...so USA recognizes them as legal and as something of value, otherwise they'd auction, say, seized cocaine.
For Sale: 29,656.51306529 Bitcoins
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Re: For Sale: 29,656.51306529 Bitcoins
#12Since you get a bill of sale from the US government I guess these will be the cleanest Bitcoins ever.
Re: For Sale: 29,656.51306529 Bitcoins
#13This seems insane. Shouldn't it be cheaper and more efficient to just sell them on an exchange or something? (Over time, even, rather than all at once, obviously.) "Let's sell them all in blocks of 3000 and require a deposit of $200k to bid" ... yeah ...
If you were the US Marshals, would you entrust the government's money[1] to an unregulated Bitcoin exchange?
[1] As to whether the government is morally, ethically, or legally entitled to the seized properties, I have no opinion. I don't know anything about the situation.
Re: For Sale: 29,656.51306529 Bitcoins
#14This seems insane. Shouldn't it be cheaper and more efficient to just sell them on an exchange or something? (Over time, even, rather than all at once, obviously.) "Let's sell them all in blocks of 3000 and require a deposit of $200k to bid" ... yeah ...
-Large sales are usually done off exchanges because it's easier to agree on a price and leave the market unaffected by such a large transaction.
-The government is probably not interested in taking a long time to sell these blocks.
-Lastly, I imagine there are easily more than 10 individuals who are both financially willing and able to purchase blocks of this size.
Re: For Sale: 29,656.51306529 Bitcoins
#15This seems insane. Shouldn't it be cheaper and more efficient to just sell them on an exchange or something? (Over time, even, rather than all at once, obviously.) "Let's sell them all in blocks of 3000 and require a deposit of $200k to bid" ... yeah ...
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Re: For Sale: 29,656.51306529 Bitcoins
#16wait...so you have to deposit $200k in order to bid???
Well considering that's around $16.7 million, I'm not surprised. What's more amusing is that the auction is "cash only".
I take that to mean cash in the sense of liquid assets, as opposed to something leveraged or what have you. Not cash in the sense of a briefcase full of cash.
Re: For Sale: 29,656.51306529 Bitcoins
#17This seems insane. Shouldn't it be cheaper and more efficient to just sell them on an exchange or something? (Over time, even, rather than all at once, obviously.) "Let's sell them all in blocks of 3000 and require a deposit of $200k to bid" ... yeah ...
I imagine it's just official government procedure. ie. You seized an asset, this is how you sell assets, therefore this is how you sell bitcoins.
Re: For Sale: 29,656.51306529 Bitcoins
#18This seems insane. Shouldn't it be cheaper and more efficient to just sell them on an exchange or something? (Over time, even, rather than all at once, obviously.) "Let's sell them all in blocks of 3000 and require a deposit of $200k to bid" ... yeah ...
That only work if there is an exchange that is widely considered reputable so that the market value is accepted by observers as fair, and those places just don't exist yet for bitcoin. (Obviously, having stolen good sold at the agent's nephews's yardsale is not OK.) Sometimes there are inefficiencies involved with transparency.
Re: For Sale: 29,656.51306529 Bitcoins
#19Earlier quoted context omitted.
Well considering that's around $16.7 million, I'm not surprised. What's more amusing is that the auction is "cash only".
I take that to mean cash in the sense of liquid assets, as opposed to something leveraged or what have you. Not cash in the sense of a briefcase full of cash.
TERMS OF SALE: Cash. The bid must be an all cash offer.
You have to wire the money, so it's not physical stacks of currency. But it does have to be US dollars.
Re: For Sale: 29,656.51306529 Bitcoins
#20This seems insane. Shouldn't it be cheaper and more efficient to just sell them on an exchange or something? (Over time, even, rather than all at once, obviously.) "Let's sell them all in blocks of 3000 and require a deposit of $200k to bid" ... yeah ...
Signing up for an account on $EXCHANGE_THAT_ISNT_COMPROMISED_YET so you can unload $17,000,000 worth of Bitcoin sounds far more insane to me than this does.