US State Seeks to Confiscate $24 Million in Dark Web Bitcoin

[kzr_sk]

The U.S. government is seeking to forfeit 4,000 bitcoins that were seized during a crackdown of vendors on darkweb marketplaces - an amount that worth over $24 million as of press time! That's an enough amount of Bitcoin to fluctuate the market. What do you think ?

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[stompix]

Add some info when you start a topic, not just throw two lines and be done with it

Maryland Men Indicted on Charges Relating to Dark Web Drug Distribution and Money Laundering; Government Seized more than $22 Million in Assets


As for your question, it's going to take a lot of time before those coins will be sold, and they will go to an auction not to an exchange, just like it happened in the past with SR's coins.
Nothing to affect the price at this point.

[vnck25]

I think its a good deed. Thinking about the future it is important to restrict and stop any sort of illegal activities done using Bitcoins as well as other cryptocurrencies. This will lead to a positive impression of all cryptocurrencies across the general public as well as businesses. I believe there should be some sort of regulations as well as monitoring with regards to these cryptos. I am happy if this actually happens!

[Golftech]

Add some info when you start a topic, not just throw two lines and be done with it

Maryland Men Indicted on Charges Relating to Dark Web Drug Distribution and Money Laundering; Government Seized more than $22 Million in Assets


As for your question, it's going to take a lot of time before those coins will be sold, and they will go to an auction not to an exchange, just like it happened in the past with SR's coins.
Nothing to affect the price at this point.

Thanks for sharing, I was also interested to see the information about OP's thread, as far as I understand after they collect that coin they will hold it  and like what you have said same thing with previous incident it will go for auctions and whoever wins then that will be the time that we will expect the coins to be circulated back to the exchange, holders will be the one to choose, let see and wait and read more about this news and wait for more updates, that's a lots of coin to hold anyway..

[jefrystar]

Thanks for this. I think this may affectthe crypto market positively.

[eternalgloom]

4000 BTC is enough to fluctuate the market you say? I really doubt that it would have that big of an effect.
Current 24-hour volume is  520,641 BTC according to Coinmarketcap. Even if you sell those 4k BTC on one exchange, I doubt we'll see much movement either way.

[stompix]

4000 BTC is enough to fluctuate the market you say? I really doubt that it would have that big of an effect.
Current 24-hour volume is  520,641 BTC according to Coinmarketcap. Even if you sell those 4k BTC on one exchange, I doubt we'll see much movement either way.

Kobayashi might say otherwise....
How much of that volume is fakes so that some Chinese exchanges can claim to be nr1 in the world?
One 1000 BTC drop and we went down 300$ last time,  I'm not that eager to see 4000BTC dumped at once.
But the feds will never sell the coins on an exchange with fluctuating prices.

[cellard]

4000 BTC is enough to fluctuate the market you say? I really doubt that it would have that big of an effect.
Current 24-hour volume is  520,641 BTC according to Coinmarketcap. Even if you sell those 4k BTC on one exchange, I doubt we'll see much movement either way.

Kobayashi might say otherwise....
How much of that volume is fakes so that some Chinese exchanges can claim to be nr1 in the world?
One 1000 BTC drop and we went down 300$ last time,  I'm not that eager to see 4000BTC dumped at once.
But the feds will never sell the coins on an exchange with fluctuating prices.

It wouldn't be the end of the world, but at current prices it would be a problem, given the fact that we seem to be stuck in nowhere's land on this sort of $6k limbo. If someone dumps 4000 at once, we could lose the $5000-ish resistance which would lead to further panic selling. If the 4000 sale happens on other price ranges, it wouldn't matter that much.

Governments are supposed to use OTC market to auction the coins, but Kobayashi signed up to Kraken to dump the Gox stacks. Govs can be incompetent and screw up Bitcoin investors, they can be reckless. If they were smart they would be buying the coins themselves or simply holding them in vaults. Imagine if they held all the Silk Road coins.

[Crypto.mgt]

I think this is a very good decision. This will drop a positive impression among all the cryptocurrencies across everywhere including the businesses. I think this is a good step for a better future.

[112tigra112]

 I heard from the news in my country, that's some of the government guys from America, attending to confiscate some really big amounts of Bitcoin and then just sell them from the exchange, that's silly.

[thomascrypto61]

The US government has declared to regaing 4k bitcoins which are worth over 24 million USD which were seized from the darkweb market places during a crackdowm of vendors.

[Patatas]

The U.S. government is seeking to forfeit 4,000 bitcoins that were seized during a crackdown of vendors on darkweb marketplaces - an amount that worth over $24 million as of press time! That's an enough amount of Bitcoin to fluctuate the market. What do you think ?

Nope, very small amount to shake the market. You might be interesting case where court is planning to pay back the bitcoins stolen at the MT.Goxx hack to their rightful owners. They are a lot of coins and if they are circulated in the market, I'm assuming it will shake the price down letting bitcoin fall below 2k as these people will make enough money by just selling them at the current rates compared to what they bought at during the Mt.Goxx phase.

[eternalgloom]

4000 BTC is enough to fluctuate the market you say? I really doubt that it would have that big of an effect.
Current 24-hour volume is  520,641 BTC according to Coinmarketcap. Even if you sell those 4k BTC on one exchange, I doubt we'll see much movement either way.

Kobayashi might say otherwise....
How much of that volume is fakes so that some Chinese exchanges can claim to be nr1 in the world?
One 1000 BTC drop and we went down 300$ last time,  I'm not that eager to see 4000BTC dumped at once.
But the feds will never sell the coins on an exchange with fluctuating prices.

I would need to see proof that the majority of that volume is fake, before I could even think about agreeing with you.
I'm giving you the exact volume stats from Coinmarketcap. https://coinmarketcap.com/currencies/bitcoin/#charts

Now you give me the evidence for that 300$ drop that 'happened' when someone dumped a measly 1k BTC

[kofibee12]

Government actions like these can help save bitcoins name from illegalities. Darkweb is not fun of only bitcoins as payment processor but with monero and other anonymous coins too.

[pauline_78]

Its a great initiative. Because they are eliminating illegal transaction. If this happen people will show more attraction about this market and they will invest on this market. That’s why i think need more monitoring for removing illegal transaction.

   

[sufiasyl]

This is really good decision taken by U.S based on this many drugs and illegal act are happening vai dark web also few people are misusing the btc also they are trading those things via btc so this should be regulate properly based on this they should monitor this issues also.

[GalenResty]

Maybe you are right. The Cryptocurrency market is always fluctuating. Maybe this crash on dark web might have contributed to the price of Bitcoins.

[BitcoinHodler]

these amounts, no matter how big they seem to be, has never affected bitcoin price in the history of bitcoin. and we have had quite a lot of them so far in the past 9 years and this one is not even the biggest.
so no, if you are waiting for some sort of drop because of this then don't hold your breath.

[JerryJam]

I think that the confiscated amount will not affect the price of bitcoin most Likely this amount will go to charity or to purchase medical equipment.But this is not important. The main thing that the crime is solved and the criminals will be punished to the fullest extent of the law.

[stompix]

4000 BTC is enough to fluctuate the market you say? I really doubt that it would have that big of an effect.
Current 24-hour volume is  520,641 BTC according to Coinmarketcap. Even if you sell those 4k BTC on one exchange, I doubt we'll see much movement either way.

Kobayashi might say otherwise....
How much of that volume is fakes so that some Chinese exchanges can claim to be nr1 in the world?
One 1000 BTC drop and we went down 300$ last time,  I'm not that eager to see 4000BTC dumped at once.
But the feds will never sell the coins on an exchange with fluctuating prices.

I would need to see proof that the majority of that volume is fake, before I could even think about agreeing with you.
I'm giving you the exact volume stats from Coinmarketcap. https://coinmarketcap.com/currencies/bitcoin/#charts
Now you give me the evidence for that 300$ drop that 'happened' when someone dumped a measly 1k BTC

Yeah, people were saying fake fake fake when OK and huobi were faking trades in 2013 but nobody listened.
It took a year until the public finally understood but seems like it was ages ago and the human memory can't keep with it.

https://medium.com/@sylvainartplayribes/chasing-fake-volume-a-crypto-plague-ea1a3c1e0b5e

Seen it before:
https://bitcointalk.org/index.php?topic=3173106.0
https://bitcointalk.org/index.php?topic=4505046.0

As for the dump, check any trading tool and look for the volume during the drops.
In the previous one from 6260- to 6100  the entire volume during the drop was just 900 coins (sells plus buys) on Bitfinex, and that's the second largest exchange right now.

And now seriously, your proof is coinmarketcap? At least don't insult me, plz  

It wouldn't be the end of the world, but at current prices it would be a problem, given the fact that we seem to be stuck in nowhere's land on this sort of $6k limbo. If someone dumps 4000 at once, we could lose the $5000-ish resistance which would lead to further panic selling. If the 4000 sale happens on other price ranges, it wouldn't matter that much.

Governments are supposed to use OTC market to auction the coins, but Kobayashi signed up to Kraken to dump the Gox stacks. Govs can be incompetent and screw up Bitcoin investors, they can be reckless. If they were smart they would be buying the coins themselves or simply holding them in vaults. Imagine if they held all the Silk Road coins.

Of course, it's not going to be the end of the world or the end of BTC, but it's pretty funny to see people downplaying a 4000BTC dump right now.
Especially since between our posts we have already gone below 6000 , 

The thing is that the US Marschall is not a bank or an investment company so they can't store anything of value or enter speculation territory.Might seem ironic but right now, it's better that those coins are locked rather than in the wallet of somebody who might cash out...