Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[dreamspark]

yer cause the FBI is going to drop a market sell on Stamp 

Bitcoins are fungible. Whoever is buying FBI coins will not be buying on Stamp, so the effect is the same. Whoever is buying FBI coins might sell on stamp, however.

Let's just say that if I were to buy 100,000 BTC at auction from the FBI for let's say 20 million dollars, you're damn right I'd dump a few thousand of them on the exchanges. That is a real downside risk.

Yes i agree with that but its not the FBI thats going to need a little more depth is it

Its a funny thing though because its like a once in a lifetime chance to buy that much with no slippage, I really beleive that if/when coins go to auction they will a) be split in lots and b) probably be pushed up to close to market price due to the fact that if you did want to buy say 10k BTC the price would probably be pushed at least $100 higher by the time you managed to buy them all. I mean theres even the chance that if its a fairly open auction that those coins will go above market price for the same reasons.

I think people are a bit delusional if they think you will be able to get large amounts of coin at 50% of market price.

[Bronstad]

I see we have are having a little "spreading of the word" about NXT from the marketing department. Its like the jehovha witnesses showing up at the threads doorstep, "Do you have a minute to talk about our lord and savior BCNext?"

[ShroomsKit_Disgrace]

I see we have are having a little "spreading of the word" about NXT from the marketing department. Its like the jehovha witnesses showing up at the threads doorstep, "Do you have a minute to talk about our lord and savior BCNext?"

Only those who believe will be saved.

[wachtwoord]

yer cause the FBI is going to drop a market sell on Stamp 

Bitcoins are fungible. Whoever is buying FBI coins will not be buying on Stamp, so the effect is the same. Whoever is buying FBI coins might sell on stamp, however.

Let's just say that if I were to buy 100,000 BTC at auction from the FBI for let's say 20 million dollars, you're damn right I'd dump a few thousand of them on the exchanges. That is a real downside risk.

Yes i agree with that but its not the FBI thats going to need a little more depth is it

Its a funny thing though because its like a once in a lifetime chance to buy that much with no slippage, I really beleive that if/when coins go to auction they will a) be split in lots and b) probably be pushed up to close to market price due to the fact that if you did want to buy say 10k BTC the price would probably be pushed at least $100 higher by the time you managed to buy them all. I mean theres even the chance that if its a fairly open auction that those coins will go above market price for the same reasons.

I think people are a bit delusional if they think you will be able to get large amounts of coin at 50% of market price.

If it's a fair and open auction I think it's very plausible they'll change hands above market price. This gets more likely the bigger the buyers (and less likely the smaller the buyers). I'm curious whether there will be an opportunity for arbitration.

[billyjoeallen]

yer cause the FBI is going to drop a market sell on Stamp  

Bitcoins are fungible. Whoever is buying FBI coins will not be buying on Stamp, so the effect is the same. Whoever is buying FBI coins might sell on stamp, however.

Let's just say that if I were to buy 100,000 BTC at auction from the FBI for let's say 20 million dollars, you're damn right I'd dump a few thousand of them on the exchanges. That is a real downside risk.

Yes i agree with that but its not the FBI thats going to need a little more depth is it

Its a funny thing though because its like a once in a lifetime chance to buy that much with no slippage, I really beleive that if/when coins go to auction they will a) be split in lots and b) probably be pushed up to close to market price due to the fact that if you did want to buy say 10k BTC the price would probably be pushed at least $100 higher by the time you managed to buy them all. I mean theres even the chance that if its a fairly open auction that those coins will go above market price for the same reasons.

I think people are a bit delusional if they think you will be able to get large amounts of coin at 50% of market price.

Government auctions are tricky.  For example I own a couple of lots in a small New Mexico development. I checked the tax rolls and discovered that most of the neighboring lots were auctioned off for back taxes. The auction price was about 10 percent of the market price. I asked several times to be put on the list for the next auction and I was never notified. The people that participate in these auctions have inside connections and the "contraband" gets too often sold at substantially lower than market rates. It's part corruption and part incompetence.

Let's just ask the thread: Has anyone attempted to buy the FBI coins or inquired as to how and where they could be purchased? The Feds claim they've already sold over 3 Million dollars worth. The whom? does anybody know?

[dreamspark]

I think its definately a wait and see moment especially as the there are potentialy a substantial amount more people who have the "connections" who would want to buy BTC compared to a small New Mexico developement.

I agree that with gov auctions people arent notified and it slips under the radar but how often have the US government auction off anything with such widespread and global interest.

[strawbs]

Let's just ask the thread: Has anyone attempted to buy the FBI coins or inquired as to how and where they could be purchased? The Feds claim they've already sold over 3 Million dollars worth. The whom? does anybody know?

Good question.  And at what price have those coins been sold?

[KeyserSoze]

The Feds claim they've already sold over 3 Million dollars worth. The whom? does anybody know?

If they're smart they sold the coins all over the country via LocalBitcoins.com so they could then arrest all those people for operating an exchange without a license or disregarding AML rules.

[billyjoeallen]

The Feds claim they've already sold over 3 Million dollars worth. The whom? does anybody know?

If they're smart they sold the coins all over the country via LocalBitcoins.com so they could then arrest all those people for operating an exchange without a license or disregarding AML rules.

That's entrapment. Local cops do that kind of shit all the time, but the Feds at least usually pretend to follow the rules when they could so easily be shown to be actually initiating the "crime" they are prosecuting.

[wachtwoord]

yer cause the FBI is going to drop a market sell on Stamp  

Bitcoins are fungible. Whoever is buying FBI coins will not be buying on Stamp, so the effect is the same. Whoever is buying FBI coins might sell on stamp, however.

Let's just say that if I were to buy 100,000 BTC at auction from the FBI for let's say 20 million dollars, you're damn right I'd dump a few thousand of them on the exchanges. That is a real downside risk.

Yes i agree with that but its not the FBI thats going to need a little more depth is it

Its a funny thing though because its like a once in a lifetime chance to buy that much with no slippage, I really beleive that if/when coins go to auction they will a) be split in lots and b) probably be pushed up to close to market price due to the fact that if you did want to buy say 10k BTC the price would probably be pushed at least $100 higher by the time you managed to buy them all. I mean theres even the chance that if its a fairly open auction that those coins will go above market price for the same reasons.

I think people are a bit delusional if they think you will be able to get large amounts of coin at 50% of market price.

Government auctions are tricky.  For example I own a couple of lots in a small New Mexico development. I checked the tax rolls and discovered that most of the neighboring lots were auctioned off for back taxes. The auction price was about 10 percent of the market price. I asked several times to be put on the list for the next auction and I was never notified. The people that participate in these auctions have inside connections and the "contraband" gets too often sold at substantially lower than market rates. It's part corruption and part incompetence.

Let's just ask the thread: Has anyone attempted to buy the FBI coins or inquired as to how and where they could be purchased? The Feds claim they've already sold over 3 Million dollars worth. The whom? does anybody know?

This is very very bad. Almost as bad as that police corps in the US get to keep money they confiscate. Conflict of interest anyone?

Seriously, after so many years of witnessing this complete stupidity I never really got so used to it to consider it normal.

[ShroomsKit]

The Feds claim they've already sold over 3 Million dollars worth. The whom? does anybody know?

If they're smart they sold the coins all over the country via LocalBitcoins.com so they could then arrest all those people for operating an exchange without a license or disregarding AML rules.

I can totally see that happen.

[billyjoeallen]

I think its definately a wait and see moment especially as the there are potentialy a substantial amount more people who have the "connections" who would want to buy BTC compared to a small New Mexico developement.

I agree that with gov auctions people arent notified and it slips under the radar but how often have the US government auction off anything with such widespread and global interest.

It was for the whole state, not just that one development. Per capita, many more people are interested in buying real estate than in buying cryptocurrencies.

[ChartBuddy]

Explanation

[counter]

Andreas Antonopoulos on Singularity 1 on 1: "Bitcoin is not currency, it's the internet of money!"

http://www.youtube.com/watch?v=KW_wYvZ1eZg

I was just arguing the same thing with someone on this forum.  I look forward to checking out the vid.  Thanks alot for sharing.

[wachtwoord]

I think its definately a wait and see moment especially as the there are potentialy a substantial amount more people who have the "connections" who would want to buy BTC compared to a small New Mexico developement.

I agree that with gov auctions people arent notified and it slips under the radar but how often have the US government auction off anything with such widespread and global interest.

It was for the whole state, not just that one development. Per capita, many more people are interested in buying real estate than in buying cryptocurrencies.

Sure, but the fungability and sellability of real-estate are far smaller. Finding a buyer for a Bitcoin is far easier than for some specific house/farm/land w/e.

[sidhujag]

I see we have are having a little "spreading of the word" about NXT from the marketing department. Its like the jehovha witnesses showing up at the threads doorstep, "Do you have a minute to talk about our lord and savior BCNext?"

Only those who believe will be saved.

Sorry Nextcoin and all of its clones are not going to catch on because of its retarded name lol...

[billyjoeallen]

Andreas Antonopoulos on Singularity 1 on 1: "Bitcoin is not currency, it's the internet of money!"

http://www.youtube.com/watch?v=KW_wYvZ1eZg

Antonoplis is great, but he overlooked a few issues on why deflation would not be a problem, namely that Bitcoin is not and likely never will be legal tender. The supply of bitcoin is finite but the supply of cryptocurrency is not. If there is not enough liquid BTC, then BTC derivatives or something like litecoin can fill the gap.

[KeyserSoze]

The Feds claim they've already sold over 3 Million dollars worth. The whom? does anybody know?

If they're smart they sold the coins all over the country via LocalBitcoins.com so they could then arrest all those people for operating an exchange without a license or disregarding AML rules.

That's entrapment. Local cops do that kind of shit all the time, but the Feds at least usually pretend to follow the rules when they could so easily be shown to be actually initiating the "crime" they are prosecuting.

So your argument is: local cops use entrapment but federal officers do not?
http://www.rollingstone.com/politics/blogs/national-affairs/how-fbi-entrapment-is-inventing-terrorists-and-letting-bad-guys-off-the-hook-20120515

[billyjoeallen]

The Feds claim they've already sold over 3 Million dollars worth. The whom? does anybody know?

If they're smart they sold the coins all over the country via LocalBitcoins.com so they could then arrest all those people for operating an exchange without a license or disregarding AML rules.

That's entrapment. Local cops do that kind of shit all the time, but the Feds at least usually pretend to follow the rules when they could so easily be shown to be actually initiating the "crime" they are prosecuting.

So your argument is: local cops use entrapment but federal officers do not?
http://www.rollingstone.com/politics/blogs/national-affairs/how-fbi-entrapment-is-inventing-terrorists-and-letting-bad-guys-off-the-hook-20120515

I said they usually pretend to follow the rules, because local cops don't face as much scrutiny from entities like Rolling Stone. I'm not defending them. I'm just saying local cops are often worse when it comes to entrapment. I think the FBI believes they've been given almost carte blanche in regards to the GWOT. This isn't the same with white collar crime.  Just wait until the first bitcoin-funded terrorist action is committed. That's when the shit hits the fan.

[octaft]

The Feds claim they've already sold over 3 Million dollars worth. The whom? does anybody know?

If they're smart they sold the coins all over the country via LocalBitcoins.com so they could then arrest all those people for operating an exchange without a license or disregarding AML rules.

That's entrapment. Local cops do that kind of shit all the time, but the Feds at least usually pretend to follow the rules when they could so easily be shown to be actually initiating the "crime" they are prosecuting.

I do not believe that this scenario would legally be considered entrapment.