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wobber
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March 02, 2014, 03:21:28 PM
 #1

The thing is, FBI sits on 144k coins seized from SilkRoad (even more if we count DPRs). Bad thing.

Bitcoin itself was derailed from it's intended purpose of a e-cash system to an insane speculative instrument. People that do that do not care about bitcoin they care about USD. Even if they want more coins, in the end they do that to have more leverage when the price goes up.

Serious issue here guys: If Gox coins are in hands of goverment, any goverment, hell, even in hands of a group of dudes, then bitcoin is fucked.
A big percent of all coins in goverment hands is a disaster. Even if now price is ok, what the hell will happen when we find out that US gov is selling? This is not a dude from early years selling 144k. It's the US! Major publicity around BEFORE the actual sell off.

People used bitcoin in a centralized manner, letting sites like MtGox and SilkRoad to keep their bitcoins.

I really really hope we all learned from this and I make an appeal to you guys: don't keep more than a few coins anywhere than your cold wallet.

If you hate me, you can spam me here: 19wdQNKjnATkgXvpzmSrkSYhJtuJWb8mKs
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Ibian
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March 02, 2014, 03:34:37 PM
 #2

If the fed sells their coins they validate it. If they just auction it off like any other random item they don't influence the market in any meaningful way. Screw your fearmongering.

And I dont care about dollar. I care about kroner. Dip.

There is no bubble.
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March 02, 2014, 04:15:15 PM
 #3

if the US Government rly has ~ 7 % of all coins, then btc is damaged hard.

Time for satoshi to come out of his hole and make btc2 for a fresh start.
Dalmar
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March 02, 2014, 04:33:14 PM
 #4

That fed guy Prof Bitcorn warned us that bitcoin will hit 10 bucks by the summer. Maybe he has inside info on something and is trying to give us hints. Would be epic if it actually played out that way.

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heskey
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March 02, 2014, 04:38:47 PM
 #5

if the US Government rly has ~ 7 % of all coins, then btc is damaged hard.

Time for satoshi to come out of his hole and make btc2 for a fresh start.
That was their plan all along, to kill bitcoin and release their own coin, Etherium - which be their new economical tool of oppression.

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pungopete468
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March 02, 2014, 04:45:35 PM
 #6

Honestly...

What difference does it make? If they sell; EVER it's only temporary. It's not like they can sell them twice.

Bitcoin won't be screwed, the distribution of coins will move around naturally. Honestly, if Bitcoin is ever used as a primary tool for commerce various governments will end up with more than 7%.

The demand is based on the number of people using it. Every time the price takes a steep fall more coins are bought and pulled from the market, the wealth is distributed among new buyers.

Who cares? The government selling coins would be viewed more Bullish than MtGox bankruptcy, if anything it would be seen as a golden opportunity and spark a massive rally.

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fonzie
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March 02, 2014, 05:07:30 PM
 #7

Honestly...

What difference does it make? If they sell; EVER it's only temporary. It's not like they can sell them twice.

Bitcoin won't be screwed, the distribution of coins will move around naturally. Honestly, if Bitcoin is ever used as a primary tool for commerce various governments will end up with more than 7%.

The demand is based on the number of people using it. Every time the price takes a steep fall more coins are bought and pulled from the market, the wealth is distributed among new buyers.

Who cares? The government selling coins would be viewed more Bullish than MtGox bankruptcy, if anything it would be seen as a golden opportunity and spark a massive rally.



Where exactly do you see(smell) that bullishness due to the MtGox bankruptcy???

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pungopete468
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March 02, 2014, 05:32:57 PM
 #8

Honestly...

What difference does it make? If they sell; EVER it's only temporary. It's not like they can sell them twice.

Bitcoin won't be screwed, the distribution of coins will move around naturally. Honestly, if Bitcoin is ever used as a primary tool for commerce various governments will end up with more than 7%.

The demand is based on the number of people using it. Every time the price takes a steep fall more coins are bought and pulled from the market, the wealth is distributed among new buyers.

Who cares? The government selling coins would be viewed more Bullish than MtGox bankruptcy, if anything it would be seen as a golden opportunity and spark a massive rally.



Where exactly do you see(smell) that bullishness due to the MtGox bankruptcy???

Every time the MSM announces that Bitcoin is dead it pushes Bitcoin towards a Bullish trend. What doesn't kill it has historically made it stronger and one of the variables I've seen preceding a major price rally is the amount of negative attention in the time before the price spike.

The fact that Bitcoin continually survives these events gives investors a sense of security (new investors will no doubt have a trailing stop loss once they buy, but they will buy when they feel comfortable that it's going to survive).

Greed trumps all in economics. Bitcoin survives and will be used for personal gain by those who see an opportunity to gain.

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donjoe
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March 02, 2014, 05:43:41 PM
 #9

Quote
Bitcoin itself was derailed from it's intended purpose of a e-cash system to an insane speculative instrument.
Nope, not derailed. It was always part of the design to make it attractive first as an instrument of speculation and to only stabilize it later after all the 21 MBTC were mined. That it would get that far, however, was merely a hope, not a guarantee. Smiley
MatTheCat
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March 02, 2014, 09:01:25 PM
 #10

The thing is, FBI sits on 144k coins seized from SilkRoad (even more if we count DPRs). Bad thing.

Bitcoin itself was derailed from it's intended purpose of a e-cash system to an insane speculative instrument. People that do that do not care about bitcoin they care about USD. Even if they want more coins, in the end they do that to have more leverage when the price goes up.

Serious issue here guys: If Gox coins are in hands of goverment, any goverment, hell, even in hands of a group of dudes, then bitcoin is fucked.
A big percent of all coins in goverment hands is a disaster. Even if now price is ok, what the hell will happen when we find out that US gov is selling? This is not a dude from early years selling 144k. It's the US! Major publicity around BEFORE the actual sell off.


Relax dude. Bitcoin is the result of over 15 years of NSA cryptographic research. U didn't really think it was created by some shy retiring libertarian Japanese computer geek Manga fan sitting in his mother's attic did you?

Everything is going to plan. The US government started off with 100% of the coins cos Satoshi Nakamoto is a code name for a collective operation working for uncle Sam. Bitcoin is a surreptitious means to undermine the currencies of the US's natural enemies and any developing countries they wish to exploit even more. China and Russia know this, which is a big part of the reason why they have stamped down on it.

Bitcoin's success could have brutal effects on establishment financial institutions operating profits. The big banks although no doubt already speculating in Bitcoin, will want to keep it down, or even kill it. But Bitcoin is to serve higher political purposes and Western Nations will not ban it, but regulate it and it will be permitted. Even if Bitcoin is driven down to double digits. It will survive and grow and grow until it has done the job it was intended to do. The powers that sponsered it's conception in an NSA cryptology lab some  20 years ago and subsequent development into the world's first fully fledged 'decentralised currency', will ensure that financial sector and any collective of politicians that they lobby do not get their way with Bitcoin.

In the end, Bitcoin will go up in smoke and take hundreds of billions of global wealth with it, at which point 666Coin will be brought into to replace it, and we will finally have the global digital currency of the great beast, as per Book of Revelations.

Pretty slick, huh?

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March 02, 2014, 09:01:49 PM
 #11

Rich folks have already made offers on the 144k coins. Heck, even everyone's favorite shill, Max Keiser made an offer on television. We've already discussed this ad nauseum on the spec subforum. Folks looking to take a large BTC position would love for the opp to get 144k off-exchange from a reputable seller without massive slippage, and would pay a premium to do so. This is not wishy-washy irrational perma-bull wet dream, this is reality.

But, continue with your tinfoil hat rampage ;-) Pretend that the FBI will dump 144k at once on Gox once it re-opens again or something equally retarded :-P
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