WhatTheGox
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Activity: 812
Merit: 1000
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February 21, 2015, 06:45:48 PM |
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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.
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ElectricMucus
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Activity: 1666
Merit: 1057
Marketing manager - GO MP
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February 21, 2015, 06:56:44 PM |
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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.
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readysalted89
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February 21, 2015, 07:13:10 PM |
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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.
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bitcoin4eva
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February 21, 2015, 07:26:50 PM |
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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?
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NotLambchop
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February 21, 2015, 07:28:45 PM |
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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.
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ElectricMucus
Legendary
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Activity: 1666
Merit: 1057
Marketing manager - GO MP
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February 21, 2015, 07:37:24 PM |
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Nice tool to raid Libertarian extremists who think they can sell drugs and not pay taxes.
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ssmc2
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Activity: 2002
Merit: 1040
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February 21, 2015, 07:41:16 PM |
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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.
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okthen
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February 21, 2015, 08:49:07 PM |
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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...
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WhatTheGox
Legendary
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Activity: 812
Merit: 1000
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February 21, 2015, 10:01:23 PM |
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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.
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uki
Legendary
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Activity: 1358
Merit: 1000
cryptojunk bag holder
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February 21, 2015, 10:28:13 PM |
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^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.
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ajareselde
Legendary
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Activity: 1722
Merit: 1000
Satoshi is rolling in his grave. #bitcoin
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February 21, 2015, 11:01:51 PM |
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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
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bitcoin4eva
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February 22, 2015, 09:17:23 AM |
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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.
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readysalted89
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February 22, 2015, 11:11:52 AM |
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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.
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NotLambchop
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February 22, 2015, 12:01:16 PM |
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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 $245 Like so: So the question really shouldn't be "why did USMS choose to sell," but "WTF didn't you?"
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turvarya
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February 22, 2015, 07:51:05 PM |
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I really still think it was somewhat sketchy to sell the BTC. They wouldn't sell the 100$ 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:
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calci
Full Member
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Activity: 168
Merit: 100
www.secondstrade.com - 190% return Binary option
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February 22, 2015, 10:26:09 PM |
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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.
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D05GTO
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February 23, 2015, 12:36:42 AM |
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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.
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tyrexs
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February 23, 2015, 02:55:39 AM |
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its mean bitcoin will dump again
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