Say you personally bid $175 per BTC so you bid $7,000,000 and think you are very likely to win (again this bid was placed days or even w week or so ago).
Now these last few days you have been buying BTC here and there up to $350-$375 mark and the rest will start buying also raising the price or keeping it there. You win the bid get the BTC and dump them at $300 each or hold some. Net profit $5,000,000 pretty quick. Now if you had the cash to pay $7,000,000 up front for cheap coins the you can afford to buy some up here and there to get the price where you want it.
You do realize that highest bid wins so $175 just a waste of the bidding registration fee. All the serious bids
will be submitted at the last possible moment and will depend on the BTC price at that time. Nobody is going
to get them cheap.
I sure do. As I said that was an example. Even if the BTC bid is at $300 per coin, right now still a $130 profit per coin so the example still works.
Also 90-95% of bids was
probably already received when the price was still at $240-$250 range. I seriously doubt anyone who tried to bid within the last 24-36 hours probably did not meet the deadline with going through the process.
As I said though. I seriously doubt this auction is driving up the price.
EDIT: On the registration fee it is not like you lose the $150,000 or whatever it is. They send it back.
as with any bidding system - the winners are ALWAYS the snipers ... those that come in at the last minute ( in this case - day or hour ) and bid a ridiculously left wing figure to win the auction ...
registration and the like is of no consequence - they would have already set that up a while back - and because its private - no one knows what the other is bidding - but they sure as hell know what the current prices are - and the upward trend that its currently taking ...
this does NOT mean this is the reason for the increase in btc fiat price - nor does it mean that the ptb ( powers that be - ie govt and organizations ) are whaling themselves into a btc frenzy ... what this DOES mean is that the btc market ( like any other ) IS manipulated by the ones that CAN AFFORD to do so ...
the argument is not whether the the auction is the casue of the price rise or not - it is about the reason WHY its being pumped ...
if you think 6billion dollars is a great deal of money - it is ... to us ...
bill gates could pull that out in a single credit card swipe - or signature ( im being over dramatic about the credit card swipe ... well - i think i am anyway ) ...
but take a look at the REAL rich - those of rothschild and rockerfellers and such ... those that can benefit from a business transaction ( like a war ) and make a profit of 200BILLION and above ... think people and corporations like that cant sway the market? ...
bitcoin is THE thing that has revolutionized the transactive industry ... as much as 'they' make out that is not worth a pinch of salt ... its 'them' that have the power to buy in MASSIVE quantities and sell the same ...
we little fish can ride the wave - but i can assure you that is these really BIG fish - the wahles - that are making the biggest splashes ... ie - manipulating the price as they see fit ...
laws are not made to be broken ... but there will ALWAYS be those that will bend them just before breaking point ...
and those people / corporates are the ones that have the power to do so - and are IN power to do so ...
which is fine - as long as we all conform ( hence some of teh stupid laws they are coming out with for the crypto communities ) ...
until there is major change in th way we all THINK - then will be no change in the way we work ... so this will keep happenning time and time again ...
in any case - i guess we all have our own direction ...
so the hardworker clued up is worried and stressed over the days that come - while the clueless are living an ignorant happy life without knowing any better ...
sometimes i wonder which ihas the better quality of life
... hehehe ...
anyway - back to work for me ... more stupid heat issues - causing more breakdowns ...
hope everyone is having a happy btc wave day
...
#crysx