Bitcoin Forum

Which way do you guys think the auction will drive prices?

It all depends on the owners of these shiny auctioned coins, if they will hold it may go up, if they will sell we will see price go down alot sadly.

Thousands of coins are so difficult to come by in one go, and the list of auction buyers are pretty young and immature.  Instead of self-made industry professionals with lots of common sense, they're all just teenagers that must have inherited their money or something and just want to make a fast buck.  I'm 100% sure that the buyer(s) will dump all of them immediately on the exchange market, because that makes the most sense as they are not at all interested in bitcoin as a long term investment.  Nope, not in the least bit.


_{(/s   ;))}

I also find it quite unlikely that the auction winner(s) will dump in any large quantity. Just as one data-point, I'm talking to some potential bidders who are thinking about using this an opportunity to get in for the first time, for the long haul. These are HNW individuals who are interested in bitcoin but have just been busy with other things/companies. Bitcoin is still small potatoes, and these guys aren't gonna piddle around on dodgy foreign exchanges for a few dozen btc at a time, or bother with tracking down miners/early-adopters, etc. Now that we're talking blocks of 3000 with no legal risk or slippage, it's interesting to them. The class of HNW that's interested, IMO, are tech-savvy gold holders. They see the potential long-run rotation out of PMs and want to take a long-term hedge.

That said, markets are fickle (*especially* the bitcoin market) and hate uncertainty, so I can see things moving irrationally pre-auction. We'll see.