Bitcoin Forum

Would there be interest in this?

Right now the terms are:
Required Registration Items:
A manually signed pdf copy of the Bidder Registration Form
A copy of a Government-issued photo ID for the Bidder (or Control Person(s) of Bidder)
$200,000 USD deposit sent by wire transfer originating from a bank located within the United States (please provide receipt of transfer)


So that's a 67$ per coin deposit if these deposits are for bids per "block", before the bidding starts.
Of course it'll end up much higher...


Series   Bitcoins per Block   Blocks Available   Total Bitcoins Available in Series
A   3,000.00000000   9   27,000.00000000
B   2,656.51306529   1   2,656.51306529
Total  
29,656.51306529


edit: 67$ figure assuming the 200k/3k will be the starting price
edit2: apparently in foreclosure auctions in the states 10% of the valuation should be paid as refundable deposit, so 200k would mean a price valuation of 666$ for 3k blocks.

I think its very interesting -in principal, but I think too it would be one of the biggest group buys. But I don't know if here are enough people interested in (potential) cheap bitcoins ;)

66.6$

I am not sure if they will allow representative parties to bid
That said if someone made a 200K deposit on behalf of a group of parties and entered the auction it may be possible to resell them to the ones who wanted these coins.
They would need proof that they are an official bidder in the auction though.

We're doing exactly this. Take a look https://www.govcoins.com

Definitely some opportunity there.  Will be interesting to see what they end up going for.

I'm very interested about that.
If I would have +200$k I would buy one block asap but sadly I don't have that kind of money.
But group buy really sounds interesting.
Keep me updated.

Some people are dreaming too much...you have to deposit 200k to be able to bid. So they can see that you are wealthy enought to bid larger sums. I doubt anyone will be able to buy a 3k bitcoin block for just 200k, rather 1 million +...

The 200k is just the deposit. You still have to pay the full bid amount (likely close to the market price for 3,000 btc

Wouldn't it be the final bid amount + auction fees minus the 200k deposit? Where is a million dollar lottery ticket when you need it!


Is there a min buy in?

5000$, written in the landing page.

5000$, written in the landing page.
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I didn't see in OP. I see on the website that there has been some pledges is that updated instantly or once the wire transfer is confirmed?

I didn't see in OP. I see on the website that there has been some pledges is that updated instantly or once the wire transfer is confirmed?
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They are charging a 5% fee if they win and will charge $100 if they do not win.

I am not saying that they are not legitimate but the limited timeframe to submit bids would be a great opportunity to try to pull a scam. 

It would be better if the Bitcoin community doesn't buy them, for obvious reasons.

wich are this "obvious reasons"? I think that it would be better to don`t let the government have those bitcoins. I wish to belive that whoever will win the auction won`t just dump the coins.

Do you guys think the final winning bid is above or below market rate? I think there is a good chance the winning bid is slightly above market rate.  8)

If an investor wants to buy that much bitcoin in one go on the exchanges, it would pump the price sky high. So bidding an above market rate is actual cheap for him. The bid will then pose a positive effect on the prices on the exchange.

For us, buying bitcoin from the exchanges now would actually be cheaper than participating in the auction.

I think it wont be above market. It won`t be a normal auction (one say a price, another say higher). One can bid only once without knowing the others bids. After all the bids are made the higher bid wins. over.

I see, so it is not an auction. It is a tender where participants do not know each other's bids. Interesting  :P

If the price is close to current market price, I believe that would be a very good news, as it would indicate big whales have confidence in bitcoin. :)

I'd be interested.. I could front about $1k.

Although.. I have very low trust of any human soo  I'll have to talk to the person who is setting this personally.

First off, they're auctioning it. And if a smart investor wins the auction, they're not going to dump coins if they already saw how high the Bitcoin price can rocket. Third off, someone outside of the Bitcoin ring buying it says 'legal', and they're willing to let anyone take part in it, unlike fiat.

A idiotic investor, however, wouldn't even look into this new thing of currency.

Folks, the btx group bid off -- we won't be able to get the necessary operations in place, in time.

Are you still going to charge everyone $100 for depositing their money with you since you were not able to get everything in place in time?

No.

On the other hand, I have not given up.

If you are interested, please fill out my survey listed in my signature.

I have asked to borrow $200,000 from a bank to be sent to the US Marshals Service with my bidder registration, and I have asked the US Marshals Service for clarification on whether I can submit a group bid so long as I submit information on section 1B and 1E of the bidder's form for each person with at 5% or more interest in the group.  I would need to have the USD on deposit in time to send in the winning bid on time.

This is not a deal for people who are confrontational with the FBI or US Marshals Service, or who are unwilling to submit their identity documents as a part of the deal.  On the other hand, if we are the only bidders to come forward, we can get BTC at only 10% of the market price.

If the bid fails, I will return all the funds, less any wire transfer or other bank charged amounts.  If the deal goes through, I will keep 3% of the bitcoins as my compensation.

I was a part of the USD refund after the bitfloor exchange failed.  If you were also part of that refund, you may wish to have USD in your related account, just in case.

If anyone has thoughts on how a multi-sig address can be used to make people feel more confident, please feel free to discuss.

I have corresponded with the US Marshals Service regarding the prospect of a group buy.  Their response was brief:


I take this to mean that they will approve of a group buy, and my basic approach is acceptable.

I have proposed a group buy for this same purpose on another thread in the Marketplace section, and currently it appears that I am the only one who has the $200,000 USD ready for the deposit which will be required sooner than later.

I think if we want to make this happen all of the group-buy organizers need to synergize.

We have put some predictions for this topic on the market.

For example will the price of the Block B be higher then the lowest Block A?
People think that this will happen - if you don't and you are right you get 1.5 times your money back:

https://www.fairlay.com/event/category/bitcoin/price/

Can you link to that thread?

I guess it is this one: https://bitcointalk.org/index.php?topic=662178.0

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