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Author Topic: Ross Ulbricht 140k bitcoins potential auction and market crash in future.  (Read 7224 times)
Swordsoffreedom
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July 07, 2014, 07:40:56 AM
 #61

Well hopefully by the time the legal cases are done this specter will be forgotten for a while
In the meantime bitcoin will have grown even stronger
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July 07, 2014, 06:29:58 PM
 #62

Roger Ver Set to Donate 165K+on Twitter For Ross Ulbricht’s Defense. (USD not BTC)  https://bitcointalk.org/index.php?topic=680466.0. This will ensure years of litigation while the bitcoins will 1) Remain tied up in the courts and 2) Keep appreciating in value.

By the time this litigation is over the 144k BTC could even be worth more than the official US government gold reserves!

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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July 07, 2014, 08:45:20 PM
 #63

As far as I can tell, the price has not "crashed" due to the auction...
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July 08, 2014, 06:10:53 AM
 #64

As far as I can tell, the price has not "crashed" due to the auction...

But that was only the 30K SR coins. Up next for auction will be the bigger +140K stash if Ross is convicted. He denies being DPR so technically the coins are still his.


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July 08, 2014, 01:49:23 PM
 #65

As far as I can tell, the price has not "crashed" due to the auction...

But that was only the 30K SR coins. Up next for auction will be the bigger +140K stash if Ross is convicted. He denies being DPR so technically the coins are still his.



Is that the defense he is going to use in court?

Sound like a good defense as it will be extremely hard for the government to prove DPR identity.
Swordsoffreedom
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July 08, 2014, 10:13:17 PM
 #66

Does Dread Pirate Roberts stand a chance?

I would say small and getting smaller as the legal regulations around Bitcoin are getting put into place
The only chance he has to win this is if he can argue its his right to give out the Private Key and they stole it from him unfairly lol.
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July 08, 2014, 10:36:52 PM
 #67

Does Dread Pirate Roberts stand a chance?

I would say small and getting smaller as the legal regulations around Bitcoin are getting put into place
The only chance he has to win this is if he can argue its his right to give out the Private Key and they stole it from him unfairly lol.

That won't exonerate him from the drugs related charges.

Yah he is pretty pawned, the US treats Bitcoin as legitimate property now that is sellable which they proved with the Silk Road Auction so they have pretty much already proven that it is an asset of theirs, and Ross would lose the legal case that he was planning on arguing about it not being recognized as having value so pretty boned.

I guess you can be rich and then lose it all lol.
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July 09, 2014, 07:20:49 AM
 #68

Most likely crashes even harder as the market depth can not support close to 80M usd worth of bitcoin.
Not entirely sure the US Marshalls will be auctioning off all 140K bitcoins at once.  More than likely I suspect they will release them in batches over time.  At least if they are smart they will.

But yeah, obviously bitcoin could go down (a bit) right after the sale of these coins whether in batches or not (moreso if in a single batch)...but as bitcoin has shown us time and time again she will once again rise from the ashes barring some cataclysmic event.  Truthfully I'm more worried about fuck-tards like Isis now asking people to donate to their brutal cause in bitcoin/darkcoin than I am the 140K bitcoins the Marshall's are holding.  All it will take is one serious terrorist episode taking place on US soil that can somehow be proven to have been funded either partially or in full with bitcoin or some crypto and I believe they would subsequently launch a concerted effort to crush confidence in it.

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July 12, 2014, 04:33:46 PM
 #69

Most likely crashes even harder as the market depth can not support close to 80M usd worth of bitcoin.
Not entirely sure the US Marshalls will be auctioning off all 140K bitcoins at once.  More than likely I suspect they will release them in batches over time.  At least if they are smart they will.

But yeah, obviously bitcoin could go down (a bit) right after the sale of these coins whether in batches or not (moreso if in a single batch)...but as bitcoin has shown us time and time again she will once again rise from the ashes barring some cataclysmic event.  Truthfully I'm more worried about fuck-tards like Isis now asking people to donate to their brutal cause in bitcoin/darkcoin than I am the 140K bitcoins the Marshall's are holding.  All it will take is one serious terrorist episode taking place on US soil that can somehow be proven to have been funded either partially or in full with bitcoin or some crypto and I believe they would subsequently launch a concerted effort to crush confidence in it.
Regardless, one participant did purchase all ~30k coins in the most recent auction without any major disruption to the market. The price did fall prior to the auction, however this was driven by speculators.
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July 12, 2014, 05:38:31 PM
 #70

Regardless, one participant did purchase all ~30k coins in the most recent auction without any major disruption to the market. The price did fall prior to the auction, however this was driven by speculators.
And even the 140k isnt that much. Well, at least compared to 650k still missing from Gox. So basicly like 5% of the coins in the hands of one crook or gang.
How come there is no news on those? With log files and block chains you would expect some news by now.
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July 12, 2014, 06:41:23 PM
 #71

Regardless, one participant did purchase all ~30k coins in the most recent auction without any major disruption to the market. The price did fall prior to the auction, however this was driven by speculators.
And even the 140k isnt that much. Well, at least compared to 650k still missing from Gox. So basicly like 5% of the coins in the hands of one crook or gang.
How come there is no news on those? With log files and block chains you would expect some news by now.
The lost gox coins, if it is true that they were lost with malleability then were lost to many of gox's customers over a long period of time, and it is likely that most of them were lost years ago when bitcoin was sub $5 per BTC. 
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July 17, 2014, 04:02:15 AM
 #72

I suspect that people with lots of money are all too aware that these coins will be auctioned off (within the next year) and are not willing to invest until this issue gets resolved. No point having the price rise exponentially and then get demolished by the auction.
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July 20, 2014, 01:00:20 AM
 #73

Given how well the 30K coin auction went I am much less concerned about this one, especially since it may not ever happen.
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July 20, 2014, 01:09:13 AM
 #74

Given how well the 30K coin auction went I am much less concerned about this one, especially since it may not ever happen.

Yea and it will not happen soon, since the government has first to win the lawsuit against Ulbricht before auctioning them.

Internet of things.
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July 20, 2014, 01:18:25 AM
 #75

Given how well the 30K coin auction went I am much less concerned about this one, especially since it may not ever happen.

Yea and it will not happen soon, since the government has first to win the lawsuit against Ulbricht before auctioning them.
Not only that but the net effect of the price was mostly neutral so I wouldn't really be worried.
Swordsoffreedom
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July 20, 2014, 10:58:26 AM
 #76

Does Dread Pirate Roberts stand a chance?

I would say small and getting smaller as the legal regulations around Bitcoin are getting put into place
The only chance he has to win this is if he can argue its his right to give out the Private Key and they stole it from him unfairly lol.

That won't exonerate him from the drugs related charges.

Actually spent some time thinking about this case read another thread
And my new concern is that this does not set off a precedent to confiscate assets from people without a warrant.
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July 20, 2014, 11:59:48 AM
 #77

I still don't get it how the fuck did they get the private keys of those coins?! It's pretty default to encrypt the private keys! Why would Ross give them the password? Does not compute.

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July 20, 2014, 12:56:27 PM
 #78

I still don't get it how the fuck did they get the private keys of those coins?! It's pretty default to encrypt the private keys! Why would Ross give them the password? Does not compute.

keylogger.
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July 21, 2014, 04:53:18 PM
 #79

I still don't get it how the fuck did they get the private keys of those coins?! It's pretty default to encrypt the private keys! Why would Ross give them the password? Does not compute.

keylogger.

Even if you are being sure of you not having a keylogger, I think it's still a good idea to use virtual keyboards, I do that, and I admit that i feel a little bit extra paranoid doing so, but also extra safe. And thats being a poorfag, if I was a super rich dude, I just don't get how these guys aren't keeping their shit on offline computers for starters.

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July 23, 2014, 10:17:42 PM
 #80

I still don't get it how the fuck did they get the private keys of those coins?! It's pretty default to encrypt the private keys! Why would Ross give them the password? Does not compute.

Apparently they busted him in a public place while the HD in his laptop was decrypted (at least that's what I read somewhere).

It still asks the password to send the coins. How come DPR was so stupid that he didn't make any cold storage? It just doesn't fit into my head.

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