Latest Federal Bitcoin auction sees low enthusiasm

The US Marshals Service has confirmed that only 11 bidders took part in their second Bitcoin auction for the currency seized from illegal online marketplace Silk Road.

In the first auction, 45 bidders took part in the auction, with a total of 63 bids. The latest auction may have reflected a lack of enthusiasm or an investor exhaustion, with only 27 total bids for the 50,000 coins with a dollar value of $19 million. The first auction was for 30,000 Bitcoins.

Last June, when the first auction concluded, there was only one winner: Thomas Draper, a venture capitalist. Draper is assumed to have paid above market price in order to win all the available coins, which at the time was $570. Draper has taken a wash in his investment so far, with prices down at about $370 as of writing.

In total, there were 173,991 Bitcoins seized from the Silk Road raid and from its alleged operator, Ross Ulbricht.

Source:
NYT

Written by: Andre Yoskowitz @ 6 Dec 2014 22:57

doowop72

What a big risk to take for investing any shares in this. There is no way I'd exchange green cash for this "bitcoin" you can't see, touch, or smell....

7.12.2014 02:42 #1

nonoitall

Originally posted by doowop72: What a big risk to take for investing any shares in this. There is no way I'd exchange green cash for this "bitcoin" you can't see, touch, or smell....
In a day and age where most monetary transfers occur electronically via bank transfers and credit cards, most people don't see, touch or... smell most of the money they deal with anyway, whether it be bitcoins, dollars, euros, pesos or whatever. When it comes down to it, a currency's odor or lack thereof is actually far less important than how it's managed.

What happens when Microsoft buys Minecraft? Lets see...

7.12.2014 18:20 #2

hearme0

Maybe becauuuuuuuuse....Bitcoins are GHETTO!

8.12.2014 13:53 #3

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