US Marshall's Bitcoin Auction Results

[DannyElfman]

I think you made a mistake in the title by putting the word 'Results' in there.

Nope!

These are the results as relased so far by the government.

I guess Monday we'll find out the prices.

I'm sure that some people will profit a lot from this.

the winning bidders will likely have an initial paper gain but the discount would likely not be large enough so that the buyer could sell all 3k coins on an exchange and still have a profit

[JorgeStolfi]

In auctions of material goods, like cars or houses, the USMS contracts a private company to keep custody of the goods and allow inspection by prospective bidders.  Check their pages for prior auctions.

Which is why this was a odd auction to start with.

Does anyone know how the FBI/USMS handles seized "virtual" property, such as shares of US or foreign companies, tickets for big games, or Linden Dollars?  Presumably they followed the same model.

[Hypnoise]

I think you made a mistake in the title by putting the word 'Results' in there.

Nope!

These are the results as relased so far by the government.

I guess Monday we'll find out the prices.

I'm sure that some people will profit a lot from this.

the winning bidders will likely have an initial paper gain but the discount would likely not be large enough so that the buyer could sell all 3k coins on an exchange and still have a profit

 or they can pump the price up and then sale

[RiverBoatBTC]

In auctions of material goods, like cars or houses, the USMS contracts a private company to keep custody of the goods and allow inspection by prospective bidders.  Check their pages for prior auctions.

Which is why this was a odd auction to start with.

Does anyone know how the FBI/USMS handles seized "virtual" property, such as shares of US or foreign companies, tickets for big games, or Linden Dollars?  Presumably they followed the same model.

Tickets for big games are given to the Dept Heads jk

[haploid23]

Bah.. I came back here for an update hoping for real content, but so far nothing. Really, we can just get rid of these first 5 pages. If results are to be released, what time and timezone would it be?

[JorgeStolfi]

Bah.. I came back here for an update hoping for real content, but so far nothing. Really, we can just get rid of these first 5 pages. If results are to be released, what time and timezone would it be?

If you had bothered to read the last few pages you would have found the answer, several times.

[haploid23]

Then can you quote it? All that's relevant is that info may or may not be released on Monday, no exact time or time zone mentioned.

[coffee999]

I like the idea of just waiting until someone flubs this auction. The biggest problem is that someone has a good target list of email addresses to try and compromise in an attempt to intercept the coin or alter the bidding.

[JorgeStolfi]

Then can you quote it? All that's relevant is that info may or may not be released on Monday, no exact time or time zone mentioned.

Read the USMS notice and their FAQ.  That is all the information there is.

[bgibso01]

http://newsbtc.com/2014/06/28/barry-silbert-releases-results-bidding-syndicate-us-marshals-bitcoin-auction/

Here's some terrible math.  42 bidders x $25,000 minimum = $1,050,000 / 48,013 coins bid =  $21.87 per BTC.  Let's hope not.

More likely the $1,050,000 would bid on 1 block of 3,000 which would be $350 per coin.

Just shows we don't have a clue until someone steps forward Monday.

[JorgeStolfi]

http://newsbtc.com/2014/06/28/barry-silbert-releases-results-bidding-syndicate-us-marshals-bitcoin-auction/

Here's some terrible math.  42 bidders x $25,000 minimum = $1,050,000 / 48,013 coins bid =  $21.87 per BTC.  Let's hope not.

Interesting, but that is only the minimum of course.  Many bidders probably entered with much more than 25'000$, offering higher prices.  Reversing the math, if the bids for the ~30 kBTC that SM submitted to the USMS were near market price, and every one of the 42 syndicate bidders managed to get a slice in those bids, they must have pledged about 18 M$ in all, or ~430'000$ each, on average.

It occurred to me now that 25'000$ is also the minimum that one can invest in the SMBIT fund.  Has anyone seen the actual terms of the SM syndicate?  Could it be that the winning bidders will get SMBIT shares, instead of the actual bitcoins?

[ShakyhandsBTCer]

http://newsbtc.com/2014/06/28/barry-silbert-releases-results-bidding-syndicate-us-marshals-bitcoin-auction/

Here's some terrible math.  42 bidders x $25,000 minimum = $1,050,000 / 48,013 coins bid =  $21.87 per BTC.  Let's hope not.

More likely the $1,050,000 would bid on 1 block of 3,000 which would be $350 per coin.

Just shows we don't have a clue until someone steps forward Monday.

the 25k is just a minimum, it would be likely that most bidders bid much more then just 25k

[CEG5952]

Bah.. I came back here for an update hoping for real content, but so far nothing. Really, we can just get rid of these first 5 pages. If results are to be released, what time and timezone would it be?

I can't find it now, and I'm not sure if I was given accurate information. But I remember hearing that winners would be notified sometime Monday, Eastern Time. May have been by 6pm..... but I really don't think we will get results through any official channels anyway.

[acs267]

I think you made a mistake in the title by putting the word 'Results' in there.

Nope!

These are the results as relased so far by the government.

I guess Monday we'll find out the prices.

I'm sure that some people will profit a lot from this.

the winning bidders will likely have an initial paper gain but the discount would likely not be large enough so that the buyer could sell all 3k coins on an exchange and still have a profit

 or they can pump the price up and then sale

I don't see why so many people are worried about this option. Not including you, just putting that out there. Gold, silver, and oil has been pumped and dumped so many times and it's still fledgling.

Not to mention, it'll be pretty obvious if one person had a limitless selling account. So then all the panic sellers can sell, and, well, it would benefit some of the Bitcoin community if they did.

[BurtW]

Then can you quote it? All that's relevant is that info may or may not be released on Monday, no exact time or time zone mentioned.

I really don't think we will get results through any official channels anyway.

We do not have to wonder about this.  Read this very carefully:

http://www.usmarshals.gov/assets/2014/bitcoins/faqs.pdf

For those to lazy to click the above link just read this:

10. What information about the auction process or results will the USMS release?
 
The USMS will contact the winning and losing bidders directly. The USMS will not publicly
release any information pertaining to the auction process or results.
 
11. What information about the auction process or results might be available through a FOIA
request?
 
Agency records or information which is not covered by one or more of the FOIA’s Exemptions is
subject to disclosure. Such determinations will be made in accordance with
Department of Justice regulations available at http://www.justice.gov/oip/04_1_1.html and
title28-vol1-part16.xml#seqnum16.8.

[Spekulatius]

Agency records or information which is not covered by one or more of the FOIA’s Exemptions is
subject to disclosure. Such determinations will be made in accordance with
Department of Justice regulations available at http://www.justice.gov/oip/04_1_1.html and
title28-vol1-part16.xml#seqnum16.8.

Whats that mean? Which information can be requested?

[RiverBoatBTC]

Only way DOJ will not release information is under exemption 4

§ 16.8Business information.
(a) In general. Business information obtained by the Department from a submitter will be disclosed under the FOIA only under this section.
(b) Definitions. For purposes of this section:
(1) Business information means commercial or financial information obtained by the Department from a submitter that may be protected from disclosure under Exemption 4 of the FOIA.
(2) Submitter means any person or entity from whom the Department obtains business information, directly or indirectly. The term includes corporations; state, local, and tribal governments; and foreign governments.
(c) Designation of business information. A submitter of business information will use good-faith efforts to designate, by appropriate markings, either at the time of submission or at a reasonable time thereafter, any portions of its submission that it considers to be protected from disclosure under Exemption 4. These designations will expire ten years after the date of the submission unless the submitter requests, and provides justification for, a longer designation period.
(d) Notice to submitters. A component shall provide a submitter with prompt written notice of a FOIA request or administrative appeal that seeks its business information wherever required under paragraph (e) of this section, except as provided in paragraph (h) of this section, in order to give the submitter an opportunity to object to disclosure of any specified portion of that information under paragraph (f) of this section. The notice shall either describe the business information requested or include copies of the requested records or record portions containing the information. When notification of a voluminous number of submitters is required, notification may be made by posting or publishing the notice in a place reasonably likely to accomplish it.
(e) Where notice is required. Notice shall be given to a submitter wherever:
(1) The information has been designated in good faith by the submitter as information considered protected from disclosure under Exemption 4; or
(2) The component has reason to believe that the information may be protected from disclosure under Exemption 4.
(f) Opportunity to object to disclosure. A component will allow a submitter a reasonable time to respond to the notice described in paragraph (d) of this section and will specify that time period within the notice. If a submitter has any objection to disclosure, it is required to submit a detailed written statement. The statement must specify all grounds for withholding any portion of the information under any exemption of the FOIA and, in the case of Exemption 4, it must show why the information is a trade secret or commercial or financial information that is privileged or confidential. In the event that a submitter fails to respond to the notice within the time specified in it, the submitter will be considered to have no objection to disclosure of the information. Information provided by the submitter that is not received by the component until after its disclosure decision has been made shall not be considered by the component. Information provided by a submitter under this paragraph may itself be subject to disclosure under the FOIA.
(g) Notice of intent to disclose. A component shall consider a submitter's objections and specific grounds for nondisclosure in deciding whether to disclose business information. Whenever a component decides to disclose business information over the objection of a submitter, the component shall give the submitter written notice, which shall include:
(1) A statement of the reason(s) why each of the submitter's disclosure objections was not sustained;
(2) A description of the business information to be disclosed; and
(3) A specified disclosure date, which shall be a reasonable time subsequent to the notice.
(h) Exceptions to notice requirements. The notice requirements of paragraphs (d) and (g) of this section shall not apply if:
(1) The component determines that the information should not be disclosed;
(2) The information lawfully has been published or has been officially made available to the public;
(3) Disclosure of the information is required by statute (other than the FOIA) or by a regulation issued in accordance with the requirements of Executive Order 12600 (3 CFR, 1988 Comp., p. 235); or
(4) The designation made by the submitter under paragraph (c) of this section appears obviously frivolous—except that, in such a case, the component shall, within a reasonable time prior to a specified disclosure date, give the submitter written notice of any final decision to disclose the information.
(i) Notice of FOIA lawsuit. Whenever a requester files a lawsuit seeking to compel the disclosure of business information, the component shall promptly notify the submitter.
(j) Corresponding notice to requesters. Whenever a component provides a submitter with notice and an opportunity to object to disclosure under paragraph (d) of this section, the component shall also notify the requester(s). Whenever a component notifies a submitter of its intent to disclose requested information under paragraph (g) of this section, the component shall also notify the requester(s). Whenever a submitter files a lawsuit seeking to prevent the disclosure of business information, the component shall notify the requester(s).
[Order No. 2156-98, 63 FR 29593, June 1, 1998; 63 FR 51401, Sept. 25, 1998]

Exemption 4
Exemption 4 of the FOIA protects "trade secrets and commercial or financial information obtained from a person [that is] privileged or confidential." (1) This exemption is intended to protect the interests of both the government and submitters of information. Its very existence encourages submitters to voluntarily furnish useful commercial or financial information to the government and it correspondingly provides the government with an assurance that such information will be reliable. The exemption also affords protection to those submitters who are required to furnish commercial or financial information to the government by safeguarding them from the competitive disadvantages that could result from disclosure. (2) The exemption covers two broad categories of information in federal agency records: (1) trade secrets; and (2) information that is (a) commercial or financial, and (b) obtained from a person, and (c) privileged or confidential

They are not going to give you the bank account # of the people who got the coins lol

this

[crazy_rabbit]

I am sure in good time the real winners will come out. At least the losers will mention what they bid and did not win, but I'm pretty sure the winners will want the limelight, considering how all the major financial news sources are reporting on it.

[catarinman]

Boring. I hope there will be some "deepthroat" revelations about winning bids and prices.

[boumalo]

I am sure in good time the real winners will come out. At least the losers will mention what they bid and did not win, but I'm pretty sure the winners will want the limelight, considering how all the major financial news sources are reporting on it.

The price didn't go to 644$ randomnly

The auction winners may be able to turn a paper profit soon but they probably have an other plan in head