U.S. Government Sold $216M of Seized Silk Road Bitcoin This Month

Re:U.S. Government Sold $216M of Seized Silk Road Bitcoin Th... by overthrow on Saturday April 01, 2023 @04:58PM (#35403997)

So you believe that globally, all of the thousands of exchanges in various jurisdictions all over the world are colluding, including Fidelity and every other regulated US exchange? What about bitcoin-only companies that don't do any business in altcoins? How are they managing to prop up the price?

It's reasonable to believe the market price is crazy. But it's crazy to believe the market's mere existence is a huge conspiracy theory 15 years in the making. Just call the buyers irrational if you must.

And don't forget FTX was an offshore shitcoin casino that held exactly 0 bitcoin when it collapsed. It's a stretch comparing that to regulated US exchanges.

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Re:U.S. Government Sold $216M of Seized Silk Road Bitcoin Th... by dwan128 on Saturday April 01, 2023 @05:14PM (#35404135)

Over these thousands of exchanges relatively little fiat money actually flows. If the real value of BTC over the total market is $x and I’m Coinbase and I have > $x amount of real cash, I now can completely fix the price and the competition just becomes more parties to scam.

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Re:U.S. Government Sold $216M of Seized Silk Road Bitcoin Th... by overthrow on Saturday April 01, 2023 @05:39PM (#35404360)

> Over these thousands of exchanges relatively little fiat money actually flows.

citation needed

So you believe Fidelity and Coinbase have been lying in their corporate disclosures for the past 10 years, along with thousands of other companies all over the world, just so they could throw hundreds of billions of dollars of their own money into a black hole, to prop up a trillion-dollar asset class for 10 years running... why? Just for fun?

[ Parent | on HN ]

Re:U.S. Government Sold $216M of Seized Silk Road Bitcoin Th... by dwan128 on Monday April 03, 2023 @07:29PM (#35432879)

Yes I believe the exchanges lie, if you think they don’t you obviously don’t follow the news.

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