FBI Seized coins on the move

[BurtW]

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.

This 1000%.  This is what people should be thinking about and supporting.  Who will get the coins is a very interesting question.

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.

This is exactly why trading BTC is so darn profitable.  PANIC!  OMG! over nothing, price goes down.  Buy.  Oh, it was nothing, price goes back up.  Sell (or hold).  Rinse.  Repeat.   I love this about the Bitcoin community for the most part.  However anything that attacks fungibility I take exception to.

[RiverBoatBTC]

Lets spam tweet the Sharks of shark tank see if we can get one to pick up a lot 

[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.

This is exactly why trading BTC is so darn profitable.  PANIC!  OMG! over nothing, price goes down.  Buy.  Oh, it was nothing, price goes back up.  Sell (or hold).  Rinse.  Repeat.   I love this about the Bitcoin community for the most part.  However anything that attacks fungibility I take exception to.

Eh, I think you kinda missed a point there.  Even in the future say 3-5 years from now, if bitcoin is still doing it's +/- 20% swings due to an easily panicked community, it will fail completely as both a daily currency and a store of value.  People will start leaving bitcoin forever and in droves.  Fungibility or no, that wouldn't even matter.

[BTCtrader71]

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.

This is exactly why trading BTC is so darn profitable.  PANIC!  OMG! over nothing, price goes down.  Buy.  Oh, it was nothing, price goes back up.  Sell (or hold).  Rinse.  Repeat.   I love this about the Bitcoin community for the most part.  However anything that attacks fungibility I take exception to.

Eh, I think you kinda missed a point there.  Even in the future say 3-5 years from now, if bitcoin is still doing it's +/- 20% swings due to an easily panicked community, it will fail completely as both a daily currency and a store of value.  People will start leaving bitcoin forever and in droves.  Fungibility or no, that wouldn't even matter.

I think the +/- 20% swings will eventually smooth out. Bitcoin is still in the very early stages of development. A number of factors will help it achieve stability over time. One of them will be when people start pricing things in bitcoin, writing contracts in bitcoin, etc. Stuff like this will make the value "sticky" and is one of the things that helps stabilize the value of fiat currencies.

[okthen]

This will be like taking off a band aid. It has to be done, we all knew the coins would eventually change hands.
And this is much better than the government deciding to dump them in an exchange.

[adamstgBit]

600 in 20 mins

[crazyearner]

More than likely what will happen is market prices will take a nose dive in prices for the next few weeks until coins have done auction and won and no doubt people will continue to sell and drop the prices below $200 a coin and continue to drop and my prediction is around the $150 area where things will get interesting and some dumped and some held and prices will go back up and back down again a few times.

Expect prices to go to  mid 400s next then 300s for a week or so and back down a little more and then slowly go back up. Then again it could go the other way. No doubt the twins will be in for scooping up some cheap coin to get 1% of their hold in bitcoin increased.

[Gingermod]

More than likely what will happen is market prices will take a nose dive in prices for the next few weeks until coins have done auction and won and no doubt people will continue to sell and drop the prices below $200 a coin and continue to drop and my prediction is around the $150 area where things will get interesting and some dumped and some held and prices will go back up and back down again a few times.

Expect prices to go to  mid 400s next then 300s for a week or so and back down a little more and then slowly go back up. Then again it could go the other way. No doubt the twins will be in for scooping up some cheap coin to get 1% of their hold in bitcoin increased.

10/10 predictions

[adamstgBit]

More than likely what will happen is market prices will take a nose dive in prices for the next few weeks until coins have done auction and won and no doubt people will continue to sell and drop the prices below $200 a coin and continue to drop and my prediction is around the $150 area where things will get interesting and some dumped and some held and prices will go back up and back down again a few times.

Expect prices to go to  mid 400s next then 300s for a week or so and back down a little more and then slowly go back up. Then again it could go the other way. No doubt the twins will be in for scooping up some cheap coin to get 1% of their hold in bitcoin increased.

your targets, they're bonkers!

[BTCtrader71]

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.

They wanted to make damn sure they sold it before the bubble, hehe

Actually, I wonder how many days will it be before Jon Stewart interviews someone from the US Marshals office and shows them a graph (linear scale, of course) showing a June 2014 price of ~ $600, a sign saying "We Figured This Would Be a Good Time to Sell," and the immediately ensuing price rise TO DA MOON.

[adamstgBit]

most likly, all the panic selling about this news is done, now there may be a few more dumps as we move back UP but we are going back UP. by the time the coins are sold, everyone will be holding shit tons of fiat all waiting a piece of these FBI coins, but there will be no such coins, because the buyers name is MR BAGHOLDER!

and then...

well then...

ha ha ha

the mad dash for digital cash!

[crazyearner]

More than likely what will happen is market prices will take a nose dive in prices for the next few weeks until coins have done auction and won and no doubt people will continue to sell and drop the prices below $200 a coin and continue to drop and my prediction is around the $150 area where things will get interesting and some dumped and some held and prices will go back up and back down again a few times.

Expect prices to go to  mid 400s next then 300s for a week or so and back down a little more and then slowly go back up. Then again it could go the other way. No doubt the twins will be in for scooping up some cheap coin to get 1% of their hold in bitcoin increased.

your targets, they're bonkers!

Might be bonkers but am sure it will be very close to them figures and theirs not just that auction going on with auctioned coins. Ill let you do some research on current Bitcoin news and other auctions that are son to be following this one. And also some other interesting facts of coins being sold off and more BS with China again so expect some panic sells too.

BTC was at what $612 early on this morning.
BTC now trading at $597 Did drop to $560 and its going to go back down within the next few hours go up by $10 to $15 then up by say $50 to $60 and back down in to the low $500s and then take some more nose dives.

[watcoin]

SAN FRANCISCO — The federal government plans to auction $18 million worth of virtual money for cold, hard cash later this month.

The 29,000 virtual bitcoins to be auctioned were seized from the Silk Road website last fall. The anonymous website was a major sales point for illegal drugs and other underground goods.

The U.S. Marshals Service posted an announcement of the auction on Thursday.

Bitcoins are an unregulated online currency that are not backed by gold, silver or any other commodity.

Because they do not generally exist in the real world, what is actually being auctioned are sets of numbers that have been entered in an online public ledger. The sale will take place on June 27.

The bitcoins are to be auctioned off in blocks of 3,000, each worth about $1.8 million. The auction will take place over a 12-hour period.

Still under dispute are another 144,000 bitcoins that were owned by Ross Ulbricht, 30, the man behind Silk Road.

Read rest at link:

http://www.11alive.com/story/news/nation/2014/06/12/us-marshal-to-auction-millions-in-bitcoins/10406677/

[watcoin]

Wat I want to know is how did they get their hands on the coins. Wouldn't the wallet have been encrypted?

[crazyearner]

Wat I want to know is how did they get their hands on the coins. Wouldn't the wallet have been encrypted?

Might of well been encrypted but the government have their ways of decryption or actually getting their passwords to them if noted down or their was backups of wallets made without them being encrypted or they have gained access by getting the passwords off them and given a reduced sentience or reduction in fines for being prosecuted and was a plead to release the bitcoin in return for reduction in time sentence and fines. Who knows the Government have many ways can get access to them coins

[worhiper_-_]

I think this is something that the US state wanted to get rid of. They were getting to much attention just for holding those. Not like $1.8 million are going to save America.

[Moonman]

This is interesting, and in a perverse way reinforces the size of the investment opportunity.  If Bitcoin is to become mainstream, the volatility must be very low, and be able to absorb transactions like this without a significant price move.  The fact that there is this much volatility over 30k of supply, means that if you believe Bitcoin will be around long-term, then the market cap must be many multiples of it's current size.  I'm not selling anytime soon.

[Cluster2k]

The really interesting thing about the coin sale is that the bitcoins will forever be tainted by both being used to trade narcotics, weapons and 'services', in addition to being linked to the government through the FBI.  Will merchants happily take those bitcoins in the future?  Mixing services don't destroy the block chain record.

[Cluster2k]

Wat I want to know is how did they get their hands on the coins. Wouldn't the wallet have been encrypted?

Who knows the Government have many ways can get access to them coins

Keylogger and just wait for the suspect to enter the password.  Why make things difficult when the solution to decrypting the wallet is so easy.

[watcoin]

Check this out...Apparently the dump of BTC is being done by the BTC Community as a response to the Feds auction. The 'community' wants the price so low that the government looses out on a bonanza. Do you buy into this or is it kabuki theater?

http://blog.doodooecon.com/2014/06/movetolitecoin-defundthefeds-response.html