$39 Million Worth of BTC Will Be Auctioned Off by US Government

[Becky666]

The united State Government is about to release $39m bitcoin worth for auction to individual who win the bid. According to the news; these bitcoin  were the ones seized from cryptocurrencies scammers around the industry and with those who were indicated of fraud. Here is my concern:
 
What you don't like, you don't need to eat.

Another concern; will this going to bring down the current bullish of Bitcoin if executed?

I would suggest that, they redistribute this Bitcoin to the community or to help the less privilege. This can also be use to support China against the fight of CoronaVirus.

“The USMS will notify the winning bidder(s) via email with instructions for the next step to complete their transaction the same day as the auction, even after 5:00 PM EST. The winning bidder must send the purchase price funds (less the deposit amount) by a wire transfer originating from a bank located within the United States and provide a wire transmittal receipt to the USMS by 2:00 PM EST, on Wednesday, February 19, 2020.”

Full article is here!

[BlackFor3st]

The united State Government is about to release $39m bitcoin worth for auction to individual who win the bid. According to the news; these bitcoin  were the ones seized from cryptocurrencies scammers around the industry and with those who were indicated of fraud. Here is my concern:
 
What you don't like, you don't need to eat.

Another concern; will this going to bring down the current bullish of Bitcoin if executed?

I would suggest that, they redistribute this Bitcoin to the community or to help the less privilege. This can also be use to support China against the fight of CoronaVirus.

“The USMS will notify the winning bidder(s) via email with instructions for the next step to complete their transaction the same day as the auction, even after 5:00 PM EST. The winning bidder must send the purchase price funds (less the deposit amount) by a wire transfer originating from a bank located within the United States and provide a wire transmittal receipt to the USMS by 2:00 PM EST, on Wednesday, February 19, 2020.”

Full article is here!

Let's just hope that the bidders will not bid so high to these bitcoins so the price of bitcoin in the market will not collapse as it is a huge amount of money and can surely affect the market if it will be dumped.

If the winner will win the bid for example @18k then we are currently safe as of now as the bidder will surely hold the bitcoin and sell it once he/she/they can profit to it. And hoping that the winner of the bid are good investors like the big whales out there who knows how to play and ride the crypto market.

[pooya87]

Another concern; will this going to bring down the current bullish of Bitcoin if executed?

this is already old news and as you can see it had absolutely zero effects on bitcoin price. not to mention that this is not the first time or even the biggest auction! and none of them had any effects on the price.

I would suggest that, they redistribute this Bitcoin to the community or to help the less privilege. This can also be use to support China against the fight of CoronaVirus.

bitcoin is a currency not a charity to be distributed for free among any groups of people. you as an individual are free to use your own bitcoins however you like though.

[Wexnident]

This was already posted here last time though. Not only that, auctions such as these have already come and go, even smaller and bigger amounts. Just look at the first Silk Road Auction. A lot of guesses came out here and there, but it never really did impact the market price as much as people that guessed so did.

Plus, these coins may actually be priced higher, since the have the stamp of the US government as seal. Still, the prices would never exceed a certain threshold. And that threshold is not enough to significantly affect the market price. That is imo.

If you want more views, you can visit this. Topics already been discussed there.

[adaseb]

Don't think this will have any major impact. The US Marshalls have been auctioning off these confiscated bitcoins for years already and it didn't cause a price decline. Most of the people that buy these coins do it for long term holdings and won't dump it on an exchange as soon as they get possession so you have nothing to worry.

Back in 2015, they had a bunch of these auctions where they were selling the Silk Road coins and Tim Draper was the one that bought many of them and from what I understand he didn't sell them right after he got them. These coins are low in supply anyways, unless its Satoshi selling his 1 million coins then I wouldn't worry too much. I would worry more maybe if the Mt Gox coins get released to holders because the numbers of BTC released to the open market will be higher.

[FanatMonet]

The amount is relatively small, so I think that this sale will not have a big impact on the market, especially against the background of overcoming the mark of $ 10,000 for 1 bitcoin. Therefore, there is no reason to panic.

It will also be interesting to know the prices at which they will be sold.

[fiulpro]

Even if they are gonna do the Charity for other people then also they won't be able to use the bitcoins as it is , therefore they will have to anyways sell them and it would also bring the price down too .
The government should just hold them and do what the governments do ! Solve this case in like a 1000 years !
we will have another holder like that now , also according to the stats , the FBI holds more than 144000...BTC .

[Debonaire217]

This isn't the best possible solution to let go of the bitcoins held by the US government. As we can see, it is explicitly unfair to auction BTC earned by people through hard work.  Because merely if they will earn from it knowing that they got it from a scammer, would it be better if they seek and investigate transactions made by that people to see who's addresses send the BTC to the scammer and for them to just return it to the respective owners (victims). Rather than making money out of a convicted scammer.

[blckhawk]

I wonder how the US government get a hold of these coins. They said these coins are siezed in criminal offenses, but these criminals could easily wipe any private keys to prevent the US govt. of ever gettting them.

On a side note, this might be one of the reasons of another pump in the market to $10,000. It might spark some demand and buzz over bitcoin, but it won't be directly affecting the market through buy orders because it's a private separate transaction from the market.

[davis196]

I wonder how the US government get a hold of these coins. They said these coins are siezed in criminal offenses, but these criminals could easily wipe any private keys to prevent the US govt. of ever gettting them.

On a side note, this might be one of the reasons of another pump in the market to $10,000. It might spark some demand and buzz over bitcoin, but it won't be directly affecting the market through buy orders because it's a private separate transaction from the market.

Don't underestimate FBI.They aren't that stupid.Probably the coins were moved into wallets owned by FBI months ago.Anyway,I don't think that such small auction can pump the bitcoin price.The authorities are doing a wrong move,by selling the bitcoins now.They just have to wait for BTC to hit the new ATH after the halving and then sell the coins.

[Becky666]

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I would suggest that, they redistribute this Bitcoin to the community or to help the less privilege. This can also be use to support China against the fight of CoronaVirus.

bitcoin is a currency not a charity to be distributed for free among any groups of people. you as an individual are free to use your own bitcoins however you like though.

€, ¥, £, $, # are currency's. $Dollar is a currency, yet used and still be use to give arms to countries by United State Government to other countries in their trial times, in this case China which are currently facing a bigger challenge in fighting CoronaVirus should be seen. Am not disputing that fact that; Bitcoin should be use for charity, but, when necessary it should. This singular act could trigger a global adoption.

[Bagaji]

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I would suggest that, they redistribute this Bitcoin to the community or to help the less privilege. This can also be use to support China against the fight of CoronaVirus.

bitcoin is a currency not a charity to be distributed for free among any groups of people. you as an individual are free to use your own bitcoins however you like though.

€, ¥, £, $, # are currency's. $Dollar is a currency, yet used and still be use to give arms to countries by United State Government to other countries in their trial times, in this case China which are currently facing a bigger challenge in fighting CoronaVirus should be seen. Am not disputing that fact that; Bitcoin should be use for charity, but, when necessary it should. This singular act could trigger a global adoption.

Well if the United States of America don't have any other currency to give out as their own contribution for charity in other to help humanities then it is acceptable by me for that will really help in crypto currency adoption.
China government are seriously in need of world help in a fight against Corona virus that is currently claiming life's.

[hotmom]

At what price are they going to sell them? Or do they want to sell everything in one lot?

[DoublerHunter]

~snip~
Another concern; will this going to bring down the current bullish of Bitcoin if executed?

^ Seriously? I have read with Pooya87's that this is not good news. But I was shocked since I don't really get the point why the US Government is auctioning Bitcoins that they could barely accept on their market. If these high amounts are being auctioned without any harm to bitcoin's price, I guess that bidders are the whales who play well in the crypto-market. Nevertheless, I am having this idea that US-Government can earn enough cash with Bitcoin by selling it and letting people use it then they will bust them out just in case they violated the rule. What a good strategy right there!

[George Alex]

Topic
US GOVERNMENT BITCOIN AUCTION WORTH $39 Million
posted :: February 06, 2020, 03:58:26 PM

https://bitcointalk.org/index.php?topic=5223703.msg53784658#msg53784658

[tbterryboy]

Even if they are going to have to give the money to support in the treatment of those that were affected by the corona virus in china they will still have to convert it to real currency and not donate it as a Bitcoin. So you're still wrong by saying that. And I don't think there is any other way they are going to do it apart from selling it. That's how Bitcoin has been and that's how it will continue to be, you won't expect people to be holding their assets forever, there will come a time when they will have to sell it.

I don't know how this is going to affect the price of Bitcoin. Maybe if it drops down there is still an opportunity as the halving is yet to take place and after the halving the price may sprung up again.

[putukin]

The united State Government is about to release $39m bitcoin worth for auction to individual who win the bid. According to the news; these bitcoin  were the ones seized from cryptocurrencies scammers around the industry and with those who were indicated of fraud. Here is my concern:
 
What you don't like, you don't need to eat.

Another concern; will this going to bring down the current bullish of Bitcoin if executed?

I would suggest that, they redistribute this Bitcoin to the community or to help the less privilege. This can also be use to support China against the fight of CoronaVirus.

“The USMS will notify the winning bidder(s) via email with instructions for the next step to complete their transaction the same day as the auction, even after 5:00 PM EST. The winning bidder must send the purchase price funds (less the deposit amount) by a wire transfer originating from a bank located within the United States and provide a wire transmittal receipt to the USMS by 2:00 PM EST, on Wednesday, February 19, 2020.”

Full article is here!

I doubt that this will greatly affect the market. These Bitcoins will go into circulation, I doubt that the new owner will want to sell them all at once. By the way, I wonder why the government decided to sell these coins, if they could be spent on supporting China in the fight against coronavirus? As for me, it is a too greedy business

[Bagaji]

Topic
US GOVERNMENT BITCOIN AUCTION WORTH $39 Million
posted :: February 06, 2020, 03:58:26 PM

https://bitcointalk.org/index.php?topic=5223703.msg53784658#msg53784658

No one has yet reply to your post and you even care to know why no one care to reply to your post?  The wording of the subject line are not the same as you may think although they may both mean the same thing, so both of the topic can fly dude.

[avikz]

What you don't like, you don't need to eat.

I absolutely support this statement. It is a far better proposition to distribute these seized bitcoin among the community of less privileged people. Or even donating such amount to global organizations who works for the betterment of the society. But US is just trying to fill up their own reserve.

Another concern; will this going to bring down the current bullish of Bitcoin if executed?

It entirely depends on the price of auction. If they auction the bitcoins as per the market price, we may see dumping. But it is highly unlikely to happen. Usually in such auctions, things are sold with a premium. If this happens, they we would not see dumping right at this point. So it depends!