Australia selling off around 11m usd worth of confiscated btc.

http://www.bbc.com/news/technology-36412487

Australian newspapers have previously reported that 24,500 bitcoins were seized by police in the state of Victoria in 2013, after a man was arrested for dealing illegal drugs online. In 2015, Victoria's Asset Confiscation Operations department "confirmed it had recently taken possession of 24,500 coins and would try to make the most of it", according to the Sydney Morning Herald. 'Significant amount'

If i remember correctly the last few auctions like this have drivin the btc price down hard because these assholes sell them at such a discount and the reciepient can short the market hard and still profit. Just FYI. It may not effect the btc price at all, but if you're buying coin right now just know that the value could crash soon so make your purchases asap and don't get fucked by the btc economy.


Comments


[10 Points] None:

[deleted]


[3 Points] MitalikaSucks:

Where do they gonna sell them ?


[3 Points] smittysteroids:

sell now. sell now. the price drop is imminent


[2 Points] bnea999999:

If the value of BTC goes down, wouldn't it be cheaper to purchase in terms of dollars?


[2 Points] colesaw:

Which "man" got busted in Aus with 24,000 worth of bitcoins in 2013? Doesn't remotely sound DNM related.


[1 Points] BobArctor_007:

11m is not really that much I doubt it will depress the price in a significant way.


[1 Points] FagDamager:

so we could wait for a price drop and buy loads, then wait for the value of them to rise..?


[1 Points] _TROLL:

Damn... are all these dealers just storing their coins on their tablets or hard drives?

Put all your coin profits on an encrypted USB stick, away from your house. Or a paper wallet, not in your house. Never say anything to cops when they can't find your BTC stash.


[1 Points] sycophantelephant:

this is absolutely disgraceful. profiteering off the proceeds of crime.


[-5 Points] None:

Can anyone confirm.

Had 500 2 days ago now have 580 do I sell my $$ or wait for 600-790 than sell

Bruhhhh how do u know price will go