Bitcoin Forum

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April 13, 2013: Auction for 10 rolls of fifty 0.5 BTC Casascius Coins.

See my blog, http://casascius.wordpress.com

Minimum bid: face value (50 * 0.5BTC = 25 BTC per roll).  Please bid in 0.1 BTC increments.
Shipping cost is a flat $35 for US Registered Mail, $50 for international Registered Mail,
regardless of the number of rolls won.

Unless otherwise specified, you are bidding for ONE of the eight rolls.  You can bid in any of
the following ways:

1. "I bid 26 BTC for any available roll".  If your bid wins, you'll win one roll.  You will not get
to choose which roll you get.

2. "I bid 26 BTC for roll 125-A."  You will either win roll 125-A for 26 BTC, or you won't.

If you post more than once with a bid that exceeds your prior bid, I will probably deem your
new bid as a replacement of your old bid.  Please be clear, preferably repeat all of your active
bids with each subsequent bidding post.

Unlike my last auction, the price you are bidding is your MAXIMUM bid.  The price you will
actually pay is the second highest bid plus the minimum bid increment (0.1 BTC), plus shipping.
The end time of this auction is April 14, 22:00 UTC forum time (approx. 24 hours from now),
but any valid bid will extend the auction to 2 minutes past the timestamp of the post containing
the bid.

Roll 125-A: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 125
Roll 125-B: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 125
Roll 125-C: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 125
Roll 125-D: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 125
Roll 125-E: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 125*
Roll 126-A: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 126
Roll 126-B: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 126
Roll 126-C: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 126
Roll 126-D: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 126
Roll 126-E: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 126*

Note that A,B,C,D are not sequential: all of them are essentially random selections from the
200-300 coins that were made from each lot (max 300, actual production varies based on
mistakes, discards, etc.)  Of all these coins, they are essentially identical, other than that the
125's were made just before the 126's were made.

Of rolls marked with *, I may use some coins from other lots in the event that the lot runs out
before I can get the full 50 coins from it.

I reserve the right to cancel the auction if necessary for reasonable cause, as an escape
hatch just in case I've missed something critical.

Secure payment addresses (if you win more than 1 roll, OK to combine into single address)
(Please wait until winners are ranked before paying an address.  Please contact me if you
would like a different, non-published address, PGP signed of course).
Winner 1: 17RWuDcCG4bjhJBjkRnhxsL7vUSLZHTwr8
Winner 2: 18Sn3b91EGxzp4GLMy55jQcg79Cz7yKC4v
Winner 3: 19jVgqNow55KdijKWy9eYAWbQjzkYwQsen
Winner 4: 1CuvCZnnbtwtiJcrk9PBhbSCUfTFsBZ1ez
Winner 5: 1CYRap77VRBrSnZ8VVAemtd6FH3nk6dqL2
Winner 6: 1D11atymJcMNmABWmKEwZiv1j1YwBmUCKW
Winner 7: 1DxRJVX64MwJV7voZKoqtvQyeDkKGM1JmB
Winner 8: 1FHTX6akEw5ZbrFZm5hSq6eayU7ko6hdve
Winner 9: 1GgES3zXHVdXhj12tSRxWABS7sEwLyRAAt
Winner 10: 1GhX5Z5LFVKnki9WCwHHZ5314vzg2TFNQF
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Just want to clarify one thing, and perhaps others can help:  I rephrase the "maximum bid" text to be as follows:

Unlike my last auction, the price you are bidding is your MAXIMUM bid.  The price the highest
bidder will actually pay is the second highest bid plus the minimum bid increment (0.1 BTC), plus
shipping.  All other bidders will pay their actual bid plus shipping.

In other words, using the 2nd highest bid + 0.1 will only apply to the highest bidder.  The second and other bidders will pay their actual bid.  Does this seem fair or is there anything I've missed?  Am just trying to solve inefficiencies observed in the last auction.

29 each on any 5

30 on any one

25 btc on any single roll & hopefully you can do combined shipping if I win a roll/s from both of your current auctions & ideally as requested in your previous auction thread combined shipping with the first roll that I won, so say all 3 rolls to go for the $50 P/P that I've already paid, many thanks.

26 at any one roll.
//DeaDTerra

I bid 30 BTC for any available roll

Yes all shipping is combinable.

International shipments limit 4lbs for a single shipment, that's about 250 1btc coins or 300 0.5btc coins in a single shipment.

Many thanks, please to hold the previous auction's win to go with any of these latest.

I bid 25 btc each on any 2 rolls, my old bid now superseded by this new bid.

31 btc for any one roll.
28 for another roll.

That being said: reverse auction, plz?

I'm guessing there's no way to bid with CAD or USD?

27 on any one roll.

I increase my bid to 28 BTC for any roll :)
//DeaDTerra

Can you help me understand how this would work?

Just as a side note, I am open to private offers, especially if they were on a simple "take-it-by-(time)-or-leave-it" basis.  I would be willing to dispense PGP-signed bitcoin addresses where I promise to either a) return the funds you sent to me, or b) accept whatever offer you have made.

Benefits I see from doing this:
1. It's convenient for me, and I routinely value convenience and finality to transactions to the point that I will often pay for it (or, in turn, be more open to a less favorable-to-me price).  I consider chasing payment highly inconvenient, as well as not knowing whether one might complete or cancel a seemingly completed transaction.  In turn, I routinely pay as agreed and don't cancel completed transactions without good cause, if ever.  Putting bitcoins where I can either grab them or return them appeals to me and entices me to accept an offer that might not necessarily be the top amount I could get for something by working an auction for all it's worth.
2. It's a relatively novel form of price discovery, something this community already needs to adapt to anyway with MtGox's unpredictable eruptions
3. It allows me to make an evaluation on more merits than just "who's the highest bidder" (I value those reselling my coins and giving good service more than who is strictly willing to pay me the most for the coins)
4. I understand that participating in an auction is a pain in the butt, having to be up and available at some arbitrarily chosen time that might be terribly inconvenient or totally unworkable.

That said, you're welcome to make private offers on rolls I haven't listed.  I can accept offers on future production, as well as unlisted production (for example: I've listed 1000 coins, but actual coin production for that day was a little bit higher, the extra roll(s) just may come from multiple lots... and I didn't list all of April 6's production either).  The worst I can say is no.  You don't have to pledge bitcoins as part of your offer, but it helps your offer, especially if I don't know you or haven't done business with you in the past.

Instead of asking for private offers, which are decoupled from this auction, you should allow for full-filling tailing bids of this auction: top 10 bidders get their roll for sure, other bidders are ranked by their offers and get filled sequentially as long as supply lasts. This brings everybody to the same market place.

I do want to deliberately skew the market place for the purpose of favoring those reselling my coins over those who may simply want to collect rolls of 50 for themselves.  So, I will show a prejudice toward those who are 1) reselling my coins, 2) have good history with me, 3) already winning or close to winning my rolls through the auction process.  So, asking for private offers may be closer to what I have in mind.

Thanks 2weiX for the helpful info on reverse auctions.

I might consider a method where I make some sort of offer that gets accepted by the first person to send the right number of bitcoins to a pre-designated address.  The right number of bitcoins decreases with time, and I'd offer a webpage that shows what that price is.  That might also work well, and I could have new rolls coming out all the time.

Wow - these are wayyy beyond my affordability  :( wish I could get some.

In that case I would have expected that you also ask for a minimum purchase via a private offer. E.g. 10 rolls minimum per private offer.

But of course you're free to choose a sales method of your liking. If you want to favor a particular group of buyers, that's totally acceptable. But the criteria are a bid wishy-washy. E.g. what defines good history? At which volume am I a reseller? If I bid here and almost win, do I qualify for a future delivery at the lost-bid price? ...

Anyway - I don't want to make this auction any more confusing. So please ignore my comments, since they are likely to derail this auction.

or everyone gets one roll at the nth-best bid, where n is the number of rolls auctioned.

I bid 32 for any one roll

I bid 25.5 BTC for any available roll.

I bid 30 for any one roll

Summary of winning bids

CAM 29
CAM 29
CAM 29
CAM 29
CAM 29
BTCL 30
DT 28
JUT 30
Otoh 25
Otoh 25
2WEi 31
2Wei 28
LS 27
aer 32
Astro 25.5

Isn't there 2 hours left or is it my being confused about time zones again?
//DeaDTerra

to date or atm, sry

Yes there's about 2 hours left, the summaries just help people place sensible bids.

Also, I extended the other auction thread by 20 minutes, so ending no sooner than 22:20 instead of 22:00.  This is so there aren't two threads scheduled to end simultaneously (even though bidding could cause the first one to end later than 22:20).

Sounds like a smart idea :)
//DeaDTerra

Summary of current potential winning bids

CAM 29
CAM 29
CAM 29
CAM 29
CAM 29
BTCL 30
DT 28
JUT 30
Otoh 25
Otoh 25
2WEi 31
2Wei 28
LS 27
aer 32
Astro 25.5
kjl 30

I bid 29.1 BTC for any available roll.  Please cancel my previous bid.

I bid 29.1 BTC for any two rolls.
Cancel my old bids.
//DeaDTerra

Summary of current potential winning bids

CAM 29
CAM 29
CAM 29
CAM 29
CAM 29
BTCL 30
DT 29.1
JUT 30
Otoh 25
Otoh 25
2WEi 31
2Wei 28
LS 27
aer 32
Astro 29.1
kjl 30
[/quote]

sry - auction coinciding with drinking, will correct...

Summary of current potential winning bids

CAM 29
CAM 29
CAM 29
CAM 29
CAM 29
BTCL 30
DT 29.1
DT 29.1
JUT 30
Otoh 25
Otoh 25
2WEi 31
2Wei 28
LS 27
aer 32
Astro 29.1
kjl 30

I bid 26 for any roll

30 each for any three rolls

I bid 30.1 BTC for any available roll.

Summary of current potential winning bids

CAM 29
CAM 29
CAM 29
CAM 29
CAM 29
BTCL 30
BTCL 30
BTCL 30
DT 29.1
DT 29.1
JUT 30
Otoh 25
Otoh 25
2WEi 31
2Wei 28
LS 27
aer 32
Astro 29.1
kjl 30
Pro 26
Tech 30.1

Summary of current potential winning bids

CAM 29
CAM 29
CAM 29
CAM 29
CAM 29
BTCL 30
BTCL 30
BTCL 30
DT 29.1
DT 29.1
JUT 30
Otoh 25
Otoh 25
2WEi 31
2Wei 28
LS 27
aer 32
Astro 29.1
kjl 30
Pro 26
Tech 30.1

I bid 30.1 BTC for any available roll.  Please cancel my previous bid.

damn you all to hell!~

overriding previous bid:

30 per on up to 5 rolls on the condition i am the winner of at least 4 rolls between this and the 1btc auction

I bid 30.2 on any two rolls.
Cancel my previous bids.
//DeaDTerra

30.2 on any three rolls 
Cancel old bid please

Summary of current potential winning bids

CAM 30
CAM 30
CAM 30
CAM 30
CAM 30
BTCL 30.2
BTCL 30.2
BTCL 30.2
DT 30.2
DT 30.2
JUT 30
Otoh 25
Otoh 25
2wei 31
2wei 28
LS 27
aer 32
Astro 30.1
kjl 30
Pro 26
Tech 30.1

30.3 on any two rolls.
Cancel my old bid
//DeaDTerra

Summary of current potential winning bids

CAM 30
CAM 30
CAM 30
CAM 30
CAM 30
BTCL 30.2
BTCL 30.2
BTCL 30.2
DT 30.3
DT 30.3
JUT 30
Otoh 25
Otoh 25
2wei 31
2wei 28
LS 27
aer 32
Astro 30.1
kjl 30
Pro 26
Tech 30.1

& whoever was the first bid of a roll @ 30 I think...

I bid 30.4 BTC for any one available roll.  Please cancel my previous bid.

I'm overriding my previous bid. New bid is 30.4 BTC for any one available roll.

I bid 32 BTC for any available roll.  Please cancel my previous bid, again.

increase bid #7 to:

I bid 31.3 BTC for any available roll

I bid 31 BTC for any available roll

33.5 each on 2 rolls

31.1 on two of any rolls.
cancel previous bids.
//DeaDTerra

I bid 31.1 BTC for any one available roll.  Please cancel my previous bid.

I'm overriding my previous bid. New bid is 31.2 BTC for any one available roll.

I bid 32 on any available roll.

Please cancel my previous bid

31.5 on any three roll
Cancel previous bid

31.6 on any two rolls.
//DeaDTerra

I bid 31.6 BTC for any one available roll.  Please cancel my previous bid.

I'm overriding my previous bid. New bid is 31.7 BTC for any one available roll.

increase bid #51 to:

I bid 31.7 BTC for any available roll

If I interpreted the rules correctly, this auction is now over.

I hope so

Auction is over. Extension has ended at April 14, 2013, 10:05:12 PM

cam 30
cam 30
cam 30
cam 30
cam 30
BTCL 31.5
BTCL 31.5
BTCL 31.5
DT 31.6
DT 31.6
JUT 31.7
Otoh 33.5
Otoh 33.5
2wei 31
2wei 28
LS 27
aer 32
Astro 30.1
kjl 31.6
Pro 26
Tech 31.7
bow 32

I uppped mine to 32 a few posts back.

cam 30
cam 30
cam 30
cam 30
cam 30
BTCL 31.5
BTCL 31.5
BTCL 31.5
DT 31.6
DT 31.6
JUT 31.7
Otoh 33.5
Otoh 33.5
2wei 31
2wei 28
LS 27
aer 32
Astro 32
kjl 31.6
Pro 26
Tech 31.7
bow 32

sry, missed it in the bidding frenzy

If that looks all correct, then the 33.5 bid becomes 32.1 and we are good to go. Simply pay the addresses in the op corresponding to the rank number, and I can do $100/BTC for shipping. If I am already shipping you something, no need to pay again, I will combine it.

Otoh 33.5 ---> 32.1 1st
Otoh 33.5 --- 32.1 2nd
aer 32 3rd
Astro 32 4th
bow 32 5th
JUT 31.7 6th
Tech 31.7 7th
DT 31.6 8th
DT 31.6 9th
kjl 31.6 10th

That's in the order of original bids made, I didn't try to adjust it for timing of later bids.

Otoh 33.5 ---> 32.1 1st
Otoh 33.5 ---> 32.1 2nd
aer 32 3rd
Astro 32 4th
bow 32 5th
JUT 31.7 6th
Tech 31.7 7th
DT 31.6 8th
DT 31.6 9th
kjl 31.6 10th

That's in the order of the original bids made, I didn't try to adjust it for timing of later bids.

Looks good,

I won roll number 5 as I was the 3rd person to bid that amount.

Also you mention in the OP that international registered shipping is $50, is the $100 you are referring to just now relating to those who are combining shipping? Or was that an update for all of us.

(the forum seems to be having some trouble ATM)

Combining means you pay only $50 even if you won two rolls, since they're going in the same package (up to 4 rolls per package due to USPS weight limit)

Absent any objections, I accept this as the ranking (for purpose of determining which address to pay)

I think that he meant he could accept a btc price of $100 exchange rate atm, so $50 shipping would cost an extra 0.5 btc on top of your winning bid price, I hope that I got that right & sry if not, auctions coincided with party time :P

Gotcha, yeah, that's right.  Use $100/BTC for exchange rate.  More favorable than Gox

Thanks :) thats what I was thinking roughly anyway but i sent a few satoshis extra due to the current volatility.

I have only won a single roll so I wont need to combine anything.

PM'd you some details

OK, just so everyone is aware, most of my opportunity to handle Bitcoin shipping is on the weekends.  It's very likely that these will not ship out until next weekend unless I catch a break during the week.

Also, I use a rather paranoid approach to accepting Bitcoin payments.  I must manually check for the payments, so I will not be sending out notifications acknowledging the payment.  Rather... I have published signed payment addresses, and so if you've paid and it's in the blockchain, you've got indisputable proof that you've paid, so the "end game" in any misunderstanding is in your favor.

If your payment is in the blockchain at the address I asked you to pay, and the PGP signature is valid, (and especially if you're able to prove control of the sending address)... then... you've paid!  The worst case is that if I can't find your payment, I will prepare your order anyway, but will contact you and just not mail it until I'm satisfied the payment arrived (e.g. I sent you a PGP-signed private address or whatever).  As a personal policy, I do not ask anyone to send Bitcoins to me without digitally signing a message containing the bitcoin address.

Mike,

I noticed you have the 1 BTC shipments ready.  Does the same hold true for the 0.5 BTC lot?

Roll 125-A: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 125
Roll 125-B: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 125

Rolls  # 1 & 2 received, please to fund at your convenience, many thanks.