Democratic manipulation of the Silk Road 29,655 bitcoins

[Holliday]

The question is what happens to pirates 100k+ coins. I know he still has them.

If you are speaking of pirate@40, I would venture to guess that you are mistaken.

The topic is Silk Road. The "pirate" is "Dread Pirate Roberts" or "DPR".

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[jbreher]

The question is what happens to pirates 100k+ coins. I know he still has them.

If you are speaking of pirate@40, I would venture to guess that you are mistaken.

The topic is Silk Road. The "pirate" is "Dread Pirate Roberts" or "DPR".

Thanks, Holliday. That makes sense. Duh.

Though it seems there is pretty compelling evidence that the FBI has transferred the 29K coins and the 114K coins (or thereabouts?) to addresses under their control. Are we speaking of yet another 100K+ coins? And if so, what evidence is there that DPR still controls them? For that matter, is this DPR or Ulbricht we're speaking of?

edit: The question remains valid - how do you "know he has them", wickedgoodtrader?

If Ulbricht is DPR, and he has yet another 100K+ coins, my guess is he'll fork 'em over to avoid a life sentence for attempted murder for hire. But that's just my personal speculation. If yahoos here "know" he still has them, most likely the FBI will discover solid evidence that he has them.

[Kazimir]

or being held by someone who's going to flush the market down the can

You gotta get some perspective man. 30K coins is by no means gonna "flush" anything.

30K is the avergae volume that's being traded on the exchange market every 6 hours. Really, people somehow seem to think the FBI now owns 50% of all traded coins or something. Get real. They own about 0.25%, and even IF they were to dump it all at once on a single exchange (which they won't, assuming even the FBI is not completely retarded, but for argument's sake let's suppose they will) then the price would just very shortly drop there, and bounce right back again.

[BTCisthefuture]

or being held by someone who's going to flush the market down the can

You gotta get some perspective man. 30K coins is by no means gonna "flush" anything.

30K is the avergae volume that's being traded on the exchange market every 6 hours. Really, people somehow seem to think the FBI now owns 50% of all traded coins or something. Get real. They own about 0.25%, and even IF they were to dump it all at once on a single exchange (which they won't, assuming even the FBI is not completely retarded, but for argument's sake let's suppose they will) then the price would just very shortly drop there, and bounce right back again.

Actually a 30k dump all at once at current prices would drop btc's price down to about $500.  While I agree with you that people would just buy back in and the price would eventually rebound... a drop of $300+ dollars in a matter of seconds is huge and would likely lead to some serious panic selling at first that would drive the price down further.

It's not true that the price would drop only a little if that many coins were unloaded on an exchange at once.

[BurtW]

Actually a 30k dump all at once at current prices would drop btc's price down to about $500.  While I agree with you that people would just buy back in and the price would eventually rebound... a drop of $300+ dollars in a matter of seconds is huge and would likely lead to some serious panic selling at first that would drive the price down further.

It's not true that the price would drop only a little if that many coins were unloaded on an exchange at once.

That would be FANTASTIC.  I am putting in my buy orders now.

[e521]

Actually a 30k dump all at once at current prices would drop btc's price down to about $500.  While I agree with you that people would just buy back in and the price would eventually rebound... a drop of $300+ dollars in a matter of seconds is huge and would likely lead to some serious panic selling at first that would drive the price down further.

It's not true that the price would drop only a little if that many coins were unloaded on an exchange at once.

That would be FANTASTIC.  I am putting in my buy orders now.

Yes I agree with you (both!). We are not sure about buy/sell orders not on the order book, it might not go that down, or maybe even lower. Def. a very good opportunity to buy more coins and many can't wait