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BTCIndia (OP)
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January 17, 2014, 03:28:36 PM |
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Considering there are only two kind of people/organization- rational and irrational. To which category US/FBI belong? I think, rational. And rational people, try to maximize their profit in every possible way as per their knowledge domain. For example, people who hold thousands of coin don't spend in one shot. They spend in chunks depending on price and future prediction. What about FBI/US? Considering, them as an organization/person existing for the good of society. When it comes to money(specially money received for negligible/free)... we all need money. And for everything money is needed. So, according to me-FBI/US will try to maximize their profit, in order to do better for the society, reduce crime etc. And who has better access to testified knowledge? For sure personnel in FBI or government organization. And when they're deciding to sell those seized coin, means they think they can't get more than this. I've ignored judiciary in this assumption as I know nothing about them. Do they order to sell coin? Or organization decides? For sure, organization is also run by officials and most of the decision are taken by top-rational officers. Not referendum.
If they're selling then should I worry? Because they know more than I do and they can take better decision about selling them(perfect time to sell). Or is it other way round that, FBI/US sees opportunity to break confidence of market because plummets when large number of coins are dump and which will further panic market thereby decreasing price more.
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He's Nick Sazbo from Washington. I've my answer. Or Hal? :O
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mprep
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In a world of peaches, don't ask for apple sauce
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January 17, 2014, 04:04:58 PM |
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I heard the Foundation is trying to convince the FBI to sell the BTC in multiple auctions instead of one not to crash the price.
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BTCIndia (OP)
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January 17, 2014, 04:07:01 PM |
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I heard the Foundation is trying to convince the FBI to sell the BTC in multiple auctions instead of one not to crash the price.
And give me one single reason. Why should FBI listen to bunch of techie with a mission to change future of money? |
He's Nick Sazbo from Washington. I've my answer. Or Hal? :O
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mprep
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January 17, 2014, 04:11:59 PM |
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I heard the Foundation is trying to convince the FBI to sell the BTC in multiple auctions instead of one not to crash the price.
And give me one single reason. Why should FBI listen to bunch of techie with a mission to change future of money? Ths foundation consits of businessman, pretty influential. They'll find a way to negotiate with the FBI. Or we're fucked. |
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Kazimir
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January 17, 2014, 04:13:42 PM |
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Well, actually, 30K coins is not that much anymore in the light of normal volumes that are traded already. And that's just on major registered exchanges, not taking into account OTC buying & selling. Based on 114,636 BTC daily, the 29,655 BTC that the FBI is about to sell is what is normally being sold approximately every 6 hours. What's the big fuss about. Yes, if they will instantly dump it on a single exchange, the price will temporarily drop. But only a retarded fool would do it that way. Hmmm then again... it is the government we're talking about... |
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Kazimir
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January 17, 2014, 04:15:32 PM |
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And give me one single reason. Why should FBI listen to bunch of techie with a mission to change future of money? They're trying to change the future of money for the better. Isn't the FBI also supposed to support the same goal, i.e. public interest and benefit?  |
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clubminer
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Let's get rich together
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January 17, 2014, 05:01:01 PM |
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FBI want bitcoin too??  |
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BTC-TK
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January 17, 2014, 05:41:07 PM |
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 If you want Bitcoin to succeed you shall pay us a ransom of 1 (one) billion trillion quadillion BTC *puts pinky finger in mouth* |
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mprep
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January 17, 2014, 06:23:13 PM |
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FBI want bitcoin too?? Doubt that. They will be auctioning those Bitcoins soon, so I don't think it indicates they want them. |
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Buffer Overflow
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January 17, 2014, 06:28:53 PM |
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They will be sold in bulk at a discount auction. No need to worry. This is actually a good thing because it removes uncertainty.
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mprep
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January 17, 2014, 06:32:05 PM |
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They will be sold in bulk at a discount auction. No need to worry. This is actually a good thing because it removes uncertainty.
So once sold, it'll probably be a good time to invest due to the temporary drop of price? |
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romerun
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Bitcoin is new, makes sense to hodl.
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January 17, 2014, 06:36:20 PM |
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can't they just spend it?
if they want guns, they can just buy a stack of gyft cards and have a trip to walmart, or use bitpay to buy daily crap. They should also keep some btc for sting operation and what not
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mprep
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January 17, 2014, 06:42:11 PM |
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can't they just spend it?
if they want guns, they can just buy a stack of gyft cards and have a trip to walmart, or use bitpay to buy daily crap. They should also keep some btc for sting operation and what not
According to the law, Bitcoin is property and all legal confiscated property has to be auctioned off. That's at least what I understood after doing some reading around the webs. |
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EvilPanda
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January 17, 2014, 06:42:15 PM |
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They will be sold in bulk at a discount auction. No need to worry. This is actually a good thing because it removes uncertainty.
So once sold, it'll probably be a good time to invest due to the temporary drop of price? Why would it drop? If you invest milions in BTC you probably know what you're buying - a commodity that gains value over time. I don't think any buyer would just dump his coins at once. Don't believe trolls shouting "sell all, btc will crash because FBI will just pick one random exchange and dump all their coins at once". |
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mprep
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January 17, 2014, 06:46:26 PM |
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They will be sold in bulk at a discount auction. No need to worry. This is actually a good thing because it removes uncertainty.
So once sold, it'll probably be a good time to invest due to the temporary drop of price? Why would it drop. If you invest milions in BTC you probably know what you're buying - a commodity that gains value over time. I don't think any buyer would just dump his coins at once. Don't believe trolls shouting "sell all btc will crash because FBI will just pick one random exchange and dump all their coins there at once". Well stupid people exist. You never know, what they will do. |
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BTCIndia (OP)
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January 17, 2014, 06:50:02 PM |
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They will be sold in bulk at a discount auction. No need to worry. This is actually a good thing because it removes uncertainty.
If they're going to auction, rather then dumping in exchange then for sure this is good news. People participating in auction won't be some common man. But, people with large amount of money and understand of system will only dare to buy(or bitfool) so many coins in bulk. If they're going to auction it in bulk and there is good competition among buyers then, it bid price is assumed to be higher then exchange. You never know.. Winklevoss bidding against Zukerberg.  Look forward to FBI action for buying FBI satoshi.  |
He's Nick Sazbo from Washington. I've my answer. Or Hal? :O
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kireinaha
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January 17, 2014, 07:09:55 PM |
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The auction will be kept secret from the general public and in all likelihood, will be sold for bargain prices to FBI insiders. By the time prices start to drop, the auction will already be over and bitcoin traders will be none the wiser. Weeks later, a bulletin will go out from the FBI declaring that they've been sold, and that will be it.
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Night gathers, and now my bitcoinwisdom watch begins.
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LiteCoinGuy
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In Satoshi I Trust
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January 17, 2014, 07:10:58 PM |
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They will be sold in bulk at a discount auction. No need to worry. This is actually a good thing because it removes uncertainty.
So once sold, it'll probably be a good time to invest due to the temporary drop of price? probably. |
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ProfMac
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January 17, 2014, 07:34:36 PM |
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I Googled "FBI auctions" and found this link for siezed property. My impression from this reading is that the government has the option to sell items at auction or at fixed price. I suspect that an option they have is to place a limit order on one of the currency exchanges. http://www.govsales.gov/govsales/govsales/ |
I try to be respectful and informed.
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Buffer Overflow
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January 17, 2014, 07:47:46 PM |
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They will be sold in bulk at a discount auction. No need to worry. This is actually a good thing because it removes uncertainty.
So once sold, it'll probably be a good time to invest due to the temporary drop of price? If they are sold in bulk to private buyer(s), the price will be unaffected. |
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