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ExtraTorrent.cc > Articles > Silk Road’s Legacy Bitcoin Sold

Silk Road’s Legacy Bitcoin Sold

Silk Road’s Legacy Bitcoin Sold

Added: Thursday, July 3rd, 2014
Category: Recent Headlines Involving File Sharing > Current Events
Tags:ET, p2p, Torrent, Piracy, Peer To Peer, Network, Hackers, Internet, BitTorrent, Google, utorrent, bitcomet, extratorrent, 2013, www.extratorrent.cc
Around 30,000 Bitcoins seized from the now defunct black market were auctioned this week by the US Marshals Service. They have revealed that there were 45 registered bidders, each of whom put down a deposit of $200,000. 63 bids were received during the blind auction. As a result, no winning bidder has come forward, and the US Marshals Service never released any details about who won or about the price they paid for 30,000 Bitcoins.

8 months ago, the government of the United States seized the Bitcoins when it arrested San Franciscan Ross Ulbricht, 30 years old now, and charged him with operating the Silk Road, the largest online darknet market.

It is known that one of the bidders was Bitcoin-based consumer finance startup named Circle. The company’s CEO said that the mere fact of the auction was likely to be a boon for the cryptocurrency. He believes that it was a very legitimizing activity. Indeed, the community admits that the very fact that the federal government of the US says that Bitcoin is a legal asset that should be liquidated like other financial assets is a big deal already.

Circle added that as for a company with a treasury and a set of reserves in Bitcoin, they saw auction as an opportunity to acquire a meaningful chunk of cryptocurrency, potentially at a discount to spot prices, without affecting its price. If the company were to go out to Bitcoin exchange and trade for a whole bunch, this would have moved its price upward. So the auction was a good opportunity for the company.

Although no winners have thus far come forward, some bidders have revealed their failure. For example, the Bitcoin luxury marketplace called BitPremier estimated that $20m worth of bids went unsatisfied, and those bidders may now try luck on the open market. After the auction closed, the Bitcoin rate increased from $570 to $651 – so the predictions may come true.

It is also known that some bidders entered the auction in syndicates. For instance, investment firm SecondMarket received 186 bids from 42 bidders, but failed to secure any coins – the same was told by Pantera Bitcoin’s syndicate.

However, some have questioned whether the reports from the bidders can be trusted. The problem is that the individuals and companies reporting on failed bids might have an interest in proclaiming that.

Posted by:  SuperAdmin
Date:  Thursday, July 3rd, 2014

Comments (2) (please add your comment »)

posted by men (2014-07-03 21:49:50)
topaz18046 avatarInvestor Tim Draper, managing director of VC firm Draper Fisher Jurvetson and the winning bidder in the auction of roughly 30,000 BTC conducted by the US Marshals, held a press conference today where he provided details about his future plans in the bitcoin space.

posted by (2014-07-06 02:30:51)
rebornawareness avatarSeems to me like a 4 step masterplan. Step 1. Flood the media with stories of the "scary DEEP WEB" ooohhhh... In those stories blatently advertise and promote hitherto unknown websites where drugs and other illegal things could be bought with a new currency, bitcoin. Step 2. Make a lots of money selling drugs and such. Continue advertising bitcoin and the "Deep Web" blackmarket,(through news stories) thus encouraging as many people as possible to try this new currency "bitcoin" Step 3. remove the drug website which gives excuse for more news stories, more bitcoin advertising and increasing awareness. Include high profile court cases and try to legitimatize it by having police or government agencies using and selling confiscated "bitcoin" Step 4 Legalize it. Wow now you've completed you're goal of creating a digital currency and promoting and legitimizing it, and getting people to use it. Why would anyone use it without a reason,(you've solved that by giving a reason such as it's neccessary if you want to buy blackmarket. The second reason is heavy media promotion). With your new currency you're now as powerful as the banks and can create money out of thin air. Go buy some limosines, private jets, caviar, prostitutes, and mansions around the world, you're now in the same club as the bankers. Money for nothing. Mwa ha ha ha ha! Mwwaa ha ha ha!!!

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