Public online auction for confiscated BTC tomorrow 25 Sep 2019

[buwaytress]

On behalf of the UK government: https://www.wilsonsauctions.com/timed-auction/listings?salecode=192398
GBP 500 deposit, passport/ID verification, proof of address, and you can bid on lots starting at 0.25 BTC.

No reserves, no limits.

I've always wondered how much people buy crypto at auctions for, and why police didn't simply just sell them. After 15% commission, the bitcoin must be going for max 80% of average price. Anyone know any info on this?

Would have participated if not for the lot size. Can't afford to bid for 0.25 BTC plus the deposit!

Anyone interested?

[GreatArkansas]

No reserves, no limits.

Is that 'no limits' on how much you gonna buy bitcoin? If yes, how come that it can be no limits?
I'm still confused how the online auction for confiscated BITCOIN will go, how they can create their own price?
They will based on the current price of Bitcoin or much lower on it? Because if you will just buying on the action and if you compare that on the price of Bitcoin now, if your total costs buying on auction is much higher compare on just buying on some exchanges, then it's useless.

[muslol67]

GBP 500 deposit, passport/ID verification, proof of address, and you can bid on lots starting at 0.25 BTC.

no exchange does not want so much at the same time. And while the price for the purchase is visible to everyone ...

Moreover, data such as KYC is requested by a country. Interesting.
I think only UK citizens can participate?

[Jet Cash]

Transaction Fees: The winning bidder of each Lot will be responsible for all respective blockchain fees, including but not necessarily limited to transaction fees. These are fees that are set by the blockchain and are out of Wilsons Auctions control.

This looks like a bit of an open ended charge. Obviously the "blockchain" doesn't set the fees, but the wallet provider that is holding the funds does. There is probably no incentive to minimise this.

I'm not sure that crypto is subject to VAT, but the auctioneer's fee will be, and this may include a buyer's premium. A quick look at the terms didn't provide much clarity. My feeling is that the smaller lots will be over priced, and the larger lots will provide the bargains. If the sales are run through existing exchanges, rather than P2P transactions, then it may affect the price of Bitcoin, so the best deals may result from normal dealing through your favourite exchange. Wilson's have conducted crypto auctions in the past, so it will be interesting to read the various analysis papers that will be produced after the auctions.

[HeRetiK]

Would have participated if not for the lot size. Can't afford to bid for 0.25 BTC plus the deposit!

There's also a Lot at 0.1028 BSV maybe just go for that one!

Any sources on where these coins came from? Have there been any major Darknet market busts in the UK lately? Or are we looking at the Queen's secret stash and she's become tired of hodling?

[gentlemand]

no exchange does not want so much at the same time. And while the price for the purchase is visible to everyone ...

Moreover, data such as KYC is requested by a country. Interesting.
I think only UK citizens can participate?

Apart from the deposit thing that's exactly how exchanges should operate, but don't.

I can buy millions of pounds in stocks and all I need is photographic ID and proof of address. Try putting 20 grand through Bitstamp and wait for them to demand the right to crawl up your anus and live inside your mind for six months.

I'm still confused how the online auction for confiscated BITCOIN will go, how they can create their own price?
They will based on the current price of Bitcoin or much lower on it? Because if you will just buying on the action and if you compare that on the price of Bitcoin now, if your total costs buying on auction is much higher compare on just buying on some exchanges, then it's useless.

It's a government commissioned auction. They won't pay any attention to the Bitcoin market. It's down to whoever turns up to bid to set the price. They might get lucky, they might all ruin each other. It's not anyone's problem but theirs.

[Juggy777]

On behalf of the UK government: https://www.wilsonsauctions.com/timed-auction/listings?salecode=192398
GBP 500 deposit, passport/ID verification, proof of address, and you can bid on lots starting at 0.25 BTC.

No reserves, no limits.

I've always wondered how much people buy crypto at auctions for, and why police didn't simply just sell them. After 15% commission, the bitcoin must be going for max 80% of average price. Anyone know any info on this?

Would have participated if not for the lot size. Can't afford to bid for 0.25 BTC plus the deposit!

Anyone interested?

I would never participate in any government auctions relating to bitcoins because it’ll lead them to me, and they can ask me to pay taxes on my existing bitcoins or even charge me retrospectively for my transactions. Also their terms are unfair to the buyers as they’re selling it above market rates, only a fool will want to buy from them.

[diazepam666]

Are you part of this auction team from UK?

Why is that only available for UK citizens? If there is any options to all people participating on it, you may share it to auctions board. Here is the auction board link, it will be helpful for right people looking for this info.

https://bitcointalk.org/index.php?board=73.0

[gentlemand]

Are you part of this auction team from UK?

Why is that only available for UK citizens? If there is any options to all people participating on it, you may share it to auctions board. Here is the auction board link, it will be helpful for right people looking for this info.

According to this press release from last year - https://www.wilsonsauctions.com/news/wilsons-auctions-hitting-a-global-audience/

"Whilst we are firmly physical auctioneers, our auctions are all live online these days, and we frequently have specialist auction events, so our customers can come from anywhere in the world."

But there's no country option on their register page so I'm not sure what's what.  

I really doubt it's worth bothering because of the 15% buyers' premium and it's likely there'll be VAT on that 15%. I'll bet many of the marks who get excited and bid will forget about that little detail.

[buwaytress]

Far as I can tell, it is open to public but I didn't look in detail if this is restricted to UK. The press release stated "online global audience". I imagine it is judging from the simple form.

Also from the PR, it is from:
"Eastern Region Special Operations Unit (ERSOU) having been seized from a criminal who illegally supplied online personal data and hacking services in exchange for thousands of pounds worth of cryptocurrency."

And yeah proof and address and ID is enough, seems fair to me and as gentlemand points out should be the extent of what an exchange asks for.

Crazy bid for 0.1 bsv and 0.03 eth too. Should have lumped the lots but I guess they wanna try get lucky.

Also, didn't post in auctions as this is just news of an auction and link to it.

[gentlemand]

Crazy bid for 0.1 bsv

About nine quid?

I occasionally observe liquidation auctions and the odd government one and the prices are often totally ludicrous. People seem to get into their mind that because it's an auction it's a bargain no matter what and all reason goes out the window.

A big camera chain sold thousands of items of stock through a place like this when they went down. Almost every item was 10-50% more than brand new and that's without the premium.

I'm interested to see how this one pans out. I get the feeling it might not attract the hard nosed crowd that the US Marshals auctions did. It might be all overexcited grannies. Maybe Craigy can claim the market has declared BSV is worth £10,000 when that 0.1 is mistakenly bought.

I like the PR cheese though.

[Mbitr]

I think this auction is available to a worldwide audience. After doing a bit of research, they did an auction in January of this year, details -

https://www.wilsonsauctions.com/news/wilsons-auctions-launches-uk-s-first-seized-cryptocurrency-auction/

I can’t believe they know much about crypto currencies , but it will be interesting to see what happens and if anyone on the forum gets involved, please let us know how your experience was.

[Lucius]

Also from the PR, it is from:
"Eastern Region Special Operations Unit (ERSOU) having been seized from a criminal who illegally supplied online personal data and hacking services in exchange for thousands of pounds worth of cryptocurrency."

So it's dirty crypto, what attitude the exchange offices will have if we send them such coins? Maybe the UK government should issue a certificate with them as well "marked as criminal coins - now cleaned by UK government"

No doubt there will be interested buyers, especially if it is an international auction. This type of sales may also be a good promotion for Bitcoin, it shows that there is some value in crypto and that even governments know they can make money from trading Bitcoins. It would be interesting to know how long these coins were in possession of ERSOU.

[DeathAngel]

I like the PR cheese though.

Look at the guy on the right, jerk looks like something out of Lord Of The Rings.

[Lizzylove1]

I hope the government is not trying to obtain bitcoin traders and see how to monitor them for strict tax payment? If they are really serious, they should look for a trusted exchange to conduct this, they may want to restrict any nationality of their choice if they dime it fit. 

[gentlemand]

I hope the government is not trying to obtain bitcoin traders and see how to monitor them for strict tax payment? If they are really serious, they should look for a trusted exchange to conduct this, they may want to restrict any nationality of their choice if they dime it fit. 

No way will the government go anywhere near any piece of crap exchange. All they want to do is sell something. They'll use the same routes they've always used. If people want it they'll show up and pay just like everything else. It certainly has no shortage of publicity now.

[Tonteus]

Not heard about this, thank you for information

[Kakmakr]

Would have participated if not for the lot size. Can't afford to bid for 0.25 BTC plus the deposit!

There's also a Lot at 0.1028 BSV maybe just go for that one!

Any sources on where these coins came from? Have there been any major Darknet market busts in the UK lately? Or are we looking at the Queen's secret stash and she's become tired of hodling?

I watched a new documentary on UK law enforcement and the most expensive items they auctioned on that auction was bitcoins that were recovered. https://www.bbc.com/news/uk-wales-49342397   I cannot remember what it was called, but they found it in a drug dealers house with a lot of other expensive items. <watches & shoes and jackets etc.>

We cannot deny that bitcoins are slowly but surely attracting a lot of bad elements, because of it's anonymity features. I hope a hoarder will buy these coins and not someone that is just going to buy it and immediately sell it for a profit.  

See there are some Alt coins too... <ZCash>

[gentlemand]

Look at the guy on the right, jerk looks like something out of Lord Of The Rings.

He might well be reading this. You just needlessly hurt his feelings.

We cannot deny that bitcoins are slowly but surely attracting a lot of bad elements, because of it's anonymity features. I hope a hoarder will buy these coins and not someone that is just going to buy it and immediately sell it for a profit.  

My guess is that there won't be any short term profit in this. It's going to be bid up beyond the market cost because some won't be thinking about the buyer's premium and others won't bother to check the current market price.

That 0.1 BSV is already only a quid or two off market value with the premium included.

The median on the front page is about £4300 for each bitcoin another 23 hours or so to go.

[virasisog]

I think this auction is available to a worldwide audience. After doing a bit of research, they did an auction in January of this year, details -

https://www.wilsonsauctions.com/news/wilsons-auctions-launches-uk-s-first-seized-cryptocurrency-auction/

I can’t believe they know much about crypto currencies , but it will be interesting to see what happens and if anyone on the forum gets involved, please let us know how your experience was.

This is the first time i heard something like this, and as i read the article this is a first also in UK
But having this auction happen by the authorities obviously is catching the attention of their locals and international as well