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US Marshals claim one bidder won every Bitcoin in recent Silk Road auction

By Shawn Knight
Jul 2, 2014
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  1. The US Marshals' auction of the nearly 30,000 Bitcoins seized from underground drug marketplace Silk Road is now complete. Officials say a single, undisclosed bidder outbid everyone else and won the 10 individual auctions, taking home the entire lot of Bitcoins.

    Read more
     
  2. wastedkill

    wastedkill TS Maniac Posts: 1,188   +244

    I'm wondering if this individual actually turned a profit and how much....
     
  3. Is there even logical reason to do this? Were there maximum bid? Why would somebody pay more for coin that the value it has at that moment?
     
  4. VitalyT

    VitalyT TS Evangelist Posts: 1,971   +586

    That's like selling an active currency from an auction, makes an absolute zero sense. What is going on?
     
    cliffordcooley and wastedkill like this.
  5. @VitalyT normal currency doesn't swing 20-50% points. I would not classify Bitcoin as currency yet.
     
  6. wastedkill

    wastedkill TS Maniac Posts: 1,188   +244

    Probably in the hope bitcoins go back up to $1000 per 1 or beyond that...
     
  7. insect

    insect TS Booster Posts: 221   +62

    And they probably will. Newegg and 1-800-flowers both just started accepting bitcoin this week. BTC is at almost $650 now, that's up $100 in less than a month.
     
  8. Kibaruk

    Kibaruk TechSpot Paladin Posts: 1,417   +116

    When you have control over the biggest part of the pie, you are able to change the rules on how the market behaves up to a certain point.

    If that adds to a previous owned ammount, it could sum up really fast.
     
  9. wastedkill

    wastedkill TS Maniac Posts: 1,188   +244

    I have 30 LTC so hoping they go back up to $50!
     
  10. tonylukac

    tonylukac TS Maniac Posts: 946   +22

    He hacked it, like I did with radio station contests in the 70s when hacking was legal. The radio station would tell you to be the 15th caller at 591-7240. I'd call the phantom number 236-7240 and bypass 99 percent of the callers. This was called mass calling, to not tie up individual central offices with a flood of calls. Phantom numbers still exist, but they start with 1 or 0 so you can't dial them, but operators and blue boxes users, like wozniak, can. Now that I showed you this, tell me how to hack the illinois lottery. It's online. I'll be your lawyer. Can get you off of anything, but if I told you it would make you homeless.
     
  11. TheLastPanda

    TheLastPanda TS Member Posts: 62   +9

    Its very hard to get your hands on such a large number of bitcoins and when dealing with that much money, paying through the FBI is much more secure than using some notoriously seedy BTC trading sites.
     
     
  12. That's about $20 million worth of bitcoin. Bid $19 million, then sell it, make $1 million.

    Simply insane. Kill us all.
     


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