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A comment on U.S. Feds Seized Nearly $1B in Bitcoin from Wallet Linked to Silk Road. Parent comment

Re:U.S. Feds Seized Nearly $1B in Bitcoin from Wallet Linked... by Forbo on Thursday November 05, 2020 @01:47PM (#25000759)
They typically get auctioned off, much like other property seized in asset forfeiture proceedings.
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Re:U.S. Feds Seized Nearly $1B in Bitcoin from Wallet Linked... by lastofthemojito on Thursday November 05, 2020 @02:09PM (#25000962)
That's an interesting angle in the "is Bitcoin really a currency or is it just property?" argument. What would happen if the US government seized a billion dollars worth of foreign cash?

Would that get auctioned off too? Seems like a weird auction, selling money.

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Re:U.S. Feds Seized Nearly $1B in Bitcoin from Wallet Linked... by kjaftaedi on Thursday November 05, 2020 @02:20PM (#25001062)
It's a security.

Securities are traded like currency because the security represents a proof of ownership.

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Re:U.S. Feds Seized Nearly $1B in Bitcoin from Wallet Linked... by tantalor on Thursday November 05, 2020 @02:11PM (#25000980)
https://en.wikipedia.org/wiki/Foreign_exchange_market
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Re:U.S. Feds Seized Nearly $1B in Bitcoin from Wallet Linked... by tantalor on Thursday November 05, 2020 @02:13PM (#25001003)
Why go through the trouble? Count it as "revenue" and destroy it.

If the govt wants 1B in cash there are easier ways to get it.

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