According to Coinbase, the current buy price for bitcoin is $385. 385 x 50,000 = $19.2MM
Coinbase doesn't have enough volume to sell you 50k coins right now, you would hike the price towards infinity. You could buy something like 22k coins for 24M.
For Sale: 50,000 Bitcoins
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Re: For Sale: 50,000 Bitcoins
#72For scale, this is not even a day's worth of normal transactions. Yesterday about 177000 BTC was sent across the network, and that wasn't a big day.
A lot more than 177k BTC changed hands yesterday. You don't see it on the block chain because most of it is transacted off-chain: 788k BTC were sold and bought on Bitcoin exchanges in the last 24 hours - http://bitcoinity.org/markets/list?currency=ALL&span=24h So 50k BTC is really nothing (~6%) compared to what the market usually handles every day.
> because most of it is transacted off-chain
Does this come with risk? Shouldn't all transactions be on the chain?
Re: For Sale: 50,000 Bitcoins
#73Earlier quoted context omitted.
I don't see anywhere in your cited article that says the coins were purchased for more than market price. Can you point it out for me? Additionally, if you were a rational investor who believed the coins were worth above market price, why would you not additionally buy up any coins on the market that were selling below that price? Ultimately, bidding up the market price to whatever the "above-market" bid was.
For a rational investor it would make sense to bid above "market" price. There are many markets, and those markets have a limited volume of coin to sell. Buying 30k coins would have a big effect on the price of any single market. Bitstamp, which says "world's leading bitcoin exchange" about itself can't sell you 30k coins right now. Oh, and bitcoin exchanges have a history of.. let's call it.. problems. A rational in…
You seem to have misread my post. I didn't say that no one would bid above market price, I stated that they would additionally buy up all the coins on the market below their buying price.
Re: For Sale: 50,000 Bitcoins
#74Earlier quoted context omitted.
So what happens if he legally obtained these bitcoins, but cannot prove that he did so? So he basically loses them before he even can prove that they are his or not? That doesn't seem right, it would make sense that the coins are held in an escrow status until he was proven guilty.. It seems to be a big loophole for the government to just go and steal whatever they want from you, before you've been proven guilty.
Let's be honest: There is zero chance that Ross William Ulbricht obtained those coins legally. While that may be beside the point, a rousing speech about how asset forfeiture should be changed would resonate more strongly if the subject was someone other than a person who hired people to murder others. Also, it seems like supreme court justices aren't going to turn against asset forfeiture any time soon, so there's r…
There is zero chance that Ross William Ulbricht obtained those coins legally.
Every single article that comes up about DPR or Silk Road, you post multiple comments prejudging literally every facet of the case. The quote above from you is a perfect example. Suppose for a minute that in addition to running the Silk Road, DPR also had a massive mining operation with multiple ASIC processors. Makes sense, right? His whole business was based on BTC - why in the world wouldn't he participate as a miner?
That is just one way that some or possibly all of the 50,000 coins at issue could have been obtained by DPR legally. Ya know, I hope you never get to find out what it's like to be accused of something because then you'll get to see what it feels like when people like you prejudge your guilt.
Re: For Sale: 50,000 Bitcoins
#75I don't have a deep grasp of Civil Forfeiture but it seems like this is unusual considering DPR has not been convicted of anything yet. Is this part of a plea bargin or something similar?
Civil asset forfeiture cases in the US, insanely, have a reversed burden of proof and are in re actions against the assets to be seized. When assets are seized by law enforcement, you have to petition for them to be returned and prove that you came by them lawfully. You don't ever need to be convicted of or even charged with a crime in order to have your assets seized. I don't know anything about how long law enforce…
Should be in rem (against a thing) instead of in re (in a matter) in this case. The Latin preposition in can take the accusative case, in which case it means 'into, onto, against' or the ablative case, in which case it means 'in, inside of'.
Re: For Sale: 50,000 Bitcoins
#76Earlier quoted context omitted.
For a rational investor it would make sense to bid above "market" price. There are many markets, and those markets have a limited volume of coin to sell. Buying 30k coins would have a big effect on the price of any single market. Bitstamp, which says "world's leading bitcoin exchange" about itself can't sell you 30k coins right now. Oh, and bitcoin exchanges have a history of.. let's call it.. problems. A rational in…
You seem to have misread my post. I didn't say that no one would bid above market price, I stated that they would additionally buy up all the coins on the market below their buying price.
Ah, you're right. But buying coin from different markets still has risks and takes time (which is money). Of course, it depends on your priorities.
Re: For Sale: 50,000 Bitcoins
#77Earlier quoted context omitted.
A lot more than 177k BTC changed hands yesterday. You don't see it on the block chain because most of it is transacted off-chain: 788k BTC were sold and bought on Bitcoin exchanges in the last 24 hours - http://bitcoinity.org/markets/list?currency=ALL&span=24h So 50k BTC is really nothing (~6%) compared to what the market usually handles every day.
> because most of it is transacted off-chain Does this come with risk? Shouldn't all transactions be on the chain?
On-chain transactions are much slower which is a different kind of risk.
Re: For Sale: 50,000 Bitcoins
#78Earlier quoted context omitted.
A lot more than 177k BTC changed hands yesterday. You don't see it on the block chain because most of it is transacted off-chain: 788k BTC were sold and bought on Bitcoin exchanges in the last 24 hours - http://bitcoinity.org/markets/list?currency=ALL&span=24h So 50k BTC is really nothing (~6%) compared to what the market usually handles every day.
> because most of it is transacted off-chain Does this come with risk? Shouldn't all transactions be on the chain?
Yep. Look what happens every time a bitcoin bank folds. Everyone who had coins in that bank rather than in their own wallet suddenly loses every coin they have.
Re: For Sale: 50,000 Bitcoins
#79Will be interesting to see how this announcement effects the price of bitcoins. I would imagine there will be an initial drop out of panic, but if we see some wealthy individuals with a vested interest in bitcoin buying these up, it could very much cause a large shift upwards in price.
I don't think so. You're assuming that BTC are somehow equally distributed :-) IMHO they are not ;-)
Re: For Sale: 50,000 Bitcoins
#80Earlier quoted context omitted.
So basically, put the current value of the coins in escrow, instead of the coins themselves, in case they drop in value dramatically over time. Makes sense to me.
A forced sale of an asset is NOT the same as putting it into escrow.
What text on that excerpt leads you to believe this was forced?