What Would You Have Bid For The USMS Seized BTCs? - page 2.

lucasjkr

hero member

Activity: 644

Merit: 500

Quote from: electerium on March 11, 2015, 06:17:34 PM

between stamp/finex you can buy about 20k coins at any given moment, your avg cost will probably be 305ish (if 280 was the price at auction).

even if you bought all those coins, you'd set off a firestorm in the market upwards.

so if i was looking at it as an investment to acquire 50k coins at a fair price, i'd submit a bid at about 15% over market value.

You'd offer a premium for a large block of coins? Don't see the point, if you really wanted 50k coins, you could just buy them as they become available (not place a single order for 50k). Because once you have those coins, you're going to move the market in the opposite direction when you try to exit... 15% premium to buy, plus a push down when you sell, you're looking at needing to see those coins go up 20-25% just to break even....

Maybe I'm wrong, but I didn't think that bidders weren't limited to a single bid...

Slaxt

sr. member

Activity: 476

Merit: 250

Gone......

When the news came out for the date of the auction the price was around 220-230 regardless of the pre pump auction i would have paid no more than 200 and that is easy money for them as we all know. It's the thing about stolen goods it is roughly 3rd of the price so your $111 is so much more realistic than what they got..

electerium

full member

Activity: 179

Merit: 100

Quote from: Armis on March 11, 2015, 06:19:24 PM

Quote from: electerium on March 11, 2015, 06:17:34 PM

between stamp/finex you can buy about 20k coins at any given moment, your avg cost will probably be 305ish (if 280 was the price at auction).

even if you bought all those coins, you'd set off a firestorm in the market upwards.

so if i was looking at it as an investment to acquire 50k coins at a fair price, i'd submit a bid at about 15% over market value.

[faints]

read what i wrote very carefully. If i was looking to acquire all 50k coins at a fair price.

Armis

hero member

Activity: 588

Merit: 501

Quote from: electerium on March 11, 2015, 06:17:34 PM

between stamp/finex you can buy about 20k coins at any given moment, your avg cost will probably be 305ish (if 280 was the price at auction).

even if you bought all those coins, you'd set off a firestorm in the market upwards.

so if i was looking at it as an investment to acquire 50k coins at a fair price, i'd submit a bid at about 15% over market value.

[faints]

electerium

full member

Activity: 179

Merit: 100

between stamp/finex you can buy about 20k coins at any given moment, your avg cost will probably be 305ish (if 280 was the price at auction).

even if you bought all those coins, you'd set off a firestorm in the market upwards.

so if i was looking at it as an investment to acquire 50k coins at a fair price, i'd submit a bid at about 15% over market value.

Armis

hero member

Activity: 588

Merit: 501

Quote from: DannyHamilton on March 11, 2015, 01:36:09 PM

If I had the cash available, I probably would have bid $300 per BTC.

Quote from: AT101ET on March 11, 2015, 05:42:05 PM

I'd have bid just under current market value. Say it was $250 beforehand, if have bid $240 or so per coin. Actually of I really wanted to buy 50k BTC ID have paid market price for it as had I put a buy order online for that I wouldn't be able to buy 50k worth of BTC for the same price without artificially raising the price.

This is very strange because you as well as other are willing to buy a wholesale item at retail value, to me that's crazy, then when you factor in that this is a deadline sale, must sell, motivated seller, etc ... it's even more insane to pay retail.

Eh, but to each his own (12.5 mill)

AT101ET

legendary

Activity: 3192

Merit: 1348

I'd have bid just under current market value. Say it was $250 beforehand, if have bid $240 or so per coin. Actually of I really wanted to buy 50k BTC ID have paid market price for it as had I put a buy order online for that I wouldn't be able to buy 50k worth of BTC for the same price without artificially raising the price.

Possum577

sr. member

Activity: 434

Merit: 250

Loose lips sink sigs!

I don't recall when the seizure took place exactly, what's the USMS "cost basis" for when they acquired the coins?

DannyHamilton

legendary

Activity: 3472

Merit: 4801

If I had the cash available, I probably would have bid $300 per BTC.

juju

sr. member

Activity: 381

Merit: 250

Quote from: Armis on March 11, 2015, 11:34:43 AM

OK, the USMS auction of 50K BTC from Silk Road seizure is finished: http://www.forbes.com/sites/katevinton/2015/03/10/three-anonymous-bidders-take-home-50000-bitcoin-in-silk-road-auction/

The question is: What would you have bid for the 50,000 Bitcoins?

My bid would have been $111 per BTC for the whole lot, however, I really don’t like buying seized assets because it fosters more seizing and a culture of seizures. As evidence by police department, sheriff offices, and whole cities actually depending on seizures as a revenue resource for the running of their entity.

Think about it, when the police take “ill gotten gains” from the “bad guy” isn’t the system laundering the money back into the system? If they want to do the right thing for everyone, simply put all of the money, property, etc into a furnace and burn it. As for the btc they could simply send it all to an irretrievable address, effectively destroying the coins.

Anyway, what would you have bid for the coins?

I would have paid 217 or below, to diverge from the price discussion, If we decided to treat any coin differently than another it would destroy the Fungibility of Bitcoin (http://en.wikipedia.org/wiki/Fungibility), (1 Bitcoin is always equivalent to another Bitcoin). Think about this an Ounce of Gold is worth an Ounce of Gold, even if the gold was used to purchase drugs, or was taken directly from the dirt. If we treated "hacked", "dirty" or "Ill gotten coins" differently I think it would be bad.

Armis

hero member

Activity: 588

Merit: 501

OK, the USMS auction of 50K BTC from Silk Road seizure is finished: http://www.forbes.com/sites/katevinton/2015/03/10/three-anonymous-bidders-take-home-50000-bitcoin-in-silk-road-auction/

The question is: What would you have bid for the 50,000 Bitcoins?

My bid would have been $111 per BTC for the whole lot, however, I really don’t like buying seized assets because it fosters more seizing and a culture of seizures. As evidence by police department, sheriff offices, and whole cities actually depending on seizures as a revenue resource for the running of their entity.

Think about it, when the police take “ill gotten gains” from the “bad guy” isn’t the system laundering the money back into the system? If they want to do the right thing for everyone, simply put all of the money, property, etc into a furnace and burn it. As for the btc they could simply send it all to an irretrievable address, effectively destroying the coins.

Anyway, what would you have bid for the coins?

Topic: What Would You Have Bid For The USMS Seized BTCs? - page 2. (Read 1557 times)