Bitcoins are on a rocky path to becoming regulated in a
number of states,
including New York
. Proponents of the
peer-to-peer payment system say that it becomes a better currency
as investors get “
” with bitcoin.
The U.S. Department of Justice has begun an auction of 50,000 bitcoins seized from Ross Ulbricht, the man accused of operating the Silk Road drug marketplace online. The auction will run for two weeks.
This is the second auction of bitcoins seized from Ulbricht, also allegedly known as “Dread Pirate Roberts.” Ulbricht is being tried for crimes as the kingpin of a secret “dark web” site often used to peddle drugs. The website consisted of roughly 70 percent of the Silk Road’s listings, along with weapons and a number of other things.
In the market for some cryptocurrency? To submit a bid, you must first register with the U.S. Marshals Service (USMS). It requires:
The total value of the bitcoins (BTC) is about $19.2 million, according to Coindesk’s average market prices on Monday evening. The auction’s winner will be revealed on Dec. 5, the U.S. Marshals Service said.
You must deliver the Required Registration Items by email to USMSBitcoins@usdoj.gov . If the USMS determines that you are an eligible bidder, you will receive communication of that fact from the USMS and will be provided with additional information regarding how to place your bid by 5:00pm EST on Tuesday, December 2, 2014.
Read the original article on International Business Times. Copyright 2014. Follow International Business Times on Twitter.
The deposit of the winning bidder will be retained by USMS and credited towards the purchase price.
Venture capitalist Tim Draper won an auction in July for 30,000 BTC. Since July, when bitcoin prices dropped to $584 from $647, the price has fallen further to $384 as of Monday evening. The bitcoins will be sold off during 20 smaller auctions, and those wishing to participate must first register with the Marshals Service and submit initial deposits of no less than $100,000.
Screen shot/US Marshals Service
If the USMS determines that you are not an eligible bidder, you will receive communication of that fact from the USMS, the deposit funds will be returned, and you will not be eligible to participate in the online auction.
Regulation News Moves Bitcoin Prices, BIS Report Says
A new report from the Bank of International Settlements (BIS) contends that bitcoin markets are swayed by news events related to regulation.
"While cryptocurrencies are often thought to operate out
Walmart Tells Produce Suppliers to Use Blockchain by Next September
Walmart plans to sell leafy greens that are tracked using blockchain technology within the next year.
In a press release published Monday, the world's largest retailer both by revenue and by employ
The US Should Take a 'Leadership' Role on Blockchain, IBM Report Argues
Developers and companies researching blockchain technology are looking to the U.S. government to help spur adoption, a new report by IBM claims.
Written by Thomas Hardjono, director of the MIT Trus
Coinbase Just Partnered With A Token Startup in Bid to Attract Pro Traders
U.S.-based crypto exchange Coinbase has teamed up with the token-based trading protocol startup Caspian in an effort to boost its offerings aimed at pro traders and financial firms.
Under the deal,
Australia's Securities Watchdog Has Halted 5 ICOs Since April
The Australian Securities and Investments Commission (ASIC) said late last week that it has stopped five initial coin offerings (ICOs) from taking place since April.
In a statement, the commission
Momentum Is Building to Block Big Miners from Ethereum's Blockchain
Several ethereum miners and developers have come forward with the goal of stopping specialized mining hardware from effectively operating on the network.
Underway since April, the controversy surro
'500 Transactions a Second': Vitalik Says Zk-Snarks Could Scale Ethereum
A form of cryptography pioneered by zcash might help scale ethereum, founder of the platform Vitalik Buterin said on a research forum Saturday.
Named zk-snarks, Buterin said, by using the tech, eth
Juventus Soccer Club Is Launching a Crypto Token to Give Fans a 'Voice'
One of the most popular soccer clubs in the world is launching a crypto token that it says will boost fan numbers by allowing them to "be heard."
For the effort, Italy's Juventus Football Club, whi