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Auction on the seized 2,170 Bitcoins worth $25 Million – who wants some?

Santhosh M

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Auction on 2,170 Bitcoins - US Marshals to sell seized amount worth 25 million USD
Source: The Blue Diamond Gallery

The U.S. Marshals Service has planned to auction 2,170 Bitcoins that were seized from the cases that involved in federal, criminal and civic activities. The Bitcoins have been collected by US Law enforcement agencies in various cases.

The worth of Bitcoin is estimated around 25 million USD. The auction has been planned to happen on March 19th, 2018. The procedure and eligibility of public who can take part in the auction is described in the official memo published by the officials. Eligible candidates need to submit the relevant documents and would be evaluated by March 14th, 2018.

To participate in the bidding, the would-be-bidders need to submit a deposit of 200,000 USD and fill out the other documents including the bidder registration form. They also need to furnish a lot of personal information about the business that they currently are a part of and their bank accounts details.

The US Marshal has made an official statement:

“The USMS will not transfer Bitcoin to an obscene public address, a public address apparently in a country restricted by the Office of Foreign Assets Control (OFAC), a public address apparently associated with terrorism, other criminal activities, or otherwise hostile to the United States.”

This month’s auction on 19th March has 14 separate blocks for sale. Of the 14 blocks, 2 blocks are of 500 BTC each, 11 blocks are of 100 BTC each and 1 block at 70 BTC.

March 19th sale marks the second sale by the US agency in the period of one month. This also indicates the importance of the increased value of Bitcoin. The last auction during the month of January saw 3,600 Bitcoins being distributed to 5 successful bidders.

The US agency gained around 30 million USD in the last auction. The coin in their docket was only a worth of 1.6 million USD during the year 2016 where 2700 coins were auctioned.

Although, few investors are not happy with this decision by US Marshal.

Twitter username cryptoaimee090 says:

“if bitcoin is a scam, why would USMarshallsauction them off? #bitcoin #cryptocurrency”

Sasgora, another cryptocurrency enthusiast says:

“They probably have no clue about forks, and certainly don’t know how to claim them. If the auction includes the original private keys they might contain forked coins.”

The origination of the Bitcoin tokens that are to be auctioned has been listed online, which includes many high profile criminal and federal cases like the ones which involve Shaun Bridges, the ex-secret service agent, and his alleged involvement in the Silk Road Investigation.

The plans of the agency to conduct an auction at regular intervals has affirmed the fact that the agency is not interested to keep the highly-valued Bitcoins in their docket simply. The funds raised by the agency through these auctions are planned to be utilized for developmental process and purpose.





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Santhosh is a full-time reporter at AMBCrypto. He is an engineer with a major in Mathematics and Computer Science. He developed a key interest in the blockchain space and has been studying and researching about it ever since. He is currently authoring a book on Blockchain and its use cases in the Education domain. He currently does not hold any value in any cryptocurrency or its projects.

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Bitcoin

Bitcoin’s volatility – an indication of growth or regression?

Biraajmaan Tamuly

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Bitcoin's volatility indicated to be a key aspect of its current success
Source: Pixabay

Market volatility plays a huge role in the financial ecosystem of assets and cryptocurrencies are regularly linked to its predominant effect. Whenever Bitcoin exhibits a rapid price movement in the market, the majority of the critics tagged the digital currency with extreme volatility and state that it would eventually lead to its downfall, since crypto assets cannot be trusted on a long term basis.

This assumption was recently widely questioned as data showed that over the last few months, the volatility rate had actually decreased for Bitcoin but the community continued to talk against the coin’s development solely on the basis of the crash witnessed by BTC after the bull run of 2017.

Pierre Rochard, a bitcoin enthusiast, recently spoke about the situation and stated, that the volatility might actually be one of the reasons why Bitcoin was starting to find prominent success in the market.

It was suggested that Bitcoin had been accumulating value over the years through various implementations and at specific time frames, short-term traders were causing an effect on the price, which would cause the “incidental price surge”. The price surge would then undergo correction and witness a fall but the price would continue to grow at a progressive rate.

The aforementioned reason can be backed by the fact that Bitcoin had indeed outperformed the likes of commodities like gold in the recent market analysis, and it was released that Bitcoin attained more profit in the long-term returns and risks asset trade in comparison to the S&P 500.

A recent data also exhibited that since 2013, any investment that included 5 percent Bitcoin to 95 percent fiat currency gathered more returns and lesser risk than the S&P 500; which also witnessed losses in 2017.

Twitter user @1Mark Moss indicated that Bitcoin was growing at it’s natural growth rate and stated,

“The volatility is the difference between perception and reality. And the reality is BTC continues to progress, just not as fast as the perception makes it seem sometimes… just part of the natural evolution.”

However, another user @JordiMorris1 explained that the people had more to do with the volatility and anything else. He said,

“The relationship of people towards Bitcoin is volatile. Bitcoin is predictible by nature, its production is stable independently of how crazy people go about Bitcoin. No sense to blame on Bitcoin.”





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