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Author Topic: BTC price will stagnate in November  (Read 2174 times)
Wary
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July 10, 2014, 03:23:12 AM
 #1

The Ulbricht's trial is scheduled to November.
"the case is now expected to move to trial with a 3rd November start date".
" http://www.coindesk.com/ross-ulbricht-loses-bid-dismiss-federal-silk-road-suit/

After the trial 144K bitcoins will be sold on auction. It'll be like June auction, but in bigger scale.

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Wary
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July 10, 2014, 03:33:37 AM
 #2

You're assuming he loses at trial.

Which he will. Most juries have the, "The government isn't ever wrong" mindset.

I'd imagine this trial could take a couple of months. This isn't your average run-of-the-mill drug conspiracy case.

Those coins aren't getting sold until mid 2015, assuming Ross loses.
Yes, I'm afraid he will lose. As for timing, you are probably right: the trial will take long time, then there would be some appeals etc, so mid-15 is more realistic time.

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July 10, 2014, 03:36:51 AM
 #3

Prosecutor to potential jurors: Have you ever purchased a Bitcoin?  You have?  Ok, you can go home.
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July 10, 2014, 03:41:58 AM
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Proving he is guilty is one thing. Proving ALL of the coins were profit from SR is another thing. I am assuming when he got paid by SR, the BTC was sent through a tumbler, so for them to prove which coins are his and which coins are from SR will take forever if even possible.

Also, I'm not 100% convinced he will be proven guilty of ALL charges.
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July 10, 2014, 04:11:03 AM
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Proving he is guilty is one thing. Proving ALL of the coins were profit from SR is another thing. I am assuming when he got paid by SR, the BTC was sent through a tumbler, so for them to prove which coins are his and which coins are from SR will take forever if even possible.

Also, I'm not 100% convinced he will be proven guilty of ALL charges.

Bitcoin is fungible like cash. The prosecutor doesn't need to prove a particular banknote is profit from drug dealing. The same principle should apply to bitcoin

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July 10, 2014, 05:37:18 AM
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Proving he is guilty is one thing. Proving ALL of the coins were profit from SR is another thing. I am assuming when he got paid by SR, the BTC was sent through a tumbler, so for them to prove which coins are his and which coins are from SR will take forever if even possible.

Also, I'm not 100% convinced he will be proven guilty of ALL charges.

Bitcoin is fungible like cash. The prosecutor doesn't need to prove a particular banknote is profit from drug dealing. The same principle should apply to bitcoin

Yes BUT

They need to prove that he made an equivalent amnt of BTC equal to the amount they seized.  Not that they seized the RIGHT btc, but that they seized the RIGHT AMNT of BTC.

See?

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July 10, 2014, 05:44:31 AM
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Proving he is guilty is one thing. Proving ALL of the coins were profit from SR is another thing. I am assuming when he got paid by SR, the BTC was sent through a tumbler, so for them to prove which coins are his and which coins are from SR will take forever if even possible.

Also, I'm not 100% convinced he will be proven guilty of ALL charges.

Bitcoin is fungible like cash. The prosecutor doesn't need to prove a particular banknote is profit from drug dealing. The same principle should apply to bitcoin

Yes BUT

They need to prove that he made an equivalent amnt of BTC equal to the amount they seized.  Not that they seized the RIGHT btc, but that they seized the RIGHT AMNT of BTC.

See?

I think prosecutors face the same problem in traditional drug cases. Since they have seized the SR server, it shouldn't be too difficult to guesstimate his profit

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July 10, 2014, 09:17:01 AM
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I gotta say, it's pretty obvious that none of you guys have ever had the misfortune of having to deal with a federal prosecution.

I'm not saying that in a condescending way. I'm saying it in an envious way.

The truth is a federal prosecutor can walk into a courtroom with his penis hanging out of his pants in a clown suit. Federal judges are rubber stamps for the US Attorney's Office, plain and simple. This isn't a state/local court where legal precedent and constitutional rights are valued. This is a dog-and-pony show designed to give the illusion of fairness.

The truth is, they might as well take him out back and put him down like Old Yeller if he goes to trial. He's not going to win. He's just not.

There is a reason that U.S. federal conviction rates are on par with Russia, China and other horrendously unfair justices systems throughout the world.

The sad thing is, 99% of Americans are completely oblivious to the miscarriage of justice carried out every day in any federal court in the country. Ask any attorney that deals specifically in federal cases. Ask any retired federal prosecutor. Ask any retired federal judge. It's downright wrong how unfair some of these prosecutions are.

When you are indicted, it's not a question of *if* you're going to jail...it's a question of for how long.

The only system that's worse is the UCMJ.

I honestly have no idea how federal prosecutors sleep at night. Sure, in some cases they are doing society a great service. Unfortunately, in a disproportionately high amount of cases, they are causing so much more societal harm than good.

I don't know about you, but I don't think 19 year old crack addicts that get tied up in drug conspiracies deserve 20 year mandatory minimum sentences, without parole. Particularly when no violence is even alleged.

It's quite despicable, actually.



I'm not an American, but I suppose the SR case will be judged by a jury?

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theonewhowaskazu
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July 10, 2014, 09:39:59 AM
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I'm not an American, but I suppose the SR case will be judged by a jury?

If he goes to trial, yes.

Only a fool goes to trial in the federal system.

Only a really big fool has a bench trial (i.e. judge decides, no jury) in the federal system.


Complete noob q: what's the alternative to a trial?

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July 10, 2014, 09:42:09 AM
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I'm not an American, but I suppose the SR case will be judged by a jury?

If he goes to trial, yes.

Only a fool goes to trial in the federal system.

Only a really big fool has a bench trial (i.e. judge decides, no jury) in the federal system.



How could he escape from a trial? The only way I know is pleading guilty.

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July 10, 2014, 10:17:49 AM
 #11

Prices may stagnate in November, it can also rise to $800 and stagnate. There are other things happening too, like the ETF, eBay, Russia, China... I am still optimistic on bitcoin in 2014.

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July 10, 2014, 01:24:03 PM
 #12

Prices might stagnate if there are no big events that will happen on the following months. Until then, we cannot tell exactly how the price would be. On the side note, I felt bad for the guy. How on earth could he win on a case wherein the prosecution only believes what they believe and would not care to listen to the plea of the accused? I hope that the case would be fair for the accused. Money money money. Tsk tsk tsk.

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July 10, 2014, 01:24:22 PM
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Stagnate means stability, which is good for merchant payment system.
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July 10, 2014, 06:48:31 PM
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He was calling himself a noob...
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July 10, 2014, 06:48:44 PM
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^ Dude, calm down. You misunderstood him, he wasn't calling you a noob. He was asking a noob question.

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July 10, 2014, 06:57:23 PM
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Oooh the constitution is soooo freaking dead.
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July 10, 2014, 07:46:27 PM
 #17

You might want to check out this site:
http://freeross.org/

It tells you everything you should know about the case and why you should make a donation. I made a 5$ donation, it's the least I can do and let's be honest -- making donations has never been easier than it is now with the help of Bitcoin Cheesy

To me the most important aspect of the case is the fact that Ross did not sell drugs himself. The content was all user generated so the feds should go after the vendors for the drug money and apply violation of some e-shopping laws to Ross instead of blaming him for selling drugs. Also, drugs were just one aspect of the market. FBI stealing your bitcoins from SR because you wanted to buy a yubi key is not right.

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