US Marshals Auctioning $20M Worth of Silk Road's Bitcoins

Posted by Soulskill on Tuesday November 18, 2014 @06:48AM from the all-about-the-bitjamins dept.

coondoggie writes: The U.S. Marshals office says it will auction off almost 50,000 bitcoins (about $20 million worth) seized from alleged Silk Road creator Ross Ulbricht. The auction, which is the second sale of Silk Road's bitcoin collection, will take place during a 6-hour period on Dec. 4 from 8:00 a.m. until 2:00 p.m. EST. Bids will be accepted by email from pre-registered bidders only, the U.S. Marshals office said. In June more than $17 million in bitcoins seized from the Silk Road take-down were auctioned off.

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How much more screw up can our government get? by Puls4r · 2014-11-18 08:44 · Score: 3, Interesting

So, rather than just selling them on the exchanges, they're pricing them in huge blocks that only the wealthy can afford. I mean seriously, how many folks here have $150k burning a hole in their pocket that they want to plunk down for some bitcoin? I truly hate our government. These bitcoins are going to be sold a huge (unrealized) loss to the wealthy, who are going to turn a giant profit. Fantastic. No wonder it's 'closed' bidding.