FBI Seized coins on the move

[Raystonn]

No.  Hold.

[adamstgBit]

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

people selling want to buy back lower

they think the 29K BTC will crash the market and allow them to buy in cheaper.

they are wrong.

at most the market will get to see half of these coins sold off in blocks of 50-200BTC over an extended period,  its not going to do shit in terms of price drops

meanwhile those that sold today will be left waiting for cheap coins forever.

[BTCfan1]

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

people selling want to buy back lower

they think the 29K BTC will crash the market and allow them to buy in cheaper.

they are wrong.

at most the market will get to see half of these coins sold off in blocks of 50-200BTC over an extended period,  its not going to do shit in terms of price drops

meanwhile those that sold today will be left waiting for cheap coins forever.

SR Coins will likely be sold at a premium and will have a positive affect on the price imo

[adamstgBit]

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

people selling want to buy back lower

they think the 29K BTC will crash the market and allow them to buy in cheaper.

they are wrong.

at most the market will get to see half of these coins sold off in blocks of 50-200BTC over an extended period,  its not going to do shit in terms of price drops

meanwhile those that sold today will be left waiting for cheap coins forever.

SR Coins will likely be sold at a premium and will have a positive affect on the price imo

possible
even if they sell for half price or less, who's to say these coins will make there way to the market?
all this really going to do is shake out weak hands, and press, lots of sensational press  

[BTCfan1]

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

people selling want to buy back lower

they think the 29K BTC will crash the market and allow them to buy in cheaper.

they are wrong.

at most the market will get to see half of these coins sold off in blocks of 50-200BTC over an extended period,  its not going to do shit in terms of price drops

meanwhile those that sold today will be left waiting for cheap coins forever.

SR Coins will likely be sold at a premium and will have a positive affect on the price imo

possible
even if they sell for half price or less, who's to say these coins will make there way to the market?
all this really going to do is shake out weak hands, and press, lots of sensational press  

true that's a good point that the buyers will likely hold, I think someone going to all the trouble to get these coins would be unlikely to just turn around and sell them

[Mythul]

Probably more whales will emerge after this selloff.

[serenitys]

Ohhmy gawd yall need to stop being such pussies I swear  

Would one of you fine gentlemen (or ladies) please explain to a girl what I'm missing here? I thought the entire point is "buy low, sell high" and btc is an alternative currency.

FBI stole BTC in the raid, now it wants to get rid of it...that means bitcoin is back in the bitcoin environment, fiat goes out, bitcoin goes in. I do understand the concept of dumping but I seriously do no see the basis for the paranoid fear mongering that zomg bitcoin is dooooomed...or that the fbi or whoever has that kind of power to wreck bitcoin.

If they did, I doubt seriously people would be investing millions of dollars in Monopoly money.

So the price drops..why is that a bad thing? I'd think it'd be the best thing ever...especially if the price conveniently plummets the day of the auction. I mean hard crash to 20 bucks level or lower...so the feds end up fucked for trying to cash in on their theft to begin with, they get shit...and once the btc are moved back in the economy, everybody will jump in to buy them and it'll sail right back up.

The only ones who get fucked are the FBI like they deserve. The auction alone seems pretty clear they think btc is bullshit and they'd rather have fiat...so give them fiat. If they had any sense they'd USE bitcoin and pass it around and pay some debt or something. Nope, they want to sell the secure currency for bs fiat.

I think a massive network coordinated crash would be beautifully sweet...let the price go waaaay up, 900 bucks even and the day of the auction when they're locked in, massive sell off so the price bottoms out and what little they get, serves them right.

Because the price and value will go up. Buy LOW...remember? So what part am I not getting here that makes some of you so sketchy about what the government does?

Thank you kindly!

[watcoin]

Ohhmy gawd yall need to stop being such pussies I swear  

Would one of you fine gentlemen (or ladies) please explain to a girl what I'm missing here? I thought the entire point is "buy low, sell high" and btc is an alternative currency.

FBI stole BTC in the raid, now it wants to get rid of it...that means bitcoin is back in the bitcoin environment, fiat goes out, bitcoin goes in. I do understand the concept of dumping but I seriously do no see the basis for the paranoid fear mongering that zomg bitcoin is dooooomed...or that the fbi or whoever has that kind of power to wreck bitcoin.

If they did, I doubt seriously people would be investing millions of dollars in Monopoly money.

So the price drops..why is that a bad thing? I'd think it'd be the best thing ever...especially if the price conveniently plummets the day of the auction. I mean hard crash to 20 bucks level or lower...so the feds end up fucked for trying to cash in on their theft to begin with, they get shit...and once the btc are moved back in the economy, everybody will jump in to buy them and it'll sail right back up.

The only ones who get fucked are the FBI like they deserve. The auction alone seems pretty clear they think btc is bullshit and they'd rather have fiat...so give them fiat. If they had any sense they'd USE bitcoin and pass it around and pay some debt or something. Nope, they want to sell the secure currency for bs fiat.

I think a massive network coordinated crash would be beautifully sweet...let the price go waaaay up, 900 bucks even and the day of the auction when they're locked in, massive sell off so the price bottoms out and what little they get, serves them right.

Because the price and value will go up. Buy LOW...remember? So what part am I not getting here that makes some of you so sketchy about what the government does?

Thank you kindly!

Jesus lady. Talk down much? I think that you are over-analyzing the comments. You sound very irritable. Are you on your period?

[yefi]

I like how people are convincing each other that increasing supply by 30K BTC is a dream come true...

Man, if only we could increase supply by 300K, then the price would really start roaring upwards!

[crazyearner]

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

Well I say bring on the crash because I will be buying even more up bring back the days of $13 a coin back in 2011 would be nice but on a reasonable scale probs donw to low 200s maybe 300 all depends on how many people dump to cause it to crash at the time

[Melbustus]

SecondMarket will be bidding:

"SecondMarket and the Bitcoin Investment Trust expect to participate in the auction and will allow others to submit bids for aggregation in the process"

https://bitco.wufoo.com/forms/participate-in-us-marshals-bitcoin-auction/

1/Announcement: @BitcoinTrust and SecondMarket's bitcoin trading desk will be forming a syndicate to bid in US Marshals bitcoin auction...

https://twitter.com/barrysilbert/status/477931080889012224

2/Register here to receive info about how to participate in the bidding syndicate for US Marshals bitcoin auction: http://bit.ly/1lzcWbI

https://twitter.com/barrysilbert/status/477931146030743552

[bitcoinsrus]

Thanks for posting that mel (great read)

[demgains]

these coins will be back on the market and used to buy drugs and illegal merchandise in a matter of no time. Screw the FBI and government, when encrypted and anonymous coins become a staple on silkroad and other vendors, they won't be able to do a single thing.

[curiousnewbie]

Why auction while they could fetch better price in exchanges?

[bitbaby]

*Update: user bitcoin has linked to the U.S. Marshalls declaring a sale of 29,656.51306529 bitcoins http://www.usmarshals.gov/assets/2014/bitcoins/. Registration, accompanied by a deposit of $200k USD, will occur by Monday June 23rd, 2014. Online bidding will take place Friday June 27th, 2014. Winning bidders to be notified the following Monday, June 30th, 2014. Winners must make final payments by Tuesday, July 1st, 2014.*

This gives us 15 days until the online auction begins. Very short term event happening here.

There has been rumors of VC attempting to purchase the coins that the FBI seized from DPR's Silk Road accounts.
The ~173,000 coins sat dormant from 10/25/2013 for 230 days until 6/12/2014. Is the FBI simply doing some type of account management, or are they preparing for sale?

These coins account for approximately 1.3% of the current coins in circulation. Is demand strong enough to absorb this quantity over a short period of time? How will the price be affected?

https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN455paPH
Address first seen 2013-10-25 01:27:54

https://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX
2013-10-02 10:27:16

Is this the reason why the price is dropping now?

I saw someone claiming that and if this is the reason then I think the price will be dropping even low after the sale is over. am I right?

[BenjaminBarnes]

I am in agreement with statements that this is positive for bitcoin. I reserve comments on the outcome of the auction's impact on market prices. But I think that the auction does add legitimacy to btc as an asset that the U.S. Government acknowledges as being a legal asset. This is supportive of the recent IRS statement about btc as capital gains income for tax purposes. So - government legitimacy from two different angles.

At the very least we can be sure the U.S. government is not going to come out and ban and/or seize bitcoin if there is no secondary criminal charges on the table. But it should be a clear sign that the U.S. government, at least from an enforcement perspective, understands btc enough to start watching for money laundering, tax evasion, and related illegal activities.

Without getting into the vision of btc that some folks have as part of a libertarian utopia... to me this acknowledgement of btc as a legal asset can only help adoption as it removes a degree of fear and risk from the equation that is/was a big deterrent to owning the coins.

[rhino34567]

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

This so much. I can't believe people actually think this is a big stake of Bitcoin.

[crazyearner]

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

This so much. I can't believe people actually think this is a big stake of Bitcoin.

In al honesty it is. Even tho its a big amount to some and small to others having just 100 BTC can easily cripple markets and alt coins. Even having 10 coins can do the same to a lot of markets and exchanges providing you know how to trade.

[Hyena]

Ohhmy gawd yall need to stop being such pussies I swear  

Would one of you fine gentlemen (or ladies) please explain to a girl what I'm missing here? I thought the entire point is "buy low, sell high" and btc is an alternative currency.

FBI stole BTC in the raid, now it wants to get rid of it...that means bitcoin is back in the bitcoin environment, fiat goes out, bitcoin goes in. I do understand the concept of dumping but I seriously do no see the basis for the paranoid fear mongering that zomg bitcoin is dooooomed...or that the fbi or whoever has that kind of power to wreck bitcoin.

If they did, I doubt seriously people would be investing millions of dollars in Monopoly money.

So the price drops..why is that a bad thing? I'd think it'd be the best thing ever...especially if the price conveniently plummets the day of the auction. I mean hard crash to 20 bucks level or lower...so the feds end up fucked for trying to cash in on their theft to begin with, they get shit...and once the btc are moved back in the economy, everybody will jump in to buy them and it'll sail right back up.

The only ones who get fucked are the FBI like they deserve. The auction alone seems pretty clear they think btc is bullshit and they'd rather have fiat...so give them fiat. If they had any sense they'd USE bitcoin and pass it around and pay some debt or something. Nope, they want to sell the secure currency for bs fiat.

I think a massive network coordinated crash would be beautifully sweet...let the price go waaaay up, 900 bucks even and the day of the auction when they're locked in, massive sell off so the price bottoms out and what little they get, serves them right.

Because the price and value will go up. Buy LOW...remember? So what part am I not getting here that makes some of you so sketchy about what the government does?

Thank you kindly!

You expect special treatment because of your gender?
Parts of sentences such as Ohhmy gawd and zomg bitcoin is dooooomed are repulsive and you're not getting an excuse for the supposed female anatomy you deem to present.

Aside from that, I believe this little downtrend is very healthy for the longer term rally to continue because at least now we have some bears in the equation while a week ago there were only bulls which made me a bit paranoid about the rally --- the majority of people cannot be right, right?

[BurtW]

Ohhmy gawd yall need to stop being such pussies I swear  

Would one of you fine gentlemen (or ladies) please explain to a girl what I'm missing here? I thought the entire point is "buy low, sell high" and btc is an alternative currency.

FBI stole BTC in the raid, now it wants to get rid of it...that means bitcoin is back in the bitcoin environment, fiat goes out, bitcoin goes in. I do understand the concept of dumping but I seriously do no see the basis for the paranoid fear mongering that zomg bitcoin is dooooomed...or that the fbi or whoever has that kind of power to wreck bitcoin.

If they did, I doubt seriously people would be investing millions of dollars in Monopoly money.

So the price drops..why is that a bad thing? I'd think it'd be the best thing ever...especially if the price conveniently plummets the day of the auction. I mean hard crash to 20 bucks level or lower...so the feds end up fucked for trying to cash in on their theft to begin with, they get shit...and once the btc are moved back in the economy, everybody will jump in to buy them and it'll sail right back up.

The only ones who get fucked are the FBI like they deserve. The auction alone seems pretty clear they think btc is bullshit and they'd rather have fiat...so give them fiat. If they had any sense they'd USE bitcoin and pass it around and pay some debt or something. Nope, they want to sell the secure currency for bs fiat.

I think a massive network coordinated crash would be beautifully sweet...let the price go waaaay up, 900 bucks even and the day of the auction when they're locked in, massive sell off so the price bottoms out and what little they get, serves them right.

Because the price and value will go up. Buy LOW...remember? So what part am I not getting here that makes some of you so sketchy about what the government does?

Thank you kindly!

Is it just me or does this entire post sound like a dude trying to sound like what he thinks a chick would sound like?