Silk road seized coins are moving!

[crazydownloaded]

Short: https://blockchain.info/address/1Ez69SnzzmePmZX3WpEzMKTrcBF2gpNQ55
Where the hell are they going? Someone had the keys? Are they going to sell the coins?

[1713930186]

1713930186

[1713930186]

1713930186

[1713930186]

1713930186

[LiteCoinGuy]

mark books his holidays on expedia.

[DannyHamilton]

mark books his holidays on expedia.

Mark who?

And how did he gain access to the Silk Road bitcoins that the U.S. government seized?

[DannyHamilton]

Short: https://blockchain.info/address/1Ez69SnzzmePmZX3WpEzMKTrcBF2gpNQ55
Where the hell are they going? Someone had the keys? Are they going to sell the coins?

Looks like multiple outputs to a previous address were all consolidated into a single output at a new address.  They haven't moved from that address yet.  Not sure why they would be consolidated like that, but untill I see more movement I'm going to assume it's just some sort of "housekeeping".

[crazydownloaded]

Looks like multiple outputs to a previous address were all consolidated into a single output at a new address.  They haven't moved from that address yet.  Not sure why they would be consolidated like that, but untill I see more movement, I'm going to assume it's just some sort of "housekeeping".

Yes, maybe cold storage or something.

[keithers]

mark books his holidays on expedia.

Mark who?

And how did he gain access to the Silk Road bitcoins that the U.S. government seized?

Sarcasm...he was referring to Mark Karpeles I am assuming...

[chadwickx16]

Why would the gov need to do housekeeping on a btc wallet??

[DannyHamilton]

mark books his holidays on expedia.

Mark who?

And how did he gain access to the Silk Road bitcoins that the U.S. government seized?

Sarcasm...he was referring to Mark Karpeles I am assuming...

The MtGox guy?

As sarcasm, it really doesn't work.  Mark has never been an FBI employee as far as I know.

[DannyHamilton]

Why would the gov need to do housekeeping on a btc wallet??

You'd have to ask them.  I'm sure there was some sort of paper work involved and probably some bureaucratic nonsense.

[acs267]

Umm, are the public notes from the seized coin address from when Dread held the coins? Because they're pretty much like 'wtf'?

And I doubt they'll sell them all at once. That would be stupid.

[BTFjmwn]

And the IP address shows as Canadian?

[DannyHamilton]

And the IP address shows as Canadian?

There are no IP addresses in bitcoin transactions.

That IP address is the address of the peer that first relayed the transaction to blockchain.info.  It easily could have been forwarded through MANY peers before it got to blockchain.info.

[edd]

Why would the gov need to do housekeeping on a btc wallet??

You'd have to ask them.  I'm sure there was some sort of paper work involved and probably some bureaucratic nonsense.

Could be any number of reasons. For example, control of the coins could have been turned over to another department/office/individual and he/she/they wished to eliminate the possibility that the previous guardian could still access them.

[DannyHamilton]

Umm, are the public notes from the seized coin address from when Dread held the coins? Because they're pretty much like 'wtf'?

Once it was figured out that this was the address that the U.S. government was using to hold the seized bitcoins, many people thought it would be humorous to send a very small amount of bitcoins directly to the government and include some sort of public message with the transaction.

[chadwickx16]

Why would the gov need to do housekeeping on a btc wallet??

You'd have to ask them.  I'm sure there was some sort of paper work involved and probably some bureaucratic nonsense.

Yes, this move probably started in January.  I could see it now, "Aye for moving the Bitcoin" on C-Span. LOL

[crazydownloaded]

Those seized coins are moving too! https://blockchain.info/address/1i7cZdoE9NcHSdAL5eGjmTJbBVqeQDwgw

[ljudotina]

mark books his holidays on expedia.

You kinda mixed Gox and Silkroad i guess 

[amitrwt]

So we take up the scenario where these coins will get into market how low you think we will sink..! I can understand it will be good for bitcoins in long term but talking about short term we might see a very high decline in price. 

[ljudotina]

If THAT hits the market, we'r talking disaster....absolute anihilatio of price for quiet some time.

[DannyHamilton]

If THAT hits the market, we'r talking disaster....absolute anihilatio of price for quiet some time.

One can only hope that you are correct.  I'm looking forward to picking up some cheap bitcoins.

On the other hand, it's only 174,000 BTC.  That's about the same amount of bitcoins that are created every 48 days.

[ljudotina]

If THAT hits the market, we'r talking disaster....absolute anihilatio of price for quiet some time.

One can only hope that you are correct.  I'm looking forward to picking up some cheap bitcoins.

On the other hand, it's only 174,000 BTC.  That's about the same amount of bitcoins that are created every 48 days.

How much is market deapth right now? I doubdt it would suck em up before we hit double digit numbers....

[keithers]

If THAT hits the market, we'r talking disaster....absolute anihilatio of price for quiet some time.

I don't think this would be the case.   Yes the price would plummet for a little while, but there is plenty of money waiting on the sidelines, I can guarantee you that much..

[juju]

If THAT hits the market, we'r talking disaster....absolute anihilatio of price for quiet some time.

One can only hope that you are correct.  I'm looking forward to picking up some cheap bitcoins.

On the other hand, it's only 174,000 BTC.  That's about the same amount of bitcoins that are created every 48 days.

Likewise, I can't imagine it will drop too far below 400, if it does I think everyone will buy coins and drive it back up. I would rather the coins be returned back to Circulation as opposed to just sitting in Cold Storage to never be used and to be constantly speculated upon.

-tin foil hat- Maybe they are going to crash the market so the media will pump out a bunch of garbage about how unstable Bitcoin is and deter people even more, then at-least the people who truly believe in the Bitcoin protocol will get cheaper coins before people realize the numerous and varied benefits of Bitcoin.

[ebliever]

The folks holding this stash of BTC have a fiduciary responsibility to maintain the value of the assets seized, so they aren't just going to stupidly dump them on the market folks. They will hold an auction or other negotiations to get near the market rate without tanking the market. But I'm skeptical they would dispose of them any time soon. The wheels of justice (and judicial bureaucracy) grind all too slowly.

[crazydownloaded]

Wondering if this has anything to do with the mini crash happening right now...

[ShakyhandsBTCer]

The folks holding this stash of BTC have a fiduciary responsibility to maintain the value of the assets seized, so they aren't just going to stupidly dump them on the market folks. They will hold an auction or other negotiations to get near the market rate without tanking the market. But I'm skeptical they would dispose of them any time soon. The wheels of justice (and judicial bureaucracy) grind all too slowly.

With seized assets it can be more complicated then that. No one really knows where the price of bitcoin is going to go in the near future. It is often stipulated between the parties (the defendant and the government) if and how assets will be sold. If it cannot be agreed upon then it would usually be in an auction.

[keithers]

The folks holding this stash of BTC have a fiduciary responsibility to maintain the value of the assets seized, so they aren't just going to stupidly dump them on the market folks. They will hold an auction or other negotiations to get near the market rate without tanking the market. But I'm skeptical they would dispose of them any time soon. The wheels of justice (and judicial bureaucracy) grind all too slowly.

Or they could just hold onto them knowing that they can have at least a small little handle on the market.   They love the feeling of power like that...

[keithers]

Wondering if this has anything to do with the mini crash happening right now...

Actually Coindesk has cited that those coins will be auctioned off on 6/27 with the following rules:

"As part of the auction, the Silk Road bitcoins will be divided into two phases for eligible bidders.

The US Marshals Service (USMS) has effectively split the 30,000 BTC into nine blocks of 3,000 BTC and 1 block of 2,656.51306529 BTC, known as “Series A” and “Series B” blocks, respectively.

All interested buyers must register with the US Marshals Service (USMS) in order to be eligible for the auction. Aspiring participants must provide the following to the federal agency:

A $200,000 deposit sent by wire transfer from a bank located in the US
A copy of a government-issued photo ID
A manually signed PDF copy of the bidder registration form."

[eshragr]

Is this really a bad thing?

[RomertL]

Many people seem to think the buyer will just dump all the coins at once, resulting in the last ones being sold very cheaply. First of all, we don't even know he/she will want to sell all of them. But if so, he will probably sell a little but everyday to get better rates. I Will buy as many coins as I can afford after the market has reacted to this news.

[ShakyhandsBTCer]

Many people seem to think the buyer will just dump all the coins at once, resulting in the last ones being sold very cheaply. First of all, we don't even know he/she will want to sell all of them. But if so, he will probably sell a little but everyday to get better rates. I Will buy as many coins as I can afford after the market has reacted to this news.

If the buyer(s) buy the coins hoping to arbitrage between their price (from the FBI) and the price on exchanges they would likely sell right away.

if they were hoping to simply buy at a discount and think bitcoin is a good investment then they would likely not sell anytime soon.

[SirChiko]

Many people seem to think the buyer will just dump all the coins at once, resulting in the last ones being sold very cheaply. First of all, we don't even know he/she will want to sell all of them. But if so, he will probably sell a little but everyday to get better rates. I Will buy as many coins as I can afford after the market has reacted to this news.

If the buyer(s) buy the coins hoping to arbitrage between their price (from the FBI) and the price on exchanges they would likely sell right away.

if they were hoping to simply buy at a discount and think bitcoin is a good investment then they would likely not sell anytime soon.

Sadly all of them or most of them will dump the coins ASAP.

[ShakyhandsBTCer]

Many people seem to think the buyer will just dump all the coins at once, resulting in the last ones being sold very cheaply. First of all, we don't even know he/she will want to sell all of them. But if so, he will probably sell a little but everyday to get better rates. I Will buy as many coins as I can afford after the market has reacted to this news.

If the buyer(s) buy the coins hoping to arbitrage between their price (from the FBI) and the price on exchanges they would likely sell right away.

if they were hoping to simply buy at a discount and think bitcoin is a good investment then they would likely not sell anytime soon.

Sadly all of them or most of them will dump the coins ASAP.

I don't know that it would be all of them.

There are a number of people/large institutions that wish to invest in bitcoin but may not trust the exchanges. This would be a good opportunity to be able to purchase

[anujjain]

Many people seem to think the buyer will just dump all the coins at once, resulting in the last ones being sold very cheaply. First of all, we don't even know he/she will want to sell all of them. But if so, he will probably sell a little but everyday to get better rates. I Will buy as many coins as I can afford after the market has reacted to this news.

If the buyer(s) buy the coins hoping to arbitrage between their price (from the FBI) and the price on exchanges they would likely sell right away.

if they were hoping to simply buy at a discount and think bitcoin is a good investment then they would likely not sell anytime soon.

Sadly all of them or most of them will dump the coins ASAP.

It is not going to dump only big investor will buying Silk Road coins.

[SirChiko]

Many people seem to think the buyer will just dump all the coins at once, resulting in the last ones being sold very cheaply. First of all, we don't even know he/she will want to sell all of them. But if so, he will probably sell a little but everyday to get better rates. I Will buy as many coins as I can afford after the market has reacted to this news.

If the buyer(s) buy the coins hoping to arbitrage between their price (from the FBI) and the price on exchanges they would likely sell right away.

if they were hoping to simply buy at a discount and think bitcoin is a good investment then they would likely not sell anytime soon.

Sadly all of them or most of them will dump the coins ASAP.

I don't know that it would be all of them.

There are a number of people/large institutions that wish to invest in bitcoin but may not trust the exchanges. This would be a good opportunity to be able to purchase

Or they will get sold quite cheap as someone will see quick oportunity of nice profit.

[kolesozw]

I don't know that it would be all of them.

There are a number of people/large institutions that wish to invest in bitcoin but may not trust the exchanges. This would be a good opportunity to be able to purchase

Or they will get sold quite cheap as someone will see quick oportunity of nice profit.

As long as there are few investors realizing it is zero risk way to buy BTC for the first time in history, these coins will be sold at premium (I guess +10% to +25%)

Shame these coins are not auctioned in bulk of 10 instead, there would be huge interest from normal people

[Beliathon]

If THAT hits the market, we'r talking disaster....absolute anihilatio of price for quiet some time.

Read "8.3 days added to the Bitcoin year". 3,600 new coins are generated every day, somehow the price does not collapse. Could it be because people are melting fiat for crypto each day?



Keep spreading your clueless FUD, noobcake.