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

[JimboToronto]

Breaking: U.S. Justice Department confiscates over $1 billion in Bitcoin tied to Silk Road

https://www.fxstreet.com/cryptocurrencies/news/breaking-us-justice-department-confiscates-over-1-billion-in-bitcoin-tied-to-silk-road-202011051731

After all the speculation, finally we know where the coins were moved. To the Justice Department's wallet.

I wonder how they got the key if they didn't get it at the time of the bust.

[1713434852]

1713434852

[1713434852]

1713434852

[1713434852]

1713434852

[DeathAngel]

Breaking: U.S. Justice Department confiscates over $1 billion in Bitcoin tied to Silk Road

https://www.fxstreet.com/cryptocurrencies/news/breaking-us-justice-department-confiscates-over-1-billion-in-bitcoin-tied-to-silk-road-202011051731

This kind of thing would have caused the price to crash a little back in the day. These days it’s just a meh! Bitcoin is an unstoppable force.

[Paashaas]

In Antwerp they caught the biggest ever pure cocaïne load WW.... (the biggest ever)

11 tons  

A container loaded with cocaine...literally.

Crazy thing is; this seized container is just a small part of the volume of the drug that passes through the port, only a small fraction of all containers are checked. 

[Last of the V8s]

Ah sorry I'm late. Bit of turbulence. Hitting my car.

https://www.motor1.com/news/452128/flying-car-video-real/

[philipma1957]

Last 15 days

2020-10-21  12,584
2020-10-22  12,963
2020-10-23  12,914
2020-10-24  13,053
2020-10-25  13,077
2020-10-26  13,063
2020-10-27  13,446
2020-10-28  13,372
2020-10-29  13,321
2020-10-30  13,406
2020-10-31  13,766
2020-11-01  13,762
2020-11-02  13,545
2020-11-03  13,632
2020-11-04  13,908



note pulled info from here


https://bitcointalk.org/index.php?topic=138109.msg55488187#msg55488187

as I noted in an earlier post { https://bitcointalk.org/index.php?topic=178336.msg55491561#msg55491561 }

 the  best streak of above 12,584

was from 2017-12-06 to 2018-01-15  that was 41 days

so 15 down and 26 to go.

   This will be a really nice streak to break.

  If we stay hot we break the streak on Dec. 2, 2020

so 2020-12-02 here we come.

   Perhaps the obvious eludes me; what is the significance of 12,584?

Well when do you want to start streak? 10000 11000 12000 13000 14000

I picked 12584

for a few reasons. it was the 21 of October so it allowed for easy setup and counting


2020-10-18  11,447
2020-10-19  11,659
2020-10-20  11,879.    could go on the back end of streak but don't allow for easy counting

oct 17 did not make the list below

 https://bitcointalk.org/index.php?topic=138109.msg55395377#msg55395377

and as I state I use hit thread for all numbers I use.

Also the 3 back end are under 12000

and 20-10-21  was first over 12K with streak still alive.

so we should be over 12,584 for 16 days and 25 to go to break the  longest streak ever
2020-10-21  12,584
2020-10-22  12,963
2020-10-23  12,914
2020-10-24  13,053
2020-10-25  13,077
2020-10-26  13,063
2020-10-27  13,446
2020-10-28  13,372
2020-10-29  13,321
2020-10-30  13,406
2020-10-31  13,766
2020-11-01  13,762
2020-11-02  13,545
2020-11-03  13,632
2020-11-04  13,908
2020-11-05   14? 15?

[Searing]

I guess at this point we should probably start thinking about what planet/moon we want to claim for Hodlers?

It is getting very embarrassing walking around with a 'Bitcoin Woody' where ever I go! I mean every time it 'pump' up $1k I get 'more' than a little thrill!

I sure hope I'm not out in 'Public' when it goes past the All-Time-High in Bitcoin price...it would be hard to explain in the middle of the resteraunt....me having, like in the

the movie, a "Harry Met Sally" moment.

https://www.youtube.com/watch?v=lNEX0fbGePg

What would be even 'more' embarrassing' would be a bunch of us here on WO meeting in real life in public and finding out Bitcoin has reached an ATH.

We'd all be happily in jail....as our 'explanation' would be with 'utter distain'

Anyway, time for some FOMO music!

https://www.youtube.com/watch?v=nGZ0ntpSx2Y

I always thought the lyrics and danger in the above song...pretty much covers Bitcoin Trading and HODL'ing

(off to annoy others, rather than 'dubious' posts on WO)

Brad

[yefi]

I wonder how they got the key if they didn't get it at the time of the bust.

Coindesk article says the BTC was originally stolen from Silk Road by an unnamed hacker who handed over his keys to the authorities on Tuesday (presumably as part of some plea bargain?)

[rdbase]

Breaking: U.S. Justice Department confiscates over $1 billion in Bitcoin tied to Silk Road

https://www.fxstreet.com/cryptocurrencies/news/breaking-us-justice-department-confiscates-over-1-billion-in-bitcoin-tied-to-silk-road-202011051731

This kind of thing would have caused the price to crash a little back in the day. These days it’s just a meh! Bitcoin is an unstoppable force.

While watching the election and how close the polls are in the remaining states left to count their ballots, I quickly took a peek at the price and it was close to $15k ($14,900) about an hour ago. Don't know what it is now as I am just watching how trump is getting his ass handed to him by ol' man biden right now!

I don't think having 1.07x odds you can deny they have literally won.

So with the price suddenly surging closer to $15,000 and I would imagine it will surpass that right after a new president is elected and the old one out of office (a type of reset) then it can only be good for bitcoin's price to reach $20k by the end of the year.
Kick goodbye to this dismal year already I say!

[Last of the V8s]

footage of Elwar's cabin staff bringing back the shopping from the Panama coast

https://twitter.com/wolfejosh/status/1324442723802370051?s=20

[Krubster]

Breaking: U.S. Justice Department confiscates over $1 billion in Bitcoin tied to Silk Road

https://www.fxstreet.com/cryptocurrencies/news/breaking-us-justice-department-confiscates-over-1-billion-in-bitcoin-tied-to-silk-road-202011051731

After all the speculation, finally we know where the coins were moved. To the Justice Department's wallet.

I wonder how they got the key if they didn't get it at the time of the bust.

These coins were apparently stolen from Silk Road while it was still in operation. The Feds didn't have access to them until two days ago, when they struck some sort of deal with the guy that stole them in the first place.

https://www.justice.gov/usao-ndca/press-release/file/1334771/download

On approximately April 9, 2013, the Bitcoin addresses that received the 70,411.46 Bitcoin from Silk Road sent 69,471.082201 (approximately $14 million at the time of transfer) to 1HQ3Go3ggs8pFnXuHVHRytPCq5fGG8Hbhx (hereafter “1HQ3”).

(...)

Individual X, whose identity is known to the government, was determined to have been involved in a transaction that related to 1HQ3.

According to an investigation conducted by the Criminal Investigation Division of the Internal Revenue Service and the U.S. Attorney’s Office for the Northern District of California, Individual X was the individual who moved the cryptocurrency from Silk Road. According to the investigation, Individual X was able to hack into Silk Road and gain unauthorized and illegal access to Silk Road and thereby steal the illicit cryptocurrency from Silk Road and move it into wallets that Individual X controlled. According to the investigation, Ulbricht became aware of Individual X’s online identity and threatened Individual X for return of the cryptocurrency to Ulbricht. Individual X did not return the cryptocurrency but kept it and did not spend it.

On November 3, 2020, Individual X signed a Consent and Agreement to Forfeiture with the U.S. Attorney’s Office, Northern District of California. In that agreement, Individual X, consented to the forfeiture of the Defendant Property to the United States government.

On November 3, 2020, the United States took custody of the Defendant Property from 1HQ3.

Imagine having access to 70k btc all these years, knowing your identity is known.

[Searing]

I wonder how they got the key if they didn't get it at the time of the bust.

Coindesk article says the BTC was originally stolen from Silk Road by an unnamed hacker who handed over his keys to the authorities on Tuesday (presumably as part of some plea bargain?)

Or the hacker could be legit..and negotiate a completely legit reward of like 10% or some such on proving he had the keys?

Hell, that is what I'd try....probably not legal ...stolen goods or some such..but I'd try it!

Your view of a hacker handing over keys on plea bargain or the owner of the wallet is the mose logical...99% sure that is what happened also.

I wonder how this will effect the BTC market when the USA dumps 'One Billion Dollars' or more of Bitcoins in a USA Sheriff's Auction of illegal goods...ie Bitcoin siezed?

I'd guess the price would probably go up...I mean, the above BTC hoard would likely be split up in lots and heavy hitters then could buy a mess of BTC at a set price, in mass,

without driving the rest of their attempts to fill their bags with Bitcoin. Thus, IMHO, price would remain the same in market or go up?

I'd expect all such from the auction no matter how many participated would likely be in HODL mode myself..such a buy would not be a 'short-term' deal, IMHO.

Anyway, I know 'zip' ....damn interesting however!

Bitcoin: Always Drama!

Brad

[Qoheleth]

[cAPSLOCK]

I sold a bit at 14050

Nice. I'm finally locked and loaded myself; first time since early retirement.

Sorta kinda feels good.

You've picked some good times to sell in the past.  This worries me slightly.  That said, I am not letting go of shit.  Might if I was more loaded though.

[Elwar]

footage of Elwar's cabin staff bringing back the shopping from the Panama coast

https://twitter.com/wolfejosh/status/1324442723802370051?s=20

Want

[Torque]

So, Silk Road sting 2.0?

https://www.cnbc.com/2020/11/05/1-billion-worth-of-bitcoin-linked-to-the-silk-road-seized-by-the-us.html

I always thought that if the wealthy elite don't want to buy bitcoin on the market like the rest of us, they can just have the FBI "seize" (*cough steal cough*) bitcoin and hand it indirectly to the banking investors.

[marcus_of_augustus]

I wonder how they got the key if they didn't get it at the time of the bust.

Coindesk article says the BTC was originally stolen from Silk Road by an unnamed hacker who handed over his keys to the authorities on Tuesday (presumably as part of some plea bargain?)

... quite likely the "unnamed hacker" will be one of the many federal agents working undercover on Silk Road who went rogue.

... there was so much malfeasance, agency illegalities and double-crossing going on there that most of the investigation evidence was inadmissible, except the corrupt Judge who was trying Ullbricht never allowed the full story of the rogue agents to see the light of day or the government case would have collapsed

... essentially they've probably just given it time to cool off and then handed the loot over to the biggest crooks in town

[lightfoot]

Need to remind myself, I do not need a Lambo.

[Last of the V8s]

[marcus_of_augustus]

... there's two types of inflation, the usual asset price and product price inflation due to monetary expansion, currency holders grumble but put up with the hidden tax
... and the far more devastating "loss of confidence in the currency" inflation -> hyperinflation, currency holders begin to exit, when holders of the currency begin exiting the remaining holders have to take the hit of all the accumulated inflation that was just dumped by the exiters

as unbelievable as it sounds the US$ is definitely starting to feel some of the effects of the latter. Microstrategy is putting reserves into BTC precisely for these stated reasons, and they are the in the vanguard.

Hyperbitcoinisation is now becoming a distinct possibility.

I am a bit upset that gold is spiking too.
What does this portend to?
I cannot imagine a scenario where gold, stocks and bitcoin go up simultaneously, apart from high inflation.
Yet, with the virus we are clearly in a somewhat deflationary situation right now.
Puzzling, but GO btc!

The monetary base is expanding far beyond GDP usage so we have an economy with inflation likely to register but the actual event is deflationary in value terms.   Then you have case for Bitcoin use itself both as an asset held, transactions globally and speculative trades and all of that is up recently I presume.

Gold is just retracing its previous pricing, it was never going to fall below 1750 from what I could see as its been trading down for most of the last ten years it has entered recovery and is gaining year to year in a way thats seperate to BTC growth.   If gold gains past its prices of September its probably doing something new then.

Inverse to that Dollar index was at a range high its had for months and its now flipped to near to the bottom of that range, nothing new happening there for now.   Its now about mid way in the 2017 Dollar fall peak to trough.

I hope you're right and I'm wrong. I haven't made a huge research about the price. I just don't want to happen what happened back in 2017. Try convincing people to believe in bitcoin after that.

2017 was substantially different to whats occuring now, we're a different place in the election cycle and lots of other reasons developing far beyond just repetition. “The past does not repeat itself, but it rhymes.”

[Torque]

I wonder how this will effect the BTC market when the USA dumps 'One Billion Dollars' or more of Bitcoins in a USA Sheriff's Auction of illegal goods...ie Bitcoin siezed?

I'd guess the price would probably go up...I mean, the above BTC hoard would likely be split up in lots and heavy hitters then could buy a mess of BTC at a set price, in mass,

without driving the rest of their attempts to fill their bags with Bitcoin. Thus, IMHO, price would remain the same in market or go up?

I'd expect all such from the auction no matter how many participated would likely be in HODL mode myself..such a buy would not be a 'short-term' deal, IMHO.

Anyway, I know 'zip' ....damn interesting however!

Bitcoin: Always Drama!

Brad

Note that in all the past U.S. Marshal auctions of bitcoin, there was some effort to drive the price of BTC higher just prior to the day of the auction. Presumably by whales that didn't want to see these coins dumped on market. Price would fall a little after the auction was over.