nioc
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April 29, 2014, 06:19:01 AM

Any thoughts on this one? News released today. This could crash the price hard. 385000BTC for $3M USD? what?

http://www.coindesk.com/us-government-sells-silk-road-users-seized-bitcoins-for-3-million/

if they sold 380,000 btc for 3m, that would be $12 each. - must be a portion, or Im missing out on some seriously 'cheap coins'

Well it's unlikely that they will sell 380,000BTC for the full $173M they are worth. Someone will get cheap coins

The following is a quote from the article.

"conducted more than 10,000 transactions on the black market website, earning 385,000 BTC in the process."

This does not mean that he still had the 385k btc.  Is this gross or net?  did he spend any?  How many did the govt actually get their hands on?  The govt will use the biggest #s possible for the biggest PR effect.  

ETA: that is an avg of ~40 btc per transaction LOL