Federal government got clearance from a judge in Utah to sell a few hundreds Bitcoin (513 BTC, to be precise) along with a similar amount of BCH, according to this story. At the current market price, this would be a $8.7 million sale.
What struck me, though, in that news, was the fact that US government claimed it spent more than $400/month to "store the two cryptocurrencies".
Pardon me?
Why do you need to spend over $400/month to keep a few hundreds BTC?
The only plausible scenario is that they put them in a government wallet, dumped the private key for that wallet, wrote it down on a piece of paper, then stored that piece of paper in a bank vault.
Which is unapologetically funny, if it's true.
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Writing down stuff takes a specially trained clerk man, you know how long those keys get :)
They did that every month so they don't lose their special training :)))
:)))
They probably trying to say crypto are too expensive to be used and that cash is better hence why they claim $400 a month for they need to show something negative aobut a coin that they plan on saying.
Haha, the $400 number does seem like it's out of left field. I do like your scenario... it does seem plausible, although safety deposit boxes only run about $30/month 😉 They could have saved themselves some serious cash!
At least they sold it.
It was the best they could do.
Some months ago someone (maybe you) posted about whether it has bad implications, that the government is essentially laundering money, etc.
This is laughable. Though what impact or effect do you think this news will have on the market as you know that news drives the cryptocurrency world.
not much
Okay, but bitcoin is currently trading at $16,198.30 on coinmarketcap from its $17k level
"The only plausible scenario is that they put them in a government wallet, dumped the private key for that wallet, wrote it down on a piece of paper, then stored that piece of paper in a bank vault."
It is really funny.But hope it will make a change in the digital currency world.We ll hope for the best
-cheers-
cool...so the guberment is a fence.
(it steals something then sells it.)
Is this the least bit surprising? Just look at history, alcohol prohibition, legalization of marijuana after decades of ceasing it... The list going on. Welcome to the U.S. government! lol
not the least bit surprising.
it's been my experiece and observation.
(i've visited a few other countries and lived overseas for several years)
is that governments are insane.
from the village level on up.
each and everyone of them
are nukin futz.
Hahaha. There was also news a few weeks ago that Bulgaria would be able to pay 1/5th of its debt using Bitcoins captured from a gang. Here is the link to that news, http://www.dailymail.co.uk/news/article-5163209/Bulgaria-Bitcoins-pay-FIFTH-debt.html
I can never understand the psyche of Govt. They pretend something else and act in a different way. Well i can't write but laugh on this idiotic approach by the Finance Minister of USA.
Well thanks for this funny and odd news @dragosroua
The number is actually meaningless. It is just a typical line item. So that the precinct gets their cut.
If we actually had govern-cement be responsible with their money... the whole thing would shut down.
DoD hasn't been properly audited in a score of years.
always DOD...the left's favorite whipping boy
what about the other 75% of the budget users?
Oh, they creatively use their budgets too, but its hard to requisition gold toilet seats when you don't have mil-spec suppliers ready to machine you whatever you ask for.
The other 75% just aren't as big of a target.
why are they NOT a bigger target?
as I mentioned..the DOD spends only 16% of the budget.
Because they don't have a Pentagram and things with 35 billion dollar price tags.
the DOD has a pentagram?
that explains everything!
What gets my attention here, on the other side, is the fact that governments start to recognise the value of cryptocurrencies as Bitcoin. Even selling it, this is a real transaction done by a government, no matter how they stored the keys (but even this way, 400$/month is pretty much for storing a piece of paper). This is another small step in adoption of cryptocurrencies I would say :)
I agree with you @mejustandrew goes to show that the government may secretly be supporting cryptos in a weird beat around the bush kinda way.
Time for Crypto-Money makes the world go around
Let see how it change the digital market. i will follow to see more news from you. thanks @dragosroua
Very good friend.
Upvote and resteem
intersting news....thanks for sharing us
upvote and @resteem
Resteemed. What’s your take on the aftermath that may ensue?
that's pretty cool to know....
Thanks for the info
Informative news
Thanks for sharing it...
Weird how they are selling it...I don't think they take a drug dealer's regular cash and give it back into the economy like that lol.
I love the irony!
LOL
You bet that's exactly what they did. If it's not a bank vault, maybe the piece of paper was filed in some government storage where the clerk had to check on it 3 times a day and make sure it remains classified.
Hilarious indeed! XD
@dragosroua just realized something won't they also own about 513 Bitcoin gold?
Think the worse solution and you will be right, people in government positions are never the smartest people nor the brightest.
Governments do like to spend money, don't they?
Hahaha Image if they government paid clerk man would have simply "lost" that paper. 😂 The good thing about this is that it does show further support that the U.S government will not try to "ban" cryptocurrencies anytime soon.
...or unapologetically sad. hmm. How many government agents does it take to secure one crypto wallet? Do we really want to know? :P
I think they move to alcoins now.
Madness with ripple newer.
It would be interesting to see if they sell all the bitcoin in one time, it might affect bitcoin!
Sigh I wonder if there going to pay taxes to themselves for the sale of these coins?
just govt. things you never know what they gonna do :D
Very profitable cases for governments!