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Author Topic: $18 Million Worth of Silk Road Bitcoin to be Sold By US Government  (Read 4629 times)

CoinDesk

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$18 Million Worth of Silk Road Bitcoin to be Sold By US Government

The US government is to auction off roughly 30,000 bitcoins appropriated from the Silk Road online black market.
Source: $18 Million Worth of Silk Road Bitcoin to be Sold By US Government

Satoshi Nakamoto

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U.S. Marshals Service to auction off $18 million in bitcoins
« Reply #1 on: June 27, 2014, 04:01:26 PM »
U.S. Marshals Are Selling 29,656.51306529 Bitcoin on June 27, 2014.

http://www.usmarshals.gov/assets/2014/bitcoins/index.html
Bitcoin Address: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

CoinDesk

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How the US Government’s Sale of 30,000 BTC Could Impact Bitcoin Prices
« Reply #2 on: June 29, 2014, 05:58:51 AM »
How the US Government’s Sale of 30,000 BTC Could Impact Bitcoin Prices

In a news-dominated market, the US Marshals auction of seized bitcoin will have an affect on its price.
Source: How the US Government’s Sale of 30,000 BTC Could Impact Bitcoin Prices

Monee2

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Re: U.S. Marshals Service to auction off $18 million in bitcoins
« Reply #3 on: June 29, 2014, 06:51:39 PM »
That's a lot of bitcoins they are auctioning.  I wonder who the winning bidder will be.  These bitcoins must be confiscated property or is U.S. Marshall dealing in bitcoins now?

Monee2

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Apparently there were 42 bidders and 186 bids received in the 12 hours of the bidding process.  Winners haven't been announced and they find out tomorrow, June 30th.

Satoshi Nakamoto

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I'm interested to find out how much the winning bids went for.
Bitcoin Address: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

Monee2

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That's peaked my curiosity as well.  Do you think they will actually broadcast who won the bid and how much their bid was or just keep it private?

Satoshi Nakamoto

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The SecondMarket / Bitcoin Investment Trust bidding syndicate for the US Marshals bitcoin auction was outbid on all blocks.

https://twitter.com/barrysilbert/status/483692873855299584
Bitcoin Address: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

Forgeit

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I saw that they announced that the two largest companies were outbid but sadly, they don't announce who won the bid.  Do you think they will make it public or keep it private?

Satoshi Nakamoto

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Re: U.S. Marshals Service to auction off $18 million in bitcoins
« Reply #9 on: July 01, 2014, 02:52:11 PM »
The US Marshals Service (USMS) has announced that a single, undisclosed bidder claimed all of the roughly 30,000 bitcoins seized from online black market Silk Road and sold in its recent auction.

The winning bidder outbid all other parties for the 10 auction blocks, according to the USMS. Further, the bitcoins have already been transferred to the winner, according to Blockchain.

The USMS previously said that it would begin notifying bidders as to whether they had secured any of the blocks on 30th June. The auction took place on Friday, 27th June over a 12-hour span.

In a statement, the USMS said:

“The US Marshals Bitcoin auction resulted in one winning bidder. The transfer of the bitcoins to the winner was completed today.”

http://www.coindesk.com/us-marshals-one-auction-bidder-claimed-all-30000-silk-road-bitcoins/
Bitcoin Address: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

Satoshi Nakamoto

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Re: U.S. Marshals Service to auction off $18 million in bitcoins
« Reply #10 on: July 02, 2014, 07:33:52 AM »
Venture capitalist Tim Draper won the U.S. Marshals bitcoin auction earlier this week that captured about $18 million for 30,000 bitcoin, according to a statement emailed to Reuters on Wednesday.

"With the help of Vaurum and this newly purchased bitcoin, we expect to be able to create new services that can provide liquidity and confidence to markets that have been hamstrung by weak currencies," Draper said in the statement by Vaurum, a bitcoin trading platform.


Draper gave this statement explaining his motives:

"Bitcoin frees people from trying to operate in a modern market economy with weak currencies. With the help of Vaurum and this newly purchased bitcoin, we expect to be able to create new services that can provide liquidity and confidence to markets that have been hamstrung by weak currencies.
Of course, no one is totally secure in holding their own country’s currency. We want to enable people to hold and trade bitcoin to secure themselves against weakening currencies.”


http://news.yahoo.com/exclusive-venture-capitalist-draper-wins-u-marshals-bitcoin-124945463--sector.html
Bitcoin Address: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

Forgeit

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Re: U.S. Marshals Service to auction off $18 million in bitcoins
« Reply #11 on: July 02, 2014, 05:35:30 PM »
Wow, $18 million worth of bitcoins.  It's a shame they don't reveal what his bid was.  So he partnered with Vauruum, a bitcoin trading platform, on the deal?

Satoshi Nakamoto

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Re: $18 Million Worth of Silk Road Bitcoin to be Sold By US Government
« Reply #12 on: July 07, 2014, 08:33:29 PM »
July 7 (Bloomberg) -- Timothy Draper, co-founder and managing director of investment firm Draper Fisher Jurvetson, talks about his purchase of about 30,000 bitcoins at a U.S. government auction, the outlook for the virtual currency, risks in investing in disruptive technology and the track record and contributions of Tesla Motors Inc. Chief Executive Officer Elon Musk. Draper speaks with Emily Chang on Bloomberg Television's "Bloomberg West." (Source: Bloomberg)

http://www.bloomberg.com/video/bitcoin-may-transform-economic-system-draper-says-kjFEAMz_QMaaOHj~A46IqQ.html
Bitcoin Address: 1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa

 


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