50K Silk road coins to be auctioned 5 March.

[Cryddit]

http://in.reuters.com/article/2015/02/18/us-bitcoin-auction-silkroad-idINKBN0LM1XF20150218

[Madness]

I'am getting confused about the whole Silk Road story to be honest .
Once the Creator got catched , I heard that another Silk road was opened , so Silk road is basically an Open source market ? I mean how it gets opened each time even if the money gets seized and the creator got catched ?.
and is it opened now or not ?

~ mADNESS

[Cryddit]

"Silk Road" is a name, like "MIckey's Floating Poker Game." 

When "Mickey's Floating Poker Game" becomes well known, as a place where a lot of people want to gamble a lot of money, etc, Mickey starts making tons of cash. 

But then Mickey screws up and goes to gaol.  Now Mikey looks around and starts thinking about how much money he could make if he continued to have "Mickey's Floating Poker Game."  It's not like Mickey's going to stop him; Mickey's in stir.  It's not like there's a legal trademark to worry about; it was an illegal enterprise in the first place. 

So Mikey puts out the word that "Mickey's Floating Poker Game" will meet next week in the basement under the orphanage, and the world goes on. 

Heck, maybe the first Mickey retired, and the one in stir is the fourth or fifth, and the second is running a farm in Leicester now, and our boy Mikey doesn't even know he's the fifth or sixth rather than the second. 

[najzenmajsen]

this is gonna be reaaal nasty , waiting for those coins to auction them ima buy em all!

[Maidak]

This is bullshit these coins should be given away to a good cause not people with deep pockets.

[mishax1]

This is bullshit these coins should be given away to a good cause not people with deep pockets.

Better them and not to the miners(dumpers)

[Madness]

This is bullshit these coins should be given away to a good cause not people with deep pockets.

Indeed , I couldn't agree more .
It's not like every charity got closed because everyone have a good health , he is rich etc ... also it's not like that some people aren't sleeping on home because they don't even have one .... Goverments and their intelligent thinking *facepalm*

~ Madness

[Shazam!!!]

besides far from none....what are the chances that a normal guy like me could get some of these???
It would be nice if they went back to the victims of that whole mess, but this is what happens when
the government steps in. They will sell them to the highest bidder and the fiat will disappear!!! 

[Callahan]

FBI-dump again???
facepalm.gif

[Cryddit]

I think the FBI is facepalming right now because it is auctioning coins in a $250 market when it got them in an $800 market and sold the first batch in a $600 market.

I think they will facepalm again in the future when they've sold these and the market swings back up.   

[NiceSoft12]

Didn't they already auction those coins awhile back for like $800 a piece?

[najzenmajsen]

Didn't they already auction those coins awhile back for like $800 a piece?

that's what i thought aswell , these news are really confusing me. ( maybe ) not all coins got sold ? anyone know ?

[xingming]

Waw i really can see now a huge dump coming . I'm going to sell all my coins till 8 march and buy then
This will be a nice strategy ?

[PolarPoint]

Waw i really can see now a huge dump coming . I'm going to sell all my coins till 8 march and buy then
This will be a nice strategy ?

There is no huge dump coming. Anyone who dumps all their coins now cannot guarantee they can buy back the coins much cheaper. Price is likely to rise after the auction.

[koshgel]

They were being sold off in blocks. Is this the last set of coins from SR?

[moko666]

with that much coins we can expect a dump in price, it will stop the bull for now

[Cryddit]

with that much coins we can expect a dump in price, it will stop the bull for now

I could be wrong about this but I'm actually thinking that this is an event that has already been priced into the market.  People with deep enough pockets to move the market won't be surprised by this. 

On the contrary, I wonder if some of them may have been trying to deliberately keep the price from rising until after this auction.  We've been seeing market dumps strategically timed for the hours on weekends when the markets are thinnest and the dumps will move the price by the greatest amount possible. 

We will see if people trying to have disproportionate effect on the market by moving when it's thin start buying on the thin hours after the sale.  It will be interesting. 

Cryddit

[Bitcoin Explorer]

Let's hope this has a good effect on the price. Off late, it's been rising steadily, let's hope this auction won't spoil the party

[najzenmajsen]

alright , where's the auction at ? its 5th march , and i cant find it anywhere.
i need those bitcoins man!

[Cryddit]

alright , where's the auction at ? its 5th march , and i cant find it anywhere.
i need those bitcoins man!

IIRC they're selling two lots of 20K bitcoins and one lot of 10K bitcoins.  At market prices, nobody with less than $2.8M needs to worry about not getting in on the action.