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Question: What will happen to silk roads seized coins?
USG will hoard them
USG will sell them
The Bitcoins will be stolen
other (specify below)

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Author Topic: What will happen to silk roads seized coins?  (Read 1790 times)
gwoplock
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October 09, 2013, 03:59:41 PM
 #1

I think the USG will sell the BTC. But what do you think?
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Zangelbert Bingledack
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October 09, 2013, 04:20:48 PM
 #2

They hold them for a couple years while the case processes, meanwhile BTC price goes to $100,000, bringing the little stash to $2 billion, and the motherload (cold wallet) to $50 billion. Someone on the inside "loses" the keys or gets compromised or taken out as the feds have their bitcoin security failure moment. Coins are gone with the wind.
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October 09, 2013, 11:00:50 PM
 #3

Chances they lose the private key(s) in the next two years of trials - pretty good.

Assuming they don't lose or "lose" the private key(s) they will be auctioned off just like all other confiscated goods.

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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October 09, 2013, 11:05:22 PM
 #4

Chances they lose the private key(s) in the next two years of trials - pretty good.

Assuming they don't lose or "lose" the private key(s) they will be auctioned off just like all other confiscated goods.

why would it take 2 years!

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October 09, 2013, 11:48:43 PM
 #5

...
why would it take 2 years!

Because:
1) The coins will not move until all the court proceedings are over and justice is slow
2) Governments are not known to act fast especially when dealing with a situation where they have little or no precedent.

I voted that the USG will sell the coins; however there is a significant chance they will hoard them. This can happen especially if the seize additional coins from DPR's private wallets, and the coins appreciate significantly in value while they are sitting in legal and bureaucratic limbo.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
Marbit
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October 10, 2013, 12:40:25 AM
 #6

why would the govt have to wait to sell the coins? in any cash / asset forfeiture, if suspect cant prove that funds weren't received in commission of illegal acts, they can take the money and auction it. they dont have to wait for nothing. he doesnt have to be proven guilty for assets to be seized and sold.
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October 10, 2013, 01:00:22 AM
 #7

the question is, will they use regular exchanges to seel them or auction themby themselves?


Searching for a trusted escrow service? Check my trust. I use a Trezor device for my escrow services, so your coins are safe. Fee: 0.5% or 0.05 BTC, whichever is lower
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adamstgBit
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October 10, 2013, 01:05:05 AM
 #8

the question is, will they use regular exchanges to seel them or auction themby themselves?


i'm hoping they use bitstamps, and flat out dump with no regard for $ amount they end up with.

derpinheimer
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October 10, 2013, 01:12:56 AM
 #9

the question is, will they use regular exchanges to seel them or auction themby themselves?


i'm hoping they use bitstamps, and flat out dump with no regard for $ amount they end up with.

lmao

they'll be selling a lot of coins for <$1
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October 10, 2013, 01:13:57 AM
 #10

the question is, will they use regular exchanges to seel them or auction themby themselves?


i'm hoping they use bitstamps, and flat out dump with no regard for $ amount they end up with.

lmao

they'll be selling a lot of coins for <$1

and I'll be buying them Wink

Searching for a trusted escrow service? Check my trust. I use a Trezor device for my escrow services, so your coins are safe. Fee: 0.5% or 0.05 BTC, whichever is lower
I support the largest public transparent p2p ledger Bitcoin (16TwXyEmpz7xKHbyVufZECXGFmUH9wHUyW) and the best private fungible digital cash Monero (dnaleor.weuse.cash)
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adamstgBit
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October 10, 2013, 01:43:26 AM
 #11

the question is, will they use regular exchanges to seel them or auction themby themselves?


i'm hoping they use bitstamps, and flat out dump with no regard for $ amount they end up with.

lmao

they'll be selling a lot of coins for <$1

and I'll be buying them Wink
thats the dream!

and you know bitcoin would bounce back to  70-105 within seconds.


can you imagine the profits on this trade

sell at 120
buy at 1
sell at 90




hulk
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October 10, 2013, 02:01:42 AM
 #12

They will sell when they need the money, right now they are just holding.

Kaiji
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October 10, 2013, 03:32:36 PM
 #13


I'm surprised no one mentioned this but they might use the bitcoins for sting operations to catch drug dealers or other cyber criminals.
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October 10, 2013, 10:41:31 PM
 #14


I'm surprised no one mentioned this but they might use the bitcoins for sting operations to catch drug dealers or other cyber criminals.


^ finally someone got the correct answer.


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viboracecata
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October 11, 2013, 01:41:23 AM
 #15

How many did they get? just 20k? not much honestly.

LouReed
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October 11, 2013, 01:48:53 AM
 #16

I read somewhere where an FBI spokeswoman said that they would likely be liquidated after the trial, the same as they do most other seized assets. I can't find the article right now, but if I do I'll post a link.
joesmoe2012
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October 11, 2013, 03:49:08 AM
 #17

I read somewhere where an FBI spokeswoman said that they would likely be liquidated after the trial, the same as they do most other seized assets. I can't find the article right now, but if I do I'll post a link.

Hmmm 20k BTC? I'll start the bidding at $1


adamstgBit
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October 11, 2013, 03:52:27 AM
 #18

I read somewhere where an FBI spokeswoman said that they would likely be liquidated after the trial, the same as they do most other seized assets. I can't find the article right now, but if I do I'll post a link.

Hmmm 20k BTC? I'll start the bidding at $1



i bid 5,000$

Tirapon
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October 12, 2013, 12:33:13 AM
 #19

[conspiracy]

They will add them to the hoard along with satoshi's 1,000,000 coins

[/conspiracy]
SheHadMANHands
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October 12, 2013, 12:37:13 AM
 #20


I'm surprised no one mentioned this but they might use the bitcoins for sting operations to catch drug dealers or other cyber criminals.


^ finally someone got the correct answer.

They would just buy bitcoins for a sting operation, not "borrow" bitcoins that are part of an ongoing court case.  Not to mention everyone is watching those coins now.

They'll be liquidated per standard procedure in prob a year or two.  Probably via some standard auction process, not on Stamp...lol
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