FBI Seized coins on the move

[RiverBoatBTC]

I do not think they need to wait to the end of the trial on this one, those crimes where held by a criminal organization no matter if it was DPR as the leader or not.

They usually contract someone out to do sales for them and give them a cut, which makes it in the interest of the contracted seller to get the highest price possible and advertise far and wide. I think we will see a bitcoin business pop up shortly and say they have been contacted by the GOV to dispose of coins.

Damn almost lol, figured they would hire a executor of some sort to dispose of the coins though. It is odd how fast this auction has cropped up though. Take real estate it is advertised for 3-6 months before they auction it.

The judge told them they could sell of this smaller 30K BTC portion (the portion not claimed by DPR) months ago.  They are only now getting around to doing it.

Had not been paying much notice to the case, but I might start now.

[knightcoin]

Why am I thinking about new mining hardware and heating/cooler ( CRAC units (CRACis a 1960s term for computer room air conditioning)) 

[wachtwoord]

This will bring Bitcoin down, I"m thinking 300 range.

No way. This is going to make it go upwards.

Seriously?! Not sure if you are being sarcastic or not. It's a giant dump of bitcoin at a cheaper amount.

it will make it go up

Just wait until the auction goes through above market.

[RiverBoatBTC]

I would like to hear the reasoning behind up I am curious myself.

[JoTheKhan]

30,000 coins doesn't even touch the BTC market supply. It's less than 1% of all coins. It's crazy how much of an effect that it has on the price though. If this person bought the coins and dumped them, he would hurt the price by maybe $50 or so. The price was hurt more by the news and speculation than could have possible been done by the actual act. lololol

[bitcoinsrus]

30,000 coins doesn't even touch the BTC market supply. It's less than 1% of all coins. It's crazy how much of an effect that it has on the price though. If this person bought the coins and dumped them, he would hurt the price by maybe $50 or so. The price was hurt more by the news and speculation than could have possible been done by the actual act. lololol

There is not that much volume on exchanges. Most coins are not on the exchanges. 30k would be something, but obviously people would buy the lower prices evening out everything (and other factors, which I am forgetting). All will be well

[wachtwoord]

I would like to hear the reasoning behind up I am curious myself.

Buying slippage free makes it likely the auction price will be above market.

[JoTheKhan]

30,000 coins doesn't even touch the BTC market supply. It's less than 1% of all coins. It's crazy how much of an effect that it has on the price though. If this person bought the coins and dumped them, he would hurt the price by maybe $50 or so. The price was hurt more by the news and speculation than could have possible been done by the actual act. lololol

There is not that much volume on exchanges. Most coins are not on the exchanges. 30k would be something, but obviously people would buy the lower prices evening out everything (and other factors, which I am forgetting). All will be well

Yeah I know it would definitely have an effect on the market, but the BTC price is making it seem like it will have some dire/substantial effect on the market. Which it really wont.

Especially whoever buys them is probably willing to take risks to hold on them and sell them for the most possible, no reason they wouldn't take their time clearing house.

[JoTheKhan]

I would like to hear the reasoning behind up I am curious myself.

Buying slippage free makes it likely the auction price will be above market.

Buying above market price will still be cheaper than buying on an exchange. If they bought for say $650 it would probably be cheaper than buying 30,000 worth on any exchange. But this is under the assumption that the buyer will hold.

Since there really is no limit to the number of people who can buy these coins, we don't have to act like it's going to be "a buyer." but probably multiple buyers, unless the single buyer pays enough to buy all of them outright and outbid everyone, which would then almost definitely be above market price.

All in all a Buy and Immediate Dump is very very unlikely IMHO.

[seleme]

I would like to hear the reasoning behind up I am curious myself.

Buying slippage free makes it likely the auction price will be above market.

Exactly. It's a gift from sky for some whales. If they wanted to buy 30k on exchange they would drove price up by few hundred dollars.

[cooldgamer]

The people that buy it wouldn't have much to gain by dumping it all at once (they'd actually lose quite a bit), so it seems like a lot of worry over nothing.  Reminds me of the mini crash after SR got raided.  Lots of weak hands selling, and the people that stayed in ended up on top (as always)

[Melbustus]

I would like to hear the reasoning behind up I am curious myself.

Buying slippage free makes it likely the auction price will be above market.

That wouldn't even be the primary reason they *could* go above market... These are government-sanctioned, fully legal, documented coins. Large investors, institutionals, etc, would have zero legal-risk buying these coins.

From other sources (exchanges, early-adopters, etc), a large buyer may always feel some nagging uncertainty that the gov would eventually somehow claim that their bitcoins were illegal/stolen/whatever. No such risk when you're buying directly from the Feds!

[maker88]

The people that buy it wouldn't have much to gain by dumping it all at once (they'd actually lose quite a bit), so it seems like a lot of worry over nothing.  Reminds me of the mini crash after SR got raided.  Lots of weak hands selling, and the people that stayed in ended up on top (as always)

this is what I'm thinking, why would someone spend millions of dollars on bitcoins just to sell them immediately at a loss? makes very little sense.

[Raystonn]

Many of you folks need to calm down and think this through.  Due to the recent IRS guidance, any large purchase of Bitcoins will almost certainly be held for at least one year to qualify for the lower tax rate that comes with long term capital gains status.  There will be no immediate mass dumping of these coins, nor any others that are sent to auction and picked up by an investor.

[altsay]

Many of you folks need to calm down and think this through.  Due to the recent IRS guidance, any large purchase of Bitcoins will almost certainly be held for at least one year to qualify for the lower tax rate that comes with long term capital gains status.  There will be no immediate mass dumping of these coins, nor any others that are sent to auction and picked up by an investor.

You raised a good point. Most assume that those who'll buy of the auction will dump their coins immediately. 30k is nothing, relatively speaking.

[piramida]

Lots of weak hands selling, and the people that stayed in ended up on top (as always)

But reasoning won't make weak hands stronger. Scared herd do not listen to reason; let the headless chicken do their run Every bitcoin rally was started by a dip on some scary FUD news; this one seems to be no different (FEDs + 51% boooo).

[RodeoX]

I think a lot of the impact of this depends on the price the buyer gets. If he/she gets a big discount then they might want to sell some immediately and sweeten the deal even more. If the winning bidder buys at market price then it may have very little effect. It should be interesting.

[piramida]

I think a lot of the impact of this depends on the price the buyer gets. If he/she gets a big discount then they might want to sell some immediately

Everybody who writes this - you consider other bidders as idiots who don't know about exchanges or something? The price most probably be well above market (because convenience), and the only negative factor it will have on bitcoin price is that it would lock the higher limit on the price until the coins are sent to buyers (1-2 weeks), after that the price rallies.

[Torque]

I love how the fearful, panicky, easily spooked Bitcoin community constantly tries to turn non-issues into serious issues.  With all the paranoid weak hands with a finger constantly on the SELL button 24/7/365, always looking around every corner for an excuse to sell, will bitcoin ever truly become less volatile and more stable in the future?  Nope.

[SebastianJu]

Maybe the community gets some strong supporters with it? I mean in case some big fish investor decides to give it a try... those people have their lobbyists at hand. And they want their investment to stay and prosper... maybe this is a nice thing for bitcoin.