The US Marshals office is in the news lately, because they are auctioning off "20 million dollars worth of bitcoin," retrieved from the recent SilkRoad bust. Why? If the US Marshals already possess "$20 million worth of some currency," why would they auction it off, in essence exchanging it for "less than $20 million worth of another currency"? Don't bitcoin have an exchange rate? Couldn't they just keep the $20 million, rather than auction it off? In another scenario; would the US Marshals office auction off "a large stack of $20 bills," or would they be able to just keep money?
This post was originally published on this siteThis post was originally published on this site Romania’s National Agency for the Management of Seized Assets (ANABI) announced today that it would begin auctioning off bitcoin and ether, that were confiscated as part of an undisclosed fraud case. The starting price for 0.97 ETH is 1670 Romanian Lei ($ 401) and for 0.6 BTC […]
It finally clicked last night. Bitcoin is not the email of money, it is the internet of money. As the internet was the Eden of a common knowledge. So Bitcoin is the Eden of a common sovereignty. We are already "all-in", whether we like it or not. Bitcoin is the new arms race. Bitcoin is the new alms race.
05-17 15:44 - 'Bitcoin is the eden of a Common Sovereignty' (self.Bitcoin) by /u/f1lt3r removed from /r/Bitcoin within 86-96min
''' It finally clicked last night. Bitcoin is not the email of money, it is the internet of money. As the internet was the Eden of a common knowledge. So Bitcoin is the Eden of a common sovereignty. We are all in, whether we like it or not. Bitcoin is the new arms race. Bitcoin is the new alms race.
[Simon Dixon discusses Bitcoin's Untapped Value]1
[The Federal Reserve vs Covid-19]2
[US Government Auctioning off Bitcoins Worth $37 Million in 2 Weeks]3
[Warren Buffett sells banks]4
[Government Ban Bitcoins?]5
[Crowd funding - economics for the greater good: Simon Dixon at TEDxMiltonKeynes]6
http://www.equities.com/editors-desk/currencies-forex/government-bitcoin-auction-buying-a-pile-of-money On June 27th, the US Government will be auctioning off Bitcoins that it has stolen from Silk Road. The coins themselves are nearly worthless for the following reason. The participants of the auction must both register and deposit $200,000 USD. As Bitcoin is treated as property by the IRS, the bitcoins will be taxed 3 times. Once for the sale at the initial auction, and TWICE when you spend it due to IRS laws on Bartering. http://www.irs.gov/taxtopics/tc420.html "Bartering occurs when you exchange goods or services without exchanging money. An example of bartering is a plumber exchanging plumbing services for the dental services of a dentist. You must include in gross income in the year of receipt the fair market value of goods or services received from bartering." Suppose you had $200,000 for Bitcoins. You will first be paying 9% sales tax in California. You can buy $182k in Bitcoins. Because you had to register with the auction and due to the public nature of the ledger, the IRS will be able to instantly know when you move that Bitcoin. Congrats, you will be paying 28% federal income tax on that bartering and an additional 9% state income tax. The person receiving those bitcoins and giving you something in return will ALSO need to pay 28% + 9% tax. Your $200,000 worth of bitcoins will result in $130,000 worth of tax revenue for the Government from a single trade. Best Case Scenario: Government bitcoins you get will be worth less than a third of the value of non-government bitcoins of an equal amount. Worst Case Scenario: If Government law considers Bitcoin users to be part of a Bartering Exchange, meaning you are legally responsible for record keeping and reporting the person you are bartering with. Not only will you need to be registered and identified, so will every person you trade with. In such a case, those Bitcoins will be worth 0.
Ransomware Gang Auctions Off US Healthcare Data for Bitcoin
Crozer-Keystone Health System recently suffered a ransomware attack by the NetWalker ransomware gang. The gang is now auctioning the system’s stolen data through its darknet website. If it is not purchased at auction within six days, the gang has vowed to leak the data. On June 19, Cointelegraph was able to access the alleged publication. […]
Romania Announces Auctioning Program for Seized Cryptocurrencies ... (USMS)conducted three Bitcoin auctions, selling 3,800, 2,100, and 660 BTC tokens in January, March, and October of the year ... Romania’s National Agency for the Management of Seized Assets (ANABI) announced today that it would begin auctioning off bitcoin and ether, that were confiscated as part of an undisclosed fraud case. The starting price for 0.97 ETH is 1670 Romanian Lei ($ 401) and for 0.6 BTC – 30,535 lei ($ 7347). A local news […] A sweet, sweet deal for Bitcoin investors could be just around the corner. On February 18, the US government is auctioning off over 4,000 Bitcoin, worth approximately $37 million, that have been forfeited in federal criminal, civil, and administrative cases.. Registration opened on Monday, and the deadline for registration is next Wednesday. The U.S. government has opened registration for the bidding of over 4,040 bitcoins, currently worth more than $37 million, which will be auctioned off on Feb. 18. The winning bidder will be notified on the same day. These bitcoins were forfeited in various federal criminal, civil and administrative cases, the U.S. Marshals Service explained. Also […] US Government Auctioning off Bitcoins Worth $37 Million in 2 Weeks The U.S. government has opened registration for the bidding of over 4,040 bitcoins, currently worth more than $37 million, which ...
Where is Bitcoin going? The current auctioning environment and some important things to consider.
http://moneyandtech.com/June-27-news-update/ The US Marshals Service's store of roughly 30,000 bitcoins, originally confiscated from the Silk Road, are up fo... SHOW TOPICS: Bitcoin hits new yearly highs 2 days in a row. $10K incoming? https://bitcoinist.com/bitcoin-hits-new-yearly-high-for-the-second-day-in-a-row/ 5... ARTIST INFAMOUSRENZO will be auctioning off a crypto currency theme art piece for strickly crypto currency..bidding will start at 1 bitcoin and will be listed on bitify.com Details on artwork ... In this video we talk about the current Bitcoin auctioning environment and some special considerations that we should keep in mind before taking a position. Secure your .crypto name today and use ... Binance is planning to auction property in New South Wales using BNB and BTC, and CoinMarketCap has started a few Indices or Index funds on their platform and on Stuggart, Nasdaq and more! Join ...