CAB to HODL 6000 BTC for 7 years!

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!

sbs2010

They should cash in half now.
Just in case.

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.

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.

unkel

privateBeavis wrote: »

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

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?

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

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

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

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

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?

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?

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?

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!

Atlantic Dawn

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

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!

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.

Nermal

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

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:

Kenny Logins

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

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.

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

q85dw7osi4lebg

Amazing

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....!!!!

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.