24K BTC Seized From Australian-Silk Road To Be Auctioned

[SueGiant]

Australian Authorities Has With Them 24,000 BTC

http://bitforum.info/t/australian-authorities-has-with-them-24-000-btc/539

They said that they are going to auction the seized coins just like the Silk Road coins.

Will this have an effect on the Bitcoin price?

[bri912678]

This bitcoinvox article says they will be sold on the open market, not by auction.

http://bitcoinvox.com/article/1547/victorian-government-to-sell-seized-btc

Millions of dollars worth of Bitcoins will be sold in the open market by the Victorian government following the confiscation of assets from a Warrandyte drug dealer.

[haploid23]

Wow international Silk Road is now popping up. This is one of those things that keep getting bigger despite being shut down. As they say, any publicity is good publicity.

[Lauda]

There's definitely no stopping Silk Road nor similar websites. It's like Hydra, if you cut off 1 head 2 will grow back. Whoever runs these websites definitely needs to focus to enhancing their security to stay alive a little longer each time. The only problem here is that the media tends to abuse news like this, and the average Joe ain't really smart.

[Q7]

Talk about selling, why can't it be conducted through auctions. I'm sure this will attracted a lot of interested parties. I don't know how they are going to conduct the sale but it sounds bad. I mean if they dump everything on one single exchanger all at the same time, it will surely cause the price to dip to a low level and that will certainly cause imbalances to the other exchangers. Looking at it, by right the sale has to be spread around to different exchangers.

[Gervais]

There's definitely no stopping Silk Road nor similar websites. It's like Hydra, if you cut off 1 head 2 will grow back. Whoever runs these websites definitely needs to focus to enhancing their security to stay alive a little longer each time. The only problem here is that the media tends to abuse news like this, and the average Joe ain't really smart.

I'm hoping that this hydra effect keeps on multiplying. Maybe then the govs will just admit defeat and start to legalize and regulate their use. Just think of the good that can be done with the tax money. Everyone wins then. Ps. I also agree with you about Joe Public not being very smart but hopefully they'll get clued up and warm to bitcoin over time.