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

[NotLambchop]

...
Exactly, this decision to sell the coins is solely from the US government not Ross.

It was a joint decision made in January.  Both the US government and Ross agreed that Bitcoin was going to tank.
...and were right.

[hdbuck]

bitcoin properly: http://bitcoinproperly.org/#sthash.pZIijDTZ.sKK8T1zb.dpbs

nice

[dreamspark]

Well, one of those 101 is to transfer them to a new owner; another is to deposit them on an exchange...

And then why publicly say you still have them and are planning on bidding on the new lots...?

Most people who enter a commodity auction do not want to get the item at any cost, they want to make a good deal; which almost always means buying it below market price.

For the reason already stated, I strongly suspect that all the bets in the previous auction, including Draper's, were below the market price at the time (600$/BTC).  I expect that the same will happen in this auction.

See the posts from oda above about why, with proper reasoning applied, the coins probably didnt go for much below market if at all.

Billionaires do not become so by not minding the loss of 6 millions.

Any one who owns a few thousand BTC will say that it will surely go to the moon one day.

But they do become so by being able to withstand a paper loss and not panic and sell for a loss when if they would have held for longer they would have made $$$.

I just think its really quite funny to sit here talking about a $6 mill paper loss when even if half his prediction comes true we're talking about making $120 mill +. Im sure he can hold for a couple of years without worrying too much with returns like that. Some of these conversations will be gold in the future whether it goes to the moon or to 0.

[Tzupy]

...
Exactly, this decision to sell the coins is solely from the US government not Ross.

It was a joint decision made in January.  Both the US government and Ross agreed that Bitcoin was going to tank.
...and were right.

Yes, they both agreed in January 2014, the question was if DPR had to agree to the sale now, as I thought was sensible, but I stand corrected.

"The United States and Ulbricht agree that the United States may, in its sole discretion, sell any portion or all of the Computer Hardware Bitcoins,
on a date or dates and in a manner to be determined by the Government."

So the gov believed the price will tank in June and they were right (Draper got bull trapped), the gov (not DPR) believes again the price will tank, guess what...

[NotLambchop]

...
So the gov believed the price will tank in January and they were right (Draper got bull trapped), the gov (not DPR) believes again the price will continue to tank, guess what...

FTFY

[jonoiv]

...
Exactly, this decision to sell the coins is solely from the US government not Ross.

It was a joint decision made in January.  Both the US government and Ross agreed that Bitcoin was going to tank.
...and were right.

Yes, they both agreed in January 2014, the question was if DPR had to agree to the sale now, as I thought was sensible, but I stand corrected.

"The United States and Ulbricht agree that the United States may, in its sole discretion, sell any portion or all of the Computer Hardware Bitcoins,
on a date or dates and in a manner to be determined by the Government."

So the gov believed the price will tank in June and they were right (Draper got bull trapped), the gov (not DPR) believes again the price will tank, guess what...

It's not

[NotLambchop]

Well, one of those 101 is to transfer them to a new owner; another is to deposit them on an exchange...

And then why publicly say you still have them and are planning on bidding on the new lots...?
...

For the same reason my cat is all "I meant to do that" after blowing a jump--because embarrassed.

[octaft]

I just think its really quite funny to sit here talking about a $6 mill paper loss when even if half his prediction comes true we're talking about making $120 mill +.

I doubt he believes his own prediction, but if he can get enough other people to believe it, he can sell to them at a higher price later, which let's face it is very likely all the guy cares about.

[MrPiggles]

The raid found ~30'000 BTC in the server and ~150'000 BTC in Ross's laptop.  Those were presumably the proceeds of fees from hosting businessess on SilkRoad.  Those 180'000 BTC  were kept away from the market; and part of them, at least, must have been bought by SR customers on the open market.  So Ross was obviously accumulating.  I would even guess that he had been holding almost all the bitcoins that he got.

You are the dumbest fuckin troll because you hide behind your dumbass credentials which some people take you seriously for.

If you even read the FBI indictment you'll see how many coins in total he dealt with and realise how far off the mark your stupid ass is

[ChartBuddy]

Explanation

[dreamspark]

I just think its really quite funny to sit here talking about a $6 mill paper loss when even if half his prediction comes true we're talking about making $120 mill +.

I doubt he believes his own prediction, but if he can get enough other people to believe it, he can sell to them at a higher price later, which let's face it is very likely all the guy cares about.

Um no actually, due to the fact he's invested in several Bitcoin businesses as well I don't think he's looking to pump the price and dump his coins tanking his other business interests.

[JorgeStolfi]

If the market will recover soon, [ Ross ] will refrain from selling the other 100k, if not... .

I don't think that Ross has any more control on the matter; the agreement, as I understood, covers the whole 140+ kBTC.  The USMS implied that they will auction them all, but they decided to split into three(?) auctions so as not to saturate the market.

[ShroomsKit]

And slowly back to 330.

[jonoiv]

And slowly back to 330.

ShroomsKit expects 330. 

It's a major bullish indicator

[MrPiggles]

Brazilian prison ain't that bad, provided you have control of your money and are able to pay people off.
If you hand over all your money and then you're facing prison with zero assets, it'd be a shitty situation.
Same goes for the whole world, pretty much.

enjoy...

Yeah, from the outside it does not look that bad, does it?

looks like a lot of public buildings in that poor south american shithole

[NotLambchop]

You are the dumbest fuckin troll...your dumbass credentials...your stupid ass...

...that poor south american shithole

Mornin', Sunshine!
Leveraged long or tummy ache?

[Tzupy]

If the market will recover soon, [ Ross ] will refrain from selling the other 100k, if not... .

I don't think that Ross has any more control on the matter; the agreement, as I understood, covers the whole 140+ kBTC.  The USMS implied that they will auction them all, but they decided to split into three(?) auctions so as not to saturate the market.

Yes, just the gov has control; I had read the document but my brain couldn't register this the first time, it didn't make sense for DPR to give up all control.
Then I realized that he may have been beaten, starved, tortured, threatened, so he'd sign something potentially against his best interests.
The gov could sell the bitcoins close to THE bottom and DPR won't be able to do anything about it; however, it seems the gov sells in a larger
downtrend, close to the top of a rebound (bull trap). The feds might be less dumb than expected.

[JorgeStolfi]

In fact, I doubt Ross will do any time. White people with money rarely get convicted after asset forfeiture. That's partly why so many prisons are fill with poor black folks. 

I doubt that he will escape a prison term; after all the publicity, it would send the wrong signal to the drug traffic industry.  Besides he will not have any money if he loses the trial.  And the charges include attempt to hire the murder of one or more people...

[dewdeded]

they made up this murder attemps to
a) get him 100% in jail and have him face a long time (if they want)
b) to be able to convict him even if they cant proof SR ownership/drugtrade

[ShroomsKit]

they made up this murder attemps to
a) get him 100% in jail and have him face a long time (if they want)
b) to be able to convict him even if they cant proof SR ownership/drugtrade

Source?

Oh wait, you just pulled that out of your ass.