What Happens To Government Owned Bitcoins?
What happens when the Government takes over large wallets full of Bitcoins? When BTC is seized usually they lit it sit for a little while before putting up auctions. In order to get approved to participate in such an auction you obviously have to have a clear record, probably indicate what you will do with the bitcoins and deposit a fee to join. Buying bitcoin bulk is usually a tricky business so suddenly having 30K or 100K+ bitcoins up for grabs can definitely get a few whales interested..
Links
BusinessInsider - http://businessinsider.com.pl/international/people-are-making-a-fortune-buying-government-seized-bitcoins/7rthxkk?utm_source=businessinsider.com&utm_medium=referral&utm_campaign=redirect_businessinsider_com
CoinDesk - http://www.coindesk.com/us-marshals-final-silk-road-bitcoin-auction/
http://www.coindesk.com/bitcoin-price-rises-silk-road-auction-spurs-investor-interest/
Now with Hansa's $3m+ bust and Alphabay's 8M dollar seizure, we'll be seeing some auctions most likely in the near future for the millionaires
Great Info! @avilsd GANGSTER GOVERNMENT! JU GOT to move the YAYO!
Yeyo, hey ho.. SCARFACE
What if a Bitcoin owner dies?
They just form part of the market. Just like when they accumulate a large stake in blue chip stocks.
love it!
What's your stake on bitcoin at the moment. Seem like things are really cool, as the users are buying more bitcoin because segwit seem to be taking the lead.The indication that fork is not going to take place on first august is still not totally clear. What do you think?
And no matter how much the coins have gone up in value since they stole them, they still want to sell them for fiat dollars.
They're not sending their brightest...
This is a quality take.
Calling Once…Calling Twice… Bitcoins Sold for $1
now they want they own
I heard somewhere that the Chinese government considered a proposal to buy 1 bitcoin to give to little villages, with the expectation of bitcoin rising over the next few years into hundreds of thousands of dollars. At that point, they'd use the bitcoin as collateral for loans etc, encouraging the whole town to thrive. I realize it sounds crazy, I think it was just a proposal but it's fascinating how many benefits there are to bitcoin over fiat.
upvoted your on point bud
Basically, with the fuss the fork has created, they might just sell some of it for dollars or still hold on to it since the Aug. 1 is still in doubt.