Silkroad BTC auction - More info?

[slu2]

I wonder when the rest of the coins will be auctioned off.  Since 30k are all they are starting off with, it would seem that the remaining 144k or whatever it is exactly will be auctioned off at a later time.  Or does anyone suspect that the gubbermint will attempt to control the bitcoin market with the wealth that they control.  Kind of like how the federal reserve controls the USD, and manipulates inflation/deflation.  

What do you think that the gubbermint will attempt to do with the remaining coins that are not being sold at this time?

Also, if they do attempt to sell the remainder of the coins.  Does anyone want to start working on a partnership or a group buy now?

I am in Idaho.  I don't have significant wealth, but I think that I have enough to offer in a group buy that my assets could be the difference between winning and losing combined with other buyers.
I saw some slick scammer newbie on another thread attempting to do a last minute group buy for the current 30k that are being auctioned off now.   He offered no safety net, and he had no credibility.  So no one got in on it.  (don't blame anyone for avoiding that)

But if we get a group together now, I think this could be a good effort to buy some from the next round.

I am currently in Idaho, but I could travel to you if need be.   I would like to meet face to face with some potential investors with significant capital.  

My thoughts are this.   No more than 10 in the group.  Each member of the group needs to have at least $50k in liquid capital.  
We all meet face to face in the next 30 to 45 days.   If we could arrange for a fiat escrow service to compile all of the funds together, so that there is no one member of the group controlling all of the assets it would be a very safe playing field that way.

Let me know your thoughts if you are interested.  PM me if you would like to remain anonymous from the forum.

[1714873823]

1714873823

[1714873823]

1714873823

[polynesia]

I wonder when the rest of the coins will be auctioned off.  Since 30k are all they are starting off with, it would seem that the remaining 144k or whatever it is exactly will be auctioned off at a later time.  Or does anyone suspect that the gubbermint will attempt to control the bitcoin market with the wealth that they control.  Kind of like how the federal reserve controls the USD, and manipulates inflation/deflation.  

What do you think that the gubbermint will attempt to do with the remaining coins that are not being sold at this time?

The remaining coins are not silkroad coins, but actually belong to Ulbricht. They haven't been forfeited yet. The Government will be able to auction them only after a judgement is obtained on Ulbricht's case. So it could be quite a wait.

[slu2]

Thanks for that!  I didn't know the specifics.  I have only been passively watching this unfold.   
Knowing now that there may be more to come, I would like to see this community get a hold of those coins, rather than some centralized entity like the government controlling the bitcoin economy in some significant way.

If the government held on to the coins, and didn't auction them off, I would be very suspicious of the goings on with the bitcoin market.

Personally I have already moved all of my holdings to alt coins, mostly LTC.   But I am wary of bitcoin at the moment.

However, if these all returned to the community, and maybe spread out a little to more private individuals, I think bitcoin would become stronger. 

144k bitcoin being centralized by one entity makes me nervous.

[Nobitcoin]

Thanks for that!  I didn't know the specifics.  I have only been passively watching this unfold.   
Knowing now that there may be more to come, I would like to see this community get a hold of those coins, rather than some centralized entity like the government controlling the bitcoin economy in some significant way.

If the government held on to the coins, and didn't auction them off, I would be very suspicious of the goings on with the bitcoin market.

Personally I have already moved all of my holdings to alt coins, mostly LTC.   But I am wary of bitcoin at the moment.

However, if these all returned to the community, and maybe spread out a little to more private individuals, I think bitcoin would become stronger. 

144k bitcoin being centralized by one entity makes me nervous.

Not to cause you any lack of sleep but isn't LTC on the way out?  Maybe choose another coin?

[slu2]

If LTC is dead, thats news to me, its going for about four times as much as it was at this same time a year ago.
Four times as much is better than the how the US dollar is losing value.   I wouldn't say something with that much appreciation is "on it's way out"  LOL

[InwardContour]

I wonder when the rest of the coins will be auctioned off.  Since 30k are all they are starting off with, it would seem that the remaining 144k or whatever it is exactly will be auctioned off at a later time.  Or does anyone suspect that the gubbermint will attempt to control the bitcoin market with the wealth that they control.  Kind of like how the federal reserve controls the USD, and manipulates inflation/deflation.  

What do you think that the gubbermint will attempt to do with the remaining coins that are not being sold at this time?

The remaining coins are not silkroad coins, but actually belong to Ulbricht. They haven't been forfeited yet. The Government will be able to auction them only after a judgement is obtained on Ulbricht's case. So it could be quite a wait.

It would not be the criminal case that they need a judgment for, it is a separate civil case over the coins that he owns. Since no one claimed to own the SR coins the government was simply able to win a default ruling. Ross had claimed ownership in his coins so the matter will need to be litigated. 

[gmx95]

Has the auction for the 30K taken place already? If yes, I don't think the market noticed it.

[Crossbow376]

Has the auction for the 30K taken place already? If yes, I don't think the market noticed it.

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

Phase II: Online Auction Period
Date: Friday, June 27, 2014, from 6:00 AM EDT to 6:00 PM EDT

So, yes, the auction has finished now.

Phase III: Award and Sale Close
On Monday, June 30, 2014, by 5:00 PM EDT, the USMS will notify the winning bidder/bidders that their bid/bids has/have been selected.

So, the bitcoin is not awarded to the bidders yet, and the price is probably not going to be disclosed.

[Jamacn]

Bitcoin prices dollars rose lots

[slu2]

Looks like we will see the effects of these coins hitting the market starting today, but probably the full effect won't be noticed for weeks.
It will mostly like drop the prices temporarily, but I think in the long run, it will give the market the appearance of a relevance.  Since the government is selling these coins, I think it will lend this coin credibility and ease people's fears of crypto a bit.

I still want to get in on the next sale.  I am selling my investment property right now, so that I can get in on this.

[BurtW]

I still want to get in on the next sale.  I am selling my investment property right now, so that I can get in on this.

Well if they run it like this recent sale you will need to pony up a $200,000 cash deposit in order to bid.  Then participate in a sealed bid auction for a lot of 3,000 BTC so your bid would be between 1 and 2 million dollars (or so).  If you win then you will need to pay the winning amount, in cash, within a very short period of time or lose the $200,000 deposit.  So, I hope your investment property is worth a couple of million.  If so, good luck to you!

Looks like we will see the effects of these coins hitting the market starting today, but probably the full effect won't be noticed for weeks.

No, we won't.  Anyone who just spent upwards of 2 million on a lot of BTC is going to hold them not sell them.

[InwardContour]

Looks like we will see the effects of these coins hitting the market starting today, but probably the full effect won't be noticed for weeks.
It will mostly like drop the prices temporarily, but I think in the long run, it will give the market the appearance of a relevance.  Since the government is selling these coins, I think it will lend this coin credibility and ease people's fears of crypto a bit.

I still want to get in on the next sale.  I am selling my investment property right now, so that I can get in on this.

I noticed that there were a lot of bids and participants in the auction. You can infer that everyone who bid did not win the auction. As a result it would be possible that some of the losing bidders would simply try to buy on the open market.

[slu2]

I noticed that there were a lot of bids and participants in the auction. You can infer that everyone who bid did not win the auction. As a result it would be possible that some of the losing bidders would simply try to buy on the open market.

Ya I think we have yet to see what happens, but I think we'll all notice it when the ball drops.   

[InwardContour]

I noticed that there were a lot of bids and participants in the auction. You can infer that everyone who bid did not win the auction. As a result it would be possible that some of the losing bidders would simply try to buy on the open market.

Ya I think we have yet to see what happens, but I think we'll all notice it when the ball drops.   

It will likely not be a knee jerk type reaction, but rather a gradual move upward as the loosing bidder try to buy some of the bitcoin they tried to buy via the auction

[Buziss]

Looks like we will see the effects of these coins hitting the market starting today, but probably the full effect won't be noticed for weeks.

No, we won't.  Anyone who just spent upwards of 2 million on a lot of BTC is going to hold them not sell them.

It turns out that the ~30K bitcoin will be used to "provide bitcoin liquidity in emerging markets".
http://www.coindesk.com/tim-draper-revealed-silk-road-bitcoin-auction-winner/

Of course, while the sale is significant for Draper, the announcement that the coins will be leveraged by Vaurum could also have a large impact on the industry, particularly as more investors become interested in bitcoin’s potential.

A member of Boost VC’s 2013 summer class of seven startups, Vaurum is aiming to cater to traditional brokerage investors who lack access to bitcoin. The company is currently working on an API for financial organisations and a robust trading engine to meet this goal.

The platform, however, is perhaps best described by Bhama, the firm’s CEO, who issued the following statement after its $4m seed round was finalized:
 “Most investors – even savvy institutions – need an easy-to-use and compliant platform through which to buy and sell bitcoins, and we provide that solution.”

[slu2]

Thanks for sharing!  That is way better than I expected!

BTC  FTW  BTC

[slu2]

The only thing that could have been better is that 9 bidders could have all won a lot, and spread the wealth out a little bit.

[FRNZ]

hopefully the guy stays true unlike Circle CEO..