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CAB to HODL 6000 BTC for 7 years!

  • 19-02-2020 6:44pm
    #1
    Registered Users Posts: 303 ✭✭ privateBeavis


    See on news the CAB seized 6000 BTC worth €52m. They normally hold assets for 7 years before handing over to dept of finance.

    So either be worth nothing or a serious windfall!


Comments

  • Registered Users Posts: 521 ✭✭✭ sbs2010


    They should cash in half now.
    Just in case.


  • Registered Users Posts: 6,026 ✭✭✭ grindle


    sbs2010 wrote: »
    They should cash in half now.
    Just in case.

    Maybe. If the cycles are predictable then they'll be selling in a bear market like a bunch of dummies.


  • Registered Users Posts: 73,820 ✭✭✭✭ Atlantic Dawn


    Would love to know what he initially invested and if it was legit cash at the time.

    In May 2010 they were worth less than $0.01 each so an investment of $60 back then would give him what he has now.


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,742 CMod ✭✭✭✭ unkel


    See on news the CAB seized 6000 BTC worth €52m. They normally hold assets for 7 years before handing over to dept of finance.

    So either be worth nothing or a serious windfall!

    I think you misunderstood. It normally takes 7 years (from seizing) until the assets can be liquidated and the revenue transferred to the state if the case is fought (and won by CAB)

    In this case the assets were handed over voluntarily, so they can be liquidated immediately

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



  • Registered Users Posts: 2,655 ✭✭✭ thunderdog


    Presumably CAB have his private key and aren’t just holding (hodling) onto a Trevor/Nano wallet?

    And presuming they have his private key they must have moved the BTC to a separate BTC wallet?


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  • Banned (with Prison Access) Posts: 231 ✭✭ Martin Lanigan


    unkel wrote: »
    I think you misunderstood. It normally takes 7 years (from seizing) until the assets can be liquidated and the revenue transferred to the state if the case is fought (and won by CAB)

    In this case the assets were handed over voluntarily, so they can be liquidated immediately

    Correct


  • Closed Accounts Posts: 779 ✭✭✭ Arrival


    unkel wrote: »
    I think you misunderstood. It normally takes 7 years (from seizing) until the assets can be liquidated and the revenue transferred to the state if the case is fought (and won by CAB)

    In this case the assets were handed over voluntarily, so they can be liquidated immediately

    If they sell these now then it's so stupid, it would actually be better to hold onto them for the few years for the potential future value, the ~€50m they'd get now wouldn't make much of a difference compared with the hundreds of millions they'd potentially be worth long-term


  • Closed Accounts Posts: 779 ✭✭✭ Arrival


    thunderdog wrote: »
    Presumably CAB have his private key and aren’t just holding (hodling) onto a Trevor/Nano wallet?

    And presuming they have his private key they must have moved the BTC to a separate BTC wallet?

    Don't think that information is available yet, but it should be released and the public should be allowed check the wallet as well for transparency, that's the beauty of Bitcoin


  • Registered Users Posts: 4,655 ✭✭✭ makeorbrake


    Arrival wrote: »
    Don't think that information is available yet, but it should be released and the public should be allowed check the wallet as well for transparency, that's the beauty of Bitcoin

    I might put in a FOI request for the private key :-D


  • Registered Users Posts: 11,195 ✭✭✭✭ Lex Luthor


    there was 4000BTC put on Binance & Coinbase yesterday evening and the exchanges shut down for half an hour
    Fairly shady carry on if you ask me
    I wonder are the 2 stories linked in any way?


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  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,742 CMod ✭✭✭✭ unkel


    Arrival wrote: »
    If they sell these now then it's so stupid, it would actually be better to hold onto them for the few years for the potential future value

    You do realise that you are suggesting the government should take some of our tax payers money and invest it in BTC? :p

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



  • Closed Accounts Posts: 779 ✭✭✭ Arrival


    unkel wrote: »
    You do realise that you are suggesting the government should take some of our tax payers money and invest it in BTC? :p

    I guess it kind of is like that, but not entirely. It's not like they'd be taking taxpayers actual money and investing that directly into Bitcoin but instead it's like the taxpayers now own some Bitcoin without having invested any actual money close to the value of them, so why not just hold onto the assets and see if it's more of a benefit long-term. €53m is obviously a lot of money of course, but the potential upside in holding onto that Bitcoin long-term is far more attractive than impulsively cashing it in right now. Anyone with a clue about the industry is hyped about the halving and the next couple of years following this so it's just frustrating thinking about them possibly selling literally right before this milestone

    And the funny thing is, our government deciding to hold onto it, and declaring this publicly, would definitely be in the headlines internationally and, as the meme goes, be good for Bitcoin!


  • Registered Users Posts: 73,820 ✭✭✭✭ Atlantic Dawn


    It would pretty much to the Euro cover the e-voting loss.


  • Moderators, Category Moderators, Motoring & Transport Moderators, Regional East Moderators Posts: 59,742 CMod ✭✭✭✭ unkel


    Arrival wrote: »
    It's not like they'd be taking taxpayers actual money and investing that directly into Bitcoin

    Well, it kind of is. But I get where you are coming from, a bit of wishful thinking! :)

    "Wind is Ireland's oil" - An Taoiseach, 25/05/2022



  • Registered Users Posts: 6,413 ✭✭✭ Doodee


    https://www.irishtimes.com/news/crime-and-law/drug-dealer-loses-codes-for-53-6m-bitcoin-accounts-1.4180182?mode=amp

    Think someone asked if the CAB had the keys. What an unfortunate set of circumstances! Too good to be true.


  • Registered Users Posts: 2,388 ✭✭✭ Nermal


    Can anyone see his transaction splitting the 6K into 12 wallets, four years ago?


  • Registered Users Posts: 1,815 ✭✭✭ howamidifferent


    What a loaf of B0ll!x . They siezed bitcoin. How can they have siezed tge BTC if they dont have the private keys? I have as much control over those wallets as CAB right now. :pac:


  • Registered Users Posts: 9,062 ✭✭✭ Kenny Logins


    They have seized nothing - they don't have the seed phrases.


  • Closed Accounts Posts: 4,791 JJJJNR


    It's just resting in his trezor wallet, erm it was won in the bookies, eh eh.. it was a donation.

    Lovely brick you got there judge. Wink wink.


  • Closed Accounts Posts: 779 ✭✭✭ Arrival


    Doodee wrote: »
    https://www.irishtimes.com/news/crime-and-law/drug-dealer-loses-codes-for-53-6m-bitcoin-accounts-1.4180182?mode=amp

    Think someone asked if the CAB had the keys. What an unfortunate set of circumstances! Too good to be true.

    Absolutely ****ing pathetic. I just hope it's actually a case of "I lost them in a boating accident" more than him genuinely no longer having access or CAB not actually seizing them properly


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  • Closed Accounts Posts: 3,502 ✭✭✭ Brayan High Cuttlefish


    Amazing


  • Registered Users Posts: 11,195 ✭✭✭✭ Lex Luthor


    He can say whatever he wants about the keys, only he knows where they are and I'm sure they are not just kept on one sheet of A4 paper

    If he was that concerned they would be hacked, he would be more concerned than to keep the seed phrases on one piece of paper with his fishing rod

    Thats the beauty of bitcoin, nobody can seize your bitcoin unless you give them the keys

    Once he gets out it will be waiting for him and they wont be able to do a thing about it

    2 fingers to the establishment....!!!!


  • Registered Users Posts: 6,413 ✭✭✭ Doodee


    Lex Luthor wrote: »
    He can say whatever he wants about the keys, only he knows where they are and I'm sure they are not just kept on one sheet of A4 paper

    If he was that concerned they would be hacked, he would be more concerned than to keep the seed phrases on one piece of paper with his fishing rod

    Thats the beauty of bitcoin, nobody can seize your bitcoin unless you give them the keys

    Once he gets out it will be waiting for him and they wont be able to do a thing about it

    2 fingers to the establishment....!!!!

    I would imagine once he gets out he will be putting what he learned in those flying lessons to use and heading to Portugal for a year or more.


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