New auction for 50000 btc from US marshalls!

[WhatTheGox]

http://www.usmarshals.gov/assets/2015/dpr-february-auction/

Have they finally emptied their cache?

Wish this causes a trend reversal

How is it they come to the decision to sell at these prices, seems like nobody has a brain over there.  Or perhaps no single person has the power to make sale date decisions.

Its mostly people who fair the price of bitcoin to crash. And if they think of that, they see losing money and probably dump and get out.

But unfortunately, it goes up instead and they regret it the next day .

You'd think they'd have some top techincal analysis traders viewing the data though, the market is tricky to predict for anyone but a few seem to get it right more often then not.

[1714606644]

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[ElectricMucus]

They don't really care about selling for a good price, they are just liquidating the assets from the seizure like with anything else. And that is probably done according to a time table that is dictated by internal proceedings, not the market. So they would auction the Bitcoins now if they were a million dollars or just a nickel.

[readysalted89]

http://www.usmarshals.gov/assets/2015/dpr-february-auction/

Have they finally emptied their cache?

Wish this causes a trend reversal

How is it they come to the decision to sell at these prices, seems like nobody has a brain over there.  Or perhaps no single person has the power to make sale date decisions.

Its mostly people who fair the price of bitcoin to crash. And if they think of that, they see losing money and probably dump and get out.

But unfortunately, it goes up instead and they regret it the next day .

You'd think they'd have some top techincal analysis traders viewing the data though, the market is tricky to predict for anyone but a few seem to get it right more often then not.

Before the first auction someone made the point that the US was selling because they thought the price would go down in the long run. It's considerably lower now than before either of the last two auctions. The US might be selling now because they still hold the same view.

[bitcoin4eva]

I really still think it was somewhat sketchy to sell the BTC. They wouldn't sell the 100$ bills they get from some drug raid for discounted rates, wouldn't they?

[NotLambchop]

I really still think it was somewhat sketchy to sell the BTC. They wouldn't sell the 100$ bills they get from some drug raid for discounted rates, wouldn't they?

No, they wouldn't have to.  They'd put those bills directly in the bank because that's real money.
But yeah, seized money goes in the bank, they don't incinerate it, if that's what you mean.

[ssmc2]

It doesn't stay in the bank for long. Most seized funds are immediately converted into toys like this:

http://www.news9.com/story/24981268/seized-drug-money-helps-guthrie-police-purchase-armored-vehicle

[ElectricMucus]

It doesn't stay in the bank for long. Most seized funds are immediately converted into toys like this:

http://www.news9.com/story/24981268/seized-drug-money-helps-guthrie-police-purchase-armored-vehicle

Nice tool to raid Libertarian extremists who think they can sell drugs and not pay taxes.

[ssmc2]

It doesn't stay in the bank for long. Most seized funds are immediately converted into toys like this:

http://www.news9.com/story/24981268/seized-drug-money-helps-guthrie-police-purchase-armored-vehicle

Nice tool to raid Libertarian extremists who think they can sell drugs and not pay taxes.

Just part of the ever-evolving Orwellian police state we have here in the U.S.

[okthen]

It doesn't stay in the bank for long. Most seized funds are immediately converted into toys like this:

http://www.news9.com/story/24981268/seized-drug-money-helps-guthrie-police-purchase-armored-vehicle

Wow, they can do that?
Shouldn't the money go together with all of the tax revenues the government has?
It's everybody's money too after all...

[gentlemand]

It doesn't stay in the bank for long. Most seized funds are immediately converted into toys like this:

http://www.news9.com/story/24981268/seized-drug-money-helps-guthrie-police-purchase-armored-vehicle

Wow, they can do that?
Shouldn't the money go together with all of the tax revenues the government has?
It's everybody's money too after all...

They earned that money by frightening and extorting passing motorists.

http://www.theweek.co.uk/us/60343/hand-over-your-cash-how-us-cops-commit-highway-robbery

Welcome to America. Luckily I live in a developed country.

[WhatTheGox]

They don't really care about selling for a good price, they are just liquidating the assets from the seizure like with anything else. And that is probably done according to a time table that is dictated by internal proceedings, not the market. So they would auction the Bitcoins now if they were a million dollars or just a nickel.

They do 50k now to leave 40k? seems strange but yeah i can see there is likely no thought at all into the whole process.

[uki]

^Market price during the first auction > market price during the second auction > market price now.
Only possible regret: "Why didn't we sell this bag earlier?! "

but also: price drop after first auction -> almost no reaction after the 2nd -> and now?
probably also all is priced in.

[ajareselde]

It doesn't stay in the bank for long. Most seized funds are immediately converted into toys like this:

http://www.news9.com/story/24981268/seized-drug-money-helps-guthrie-police-purchase-armored-vehicle

Wow, they can do that?
Shouldn't the money go together with all of the tax revenues the government has?
It's everybody's money too after all...

They earned that money by frightening and extorting passing motorists.

http://www.theweek.co.uk/us/60343/hand-over-your-cash-how-us-cops-commit-highway-robbery

Welcome to America. Luckily I live in a developed country.

https://www.youtube.com/watch?v=3kEpZWGgJks its aJon Oliver show where he nicely described whats happening with  Civil Forfeiture in usa.
Insane, just purely insane that people actually tolerate this kind of harrasment from the public service that was originaly created to serve, and to protect ..
Way to go 'murica

cheers

[bitcoin4eva]

I really still think it was somewhat sketchy to sell the BTC. They wouldn't sell the 100$ bills they get from some drug raid for discounted rates, wouldn't they?

No, they wouldn't have to.  They'd put those bills directly in the bank because that's real money.
But yeah, seized money goes in the bank, they don't incinerate it, if that's what you mean.

Yea and why didn't they do something like this with the seized BTC? I bet there are all kinds of stuff they could have bought with them. Or donate them or something.

[readysalted89]

I really still think it was somewhat sketchy to sell the BTC. They wouldn't sell the 100$ bills they get from some drug raid for discounted rates, wouldn't they?

No, they wouldn't have to.  They'd put those bills directly in the bank because that's real money.
But yeah, seized money goes in the bank, they don't incinerate it, if that's what you mean.

Yea and why didn't they do something like this with the seized BTC? I bet there are all kinds of stuff they could have bought with them. Or donate them or something.

There are some sort of legal rules which force them to auction the seized BTC rather than directly sell them or buy something with them. I don't know exactly how the rules work but that's why they auction loads of other things they confiscate like cars. They would probably raise far more money selling them directly but they can't.

[NotLambchop]

I really still think it was somewhat sketchy to sell the BTC. They wouldn't sell the 100$ bills they get from some drug raid for discounted rates, wouldn't they?

No, they wouldn't have to.  They'd put those bills directly in the bank because that's real money.
But yeah, seized money goes in the bank, they don't incinerate it, if that's what you mean.

Yea and why didn't they do something like this with the seized BTC? I bet there are all kinds of stuff they could have bought with them. Or donate them or something.

Because USMS is not as dumb as most Bitcoiners?
Because you don't get to tell USMS what to do?
Because USMS always auctions off seized criminal proceeds?

If those aren't reasons enough, here's another:
If USMS chose to hold BTC (what you feel is the equivalent of putting USD in the bank), the agents would discover, much to their chagrin, that their "saved" BTC has lost most of its buying power, i.e. the same coin that was worth $1,2000 in December is now worth $245
Like so:


So the question really shouldn't be "why did USMS choose to sell," but "WTF didn't you?"

[turvarya]

I really still think it was somewhat sketchy to sell the BTC. They wouldn't sell the 100$ bills they get from some drug raid for discounted rates, wouldn't they?

No, they wouldn't have to.  They'd put those bills directly in the bank because that's real money.
But yeah, seized money goes in the bank, they don't incinerate it, if that's what you mean.

Yea and why didn't they do something like this with the seized BTC? I bet there are all kinds of stuff they could have bought with them. Or donate them or something.

Because USMS is not as dumb as most Bitcoiners?
Because you don't get to tell USMS what to do?
Because USMS always auctions off seized criminal proceeds?

If those aren't reasons enough, here's another:
If USMS chose to hold BTC (what you feel is the equivalent of putting USD in the bank), the agents would discover, much to their chagrin, that their "saved" BTC has lost most of its buying power, i.e. the same coin that was worth $1,2000 in December is now worth $245
Like so:


So the question really shouldn't be "why did USMS choose to sell," but "WTF didn't you?"

because:

[calci]

Why do people fear that all the auction coins will be dumped ?
I don't see it ever happening. They don't buy coins to dump.

[D05GTO]

Why do people fear that all the auction coins will be dumped ?
I don't see it ever happening. They don't buy coins to dump.

Same reason you see all the numb numbs spouting off about coin inflation and all the miners dumping.  They are not so bright.  You know that 100% of the miners do not mine them to just dump them on the market.  They will still say 3600 btc enter the market every day as a best case scenario when in truth it's only a small percentage of that entering.   

[tyrexs]

its mean bitcoin will dump again