Bitcoin Forum

To all of you that purchased an ASIC miner with bitcoins, first of all thank you!

It's been a great test of our Merchant Service for bitcoin, and we are happy to report that everything has been operating smoothly.

Some of you tried to pay your invoice from an exchange or mining pool, and it took a while for that entity to actually send the transaction.  if this happened to you and your invoice expired before the payment had been sent, please contact me.

If anyone is interested in buying their bitcoins back, we have quite a bit to sell.  

I currently have them listed on 4 exchanges, but if you want to work a private deal for $10k or more, contact me directly.

Coins are listed on Mt. Gox, Bitfloor, CampBX, and BitStamp.

Thanks again for using the service.  We have many improvements coming soon!

Why don't you just sell the bitcoins at the exchanges all at once?
Are the bids really that pathetic you would take a pretty big loss if you sold all at once on most
exchanges?

I guess I am confused.

Assuming how much they sell, they'd most likely try to make a tiny bit of profit without taking a huge loss.

My guess is they don't want the price to raise or fall too much too fast to cause any panic.

if I sold everything with a market order, it would wipe out every exchange except Mt Gox, and it would push the Gox price below $6.  That's not a good idea.

That's what I was thinking.
I think the mark to drop Mt.Gox down a $1 is a little over $500k (haven't checked in a while, my best guess).

Dont u risk losing even more money if the price continues to slip?
I guess i thought your type of business would sell most btc ibstantly as they came in to pay
The company which is using merchant services...

Maybe go out of biz if not careful? Or huge loss.

Typing on tablet.

Why not limit-order then? I guess you want to close the deal sooner than you can guarantee. Where roughly do we have to be to do a face-to-face exchange?

-bgc

NothinG: last time I checked it takes $945k to knock price down to $2 USDBTC

That's the risk that has to be taken to protect the market from such a crash.

@BoardGameCoin, Just checked and it's about $350k to drop it down $1.

we are selling continuously.

Weekends are tough on the exchanges because only sell-side liquidity can be added to the market. 

Buy-side liquidity can only be added during weekdays.

Monday will be a more normal trading environment.

That means BFL collected at least 46k BTC of pre-orders, in 24 hours. Interesting, that's actually not as much as I expected...

http://bitcoincharts.com/markets/mtgoxUSD_depth.html

I had also just checked, via btccharts.com. So I'm curious how we got different numbers? I'd like to get to the bottom of this because I care alot about fidelity of information. Thanks!

Additionally, mtgoxlive.com shows > $400k necessary to push it down to $5.

-bgc

Either way, 46k btc almost gets it there o.O

+ bank transfers for bfl

Bit-Pay is a true bro.  I'm very happy to see you're being so responsible about this unique scenario.

Thank you!  getting this much volume on a Sunday is definitely not a normal scenario.

As much as I personally would love to buy some bitcoins below $6, I'm not going to crash the market with BFL's money do to that.

Thank you for being vigilant and with this claim, re-establishing your company again (and again) as a TRUE Bitcoin supporter (and believer) and for taking the time to 'ride out the marketplace' rather than simply dump, which I am more than certain would have been the case if BFL were left to manage all of the Bitcoins spent without you as an intermediary.

Thumbs Up !

Hang on. You paid bfl for the coins already right? That is what your service is. Or are you just brokering the sale of the coins and then paying bfl?

Considering that it is a Sunday, and banks are closed, I have not transferred any funds yet to BFL. 

Banks are only open Monday thru Friday in the US.

Have you considered running your own exchange? Perhaps this would be a natural evolution of your business, instead of relying on 3rd party exchanges.

Just like MtGox started as an exchange, and evolved to also offer a Bitcoin merchant transaction platform.

We have considered it, and decided not to pursue it.   We don't have any experience running an exchange.  Its best to outsource that to people who do it for a living.  We want to stay focused on the one thing we do best, and go vertical with it.  Sky high if possible.

We are very happy with the service provided by Bitfloor and CampBX here in the US.  These guys know what they are doing and run a solid business.  They just need more buyers.

Take a look at the depth charts to see what I mean

Camp BX
http://bitcoincharts.com/charts/cbxUSD/accumulated_orderbook.png

Bitfloor
http://bitcoincharts.com/charts/bitfloorUSD/accumulated_orderbook.png

Ouch, that's about the same as the daily average trading volume over the past month at Mt. Gox.

 - http://bitcoincharts.com/charts/mtgoxUSD#rg10zigDailyzm1g10zm2g25zv

So, BFL collected nice sum of money just releasing a promise. GREAT BRAIN WASH BFL.

The only thing they will get from me is my old BFL Single, and that's to trade it for 8 jalapenos.

Wow, looks like an avalance ready to happen. Make no sudden movements. Is such bidding pressure normal on most bitcoin exchanges?

If your right, good catch. And if my math is close, that would be approximately about 750GHash to 800GHash in products ordered. Not so dramatic (imo). Of course, that is just day one. Assume 10 such days is about 8TH. Wouldn't that be just about a 50% increase in difficulty (assuming it's linearly proportional). ROI's should be quick if true.

||bit

46k btc * 6.3 USD ~= 6.6 *Thash in one day...

Math this, math that, I thought we were all buying ASICs to do math problems for us! ;)

Don't forget all the trade ins and bank wires.. it could be 4x that number. :)

I was going to do that with my Single,but I still needed $600.Then tried to exchange it for SC Single (40 gh model) & needed $700,hhhmmm what should I do,DUH :)

Saving up $700 as we speak  ;)

Verry verry interessting  ;D

 :D God I love that show  ;D

http://www.youtube.com/watch?v=krD4hdGvGHM

Another one my "hero's"...

http://www.youtube.com/watch?v=8105U1WY9ro

ohhh nice one. i love hoagan's heroes (in german: Ein Käfig voller Helden)

If anyone is interested in purchasing Bitcoins, please contact me tony@bitpay.com

Minimum deal $10,000 US / 1500 BTC

If you are looking to make a purchase on BFL over $10,000 and want to buy your bitcoins back, we can pre-arrange to sell them back to you at the exact rate you spent on the order.

Tony

Ever think about investing in Diablo Mining Company, a startup that intends on bringing datacenter space and green power generation to Bitcoin; we would welcome a large investment.

Just to clarify my understanding of BitPay, though, BFL is guaranteed the exchange rate that was in place at the time orders were placed, correct?   (regardless of what you ultimately receive for the BTC)

ITT: Hypocrisy

Did anyone have success contacting Tony and making the purchase?

yes, they sold out ages ago.

Oddly, I read that as a double entendre, but only recognize it as a singularity...unless I'm missing something.

It wasn't until Post 20something that I realized this thread was bumped from last year, although seemed vaguely familiar. (the bitfloor post)

I see what you did there! Please don't patronize us Pakleds. "We are smart, we are strong! And we look for things...on Wikipedia."

http://3.bp.blogspot.com/-xnNCmTk_qIw/UUdubD6zoyI/AAAAAAAAlh8/zJ0hxkPVCgM/s1600/samaritansnare145.jpg

It's a pity. I sent an e-mail to Tony 2 weeks ago, but he did not respond.

The only time I needed to get ahold of Tony, I sent out an email to Stephen as well, in conjunction with PMs. Tony responded to my concern(s) in a timely fashion soon thereafter.