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Author Topic: Who here wants to make a large buy of Bitcoins? ($50k or more)  (Read 4416 times)
casascius
Mike Caldwell
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December 23, 2012, 07:42:39 PM
 #1

I would like to hear from anyone sitting on the sidelines waiting to buy $50,000 USD or more with Bitcoins, but who is hesitant to send their money to an exchange - or anybody really - out of fear that their money will somehow get stolen.

I would like to try out an escrow scheme I've come up with.  The essence of it would be as follows:

1. You give me 10% of the actual USD amount of bitcoins you want to buy.
2. I find seller(s) for the bitcoins at the price you're after.
3. I serve as "escrow agent" using a crypto-based escrow tool.  The tool makes it so you and the seller can generate a bitcoin address that nobody can collect from unless someone releases the escrow.  You and the seller can release the escrow without my help, but if neither of you release, then I can force-release it to either you or the seller (all-or-nothing).  The design of the tool prevents me from ever having access to take the coins myself.
4. Once confirmed the bitcoins are in escrow, you pay the seller the remaining 90% via bank wire
5. The seller releases the escrow.
6. I release the 10% minus a commission of $1000 + 1%.

Meanwhile, you can change or cancel your order up until the moment someone has committed to it by sending their bitcoins, and you'll get a full refund minus a $200 change/cancellation fee.

As part of my services, I'll provide two-factor physical/paper bitcoin storage that is guaranteed in writing to be 100% secure from cybertheft.

If you do PGP, my key is at https://casascius.com/pgp.txt

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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Stephen Gornick
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December 23, 2012, 09:56:50 PM
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This use of seller is (optionally) plural:

2. I find seller(s) for the bitcoins at the price you're after.

But then each use of the term seller after is singular:

3. I serve as "escrow agent" using a crypto-based escrow tool.  The tool makes it so you and the seller can generate a bitcoin address that nobody can collect from unless someone releases the escrow.  You and the seller can release the escrow without my help, but if neither of you release, then I can force-release it to either you or the seller (all-or-nothing).  The design of the tool prevents me from ever having access to take the coins myself.
4. Once confirmed the bitcoins are in escrow, you pay the seller the remaining 90% via bank wire
5. The seller releases the escrow.

Of course with each counterparty there is an increase in expense and administrative work by the buyer (multiple bank wires cost more than a single wire, managing multiple escrowed buys simultaneously introduces confusion and delays, etc.).

Is it simply where the buyer allows for there to be up to a certain number of sellers?

casascius
Mike Caldwell
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December 23, 2012, 10:09:27 PM
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Is it simply where the buyer allows for there to be up to a certain number of sellers?

Certainly, though I'd limit it as well, as it's added complexity for me, so there would be no more than about two or three wires max.  One core reason someone would want a service like this would be convenience - an element that is lost if they have to wire money to 12 different people.

If someone is after $100k in bitcoins, and someone comes along and says "I want to sell but I only have $50k worth of BTC", it's still realistic to accept that deal if the price is right.  Aside from the fees, it's not much more difficult to send two wires than one.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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February 20, 2013, 12:34:59 AM
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how many people do you think are out there that want to buy $50k of bitcoins?


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February 20, 2013, 12:36:44 AM
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how many people do you think are out there that want to buy $50k of bitcoins?

There are more than you would imagine ...

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February 20, 2013, 12:58:59 AM
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Most people with a decent credit rating can open up a line of credit for at least $25,000 if not more.

Don't tempt me.... Smiley

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February 20, 2013, 06:33:48 AM
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When the exact final price /BTC is set, who is actually paying the commission the buyer or the seller?
Based on the example, it looks like the BTC seller pays the commission not the cash buyer, is that correct?

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Mike Caldwell
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February 20, 2013, 01:45:03 PM
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In this scenario the commission would be taken out of the USD side since that's the only side I would actually be able to touch.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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June 25, 2013, 07:18:51 AM
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Did you ever get to try this?

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June 26, 2013, 12:53:21 AM
 #10

I never did, and would be less likely to do it now that Casascius Coins has picked up quite a bit. A matter of focus, priorities.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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June 26, 2013, 01:02:23 AM
 #11

Oh well, that's nice to hear though !

How many C Coins are there in circulation?

Are those numbers anywhere?

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June 26, 2013, 03:31:13 AM
 #12

how many people do you think are out there that want to buy $50k of bitcoins?

There are more than you would imagine ...


Well hook me up with them because I want to sell sell sell.  And then sell some more.

I'm game, Mike, I really like your physical coins and I can't wait to see this in action.
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Mike Caldwell
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June 26, 2013, 05:21:21 AM
 #13

Oh well, that's nice to hear though !

How many C Coins are there in circulation?

Are those numbers anywhere?

Sure, http://casascius.uberbills.com

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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June 26, 2013, 05:43:23 AM
 #14

Oh well, that's nice to hear though !

How many C Coins are there in circulation?

Are those numbers anywhere?

Sure, http://casascius.uberbills.com

Cool !

Mike if things are taking off please consider a website redesign !

Newcomers and laymen need nice ui's & usability.

I'm sure lots of us here (myself included) can help you out with that.

The Fate of Satoshi, a Bitcoin graphic adventure [CrowdF + Equity] Please help us make this happen !
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