U.S. General Services Administration auctions BTC and LTC

I've never seen this before, but the U.S. government is auctioning crypto that was seized.  

Eleven lots of cryptocurrency up for bid on GSA Auctions

June 16, 2021

ATLANTA -- Become a part of the growing cryptocurrency community by placing a winning bid during GSA Auctions’ next cryptocurrency sale.

Bidding on 11 lots of cryptocurrency, totaling 8.93 bitcoins and 150.2 litecoins and with a combined market value of nearly $377,000, begins on Friday, June 18, 2021, at 5 p.m. ET. This 4-day auction closes Monday, June 22, 2021, at 5 p.m. ET, with the option to extend the closing time to accommodate last-minute bidding. This auction marks the first time that Litecoin will be available on GSA Auctions.

GSA first began auctioning cryptocurrency on behalf of the U.S. government in early 2021. To date, users of the GSAAuctions platform have successfully bid for a total of 16.99 bitcoins over three auctions that garnered $937,092.

“Experienced investors recognize a good opportunity when they see it, which is why our auctions have generated so much enthusiasm among the crypto community,” said Thomas Meiron, Regional Commissioner for GSA’s Federal Acquisition Service. “With the addition of a new type of cryptocurrency, this promises to be one of our most exciting auctions of the year.”

Registration is required to place a bid, and the winning bidder must make a payment via wire transfer no later than June 23, 2021. The winning bidder will also need a digital wallet to receive the property. Network transaction fees may apply. As there is no tangible asset up for bid, GSA will not hold an inspection day.

A service of the U.S. General Service Administration, GSA Auctions is the federal government’s online clearinghouse for surplus federally owned assets and equipment, such as office furniture, vehicles, scientific equipment and collectibles.

The website looks so '90s:

One man tries to take down bitcoin

Elon Must has been on a crusade this weekend to disparage bitcoin. 

First it was about the climate impact (even though his private jet and space rockets use a lot of fossil fuel):

Then it was about about pumping Doge more and making crazy claims:

And finally making fun of Michael Saylor:

I read an argument that if one man can have such a huge effect on the crypto market (so far down 20% overall), then crypto isn't yet ready for mass adoption; I tend to agree here. The power of crypto is that no one single person or entity can affect it -- either positively or negatively -- and Elon, whether you agree or disagree with him, has shown the crypto market is still very delicate.

Reddit is full of garbage posts

If you spend a lot of time on Reddit browsing /r/bitcoin or /r/cryptocurrency, you'll stumble upon a ton of hype. Not the good type of hype either. A lot of the content is "Bitcoin to a million dollars!!11one!!" or "Read this if you don't want to miss out on making money with [insert altcoin]!!!"

This is bad for the crypto community and gives cryptocurrencies a bad rep. Newbies buy-in and get burned quickly, then leave and vow to never come back. Reading the threads reminds me of the late 90's pump and dump schemes. I got burned once and know how it feels. 

What makes crypto irrational is that an altcoin may have the best technology, but the only way for it to succeed is to get mass adoption. One way to do that is through hype. Even celebs are shilling crypto *eye roll*