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For Sale: 29,656.51306529 Bitcoins

usmarshals.gov

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Re: For Sale: 29,656.51306529 Bitcoins

#161

Post by mrb »

Ologn wrote: post #97
artursapek wrote: post #45

The price has tanked today as a result of this. http://cryptowat.ch/btce/btcusd/1hr/ Market started going crazy earlier today when DPR's seized coins started to move. https://blockchain.info/address/1FfmbHfnpaZjKFvyi1okTjJJusN4... The downtrend is only accelerating.

Bitcoins are absolutely worthless. If there is any sign of a tech bubble, it is these worthless hashes that people pay hundreds of dollars for. One of the genius aspects of the Bitcoin scam is the limited output and increasing difficulty as it goes on. This keeps the scam going longer. If it were like tulip bulbs, or subprime real estate, or pets.com type stocks, the bubble would eventually burst. With the types of b…

People downvote you because if this post is similar to previous ones you wrote (I did not read your history), then it contains no argument whatsoever, no line of thoughts, nothing. You say "it is a scam, it is going to crash" without explaining why. For example you seem unaware that Bitcoin is decentralized and what fundamental advantages this gives it over any other currency. So, of course, if you seem uneducated about Bitcoin, people will see no value in your posts and downvote you. I suggest you read the original white paper http://bitcoin.org/bitcoin.pdf as a starting point. (No, this is not sarcasm, I am serious.)

Re: For Sale: 29,656.51306529 Bitcoins

#163

Post by bicknergseng »

Alupis wrote: post #26
wmf wrote: post #12

Since 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.

Looks like a good deal for the Winkleviis?

Re: For Sale: 29,656.51306529 Bitcoins

#164

Post by baddox »

RockyMcNuts wrote: post #85
bcsmith wrote: post #57

Earlier quoted context omitted.

But the supply hasn't increased. These bitcoins existed prior to the offer of sale. The only thing that increased was the free float.

Supply is not a number, it's a function relating the price someone bids, to the quantity the bidder could buy at that price. For example, if 100 bitcoins that were previously unavailable at any price, become available for $600, then supply at $600 (and above) increases by 100. The supply curve shifts to the right. http://www.investopedia.com/university/economics/economics3....

It is fairly common to use the phrase "the supply increased" to mean "the supply curve shifted to the right." It's an abuse of terminology in my opinion, but it's already extremely widespread.

Re: For Sale: 29,656.51306529 Bitcoins

#165

Post by baddox »

bcsmith wrote: post #82
ars wrote: post #63

Earlier quoted context omitted.

That counts as supply. Silver in the earth also exists prior to sale, but it only counts when you actually sell it.

By this logic, withdrawing money from the ATM increases money supply... Also, the expected amount of silver in the ground is factored into the current price of silver. It's really only when new deposits are discovered that there is an impact to the price. Actually pulling known silver deposits out of the ground has a negligible effect on the price.

If a bunch of people in a city decided to withdraw cash from all the ATMs one day, so that the amount of cash in ATMs got very low, don't you think the banks could increase the ATM fee and discover that people would be willing to pay the higher price? That example fits the logic perfectly.

Re: For Sale: 29,656.51306529 Bitcoins

#166

Post by baddox »

bumbledraven wrote: post #160
baddox wrote: post #144

Earlier quoted context omitted.

For any remotely plausible definition of "worthless," bitcoins are just as worthless as any representative money, which inclues fiat money (like a USD) and commodity-backed money (like a gold certificate). The only reason money can be used in general transactions is that people choose to accept it, and they choose to accept it because they are reasonably confident they will be able to trade it again in the future for…

For any remotely plausible definition of "worthless," bitcoins are just as worthless as any representative money, which inclues fiat money (like a USD) and commodity-backed money (like a gold certificate). The US government is a powerful entity that levies taxes and accepts tax payments only in dollars. Gold has various uses in industry and fashion and therefore a certificate entitling one to ownership of gold would…

> The US government is a powerful entity that levies taxes and accepts tax payments only in dollars.

Right. That's just a more detailed explanation for why most people are willing to accept USD in exchange for their goods. There are similarly detailed explanations for why people are willing to accept bitcoins. The reasons are different, but they still (obviously) exist. If no reasons existed, then people would not be willing to accept bitcoins in trade.

Re: For Sale: 29,656.51306529 Bitcoins

#167

Post by 13throwaway »

bumbledraven wrote: post #160
baddox wrote: post #144

Earlier quoted context omitted.

For any remotely plausible definition of "worthless," bitcoins are just as worthless as any representative money, which inclues fiat money (like a USD) and commodity-backed money (like a gold certificate). The only reason money can be used in general transactions is that people choose to accept it, and they choose to accept it because they are reasonably confident they will be able to trade it again in the future for…

For any remotely plausible definition of "worthless," bitcoins are just as worthless as any representative money, which inclues fiat money (like a USD) and commodity-backed money (like a gold certificate). The US government is a powerful entity that levies taxes and accepts tax payments only in dollars. Gold has various uses in industry and fashion and therefore a certificate entitling one to ownership of gold would…

People's need for a decentralized, pseudononymous currency gives Bitcoin value.

Re: For Sale: 29,656.51306529 Bitcoins

#168

Post by Ologn »

phusion wrote: post #125
jnbiche wrote: post #104

Earlier quoted context omitted.

I didn't downvote, but I have to wonder what you're threshhold for not being a scam is? What companies will have to accept it, and how long will it have to be around? I'm pretty amazed that people still think it's a scam when huge companies with massive legal departments are accepting it. That's some pretty extreme skepticism. BTW, there are plenty of easy, legitimate ways to short Bitcoin, but given your extraordina…

This ^^^ I chuckled a little bit when he said hashes people are willing to pay hundreds of dollars for... annd those dollars are printed on paper with old dead guys on it. Ahh the world this guy lives in must be an interesting one.

A century ago to the year, the second biggest economy in the world, Germany, had people saying the exact same thing about the Papiermark as you're saying. Anyone curious can go to the Wikipedia entry on Papiermark to see how that all eventually ended.

Re: For Sale: 29,656.51306529 Bitcoins

#170

Post by vacri »

ryan_j_naughton wrote: post #65
joosters wrote: post #58

Isn't this a bit presumptuous? Ross William Ulbricht hasn't yet been convicted of anything. I know that they aren't selling his personal bitcoins, but in the (highly unlikely) event that he is found innocent, wouldn't that mean that the Silk Road assets need to be returned to him? How then can they sell them now?

It is presumptuous, but that is how civil forfeiture works. Its atrocious. Take a look at this well written article by the New Yorker Taken: The Use and Abuse of Civil Forfeiture http://www.newyorker.com/reporting/2013/08/12/130812fa_fact_...

Jello Biafra sang about this as far back as the late 1980s - "property seized and sold before trial", where he had assets siezed in a raid, and the sheriff was legally able to sell his gear before Biafra had seen the inside of a courtroom.
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