4 ms·

For Sale 29,656.51306529 Bitcoins

46 points by wasd 12y ago

Alupis 12y ago
Street value of approx: $17,330,000 USD
- mikecb 12y ago
  Is the market liquid enough to support that valuation?
  - skizm 12y ago
    coinmarketcap.com indicates that about $36m in btc have been moved around in the last 24h
    - tomrod 12y ago
      So slowly liquid.
- kosei 12y ago
  Could be a very lucrative deal if someone can buy at a speculative price and flip. Wonder if it ends up in the hands of an investment banker/firm.
  - Alupis 12y ago
    Appears to be from part of the Silk Road seizure: https://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX https://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5G...
    - wingerlang 12y ago
      They write that it is, at the top of the page.
deleted 12y ago
[deleted]
holoiii 12y ago
I wonder what the optimal bid would be if the winner was going to sell off all of it.
alxndr 12y ago
dupe of https://news.ycombinator.com/item?id=7886014 https://news.ycombinator.com/item?id=7886014
- dang 12y ago
  Yes. Burying now.
  - wasd 12y ago
    My mistake. I'm not sure how or why this got through the filter.
deleted 12y ago
[deleted]
- simantel 12y ago
  No, they're saying the winner must send the price minus the $200,000 that they already paid in the form of a deposit. As for where to cash out, you'd probably have to sell off slowly over the course of months/years.
- bmelton 12y ago
  No. You place a $200,000 deposit to bid. If you win, instead of reimbursing the $200k deposit, they simply subtract that from what you owe. So, if you deposit $200k, and the winning bid is for $15,000,000, so, less the $200k you've already given, you owe $14,800,000.
sz4kerto 12y ago
BTC/USD down >10% in a few minutes.
bmelton 12y ago
It bothers me that they're selling off his assets when, last I heard at least (and please correct me if I'm wrong), he hadn't even gone to trial yet. As these assets would otherwise be used to fund his legal defense, and he is, as I understand it, only 'allegedly' guilty, he's being unfairly deprived of a lawful defense. Beyond that, y'know, there is the possibility that they'll find him innocent, and I don't even know what happens then.
- dragonwriter 12y ago
  > It bothers me that they're selling off his assets when, last I heard at least (and please correct me if I'm wrong), he hadn't even gone to trial yet. AFAIK, the bitcoins at issue were those forfeited in a default judgement because no one, including Ulbricht, claimed ownership of them. The coins that Ulbricht did claim ownership of (that were on computer hardware traced to him separate from the Silk Road servers) were not forfeited at that time (and have not been yet, AFAIK.) See the January partial judgement by default and forfeiture order: http://www.justice.gov/usao/nys/pressreleases/January14/SilkRoadForfeiture/Silk%20Road%20Partial%20Default%20Judgment%20and%20Order%20of%20Forfeiture.pdf http://www.justice.gov/usao/nys/pressreleases/January14/Silk...
  - bmelton 12y ago
    Thank you. That dramatically elucidates the issue for me.
- deleted 12y ago
  [deleted]
  - chimeracoder 12y ago
    > Silk Road is less obvious, but forfeiture and sale of drug dealers' assets is almost standard. My understanding is that those assets cannot be liquified (at the goverment's profit!) until after the trial takes place and the defendant is convicted. Otherwise, what happens if the government declares you to be a drug dealer, seizes all your assets and sells them before you're tried, and then you end up being acquitted?
deleted 12y ago
[deleted]

46 points by wasd 12y ago

Alupis 12y ago

Street value of approx: $17,330,000 USD

mikecb 12y ago
Is the market liquid enough to support that valuation?
- skizm 12y ago
  coinmarketcap.com indicates that about $36m in btc have been moved around in the last 24h
  - tomrod 12y ago
    So slowly liquid.
kosei 12y ago
Could be a very lucrative deal if someone can buy at a speculative price and flip. Wonder if it ends up in the hands of an investment banker/firm.
- Alupis 12y ago
  Appears to be from part of the Silk Road seizure: https://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX https://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5G...
  - wingerlang 12y ago
    They write that it is, at the top of the page.

deleted 12y ago

[deleted]

holoiii 12y ago

I wonder what the optimal bid would be if the winner was going to sell off all of it.

alxndr 12y ago

dupe of https://news.ycombinator.com/item?id=7886014 https://news.ycombinator.com/item?id=7886014

dang 12y ago
Yes. Burying now.
- wasd 12y ago
  My mistake. I'm not sure how or why this got through the filter.

deleted 12y ago

[deleted]

simantel 12y ago
No, they're saying the winner must send the price minus the $200,000 that they already paid in the form of a deposit. As for where to cash out, you'd probably have to sell off slowly over the course of months/years.
bmelton 12y ago
No. You place a $200,000 deposit to bid. If you win, instead of reimbursing the $200k deposit, they simply subtract that from what you owe. So, if you deposit $200k, and the winning bid is for $15,000,000, so, less the $200k you've already given, you owe $14,800,000.

sz4kerto 12y ago

BTC/USD down >10% in a few minutes.

bmelton 12y ago

It bothers me that they're selling off his assets when, last I heard at least (and please correct me if I'm wrong), he hadn't even gone to trial yet. As these assets would otherwise be used to fund his legal defense, and he is, as I understand it, only 'allegedly' guilty, he's being unfairly deprived of a lawful defense. Beyond that, y'know, there is the possibility that they'll find him innocent, and I don't even know what happens then.

dragonwriter 12y ago
> It bothers me that they're selling off his assets when, last I heard at least (and please correct me if I'm wrong), he hadn't even gone to trial yet. AFAIK, the bitcoins at issue were those forfeited in a default judgement because no one, including Ulbricht, claimed ownership of them. The coins that Ulbricht did claim ownership of (that were on computer hardware traced to him separate from the Silk Road servers) were not forfeited at that time (and have not been yet, AFAIK.) See the January partial judgement by default and forfeiture order: http://www.justice.gov/usao/nys/pressreleases/January14/SilkRoadForfeiture/Silk%20Road%20Partial%20Default%20Judgment%20and%20Order%20of%20Forfeiture.pdf http://www.justice.gov/usao/nys/pressreleases/January14/Silk...
- bmelton 12y ago
  Thank you. That dramatically elucidates the issue for me.
deleted 12y ago
[deleted]
- chimeracoder 12y ago
  > Silk Road is less obvious, but forfeiture and sale of drug dealers' assets is almost standard. My understanding is that those assets cannot be liquified (at the goverment's profit!) until after the trial takes place and the defendant is convicted. Otherwise, what happens if the government declares you to be a drug dealer, seizes all your assets and sells them before you're tried, and then you end up being acquitted?

deleted 12y ago

[deleted]