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U.S. Government Sold $216M of Seized Silk Road Bitcoin This Month

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Re: U.S. Government Sold $216M of Seized Silk Road Bitcoin This Month

#11

Post by dwan128 »

monero-xmr wrote: post #8
dwan128 wrote: post #7

Earlier quoted context omitted.

I only know of Coinbase. It doesn’t really matter how many exchanges there are, its about the capital, any way you spin it they have more capital then their customers so they set the supply and demand. When they lose a lot of customers, they just burn cash to drive the price up. That’s why they keep failing.

I think the fact you “only know of coinbase” proves you know very little about what you are talking about, and have formed an erroneous conspiracy theory based on inadequate knowledge.

I don’t want to be antagonistic, but I have heard of many exchanges as I perused these forums through the years. FTX, Mt. Gox, Binance. So what probably should have said was, “It’s the only exchange I know that is still operating that I as a PNC bank customer can use, that I know of.”

Re: U.S. Government Sold $216M of Seized Silk Road Bitcoin This Month

#15

Post by saghm »

gtop3 wrote: post #10
monero-xmr wrote: post #2

What’s amazing is the BTC price didn’t hiccup at all and continues its 2023 bull run. That proves the markets are deep and liquid, and selling 0.04% of the market cap OTC doesn’t cause a blip.

I think it's irresponsible and unnecessary to suggest that the USD/BTC conversion is anything but highly variable. This market is highly fickle, prone to hype, fud, and fomo. There is also still a large international regulatory risk associated with BTC when considered as an asset. I doubly find discussions viewing BTC primarily as an asset class to miss the point of BTC. Maybe the point of BTC has changed in the last…

> I doubly find discussions viewing BTC primarily as an asset class to miss the point of BTC. Maybe the point of BTC has changed in the last 10 years, and I'm behind the curve on this one.

If the price of bitcoin goes up, it's good, because it's a value store and/or a good investment! If you think it's for anonymous payments, you're missing the point.

If the price of bitcoin goes down, it's not a problem, because it's a method of anonymous payments. If you think it's an investment or value store, you're missing the point.

Re: U.S. Government Sold $216M of Seized Silk Road Bitcoin This Month

#16

Post by DANmode »

dwan128 wrote: post #9
solumunus wrote: post #5

Earlier quoted context omitted.

Literally impossible.

But many exchanges have been caught doing this already. FTX for example was clearly price fixing by using there own coins to prop up bitcoin.

You'd have a more successful time arguing they were propping up Ethereum.

Even then, what about the dozens if not hundreds of other places to trade for BTC...?

And, to save you and others telling you, some time: exchanges are not the only markets. DEX is a huge factor.

Re: U.S. Government Sold $216M of Seized Silk Road Bitcoin This Month

#17

Post by sakopov »

> With respect to the 51,351.89785803 Bitcoin forfeited in the Ulbricht case before Judge Schofield, the Government has begun liquidating (selling) it. On March 14, 2023, the Government sold 9,861.1707894 BTC (of the 51,351.89785803 BTC) for a total of $215,738,154.98.

How and where would a sale like this take place? An auction? Is there any public information about this sale?

Re: U.S. Government Sold $216M of Seized Silk Road Bitcoin This Month

#18

Post by MuffinFlavored »

str3wer wrote: post #14

[flagged]

> He was never prosecuted for causing harm or bodily injury and no victim was named at trial.

didn't he pay for a would-have-been hit to get somebody killed but it was actually an FBI agent (aka he got set up and fell for the trap)?

> Ross was not convicted of selling drugs or illegal items himself, but was held responsible for what others sold on the site.

isn't that arguably worse? he helped people in a lot of countries break the law (created a place where illegal sales can be facilitated)

it isn't like he moderated them off the platform. it was almost exclusively the entire purpose of the platform.

Judge : Unfortunately for you, the line you crossed was real and the plants you brought with you were illegal, so your bail is twenty thousand dollars.

https://www.imdb.com/title/tt0221027/characters/nm0528147

Re: U.S. Government Sold $216M of Seized Silk Road Bitcoin This Month

#19

Post by nimbius »

str3wer wrote: post #14

[flagged]

"Ross was not convicted of selling drugs or illegal items himself, but was held responsible for what others sold on the site."

Ultimately the sentence reflects the governments urgent, non negotiable and final position as arbiter of trade in its capitalist economy. Without this stringent check the market would be free to sell everything from bootleg kidneys to child slaves.

This sort of libertarian absolutionist malarkey is how we wound up with Bolshevik terrorist attacks and pinkerman slaughters.

Re: U.S. Government Sold $216M of Seized Silk Road Bitcoin This Month

#20

Post by overthrow »

dwan128 wrote: post #9
solumunus wrote: post #5

Earlier quoted context omitted.

Literally impossible.

But many exchanges have been caught doing this already. FTX for example was clearly price fixing by using there own coins to prop up bitcoin.

So you believe that globally, all of the thousands of exchanges in various jurisdictions all over the world are colluding, including Fidelity and every other regulated US exchange? What about bitcoin-only companies that don't do any business in altcoins? How are they managing to prop up the price?

It's reasonable to believe the market price is crazy. But it's crazy to believe the market's mere existence is a huge conspiracy theory 15 years in the making. Just call the buyers irrational if you must.

And don't forget FTX was an offshore shitcoin casino that held exactly 0 bitcoin when it collapsed. It's a stretch comparing that to regulated US exchanges.

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