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Silk Road Bitcoin Auction Opened by US Marshals Service

 
Anonymous Coward
User ID: 33676911
United States
06/28/2014 01:48 AM
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Silk Road Bitcoin Auction Opened by US Marshals Service
With the auction block open, multiple bundles of the currency worth approximately $17.4 million will be up for grabs in an event that could affect public bitcoin market values. Bidding will take place between 6AM and 6PM on Friday, and winners will be announced by June 30.

The e-wallet of currency being auctioned off accounts for about 20 percent of the total amount confiscated during the bust. The remaining 144,342 bitcoins not available for bidding are being held by the FBI in a separate e-wallet that came from Silk Road’s jailed owner Ross William Ulbrecht, more commonly known by his online alter-ego "Dread Pirate Roberts."
[link to news.vice.com (secure)]
Anonymous Coward (OP)
User ID: 33676911
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06/28/2014 01:49 AM
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Re: Silk Road Bitcoin Auction Opened by US Marshals Service
You can now donate bitcoins to political campaigns. Read more here.

“It is simply a speculative bet not entered by new buyers, but by the same market promoters,” Williams said.

Much of the debate surrounding the auction has focused on whether it will affect bitcoin values in the public marketplace. On Wednesday, Citibank’s bitcoin analyst Steven Englander said in a letter that the auction would likely affect the cryptocurrency’s prices due to the fact that it will account for about 40 percent of the average daily bitcoin transactions.
Anonymous Coward (OP)
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06/28/2014 10:25 AM
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Re: Silk Road Bitcoin Auction Opened by US Marshals Service
It starts with Bitcoin...Whats next..doge coin..etc..etc..

MAYBIE THEY SOULD SEIZE THE CHINESE YAUN?
Hijinnx

User ID: 7431382
06/28/2014 11:44 AM
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Re: Silk Road Bitcoin Auction Opened by US Marshals Service
Qualifications for June bidders are quite strict, requiring a $200,000 cash collateral and detailed personal information, which is a bit at odds with bitcoin's anonymous reputation.

[link to news.vice.com (secure)]

So I guess there will only be like 4 people bidding. lol Who has a million dollars laying around to bid on these thingies?
Anonymous Coward
User ID: 23846402
United States
06/28/2014 05:59 PM
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Re: Silk Road Bitcoin Auction Opened by US Marshals Service
Several hedge funds, investors, and institutions involved in the bidding. Wells Fargo and Citi are two banks that show a lot of interest in btc. Buy hotel rooms on Expedia or pay your tv bill with dish network. Btc will change everything. Btc is how the meek will inherit the world!
Anonymous Coward
User ID: 59607518
Australia
06/28/2014 06:04 PM
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Re: Silk Road Bitcoin Auction Opened by US Marshals Service
is this the second time they've done this?

didnt marshalls accidentally expose the names of the bidders during the auction LAST WEEK OR TWO WEEKS AGO?

what the hell timeline am i even on...
Anonymous Coward
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06/28/2014 06:38 PM
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Re: Silk Road Bitcoin Auction Opened by US Marshals Service
????
Anonymous Coward
User ID: 25584045
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06/28/2014 06:46 PM
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Re: Silk Road Bitcoin Auction Opened by US Marshals Service
I wonder how they are defining these "Bit Coins" ?...are they considered currency ?....if so, "U.S" currency ?....cause you CANNOT sell "U.S." currency below face value.
Anonymous Coward (OP)
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06/28/2014 10:33 PM
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Re: Silk Road Bitcoin Auction Opened by US Marshals Service
They will sieze any thing of value even if its another country?
Hijinnx

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06/29/2014 06:27 AM
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Re: Silk Road Bitcoin Auction Opened by US Marshals Service
I wonder how they are defining these "Bit Coins" ?...are they considered currency ?....if so, "U.S" currency ?....cause you CANNOT sell "U.S." currency below face value.
 Quoting: Anonymous Coward 25584045


The IRS considers bitcoin to be property now, I do believe.
Anonymous Coward
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06/29/2014 06:36 AM
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Re: Silk Road Bitcoin Auction Opened by US Marshals Service
I wonder how they are defining these "Bit Coins" ?...are they considered currency ?....if so, "U.S" currency ?....cause you CANNOT sell "U.S." currency below face value.
 Quoting: Anonymous Coward 25584045


The IRS considers bitcoin to be property now, I do believe.
 Quoting: Hijinnx



So in that case "BitCoin" is NOT a Digital Currency...
Hijinnx

User ID: 8431010
06/29/2014 06:44 AM
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Re: Silk Road Bitcoin Auction Opened by US Marshals Service
I wonder how they are defining these "Bit Coins" ?...are they considered currency ?....if so, "U.S" currency ?....cause you CANNOT sell "U.S." currency below face value.
 Quoting: Anonymous Coward 25584045


The IRS considers bitcoin to be property now, I do believe.
 Quoting: Hijinnx



So in that case "BitCoin" is NOT a Digital Currency...
 Quoting: Anonymous Coward 59749315


Yeah, it's more like digital gold. Or something like that.

I guess if you buy or sell things with bitcoin you'll have to pay a capital gains tax or something. I don't really understand it.
Anonymous Coward
User ID: 56557878
Canada
06/29/2014 07:08 AM
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Re: Silk Road Bitcoin Auction Opened by US Marshals Service
bitcoin is over.
nobody cares.
Anonymous Coward
User ID: 23846402
United States
06/29/2014 08:07 AM
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Re: Silk Road Bitcoin Auction Opened by US Marshals Service
Hahahaha

Bitcoin has just begun. Only the wise care.
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