https://s30.postimg.org/6prwhlu9d/shutterstock_188428388-825x510.jpg

If you are currently looking to snatch up some Bitcoins but would like to pay slightly less than the current market prices, I have a solution for you.

First, move to South Korea.

Second, attend local police auction.

Third, purchase Bitcoins at said auction for slightly below current market prices.

Forth, profit.

Wait, did you say buy Bitcoins at a local police auction?!

Yes, yes I did...

Here's the backstory...

Back in 2016 a large number of Bitcoins were confiscated during a criminal investigation. According to reports, roughly 216 Bitcoins were seized during a cyber investigation by the South Gyeonggi Provincial Police Agency (try saying that three times fast).

During the investigation a 33 year old man was arrested for operating an "obscenity website". I am not sure what that means, but it sounds obscene.

The coins that were confiscated are worth roughly $531,000 (USD) currently with Bitcoin trading at $2,458 dollars per coin.

This would be the first time I have ever heard of Bitcoins being auctioned off at some sort of police auction.

According to the Korea Asset Management Corporation (KAMCO), this is the first auction of it's kind.

KAMCO is the county's asset management company that oversees state-owned properties/development, and any seized financial assets (which would include virtual currencies). The virtual currencies are considered financial assets and would now become government property and are subject to public auctions.

By law 3% of the proceeds from the sale of the digital currencies will be returned to the South Korean Government.

So, the buyer can get coins below market price (presumably), and the government gets to keep a cut for their troubles.

Sounds like a win for everybody!

Well except for the obscenity website guy, but that is a topic for another day.

https://s29.postimg.org/72g613c9j/South-_Korean-_Bitcoin-_Exchange-_Yapizon-_Hacked-_Off.png

This auction comes at a time when virtual currency markets have been booming in Asia and South Korea in particular as of late.

The Bithumb, Korbit, and Coinone exchanges have seen record breaking trading volume over the last several weeks. Plus the South Korean won has now jumped into the top couple spots in terms of Bitcoin global trading volumes.

As you can see, what was once mostly dominated by US dollar trading has now seen a massive increase in Yen, Yuan, and Won denominated currencies:

https://s14.postimg.org/mu6dd8no1/Screenshot_9.png

(The chart on the left shows the volume by exchanges and the chart on the right shows the currency dollar volume transacted.)

South Korea still isn't that large of a slice but if you take a look at this same chart from a couple months ago, you wouldn't even see South Korea on the chart.

To further put things into perspective, if you looked at a similar chart a few years ago, you would see that the USD had a strangle hold on the transactions.

All in all, while this might not be the most realistic way to get your hands on some cheaper Bitcoins, I thought it was interesting never the less. Hope you all were able to take something from it as well.

Stay informed my friends!

Sources:

https://bitcoincharts.com/charts/volumepie/

http://www.coindesk.com/south-korean-government-to-auction-216-bitcoins/

Images:

http://www.newsbtc.com/2017/05/13/south-korea-lower-capital-requirements-bitcoin-remittance-providers-next-month/

https://news.bitcoin.com/hacked-korean-bitcoin-exchange-yapizon-offers-ious/

https://bitcoincharts.com/charts/volumepie/

Follow me: @jrcornel

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