Silk Road bitcoin auction - Australian edition

[pawel7777]

Seized BTC24,500 to be auctioned. This time in Australia.

The bitcoin community could soon see another high-profile auction of bitcoins confiscated from users of the now-defunct online black market Silk Road.

Australian law enforcement officials are now in possession of 24,500 bitcoins (worth $9.4m at press time) following the conviction of their original owner, 32-year-old Warrandyte native Richard Pollard. Pollard was given an 11-year prison sentence today after pleading guilty to commercial drug trafficking, according to The Sydney Morning Herald.

http://www.coindesk.com/australian-government-soon-hold-9-million-bitcoin-auction/


Any takers?

[segvec]

Nice, going to try and nab some decent coinage in this auction if the price is right.

[agustinfl]

My guess is these auctions end up being good publicity for bitcoin. Ain't it?

[Biitcoin]

I'am not fimillar to this but I heard that Silk Road is a website to sell drugs using bitcoin online , right ? so how it comes that it's not closed yet . I'am pretty sure they know where it's hosted + have the informations from credit cards etc of the users

[segvec]

I'am not fimillar to this but I heard that Silk Road is a website to sell drugs using bitcoin online , right ? so how it comes that it's not closed yet . I'am pretty sure they know where it's hosted + have the informations from credit cards etc of the users

You are 100 percent wrong.
Do research prior to making false accusations.

[moko666]

I'am not fimillar to this but I heard that Silk Road is a website to sell drugs using bitcoin online , right ? so how it comes that it's not closed yet . I'am pretty sure they know where it's hosted + have the informations from credit cards etc of the users

silkroad is a tor shop for illegal drug and weapons
recently FBI Seized around BTC30,000 from silkroad and auction them
and now Australian authorities are doing auction
we can see a negative impact of this auction on bitcoin's price

[segvec]

I'am not fimillar to this but I heard that Silk Road is a website to sell drugs using bitcoin online , right ? so how it comes that it's not closed yet . I'am pretty sure they know where it's hosted + have the informations from credit cards etc of the users

silkroad is a tor shop for illegal drug and weapons
recently FBI Seized around BTC30,000 from silkroad and auction them
and now Australian authorities are doing auction
we can see a negative impact of this auction on bitcoin's price

Not necessarily negative...just depends on who gets their hands on the coins.

[Biitcoin]

I'am not fimillar to this but I heard that Silk Road is a website to sell drugs using bitcoin online , right ? so how it comes that it's not closed yet . I'am pretty sure they know where it's hosted + have the informations from credit cards etc of the users

silkroad is a tor shop for illegal drug and weapons
recently FBI Seized around BTC30,000 from silkroad and auction them
and now Australian authorities are doing auction
we can see a negative impact of this auction on bitcoin's price

the website is only accessible via Tor ? or only "safe" to access via tor 
How exactly they seized them if they didn't catch the owner of the website 

[pawel7777]

the website is only accessible via Tor ? or only "safe" to access via tor 
How exactly they seized them if they didn't catch the owner of the website 

The website doesn't exist no more (at least not the original one).

They did catch the owner, google Ross Ulbricht to get more info

[g27wr]

How does one bid in this auction?

[hayabusa911]

Are they selling the whole lot or will they break up the coins into smaller increments?

[madmadmax]

Great opportunity to grab some cheap coins

[tins]

When will the auction take place? Also, will it be open to foreign investors?

[Argwai96]

Are they selling the whole lot or will they break up the coins into smaller increments?

When will the auction take place? Also, will it be open to foreign investors?

How does one bid in this auction?

There have been zero details regarding anything about the auction so far (not even the timing), nor that the coins will actually be sold via auction, as it would be possible for the Australian government to sell the coins on an exchange, slowly over time (if they think this would result in a larger overall price for them).

I would think the terms of such an auction, if there is one, would be very similar to the terms of the recent SR auction that Tim Draper won and was run by the USMS

[Q7]

I still remember during the last open auction had the btc price tanking. It's like suddenly you introduce so much supply into the open market

[Bitcoin Magazine]

Agora is better.  u can buy a lot more stuff on there.  and there interface is better

[4theLOVEofCrypto]

Be interesting to see what they go for.  Hopefully it will be someone that buys and doesn't dump them on the market right away.  Maybe it will go for more than current market price.

[FattyMcButterpants]

Seized BTC24,500 to be auctioned. This time in Australia.
--snip--

I think it is interesting that the amount law enforcement in Melbourne seized from one seller was so close to the amount that the FBI was able to seize from Ross via SR when he was arrested.

I would speculate that some sellers/vendors on SR were essentially hoarding bitcoin and were paying out of their own pocket (or were also selling on the "street" and using these profits) to pay for the inventory that was sold on SR.

Even if they were a huge vendor/seller this is a lot to have seized for just one seller when basically the same amount was seized from SR

[nor9865]

I still remember during the last open auction had the btc price tanking. It's like suddenly you introduce so much supply into the open market

It bounced back relatively quickly though.

People realised that the coins were still being sold at market value and not 50% under as people assumed they'd be sold at.

[Krang]

My guess is these auctions end up being good publicity for bitcoin. Ain't it?

Depends how you define good publicity? Publicity? Sure, but not good really. How did the Aussie authorities even get their hands on these coins?