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34 sats \ 3 replies \ @grayruby 20 Jul \ parent \ on: If The US Wanted To Build A Bitcoin Reserve, How Would It? bitcoin
If it’s not legally their asset why are they allowed to auction them and keep the proceeds. Where does the money go when the justice dept auctions assets?
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63 sats \ 2 replies \ @Satosora 20 Jul
I dont want to sound like an ahole, but I am not sure on this. I think the department that seizes it gets a percentage of it put into their budget?
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33 sats \ 1 reply \ @grayruby 20 Jul
I wasn’t trying to be a smart ass with my question. Sorry if it came off that way. I am from Canada I don’t know how any of it functionally works. I assumed auction proceeds would just go directly to the treasury which would effectively be the same as sending the bitcoin to the treasury but I have no idea. You could be right. They may legally need to auction it and the dept keeps the proceeds as part of their financing:
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63 sats \ 0 replies \ @Satosora 20 Jul
Yeah, I am not 100% sure. I know they sold a bunch of the silk road bitcoins. They went to a Tim Draper.
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