Bulgaria Could Cause a Global Collapse of Bitcoin

Nice fear porn.

Fuck Bulgaria...

Bitcoin is not sustainable because it is too volatile to be a currency. It is more like a cheap stock. I would trade it but get out fast to avoid getting stuck.

3.3 billion will barely move Bitcoin.

It also depends what they sell it for. It is a chance for the bankers to knock it down some....

Bitcoin will never die now. Just a matter of knowing when to hodl and when to fodl.

I have a unique Pokemon card cut up into a thousand bits, who will give me $10 for a unique bit of the jigsaw

Thanks for the pin!

Interesting. This will definitely have an impact on the future of bitcoin. If handled correctly, it could bring viability and legitimacy.

Please keep us posted.

Now the fucked up part is:

Bulgarian Official Denies Country Possessing Bitcoins

In May, a series of raids by Bulgarian law enforcement were reported to have resulted in the seizure of over 213,000 BTC, at the time valued at more than $500 million and now worth $3.2 billion USD. Yesterday, however, the head of Bulgaria’s Special Prosecutor’s Office, Ivan Geshev, stated that the Prosecutor’s Office and the Interior Ministry did not seize the bitcoins.
[link to news.bitcoin.com (secure)]

The poorest country in the EU has struck stupid dumb luck without working for it via bitcoin? Wow what a macrocosm.

The police was investigating a group involved in custom fraud. While raiding it they’ve also found the bitcoins and confiscated it.

Now they are denying that they have them.

Crooks!!!

You follow the shark tank guy on Linkedin because he said what you said yesterday, word for word. And both he, and you, are idiots.

Confiscating bitcoins, seems to be a trend lately. Hmmmmmmm

The head of Bulgaria’s Special Prosecutor’s Office, Ivan Geshev, has been forced to publicy deny that the Prosecutor’s Office and the Bulgarian Interior Ministry has seized cryptocurrency bitcoins now worth around 6 per cent of the country’s GDP.


The bitcoins were reported as having been seized from an organised crime syndicate in May 2017 by the South East European Law Enforcement Centre (SELEC). At the time, SELEC stated that it had finalised an investigation into a criminal gang consisting of Bulgarian nationals with connections in Macedonia, Greece, Romania and Serbia. SELEC claimed that the modus operandi used by the gang was recruiting corrupted customs officers in all involved countries with the purpose of infecting the computer systems of the custom’s department with a virus. Once the virus had been installed, the gang was able to initiate various illegal transports, as the customs system showed that the cargo had already been checked and passed.

“The Bulgarian authorities have searched more than 100 addresses, suspects and vehicles,” read the SELEC statement. “A large quantity of money was seized, as well as equipment, devices for communication, computers, tablets, bank documents, etc. 23 suspects were arrested, five of them acting as Bulgarian customs officers. As result of this criminal activity the damages recorded by the Customs Agency, for the year 2015, is around 10 million leva. Bitcoin wallets of the main suspects with a total value of 213,519 bitcoins were also found. As a reference, the value of one bitcoin is 2354 US dollars. The offenders chose bitcoin as a way of investing/saving the money, because it is rather difficult to be tracked and followed.”

However, Mr Geshev told a press conference on December 8 that “no bitcoins had been seized. The case is still being processed by the Special Prosecutor’s Office and charges will be brought to court as soon as possible.” Previously, the Bulgarian government had issued a statement on November 28 in which it refused to answer questions about the status of the bitcoins, claiming that it could not comment on “specific information from an ongoing investigation into criminal proceedings.”

The value of 213,519 bitcoins on December 9 stood at 2.88 billion euros. If the Bulgarian authorities have seized them, then they have enjoyed an unexpected windfall. If they do not have them, the question remains: Who does?

You underestimate the Level of corruption that openly happens in that country.
The mentality of many there is just to take in any way, form, or fashion. They will throw their grandmothers to the curb to get more than the other.

You may say Fear Porn but I’m sure you are holding BTC at this moment.

Bullshit, everyday BTC does ($15-$20 BILLION) in dollar volume. 3 Billion euros would be like 1 hour of trading.

Bitcoin BTC Market Cap. $302,520,946,200

Bitcoin BTC 24 hour $ volume $16,303,300,000

Bulgarn mafia likes bitchcoins

But what would happen if 213,000btc were to flood the market at once at less that face value. I could begin a panic sell off.

Oh man who would have guessed... Volatility is a indicator of a free market! Oh but I suppose no one knows what a free market is for the past 300 years.

those damn bulgarians!

So does a deeply corrupt BG government.

SELL! SELL! SELL! SELL!

Aren't all these Bulgarian Bitcoins in an electronic Wallet. Who's to say they didn't get hacked and the Bitcoins are now in the Cloud or in another Wallet....

Attempting to pull out 3.3 billion will certainly nuke bitcoin. The only reason it holds together is because more money is dumped into than taken out. The minutes this changes, it's game over.

They probably already cashed out and wasted the money...

Or a buying opportunity!

Fear porn? hardly, a buying opportunity if they cash in.

They are in somebody’s wallet alright...Boyko [cough] Borisov [cough]

Sounds good! bring it on..

Agreed, a 10% sell off would run off a lot of holders.