US Marshals are selling 50,000 bitcoins soon

[Gitju]

There are 50,000 bitcoins for sale from the Ross William Ulbricht case.

Whoever needs them just register at
http://www.usmarshals.gov/assets/2015/dpr-february-auction/
to become a legitimated bidder.

What I miss in the whole registration process is a point where a bidder has to make a photo of himself holding a sheet of paper with #usabtcauction on it  

[Gladdy]

that is a lot of BTC on the supply side that add to the market.  If the demand is weak,  expect a big drop in BTC prices maybe to $150 or so.

[RedhatCAT]

There are 50,000 bitcoins for sale from the Ross William Ulbricht case.

Whoever needs them just register at
http://www.usmarshals.gov/assets/2015/dpr-february-auction/
to become a legitimated bidder.

What I miss in the whole registration process is a point where a bidder has to make a photo of himself holding a sheet of paper with #usabtcauction on it 

What are you talking about this is not at all part of the process LOL. All that someone needs to do is is submit the deposit, registration form and a copy of government issued identification.

What I find comical about the process is this:

The USMS will not transfer bitcoins to an obscene public address, a public address apparently in a country restricted by the Office of Foreign Assets Control (OFAC), a public address apparently associated with terrorism, other criminal activities, or otherwise hostile to the United States

It looks like someone can't use a vanity address that is "obscene"

I also am not sure how the USMS is going to determine that a public address is "located" in a specific country that is restricted by OFAC. This statement makes me think they don't really understand how bitcoin works 

[bryant.coleman]

that is a lot of BTC on the supply side that add to the market.  If the demand is weak,  expect a big drop in BTC prices maybe to $150 or so.

Not sure about that. During the last auction, the coins were sold at a premium when compared to the market price. I think this time also, that will be the case.

[koelen3]

that is a lot of BTC on the supply side that add to the market.  If the demand is weak,  expect a big drop in BTC prices maybe to $150 or so.

Not sure about that. During the last auction, the coins were sold at a premium when compared to the market price. I think this time also, that will be the case.

Even if takes a dip , that will be a great chance to buy , i can't possibly bid in that as the requirements are so high
And btc will recover soon anyway

[bitcool]

So after this 50K, how many more SR coin left at USMS?

[tyrexs]

i think this time end of bitcoin, auction 50000 bitcoin will efect to bitcoin price..

[RedhatCAT]

that is a lot of BTC on the supply side that add to the market.  If the demand is weak,  expect a big drop in BTC prices maybe to $150 or so.

Not sure about that. During the last auction, the coins were sold at a premium when compared to the market price. I think this time also, that will be the case.

What are you talking about? The selling price for the bitcoin that was sold for either of the two auctions was not publicly disclosed. Additionally when a seller is trying to sell a large amount of an asset like this it will pretty much always sell at a discount

[koelen3]

So after this 50K, how many more SR coin left at USMS?

44K(13K from same batch and 30K from some other place they took(don't remember) )

[Ingatqhvq]

The price can't rise too much before all this coins be sell.

[Kprawn]

Your Subject is wrong  ----> US Marshals for sale: 50,000 bitcoins

So does that mean... I can buy 1 or 10 US Marshals for 50,000 bitcoins? ..... A better title could have been.. "US Marshals are selling 50,000 bitcoins soon"

Back to the topic  ..... It is a good opportunity for a big investor to grab a few possibly cheaper coins.... I hope this person is a hoarder and bitcoin entrepreneur.

If it gets dumped on exchanges in one sell off after the auction... it would push down the price.   

[Gronthaing]

Your Subject is wrong   ----> US Marshals for sale: 50,000 bitcoins

So does that mean... I can buy 1 or 10 US Marshals for 50,000 bitcoins? ..... A better title could have been.. "US Marshals are selling 50,000 bitcoins soon"

Back to the topic   ..... It is a good opportunity for a big investor to grab a few possibly cheaper coins.... I hope this person is a hoarder and bitcoin entrepreneur.

If it gets dumped on exchanges in one sell off after the auction... it would push down the price.    

No one is going to pay a premium for the coins to lose money right after. But I agree on the title. Thought exactly the same thing. Imagined it was related to the malware the other guys got hit with.

[arvindr]

At what cost are the bidders able to buy these coins at during the auction ?

[Remember remember the 5th of November]

that is a lot of BTC on the supply side that add to the market.  If the demand is weak,  expect a big drop in BTC prices maybe to $150 or so.

Don't forget the various hacks that occurred totalling 10-15k btc as well.

[haploid23]

I'm betting the government won't even pay taxes to themselves after selling these. IRS is a separate branch than USMS (just like how FINCEN sees bitcoins completely different than the IRS does), but they completely exempt from it, while anyone else selling this amount would be required to pay uncle Same or else jail time.

[networthsigns]

This is bad if they guy dumps it !
Though i would say buying from them in the first place is more worse

[camouflage]

But does the hype died down already?
http://bitforum.info/t/bitcoin-price-drops-again-hype-from-us-marshals-auction-did-not-help/331

[CIYAM]

It would be quite funny if the sale went to an address with the prefix 1USA and then was immediately transferred to 1FUSA...

[medUSA]

PS: https://bitcoinmagazine.com/19512/us-marshals-auction-participant-price-not-significantly-market/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+BitcoinMagazine+%28Bitcoin+Magazine%29

Thanks for the link.

According to Kardashev Capital, whose bid of $221.51 per bitcoin was approximately 17 percent under the market value of the coins as of the close of bidding on Thursday, it did not win any lots. “While we’re disappointed to learn that we weren’t a winning bidder, I’m glad to hear that the bitcoins sold closer to or even above market price,” said Kardashev Capital partner Greg Gum.

They bid well below market price and they are disappointed? I believe the winning bids are at or above market price at the time. Those who didn't win any bids could be buying from exchanges. Bitcoin price is up since the auction, we are around $290 now.

Where are those newbie spammers who "predicted" a dump after the auctions?

[bf4btc]

PS: https://bitcoinmagazine.com/19512/us-marshals-auction-participant-price-not-significantly-market/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+BitcoinMagazine+%28Bitcoin+Magazine%29

Thanks for the link.

According to Kardashev Capital, whose bid of $221.51 per bitcoin was approximately 17 percent under the market value of the coins as of the close of bidding on Thursday, it did not win any lots. “While we’re disappointed to learn that we weren’t a winning bidder, I’m glad to hear that the bitcoins sold closer to or even above market price,” said Kardashev Capital partner Greg Gum.

They bid well below market price and they are disappointed? I believe the winning bids are at or above market price at the time. Those who didn't win any bids could be buying from exchanges. Bitcoin price is up since the auction, we are around $290 now.

Where are those newbie spammers who "predicted" a dump after the auctions?

Saying they paid over market price is kind of like the guys who said it would dump hard after the auction, both are untrue. Think about it do you think guys with millions to invest in bitcoin know what they are doing? I believe they do so they had plenty of notice that the auction was taking place weeks before it happened when the price was low 200's, they could have easily created buy walls across the top few exchanges from then they would have had the coins at market or below. nobody in their right mind would pay over the market price when they do not need to, it was under but we just do not know how much. 230-240