15, 2013, 12:09:05 AM |
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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.
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JorgeStolfi
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December 15, 2013, 12:22:21 AM |
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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!
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JorgeStolfi
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December 15, 2013, 12:28:23 AM |
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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?
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HigsonPP
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December 15, 2013, 12:32:46 AM |
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real big spreads between bids and asks, especially on mtgox. does this indicate anything?
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Nolo
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December 15, 2013, 12:35:01 AM |
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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.
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adamstgBit
Legendary
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Activity: 1904
Merit: 1037
Trusted Bitcoiner
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December 15, 2013, 12:38:19 AM |
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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
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adamstgBit
Legendary
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Activity: 1904
Merit: 1037
Trusted Bitcoiner
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December 15, 2013, 12:43:49 AM |
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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
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SheHadMANHands
Legendary
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Activity: 1168
Merit: 1000
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December 15, 2013, 12:52:26 AM |
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No weekend crash and almost Sunday.. bullish. Long
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TERA
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December 15, 2013, 12:52:50 AM |
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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.
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adamstgBit
Legendary
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Activity: 1904
Merit: 1037
Trusted Bitcoiner
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December 15, 2013, 12:54:46 AM |
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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
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adamstgBit
Legendary
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Activity: 1904
Merit: 1037
Trusted Bitcoiner
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December 15, 2013, 12:56:40 AM |
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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
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adamstgBit
Legendary
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Activity: 1904
Merit: 1037
Trusted Bitcoiner
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December 15, 2013, 12:59:01 AM |
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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
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ChartBuddy
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Activity: 2212
Merit: 1779
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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December 15, 2013, 01:02:07 AM |
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Le Happy Merchant
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December 15, 2013, 01:02:19 AM |
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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.
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SheHadMANHands
Legendary
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Activity: 1168
Merit: 1000
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December 15, 2013, 01:17:12 AM |
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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
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dgarcia
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December 15, 2013, 01:19:07 AM |
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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.
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Cablez
Legendary
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Activity: 1400
Merit: 1000
I owe my soul to the Bitcoin code...
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December 15, 2013, 01:22:48 AM |
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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
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