US Government to Sell Over 44,000 Bitcoins Today

The US Marshals Service (USMS) has begun its auction of 44,341 BTC seized from convicted Silk Road operator Ross Ulbricht, marking the final sale in a process that began in June 2014.

The tranche constitutes the remainder of as much as 144,000 BTC seized from Ulbricht, who ran the Silk Road dark marketplace under the pseudonym Dread Pirate Roberts. Ulricht was sentenced to life in prison in May, though he is appealing the verdict.

Today's auction, the fourth held by the agency since it auctioned 30,000 BTC in June 2014, is running from 8am to 2pm local time.

According to the USMS, the event features 22 auction blocks. The first 21 blocks will each consist of 2,000 BTC up for sale, with the final tranche consisting of approximately 2,341

US Government to Sell Over 44,000 Bitcoins Today

I have been following the bitcoin prices very carefully ever since i got burnt when MT.Gox went down , which is where i had all my bitcoins stored. Yes i got fully burnt

i really don't know what this will do to the price today but with yesterdays price spike that went past the $500 mark. it could be an interesting day for anyone who has made an investment.

Every time i see anything about bitcoins i get immediately depressed and want to kill myself :. Not going to go into details but i could be so #ing rich right now if i had done one thing instead of another when bitcoins first started to become popular

Anyone have a time machine?

a reply to: Tjoran

I feel your pain. I almost, almost bought them around 2010. It's interesting to see what will happen now with this sale. The timing doesn't seem to be a coincidence.

a reply to: PhoenixOD

The spike is obviously what led them to sell at this point.

Looks like a big future for Bitcoin. Years ago when it first came along I was thinking this may one day be the digital world currency.

Somewhere along the line the cashless society will come around and this Bitcoin or the next stage in its evolution will be the digital tender. They have allowed it to exist as an experiment I think.

The big boys will take it over at some point, too. They will not relinquish their monopoly of the financial system. I expect they are already involved to a degree. The Bankers will be watching developments for sure.

a reply to: TheBandit795

A friend and me bought in yesterday just because the price was spiking. I had no idea this was happening today.

I bought some from dogecoin, i don't know what's up with that anymore.

Why would you buy during a price spike? That is completely counter-intuitive to investing.

originally posted by: DJTeej
Why would you buy during a price spike? That is completely counter-intuitive to investing.

Not if you know they're going to crash....take what you can and run.
Selling at $72m is a good price.

a reply to: DJTeej

Well i saw the price starting to rise a few days ago and with the news that the EU said they were not going to tax btc a friend and myself decided to have a flutter.

a reply to: Tjoran

I know the feeling buddy... And i think about it almost every day....
8 cents.... 8 effin cents. and i was going to buy 50 bucks worth just to have online currency.
But no, i was pursuaded into buying a stupid 50 dollar visa instead

Around mid 2013 Bitcoin prices began rising at an astounding rate. From July 2013 to December 2013, the price of BTC went from about 60 USD to 1200 USD.

The reason it did this was because the largest exchange for BTC was MT. Gox, which was running a trading bot named Willy that was buying emormous amounts of Bitcoin with fiat currency that didn't exist. This caused Mt. Gox's posted price for BTC to skyrocket and eventually caused the exchange to go out of business with no fiat currency to maintain business with its traders.

Today, I wouldn't even consider an investment in BTC because the coins are not distributed very well. Some hold many while most hold a few. The current maintainers of Bitcoin have conveyed in news articles that the price of BTC will range between 400 USD and 500 BTC for 2016.

originally posted by: TheBandit795
a reply to: Tjoran

I feel your pain. I almost, almost bought them around 2010. It's interesting to see what will happen now with this sale. The timing doesn't seem to be a coincidence.

If I were the USG I would heavily invest in BTC.

Cryptocurrency is EXACTLY where the USG has been headed for a very long time. It is a technology they've been seeking to exploit on their own over several decades. The only reason the USG hasn't is because it doesn't control it and decentralized monetary policy would end the power of the federal reserve. It would also violate the Constitution...Not that anyone cares about that.

originally posted by: Macenroe82
a reply to: Tjoran

I know the feeling buddy... And i think about it almost every day....
8 cents.... 8 effin cents. and i was going to buy 50 bucks worth just to have online currency.
But no, i was pursuaded into buying a stupid 50 dollar visa instead

Ohhh, you poor thing. That is so pathetic. I mean that sincerely.

I'm sure we can all relate to "if I only knew then what I know now" but alas, such is life.

a reply to: awareness10

Current exchange rates are...

6787 DogeCoins = $1
1.2267 BitCoins = $500


coinmill.com...

Bit coin are harder to buy than I thought.

Coinbase took my bank account numbers and password and then said no deal. There is no way to know that you can convert bitcoins when you need to.

For me bitcoin would be a last resort for money services.

BTW I would have made a lot of money of this boost.

a reply to: Cyprex

Thankyou

I bought BTC at an early stage and sold out in 2014 at it's peak.

Made a nice chunk of change.

originally posted by: eManym
Around mid 2013 Bitcoin prices began rising at an astounding rate. From July 2013 to December 2013, the price of BTC went from about 60 USD to 1200 USD.

The reason it did this was because the largest exchange for BTC was MT. Gox, which was running a trading bot named Willy that was buying emormous amounts of Bitcoin with fiat currency that didn't exist. This caused Mt. Gox's posted price for BTC to skyrocket and eventually caused the exchange to go out of business with no fiat currency to maintain business with its traders.

Today, I wouldn't even consider an investment in BTC because the coins are not distributed very well. Some hold many while most hold a few. The current maintainers of Bitcoin have conveyed in news articles that the price of BTC will range between 400 USD and 500 BTC for 2016.

Kinda sounds familiar, doesn't it?

originally posted by: eManym
Around mid 2013 Bitcoin prices began rising at an astounding rate. From July 2013 to December 2013, the price of BTC went from about 60 USD to 1200 USD.

The reason it did this was because the largest exchange for BTC was MT. Gox, which was running a trading bot named Willy that was buying emormous amounts of Bitcoin with fiat currency that didn't exist. This caused Mt. Gox's posted price for BTC to skyrocket and eventually caused the exchange to go out of business with no fiat currency to maintain business with its traders.

Today, I wouldn't even consider an investment in BTC because the coins are not distributed very well. Some hold many while most hold a few. The current maintainers of Bitcoin have conveyed in news articles that the price of BTC will range between 400 USD and 500 BTC for 2016.

Thats still a better rate of interest than my bank is giving me and its tax free..

The Bitcoin rise was due to Chinese and maybe others, trying to move their money out of the country before devaluation.

Money gained from bitcoin is not tax free, since last year or so. LIke stocks, if you sell at a higher price than you bought you tax on the gain.

The tax on BC is a lower rate than income tax, if it is a capital gain.

Still looking for my tax book.