Government cashed out 3M

[wachtwoord]

Whats with concerns about price. Imo btc price is next to irrelevant.

Not irrelevent, we need to keep it under 1,000 for as long as possible. If it goes up too quickly, it could be dangerous. The transition process from fiat to crypto must be slow and careful, keeping things as equal as possible.

The transition must be orderly, carefully-paced. Not a mad rush as the whole world realizes whats happening at the same time - entire national economies could get trampled! This is a very serious issue!

Why do you consider that an issue? It's about time things were shaken up a little.

[Bit_Happy]

Whats with concerns about price. Imo btc price is next to irrelevant.

Not irrelevent, we need to keep it under 1,000 for as long as possible. If it goes up too quickly, it could be dangerous. The transition process from fiat to crypto must be slow and careful, keeping things as equal as possible.

The transition must be orderly, carefully-paced. Not a mad rush as the whole world realizes whats happening at the same time - entire national economies could get trampled! This is a very serious issue!

Please don't frame it in a way that potentially blames BTC.
The source of danger is that fiat will be collapsing (with or without crypto), and BTC can save many people's wealth. 

[wachtwoord]

Whats with concerns about price. Imo btc price is next to irrelevant.

Not irrelevent, we need to keep it under 1,000 for as long as possible. If it goes up too quickly, it could be dangerous. The transition process from fiat to crypto must be slow and careful, keeping things as equal as possible.

The transition must be orderly, carefully-paced. Not a mad rush as the whole world realizes whats happening at the same time - entire national economies could get trampled! This is a very serious issue!

Please don't frame it in a way that potentially blames BTC.
The source of danger is that fiat will be collapsing (with or without crypto), and BTC can save many people's wealth. 

We didn't start the fire! https://www.youtube.com/watch?v=eFTLKWw542g

[Bit_Happy]

Whats with concerns about price. Imo btc price is next to irrelevant.

Not irrelevent, we need to keep it under 1,000 for as long as possible. If it goes up too quickly, it could be dangerous. The transition process from fiat to crypto must be slow and careful, keeping things as equal as possible.

The transition must be orderly, carefully-paced. Not a mad rush as the whole world realizes whats happening at the same time - entire national economies could get trampled! This is a very serious issue!

Please don't frame it in a way that potentially blames BTC.
The source of danger is that fiat will be collapsing (with or without crypto), and BTC can save many people's wealth. 

We didn't start the fire! https://www.youtube.com/watch?v=eFTLKWw542g

You may be right! 
  https://www.youtube.com/watch?v=SCtC-LoOvqs

[fearcoka]

Its not hard taking money out...send it to btc-e and youre set.

[wachtwoord]

Whats with concerns about price. Imo btc price is next to irrelevant.

Not irrelevent, we need to keep it under 1,000 for as long as possible. If it goes up too quickly, it could be dangerous. The transition process from fiat to crypto must be slow and careful, keeping things as equal as possible.

The transition must be orderly, carefully-paced. Not a mad rush as the whole world realizes whats happening at the same time - entire national economies could get trampled! This is a very serious issue!

Please don't frame it in a way that potentially blames BTC.
The source of danger is that fiat will be collapsing (with or without crypto), and BTC can save many people's wealth. 

We didn't start the fire! https://www.youtube.com/watch?v=eFTLKWw542g

You may be right! 
  https://www.youtube.com/watch?v=SCtC-LoOvqs

Haha and a Billy Joel meme is born

[BurtW]

The gov should be sued.  They should be forced to publicly auction off all BTC in order to get the taxpayers the highest possible price.  None of this "back room" transactions with their buddies.  How much did they get per BTC?

[Bit_Happy]

The gov should be sued.  They should be forced to publicly auction off all BTC in order to get the taxpayers the highest possible price.  None of this "back room" transactions with their buddies.  How much did they get per BTC?

You might find that some of the loudest BTC critics on Capital Hill bought BTC dirt cheap.

[jc01480]

I do not understand how this was legal, considering he has not been tried and found guilty yet.

The criminal case and the asset forfeiture case are 2 different, and often concurrent, proceedings.  Criminal responsibility requires proof beyond a reasonable doubt.  The civil forfeiture case requires the preponderance of evidence, a significantly lower threshold. 

One's personal assets can be seized without having formally been charged with a crime according to US law.  While not often done this way, it's very possible.  A civil forfeiture case is filed alleging the acts that constitute a crime for which asset forfeiture is a remedy (e.g. a felony).  The government merely has to prove beyond a preponderance of the evidence that the property was proceeds, instruments, or derived from the criminal act (can't recall all of them) and get an assenting decree from a judge.  Presto!  You're stuff just became their stuff.

I don't believe the original story, either.  I'm merely pointing out that the asset forfeiture process and criminal prosecution are 2 entirely different animals in the criminal justice wild kingdom.

[Rulishix]

Wow. I wonder if this explains the sudden drop in btc prices lately. Seems to coincide.

[Lauda]

Wow. I wonder if this explains the sudden drop in btc prices lately. Seems to coincide.

Actually no. This was due to China again (minimal impact though).

[wachtwoord]

The gov should be sued.  They should be forced to publicly auction off all BTC in order to get the taxpayers the highest possible price.  None of this "back room" transactions with their buddies.  How much did they get per BTC?

You might find that some of the loudest BTC critics on Capital Hill bought BTC dirt cheap.

Might? I'd bet on it (if it was verifiable at all). Same goes for officials in China.

[gagalady]

Bitcoin seems to be used "wrong way", If I'm right It mentioned only $3M usd and no bitcoins officially? But how someone can prove that the gov didn't used bitcoins? There is no proof.

[Lauda]

Bitcoin seems to be used "wrong way", If I'm right It mentioned only $3M usd and no bitcoins officially? But how someone can prove that the gov didn't used bitcoins? There is no proof.

You should read the article. Where would the government use $3M worth of Bitcoins anyways?

[jc01480]

Bitcoin seems to be used "wrong way", If I'm right It mentioned only $3M usd and no bitcoins officially? But how someone can prove that the gov didn't used bitcoins? There is no proof.

You should read the article. Where would the government use $3M worth of Bitcoins anyways?

Clandestine operations...

[Bit_Happy]

Bitcoin seems to be used "wrong way", If I'm right It mentioned only $3M usd and no bitcoins officially? But how someone can prove that the gov didn't used bitcoins? There is no proof.

You should read the article. Where would the government use $3M worth of Bitcoins anyways?

Long-term wealth?
$3M USD is nothing to the Gov, but someday Satoshis blocks will be worth a stunning amount of fiat and gold. 
Does "Satoshi" have control of those blocks?

[Lauda]

Long-term wealth?
$3M USD is nothing to the Gov, but someday Satoshis blocks will be worth a stunning amount of fiat and gold. 
Does "Satoshi" have control of those blocks?

No Satoshi does not?

[counter]

I see this as a bad thing for because this isn't exactly good press IMO.  That being said I don't really know what the outcome of this whole things will be so I'll wait and learn more and see what is what for lack of a better term.

[bigasic]

Dont forget the 120k plus bitcoins that russ ulbricht and the govt agreed to sale. This was agreed to a month or two ago. So, 120k plus coins hitting the market would def bring the price down.. not only that, the original coins that were seized were also going to be converted to fiat..

[findftp]

blockchain transaction or it didn't happen