Bitcoin Forum

Have recently received word that the ongoing auction for just under 30,000 BTC, now half over, is going well and the bidding is a lot lower than expected.

BTC Speculators have been intentionally inflating the BTC value in an attempt to force the bids to match market value. A source close to several of the bidding parties noted that many of the bids are going in far below market value. The source, who wants to remain anonymous for obvious reasons, mentioned the recent support level of $412-418 as the most common bid target. Some of the private bidders and even larger entities are placing their bids below that, some as low as $220-$250, though this may be a weak attempt to bottom feed late in the day.

Overall it seems like the median bid rate for the majority of the BTC on auction will be about $100-$150 below the current market value of $589.50.

The official auction winners and bid amounts will be released on Monday. Wary investors may prepare for a steep correction towards $500.

Welcome newbie  ;)

EXCELLENT TROLLING, REALLY SUBTLE, KEEP UP THE GOOD WORK! CHEAP COINS INCOMING FOR SURE! :-*

maybe its true....but who cares  :D ?

Does not matter if 1000s offers at $100 in an auction the only valid one is the highest so...

Lets see on monday I bet will bet 15% over today market price.

Juan

I actually wouldn't be surprised if this was true.

So you have knowledge of all these bids and decided to make a account on this forum to bless us with this information first?  Sounds legit.

Even if they are sold 15% below market price, I personally can use this FUD to get coins fallen from weak hands. The same I did when we were in 400s.

This is pretty optimistic news if it's true. None of you actually believe the businesses that are bidding are doing it for the good of Bitcoin do you? I would expect some really low ball bids from all bidders. Only $100 below current market would be amazing.

It's this type of news that makes me wonder if its a newbie trolling or if it is new
Well I can't really say one way or the other but I would lose my bet if they sold that far below the premium haha

So OP just decided to register and post that as his first post. Most likely one of the auction bidders, in an attempt to trigger panic selling to lower the price, so all the bidders can bid a lower depressed price. Now if this tipoff comes from a more regular member, then it would be slightly more credible. But still, with these kinds of posts, I'm sure there is an ulterior motive behind them.

Technically, it is the 9 highest that matter. They are auctioning 9 lots of 3000 bitcoins.
More detail here: http://www.usmarshals.gov/assets/2014/bitcoins/index.html

There is no incentive for anyone to buy a large lot like that at over market price. I think the winners will definitely pay below current trading levels, but hopefully not too much below... My (somewhat baseless) prediction would be around $500/btc

i agree on that prediction of cca 500$/coin.
and since there is no liquidity to drop such amount over 500$, i doubt we will see much dumping.
btw. op is a troll, why are we feeding him ?!

Everything at auction sells far below premium. That's the reason bidders go to auction.
http://www.cwsmarketing.com/gp_results.htm

The good news in this is that businesses are buying them and businesses only desire is to maximize profit. They will be trickled out slowly to keep the price as high as possible. Who cares if they pay $100 a coin. You won't see a massive dump changing the price because that's a poor business decision.

They are buying it not to just dump them with a minimal profit like twenty-fifty bucks a coin. They are serious hodlers who are to double or tripple their ROI, imo.

Missed the train on the betting, Juan; https://www.betmoose.com/bet/silkroad-coins-will-be-sold-above-market-value

Most people agree with you but as you can see it's been a close one.

buy 30,000 coins at $100 each =$3mill

sell 5,000 at $600 each (slowly over a few days to not cause a drop) = ROI WIN!

keep 25,000

Huh. A newbie with a source that is close to a number of the bidders and seems to know what many of the other bidders are bidding... before the bidding results are released. Interesting.

OP: Activity: 1

is all you need to know  ::)

Yeah this person has 0 credibility. These are either assumptions or out right lies. Either way if there is a correction it will be a buying opportunity. 

While the OPs low post count is suspicious I have to agree with QA.  This is a large amount of coins and can only be bid on by people who could verify, what 200K in cash, go through an extensive vetting process and swear not to be affiliated with silk road.    That cuts down on the people who can bid and I'll be surprised (but VERY happy) if the coins don't sell at a discount to market.

Oh, and as a bonus, US government bungling allowed many of the bidders to know who the other bidders are so there is the possibility of collusion.

Hopefully I'm wrong.

Good Luck!

So since the ten bids of my fellow billionaire friend were $100 above the current market value he is the lucky winner now? ;)

If what the OP says is in fact true...get ready for a whole lotta bitcoin cheap bitcoin soon is my prediction!

Soon? .... If the facts are true, what the bitcoin price is waiting for?

I imagine these bidders are smart people. Which means not one of them would dump the markets with coins and lower the value.

I imagine there's going to be a slow release of coins over time, so that would mean a slow devaluing over the next few months.

The amount of BTCs at auction was only 1 day's worth of traded volume on avg (maybe i misremembererered that but you can find the info on blockchain, its a small portion of traded BTC per day anyway).
If they now sold them into fiat on an exchange at a fraction per day (say <5% of them) it would barely affect the price. They would need to dump most of them at once to really affect the price, and that would take a coordinated effort of all the winning bidders.

Its all speculation and hype, the only real impact this story can have is the psychological effect of the price they sold at (ie if they auctioned for 650$+ per btc then it would probably cause a small buy rally and viceversa) and also who bought them. If we find out that Goldman sackballs bought them all up for 800$ per coin then we'd be using mBTC format pretty soon. But if coins remain unsold and the ones that did sell went for 450 then we'd probably see a dip. Lets find out what we can on Monday anyway. End.