Government cashed out 3M

[Djao]

here's the reddit discusion, not very interesting but maybe some of you are bored:

http://www.reddit.com/r/Bitcoin/comments/245v63/us_government_seized_3m_usd_in_bitcoins_and/

[HCLivess]

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

The real world is different to what most of us think. Government implants naivete in us in order to control us under false pretenses.

[grifferz]

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..

Those coins are still in the same address. They have not been moved. They probably can't be moved until after the trial is done with and he is found guilty (potentially years).

Even then we have no indication of how those coins will be sold, so we can't tell for sure if it will drive the price down. The US gov dumping them on an exchange doesn't sound very likely. An auction of them all at a fixed price sounds more likely.

All of the press releases about this right now are just posturing.

It would be good to see a transaction id for the other sale that is mentioned.

[Djao]

update: the guy plead guilty
http://www.suntimes.com/27314150-761/worlds-most-prolific-online-drug-dealer-pleads-guilty-in-chicago.html#.U2vB2a1dV3d

[Its About Sharing]

update: the guy plead guilty
http://www.suntimes.com/27314150-761/worlds-most-prolific-online-drug-dealer-pleads-guilty-in-chicago.html#.U2vB2a1dV3d

That is usually how it works. Your choice is to fight a corrupt system and get 40 years if "found" guilty or "accept" a lesser sentence, in this case he hopes 15 years...

And in other news HSBC and Wochovia laundered upwards of 1/2 a BILLION dollars in drug money (comp licitly), which was directly connected to the deaths of 10,000 - 20,000 people, and were let off with a fine that amounted to less than their profits as putting anyone in prison would weaken the banking system, said representatives of the banking system (aka court and government).

[LiteCoinGuy]

Wow, they already sold that.  It's funny, I wonder how they sold the BTC for dollars and received the dollars.  It's so hard for US citizens to do that , I wonder what service they used.

local bitcoins i guess

[findftp]

Why would they sell BTC when they can print unlimited USD?

[vipgelsi]

Leave it to the government to sell at a low.

[Lauda]

Leave it to the government to sell at a low.

Well I think that we have reached the bottom, and they made a mistake in selling off. But that is better for everyone else, they shouldn't even own those coins.

[Holdaaja]

Leave it to the government to sell at a low.

Well I think that we have reached the bottom, and they made a mistake in selling off. But that is better for everyone else, they shouldn't even own those coins.

Imagine goverment panic buing them back when we go up

[micheline]

Leave it to the government to sell at a low.

Well I think that we have reached the bottom, and they made a mistake in selling off. But that is better for everyone else, they shouldn't even own those coins.

Yes, I hope they sell all as soon as possible. Government should not own bitcoin, they should be obligated to only use their paper money for centuries to come.

[dailycoins]

blockchain transaction or it didn't happen

+1! Would like to see it too.

[Lauda]

Leave it to the government to sell at a low.

Well I think that we have reached the bottom, and they made a mistake in selling off. But that is better for everyone else, they shouldn't even own those coins.

Yes, I hope they sell all as soon as possible. Government should not own bitcoin, they should be obligated to only use their paper money for centuries to come.

Well they still own a lot I believe. They have the right to own coins, just as everyone else does. But I don't like the thought of them owning a big portion of them.

[fryarminer]

No tx or anything, seems fake news.

Remember that there is a lot fake news!
People want you to panic sell so they could buy cheap coins.

Why would this be a panic sell? I see it as a buying opportunity!