For Sale 29,656.51306529 Bitcoins | Hacker News Reader

For Sale 29,656.51306529 Bitcoins

usmarshals.gov

46 pointswasd21 comments

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.

> 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/Silk...

Thank you. That dramatically elucidates the issue for me.

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> 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?

Doesn't matter, had civil asset forfeiture. http://www.newyorker.com/reporting/2013/08/12/130812fa_fact_...

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

Is the market liquid enough to support that valuation?

coinmarketcap.com indicates that about $36m in btc have been moved around in the last 24h

So slowly liquid.

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.

Appears to be from part of the Silk Road seizure:

https://blockchain.info/address/1F1tAaz5x1HUXrCNLbtMDqcw6o5G...

They write that it is, at the top of the page.

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

Yes. Burying now.

My mistake. I'm not sure how or why this got through the filter.

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

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

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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.

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.

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