US To Auction $1.6 Million Worth of Bitcoin From Various Cases (reuters.com)

Posted by msmash on Monday August 8, 2016 @04:50AM from the tread-carefully dept.

An anonymous reader shares a Reuters report: The U.S. government said on Monday it plans to auction over 2,700 bitcoin that were forfeited during several cases, including the prosecution of the creator of the online black market known as Silk Road. The U.S. Marshals Service said that the online auction would be held on Aug. 22, and that potential bidders must register by Aug. 18. The bitcoin are worth about $1.6 million, according to the Bitstamp exchange. The auction is the latest by the Marshals Service of the digital currency. It completed four prior auctions from June 2014 to November 2015 of bitcoin seized during the prosecution of Ross Ulbricht, who authorities say ran Silk Road.

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Not sure what to make of this. by Anonymous Coward · 2016-08-08 04:56 · Score: 5, Funny

So I will reply with a haiku.
Federal Auction?
Or gigantic honeypot?
Caveat Emptor.
Re:Who would buy? by Joe_Dragon · 2016-08-08 05:05 · Score: 3, Funny

with a free trip to a FPITA prison
Re: Auction of bitcoin? by 110010001000 · 2016-08-08 05:30 · Score: 5, Funny

Which exchange do they choose? The one who will give them the best exchange rate? How would they determine who would give them the best deal? Maybe they could setup an auction. Plus maybe they could open up the auction to everyone, not just a few exchanges. They could call them "Federal Property Auctions".