DPR's Bitcoin Stash future sell off by the gov't panic ensues ..

[Dr Bloggood]

Here is an interesting item on one of the gov auction site:

AIRCRAFT, CH-47D CHINOOK
Item Number: 91QSCI14027601
Sale Type: Internet Auction
State: AL
Close Date: 01/20/2014
Close Time: 11:00 AM CT
Number Of Bidders: 0
Current Bid:
$1,000,000.00

So you cannot say they don't auction off esoteric and expensive stuff.

Funny, I have just been looking for something like that.

Now I will probably sell some of the stuff in my attic so I can buy this.

[Cryddit]

If I were running the FBI's business here (which I'm definitely not) I'd be selling by placing a limit order on the market.  Pick a price, something like USD$1000 per coin, and just let the market eat it slowly, for as long as it takes.  Or, more likely, pick a few dozen or a few hundred prices, and put smaller amounts at each of them over a period of months.

It could limit the upside of prices for a longish while, but a treatment like that wouldn't crash the market. 

Anyway, my point is they're going to sell rationally, however they do it.  I'm guessing that whomever they actually sell to will probably also manage it rationally.  So, yes, we'll see downside pressure on the market as more coins enter circulation.  But it certainly won't all hit those tiny exchange volumes at once, and probably won't hit them any faster than upside pressure compensates.

I'm more amused at the people who keep contributing dimes and dollars to the FBI, just in order to leave a public comment.  Starting of course with all the hilariously angry messages from Silk Road users themselves, and then quickly devolving into just plain begging.

[BurtW]

However if you take 35,160,043.93 / 144,000 you will see the average price they would get would be $244 per BTC.

Awesome, thanks a lot!

I just don't see the $244, where is that?

See it now?

[BTCisthefuture]

http://techcrunch.com/2014/01/07/the-silk-roads-libertas-is-free-to-the-annoyance-of-us-authorities/

Gov't is spooking the cryptomarket on purpose....  HOLD TIGHT DAMN IT!

“The reason for selling is that the Government has lost faith in the value of bitcoin and does not want to deal with the volatility of the currency,” the source said.

LOL

Does it belong to them already, I thought it would have to go to court to actually seize them properly.

I'm no lawyer but I believe you have to wait until someone is found guilty before you can sell off items seized during an arrest.

As far as seizing the items, I believe all you need is a warrant and you can have items seized/assests frozen before you've ever even been charged with a crime let alone convicted.

Again I'm no lawyer though

[TiagoTiago]

http://techcrunch.com/2014/01/07/the-silk-roads-libertas-is-free-to-the-annoyance-of-us-authorities/

Gov't is spooking the cryptomarket on purpose....  HOLD TIGHT DAMN IT!

“The reason for selling is that the Government has lost faith in the value of bitcoin and does not want to deal with the volatility of the currency,” the source said.

LOL

Does it belong to them already, I thought it would have to go to court to actually seize them properly.

I'm no lawyer but I believe you have to wait until someone is found guilty before you can sell off items seized during an arrest.

As far as seizing the items, I believe all you need is a warrant and you can have items seized/assests frozen before you've ever even been charged with a crime let alone convicted.

Again I'm no lawyer though

What if they keep the "items", but share the information contained in them?

[BTCisthefuture]

Does it belong to them already, I thought it would have to go to court to actually seize them properly.

I too was wondering how the gov could sell seized assets of someone who has not had a trial.

The accused consents to the sale without waiving the right to a trial. Why would someone do that? Because both the accused and gov realize the asset will likely be worthless if they wait until the case is resolved.

Ross may never see the cash. But, at least there is something waiting for him if he can prove his innocence.

What if the accused does not consent to the sale before trial etc.?

Not positive but I believe they have to wait until the trail is over.  Otherwise you'd see too many cases of people having their assets taken and sold off, only to be found not guilty and then how do they get their assets back.

Typically people who agree to the assests being sold off be for trial is a clear indication that they plan on pleading guilty.  Other people who been arrested recently in connection to the silk road have come out and said Ross has cut a deal with the feds and is cooperating with them to avoid the death penalty. If it's true that he agreed that the assets can be sold then it's probably correct that he's cut a deal with the feds and will be pleading guilty.

[BTCisthefuture]

http://techcrunch.com/2014/01/07/the-silk-roads-libertas-is-free-to-the-annoyance-of-us-authorities/

Gov't is spooking the cryptomarket on purpose....  HOLD TIGHT DAMN IT!

“The reason for selling is that the Government has lost faith in the value of bitcoin and does not want to deal with the volatility of the currency,” the source said.

LOL

Does it belong to them already, I thought it would have to go to court to actually seize them properly.

I'm no lawyer but I believe you have to wait until someone is found guilty before you can sell off items seized during an arrest.

As far as seizing the items, I believe all you need is a warrant and you can have items seized/assests frozen before you've ever even been charged with a crime let alone convicted.

Again I'm no lawyer though

What if they keep the "items", but share the information contained in them?

what do you mean ?  can you give an example

[TiagoTiago]

http://techcrunch.com/2014/01/07/the-silk-roads-libertas-is-free-to-the-annoyance-of-us-authorities/

Gov't is spooking the cryptomarket on purpose....  HOLD TIGHT DAMN IT!

“The reason for selling is that the Government has lost faith in the value of bitcoin and does not want to deal with the volatility of the currency,” the source said.

LOL

Does it belong to them already, I thought it would have to go to court to actually seize them properly.

I'm no lawyer but I believe you have to wait until someone is found guilty before you can sell off items seized during an arrest.

As far as seizing the items, I believe all you need is a warrant and you can have items seized/assests frozen before you've ever even been charged with a crime let alone convicted.

Again I'm no lawyer though

What if they keep the "items", but share the information contained in them?

what do you mean ?  can you give an example

Keep the wallet files unchanged, but sign transactions with it. The bitcoins aren't on those harddrives, they are on the millions of copies of the blockchain all around the world.

[Peter R]

The only question I have is how big will the lots be.  100 BTC?  1,000 BTC?  10,000 BTC?  That will be interesting.

324 BTC.

[Rampion]

http://techcrunch.com/2014/01/07/the-silk-roads-libertas-is-free-to-the-annoyance-of-us-authorities/

Gov't is spooking the cryptomarket on purpose....

...So that they can get less for the assets than they would have otherwise?  In any event, this isn't even the worst news of the day, since sources have disclosed that the Chinese and US governments have entered an agreement whereby they work to filter out and block all cryptocurrency network traffic.  Look it up.  It's been confirmed via sources.

Routing bitcoin-qt through Tor is extremely easy - just a couple of clicks.

But I guess yours is irony/satire.

[russokai]

 Other people who been arrested recently in connection to the silk road have come out and said Ross has cut a deal with the feds and is cooperating with them to avoid the death penalty.

Yeah because they give people the death penalty for selling drugs all the time in the USA.  No offense but how dumb are you to believe everything you hear even if makes absolutely no sense?

[BurtW]

He did take out and pay for two contracts on people's lives - although it appears that no one died because of it.  That would be attempted murder I believe, still not a death penalty case as far as I know.

[TheButterZone]

He did take out and pay for two contracts on people's lives - although it appears that no one died because of it.  That would be attempted murder I believe, still not a death penalty case as far as I know.

Attempted murder of a federal witness is a capital offense.

Of course, anybody could have just hopped on TOR and pretended to be Ulbricht including using hacked DPR/SR admin accounts, and also off TOR made bank accounts in his name like ID thieves do all the time, techniques the .gov has infinite evidential knowledge of, and ordered the fake hit(s) knowing that their "hitman" was a colleague, or a civilian only scamming some funds and never intending to actually commit violence.

Easy death penalty for someone who never intended anyone to die.

Will be very surprised if the "hitman" who, IIRC, was in Canada, will ever be publicly identified. That "hitman" got his reward for helping prosecute or perhaps persecute Ulbricht, whether that "hitman" was acting as an agent of the .gov or not. If he is revealed, he might be a dangerous variable in the prosecution's case.

[Dr Bloggood]

However if you take 35,160,043.93 / 144,000 you will see the average price they would get would be $244 per BTC.

Awesome, thanks a lot!

I just don't see the $244, where is that?

See it now?

Ok, I grabbed my calculator, and I can see it now.

Care to elaborate what you meant by "They won't do this, this is just stupid."?

[BurtW]

Care to elaborate what you meant by "They won't do this, this is just stupid."?

Just that they can make a lot more USD by auctioning off the BTC in lots of 100 or 1,000 BTC (which is what I think they will do).

[kwoody]

Silly DPR... why you no secure wallet bettar

[BTCisthefuture]

 Other people who been arrested recently in connection to the silk road have come out and said Ross has cut a deal with the feds and is cooperating with them to avoid the death penalty.

Yeah because they give people the death penalty for selling drugs all the time in the USA.  No offense but how dumb are you to believe everything you hear even if makes absolutely no sense?

No but they do give the death penalty for MULTIPLE murder for hires.   He DPR isn't just facing drug selling charges, hacking charges, money laundering charges......  he's also facing multiple solicitation for murder charges which can carry the death penalty.  Threatening to charge him with the death penalty in order to get him to cop a plea and provide more information wouldn't be all that shocking in the a case like his where the death penalty IS a possible sentence.

[crazy_rabbit]

Still the US gov probably isn't going to just dump this on the exchanges. Just think of how many wall street firms have probably ALREADY approached the FBI about taking those coins off their hands as a lump sum.