Another Bitcoin Conspiracy

[AuroraHF]

I think I have a good conspiracy theory about why BTC has risen so much in value.

http://en.wikipedia.org/wiki/Bitcoin
Quote:
In 2012, The Economist reasoned that Bitcoin has been popular because of "its role in dodgy online markets",[12] and in 2013 the FBI shut down one such service, Silk Road, which specialized in illegal drugs (whereupon the FBI took control of approximately 1.5% of all bitcoins in circulation).

So the US Guberment has 1.5% of all BTC. Who wants to guess at their value today?

At the time it was worth $28 million. And reportedly a total of $33 million in BTC just in October. Now since then their value has risen 10 times that and so they hold $300 million or more worth of BTC.

I'm willing to bet they are holding them too and one has to wonder if they are possibly behind any manipulation. Even worse what if they artificially inflate it and then intentionally crash it so that people lose their trust in crypto currency.

I wonder how we can find out what the US Gov is doing with all those BTC?

Source: http://www.hackforums.net/showthread.php?tid=3906312


I thought about it for awhile, and it may POSSIBLY be the case. What are your thoughts on this?

[lizardflix]

I agree that there is a danger of government(s) manipulating bitcoin value to their own ends but holding on to such a small amount is peanuts for a budget that is measured in trillions.  If the US (or any other) government really wanted to cause trouble, my concern would be them simply going on exchanges, buying up billions of dollars worth and then dumping them enough times to just kill the market. 

I would be surprised if they are even allowed to do anything with the ones they have now until there is some kind of resolution to the case.  I'm not a lawyer so I could be wrong.

[beetcoin]

do we even know exactly how many coins they have access to? until the private key is cracked, the FBI doesn't own the bitcoin.

[Justy]

How can bitcoin control itself if,how many of the new ASIC miners are going in a big shed somewhere cold,to be run hard by a federal reserve,all new technology is open to mass purchase anonymously with bitcoin,its pluses are also its minuses,but as unknowing as yourself,beats the fucking shit out of watching X factor!

[solex]

At the Senate hearing the DHS said that they might auction the FBI coins, in the future. This is what they do with cars and other seized property no longer needed for evidence. A public auction means that the bitcoins will not be dumped on an exchange.

[AuroraHF]

At the Senate hearing the DHS said that they might auction the FBI coins, in the future. This is what they do with cars and other seized property no longer needed for evidence. A public auction means that the bitcoins will not be dumped on an exchange.

Is that so? Are there any snippets of the important parts of the Senate hearing or do I have to watch the whole thing? I doubt they would sell them though.

[Justy]

Might being the operative word,from my study of the financial system on earth,this now has a corruptive force with buying power and friends in high places unlike most of us,the new tech streaming in will move goalposts very quickly,they know this,my big problem is with tech and supply,which is all standard monopolised control,if you think the three private firms that strangulate growth,equality,and control everything bar the rotation of the planet are not involved heavily think again,my brother is a bit of a kiddy for rbs here in the uk,last time we met he lied like a motherfucker to my face about it,his brother dude?
And they love the fact that we need shitloads of lets burn more dead plants for power electricity,further impacting our scar on the planet,this system at present is totally dependent on the shitty existing structure in place,but I'm an optimist dude so I'm in!

[solex]

At the Senate hearing the DHS said that they might auction the FBI coins, in the future. This is what they do with cars and other seized property no longer needed for evidence. A public auction means that the bitcoins will not be dumped on an exchange.

Is that so? Are there any snippets of the important parts of the Senate hearing or do I have to watch the whole thing? I doubt they would sell them though.

Maybe its nerdy, but watching the whole senate Q&A gave a real insight into how the alphabet soup of USG departments really view crypto and Bitcoin in particular. Mostly they are interested and not hostile. There are 2 days, of 2 hours each session.

Some of it is annoying, like hearing about all the imaginary terrorists and child-snatchers which might possibly one-day sometime maybe think about using bitcoins, but some of it was really good - like Tony Gallipi's testimony. Can't remember any other comments about the DPR coins. The lawyer that was so proud she emasculated Second Life needs a brain transplant.

[BADecker]

At the Senate hearing the DHS said that they might auction the FBI coins, in the future. This is what they do with cars and other seized property no longer needed for evidence. A public auction means that the bitcoins will not be dumped on an exchange.

You mean they cracked the code? Or did they just crack Dread Pirate Roberts's brain?

[solex]

At the Senate hearing the DHS said that they might auction the FBI coins, in the future. This is what they do with cars and other seized property no longer needed for evidence. A public auction means that the bitcoins will not be dumped on an exchange.

You mean they cracked the code? Or did they just crack Dread Pirate Roberts's brain?

Somehow they got 144k coins, easy laptop passwords or whatever, but he still seems to have 400k more.

[polarhei]

Well, these people just like other projects. Can be failed as there are public nodes, with many people to read the source code. If bitcoin was closed source, then The Conspiracy could stand.

[BADecker]

At the Senate hearing the DHS said that they might auction the FBI coins, in the future. This is what they do with cars and other seized property no longer needed for evidence. A public auction means that the bitcoins will not be dumped on an exchange.

You mean they cracked the code? Or did they just crack Dread Pirate Roberts's brain?

Somehow they got 144k coins, easy laptop passwords or whatever, but he still seems to have 400k more.

I haven't seen anyone saying that the coins that gov stole from Roberts are in spendable form. Does anyone know this for a fact gov has the passwords, that the bitcoins are in spendable form?

[btcrich]

At the Senate hearing the DHS said that they might auction the FBI coins, in the future. This is what they do with cars and other seized property no longer needed for evidence. A public auction means that the bitcoins will not be dumped on an exchange.

You mean they cracked the code? Or did they just crack Dread Pirate Roberts's brain?

Somehow they got 144k coins, easy laptop passwords or whatever, but he still seems to have 400k more.

I haven't seen anyone saying that the coins that gov stole from Roberts are in spendable form. Does anyone know this for a fact gov has the passwords, that the bitcoins are in spendable form?

So yes, they're spendable.  I believe the FBI mentioned that there's a good chance they will liquidate those coins.

[Jcw188]

Yeah I think it's just like any confiscation due to illegal activities, where they sell the items at auction to the highest bidder.  My only question is how they will sell all the BTC?  If they use an online exchange that's in effect saying the exchanges are legal and ok.

[Exocyst]

Yeah I think it's just like any confiscation due to illegal activities, where they sell the items at auction to the highest bidder.  My only question is how they will sell all the BTC?  If they use an online exchange that's in effect saying the exchanges are legal and ok.

If they auction them off, then the auctioning agency will need to apply for a Money Transmitter permit or the government will run afoul of itself.

[Honeypot]

Why the hell would people automatically assume any EBIL government action must be that of US?

Do you have any idea how much direct power other governments such as PRC and so forth can exercise on their citizens if they felt it vital to their greed? Do you have any idea how many people are incarcereated and 'disappeared' into forsaken holes in remote prisons of gobi region because they happened to ruffle some feathers of local political gangs in rural china?

What the hell do you think they will do when some no body is holding onto semi-legal currency that's worth millions of dollars?

For that matter, why WOULDN'T the be holding it on their own?

It's really strange tunnel vision of ignorance people display (more likely just a bitch motive to find reasons to get mouthy with US) when they all of a sudden point to US government as if it is only source of ALL the world's corruptions.

I suppose people like that are easily manipulated and cajoled by people who would stand to benefit from such ignorance. It's vastly easier to manipulate someone when they think they are the one's in charge of their thinking.

The idea of manipulation and control is saying things to another in a way that gets them to do what you want them to do while letting them think it's their idea.

 

[zimmah]

I agree that there is a danger of government(s) manipulating bitcoin value to their own ends but holding on to such a small amount is peanuts for a budget that is measured in trillions.  If the US (or any other) government really wanted to cause trouble, my concern would be them simply going on exchanges, buying up billions of dollars worth and then dumping them enough times to just kill the market. 

I would be surprised if they are even allowed to do anything with the ones they have now until there is some kind of resolution to the case.  I'm not a lawyer so I could be wrong.

if they'd do it it would be completely obvious to most of us and it will cost them a fortune.

and a lot of people will get extremely rich in the process, buying just after a government dump and selling just after government inflations.

[hilariousandco]

I think I have a good conspiracy theory about why BTC has risen so much in value.

http://en.wikipedia.org/wiki/Bitcoin
Quote:
In 2012, The Economist reasoned that Bitcoin has been popular because of "its role in dodgy online markets",[12] and in 2013 the FBI shut down one such service, Silk Road, which specialized in illegal drugs (whereupon the FBI took control of approximately 1.5% of all bitcoins in circulation).

So the US Guberment has 1.5% of all BTC. Who wants to guess at their value today?

At the time it was worth $28 million. And reportedly a total of $33 million in BTC just in October. Now since then their value has risen 10 times that and so they hold $300 million or more worth of BTC.

I'm willing to bet they are holding them too and one has to wonder if they are possibly behind any manipulation. Even worse what if they artificially inflate it and then intentionally crash it so that people lose their trust in crypto currency.

I wonder how we can find out what the US Gov is doing with all those BTC?

Source: http://www.hackforums.net/showthread.php?tid=3906312


I thought about it for awhile, and it may POSSIBLY be the case. What are your thoughts on this?

So some guy on a hack forum makes up a theory and now people believe this might actually be true?