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For Sale: 29,656.51306529 Bitcoins
31–40 of 424 posts
Re: For Sale: 29,656.51306529 Bitcoins
#32This 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 ...
The question is, what is cheaper & more efficient to sell all seized assets, not one particular class. Global optimization.
Re: For Sale: 29,656.51306529 Bitcoins
#33Since you get a bill of sale from the US government I guess these will be the cleanest Bitcoins ever.
Street value of approx: $17,330,000 USD I'd wager it will sell for much less, likely 3/4 of that street price.
It's not a great look for the BitCoin market if you can buy in bulk at 75%.
Re: For Sale: 29,656.51306529 Bitcoins
#34wait...so you have to deposit $200k in order to bid???
if you have $17 million to spend, is $200k that big of a deal?
Re: For Sale: 29,656.51306529 Bitcoins
#35It would be funnier if the bitcoin exchanges blocked those blockchains as having been permanently compromised.
It would prevent the feds from having an incentive to seize bitcoins.
Re: For Sale: 29,656.51306529 Bitcoins
#36Could someone explain the logic behind the price drop? Is that related to the fact that those 30k will be sold below the standard price? For some reason it seems counter-intuitive for me, since the money connected to those coins have been already paid once (whether for mining them or via exchange). So in practice it's more like they've been actually paid for ~twice now, so the effect "should" be opposite.
Re: For Sale: 29,656.51306529 Bitcoins
#37Earlier quoted context omitted.
Street value of approx: $17,330,000 USD I'd wager it will sell for much less, likely 3/4 of that street price.
It's not a great look for the BitCoin market if you can buy in bulk at 75%.
Not really. Seized properties often sell for less than half of the market value... doesn't mean the property is worth half now... it means the government can't be bothered to take on the responsibility of selling the property at full retail --
ie. they just want to get rid of the assets and move on.
Re: For Sale: 29,656.51306529 Bitcoins
#38wait...so you have to deposit $200k in order to bid???
That's completely normal - it's just a way of ensuring the bidder is making a serious offer and can follow through with it. Same thing if you buy a house, when you put in your offer you need to write a check for 'earnest money' (anywhere from a few thousand to 5% of the list price) to show you mean business.
Re: For Sale: 29,656.51306529 Bitcoins
#39Could someone explain the logic behind the price drop? Is that related to the fact that those 30k will be sold below the standard price? For some reason it seems counter-intuitive for me, since the money connected to those coins have been already paid once (whether for mining them or via exchange). So in practice it's more like they've been actually paid for ~twice now, so the effect "should" be opposite.
People had priced in the freeze on these coins, which might have continued indefinitely. The price drop is out of proportion ot the actual (re)inflationary effect of these bitcoins, but people are irrational.
Re: For Sale: 29,656.51306529 Bitcoins
#40It would be funnier if the bitcoin exchanges blocked those blockchains as having been permanently compromised. It would prevent the feds from having an incentive to seize bitcoins.
> It would prevent the feds from having an incentive to seize bitcoins.
No it wouldn't. Law enforcement seizes to deprive criminals of gain from illicit activities, not to make a profit. They sell because they can.
It also wouldn't be funny. The US Marshall's service is doing what it is supposed to. If you have problems with federal law enforcement try a country that lacks a professional police force.