Topic: $3.20 in one big buy? (Read 6291 times)

Any particular reason why?

Casascius,
I would highly recommend not updating the list with the new wallet addresses PRIOR to purchasing the BTC.

the reason buyers of these bars are cracking them open to tx to their own privately generated addresses at a higher frequency for the higher denominated bars is b/c there are larger amounts at stake if in case you happen to be a criminal, which you're not.

i just find it interesting b/c of the one's i've bought i've kept them all intact as a way to preserve their collectors value just in case i sell them for a higher price at a later date.  i've convinced myself you will not steal their bitcoin value.  if they are cracked open i believe they will sell for less than ones not opened.

This is happening because those bars are getting sold at MemoryDealers as a way for people to buy BTC with credit cards and paypal.

Some non-tech people just don't mind paying 15-20% extra for the simplicity of not having to bother with Dwolla, exchanges, downloading the client and blockchain, backing up their wallet, etc., I guess.

interesting.  so "opened" means the owner ripped open the hologram and moved the btc to another address which theoretically prevents you from "stealing" the coins?

1/3 of 100btc gold bar holders did this and the only 1000btc gold bar buyer did this...

edit:  seems like this would detract from the resale value over time.

http://www.uberbills.com/casascius/

please link to this.

It'll be nice if the price goes up, but what happens to me will be offset by the fact that I just gave away a boatload of BTC as gifts, so whatever happens will happen to the recipients of the gifts.

If you follow the Uberbills Casascius coin analyzer, you may have noticed a nice healthy jump in the number of 25 BTC coins in circulation.

ah, so no speculation involved whatsoever?  this will continue to happen more and more which is the natural progression of a continually improving economy and technology.

if i were a Bear i'd get out of the way.

How honored to be thought of as the manipulator. 

The MtGoxUSD that went into that buy went straight from my bank account, to a wire, to this transaction, and has never been put anywhere on the order book other than for the transaction I executed.  No playing with the orderbook on my part.

The Manipulator shows his face!

So.... I bought as part of that 3.20 buy.  Essentially everyone is trying to guess what I was thinking without knowing who I am.  I don't play the speculation game too much, so I don't mind sharing.

I bought the price up to 3.16.  Shortly after, somebody else (or somebodies else) brought it up to 3.20, but most of that volume was at the 3.15 mark and went to me.

Why did I buy?  POssibly speculation, but let me share what was in my head.  This weekend, we gave out physical bitcoins to all employees at my software business at the Christmas party as part of their bonuses.  Everyone got a 25 BTC coin.  The BTC's to fund the physical coins came from my stock, and the company is getting the bill (yes, it's my company, but this is necessary documentation to keep the books kosher).  I had planned on rebuying BTC to replace those given out (it was $3 the night of the party), and as the price started inching up, I figured it would be best to execute the transaction timely so there wouldn't be a big disparity in the price.

I gave BTC because everyone at work hears me constantly talking about Bitcoin, and now everybody at my work - no matter their job - has a small but meaningful stake in it so they can cheer with me.  (I have been passing out 1 BTC coins as impromptu rewards as well, they are very well liked).

The actual speculative value of the BTC wasn't considered too strongly - I simply wanted my BTC back.

And the physical BTC that got distributed to the employees... well for all intents and purposes, they'll probably be out of circulation for a while, since most of them won't know what to do with it other than put it in a safe place.

whether you realize it or not, you just made the rational counter argument to the Bear argument against hoarders and speculators.

their argument goes something like this; hoarders will dump their coins when the price goes up to some magical price thus crashing the economy and price and hurting everyone and their mother which is bad for bitcoin.  thus speculators and hoarders are bad.

but you're right, on the way up hoarders and speculators will sell their coins at some personally deemed rational price for profit.  whether they sell them gradually (which most will do into a rising price) or dump them all at once won't matter at all to the price or economy.  the upward push will damp out any crash scenarios as long as the fundamentals and security of Bitcoin is maintained.  new holders of Bitcoin will take over and the distribution will be much more diversified and spread out.

Let me dream   10 trillions/21 millions amounts to what?

By the time 1 BTC could buy a small car, most of us will have let many if not most of our coins slip out of our hands at various points on the way up.
Unfortunately, I think the time-scales for this sort of thing will mean I'll have to hope for some serious advances in human life extension technology in order to see this!

edit: but if it does come sooner..  I'll be investing some of that bitcoin wealth in 'Aubrey de Grey'-style research anyway

In my opinion it's not unreasonable to think bigger. Bitcoin is very viable as a payment system, as a real currency. It's fast, the fees are very low and it's reliable. This gives Bitcoin a massive advantage over gold and if it really takes off we could easily see one Bitcoin priced higher than an ounce of gold 10 years from now.

I have to agree. That target is unreasonable for the next decade...

i said that was one way.  i don't necessarily think that will happen.  but i don't think its unreasonable to say it can reach the gold price.

+1

I tried to make this point earlier as well.

Oh boy.

If you think that will happen you better set aside 1/3 of you coins, cuz you'll need them to pay the mercs.