[2014-06-13] Bitcoin Prices Plunge As US Government Prepares To Auction Off Huge

[BurtW]

This isn't positive on short term (though it indicates some legality to bitcoins itself as it's sold as hold goods). Wondering who will be getting bitcoins (for most likely a cheaper price).

Why auction? I'm sure the government doesn't auction cash in foreign denominations.

http://www.nairaland.com/attachments/1567827_P12_JPG280c183cb2c3c6b5c60c48b13a40181f

Obviously because they do not consider it "cash in foreign denominations".  They consider it property like a stock, collection of pet rocks or collection of baseball cards.

[1713890398]

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[1713890398]

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[1713890398]

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[bryant.coleman]

This isn't positive on short term (though it indicates some legality to bitcoins itself as it's sold as hold goods). Wondering who will be getting bitcoins (for most likely a cheaper price).

It is definitely positive on the long term. Here are the reasons:

1. The FBI won't be having the Bitcoin stash in their possession. Who knows? In future they might use it to destroy the crypto.
2. As you have mentioned, the legality awarded to the currency, as a result of the sale.