Casascius coins and the future...

[johnniewalker]

I'm not planning on cashing my coins in any time soon. Its tough sometimes, but I think I'll manage. I turned almost all my coins into Casascius coins so I'd feel bad spending em lol. And any additional coins that I make I turn into a bill and put a sticker over the key-self-restraint.
Anyways, I've seen Series 1 coins sell for 3 BTC. I thought that was a little ridiculous, but I don't know. What do you guys see original Casascius (Series 1, 2, 3) coins being worth in the future?

[1714858825]

1714858825

[Bowjob]

I've ordered a Casa coin for the purpose of showing people that bitcoins can be manifest itself in physical form. That will instantly shut people who say.. "but.. it does not exist!". Bam. Hold it right there. So to me, it will be extremely valuable tool when introducing people to bitcoin

[SlaveInDebt]

How much are series 2 coins selling for

[johnniewalker]

I have seen a couple people selling both the new 3rd Series and their remaining 2nd Series. The prices for both were very close, but the 3rd Series was actually less. So I guess hold onto your Series 2, it'll become a "collectible".
I have another question-I have seen multiple people on here and on BitMit selling Series 1 Coins for 3BTC. And, people are paying it! Is it because the Series 1 was "the first" Physical Bitcoin? Or because of the misspelling on the back? That's all I can figure. Are Casascius coins really going to become a valuable (as in 3 X Face Value) anytime soon?
Its a hard question, I know. But what do you think about people paying so much for a Series 1?

[Buffer Overflow]

Hard call. I guess the coins will always sell at a premium to the actual Bitcoin face value.
Obviously this is only if the hologram hasn't been tampered with.

[Draino]

Honestly, I'm a little scared of them.  I recently moved my coins to cold storage using armory, and now I realize how easy it is to generate vast numbers of private keys--and sweep them-- with very little time and effort, past the initial setup.

I realize casascius has his reputation on the line, but if bitcoins do end up being a world-wide paradigm shift.. it would take a saint not to press the shiny button that'd suddenly give you potentially billions of USD worth of power.

[dakiller]

Honestly, I'm a little scared of them.  I recently moved my coins to cold storage using armory, and now I realize how easy it is to generate vast numbers of private keys--and sweep them-- with very little time and effort, past the initial setup.

I realize casascius has his reputation on the line, but if bitcoins do end up being a world-wide paradigm shift.. it would take a saint not to press the shiny button that'd suddenly give you potentially billions of USD worth of power.

Are you saying people will search for addresses containing coins? Good luck with that endeavour, how many keys can you make per second?

"Keys are 256 bit in length and are hashed in a 160 bit address.(2^160th power) Divide it by the world population and you have about 215,000,000,000,000,000,000,000,000,000,000,000,000 addresses per capita.(2.15 x 10^38)[1]"

[Buffer Overflow]

I think he meant about Casascius maybe not destroying the private keys.

[yokosan]

I think he meant about Casascius maybe not destroying the private keys.

A pretty dangerous game given some of the people making large amounts of coin on silk road.

[OnlyGoodVibes]

... I turned almost all my coins into Casascius coins ...

Wasn't that expensive? You either have only a few coins, or lots of money!

[Adrian-x]

My series 1 coins cost me BTC 2.28 each.

Ie. Each Bitcoin cost more than two Bitcoins.

I can't imagine my Casascius coins being worth double the Bitcoins they represent as the value increase.

Who when Bitcoin is trading at $2000 is going to pay $4560 for a $2000 coin?

If you know anyone let me know, I have a bargain right now.

[piramida]

I would think 1BTC coins from original series won't always have a x3 multiplier, but certainly they will be traded at a premium over face value.

As for Mike storing private keys, he either always did it, or he does not do it. In case he does it, he started doing it when bitcoins were at like $2 per coin, with a plan to push the shiny button many years later. So, either he always was a criminal mastermind thinking many years ahead, or he is an honest guy that wanted to give community a service and has no keys stored You pick. I did. You can also use split-key auth with him if you are getting large value coins, like 1k btc gold plated bar, I would anyway. Even saints have apostles and people doing physical packaging, you know...

[Littleshop]

I'm not planning on cashing my coins in any time soon. Its tough sometimes, but I think I'll manage. I turned almost all my coins into Casascius coins so I'd feel bad spending em lol. And any additional coins that I make I turn into a bill and put a sticker over the key-self-restraint.
Anyways, I've seen Series 1 coins sell for 3 BTC. I thought that was a little ridiculous, but I don't know. What do you guys see original Casascius (Series 1, 2, 3) coins being worth in the future?

I have only seen transactions at 2x for series 1 and that was at BTC = $37.  I would gladly sell a few series 1 at 2x BTC right now as that is about $150 a coin.  

When did they sell for 3x?

Edit:
Now seeing that at 5x on ebay!

http://www.ebay.com/itm/Version-1-Casascius-Bitcoin-Minted-in-Dec-2011-/190814922588?pt=US_World_Coins&hash=item2c6d74a75c

[Adrian-x]

I would think 1BTC coins from original series won't always have a x3 multiplier, but certainly they will be traded at a premium over face value.

I was thinking scarcity in an inflating economy (cost of goods and services rising) when I bought them.

But in reality it is Bitcoin that is scarce.

Although the physical coin adds value, the value is subject to deflation (cost of goods and services decreasing) as the economy is deflating.

I have my droughts that the Casascius coins novelty value will keep up with deflation.
They will always be worth more than 1 Bitcoin each, but they will unlikely ever be worth 2.28 Bitcoin's each.
The added "premium" value cost more than face value, but it is worth less.

I feel so stupid; I even bought first print runs of the Bitcoin magazine ( with Bitcoin's) thinking it would be a collector's item,  and now looking at the deflation in Bitcoin economy I realise, the novelty value will never keep up with actual value of Bitcoin, in other words - hard lessons:  don't  spend your money while the economy is in deflation. (just buy the essentials and save the rest. )

[meebs]

I dont see it being any different than people paying good money for an old rare penny/nickle etc. If a gen 1 coin 10 years for now is HARD to get a hold of and BTC ends up continuing to grow, there might be people willing to pay a nice premium to have a piece of the history. AT that point they are not buying the BTC per say but the physical relic of times long ago.

[Melbustus]

hard lessons:  don't  spend your money while the economy is in deflation. (just buy the essentials and save the rest. )

True when you're primarily operating in an inflationary economy (with periods of deflation). If your entire economic world was deflationary with perfectly known characteristics, your consumption preferences would be no different. The money supply is just used to value things relative to other things. It's *not knowing* how that supply will expand or contract over time that screws up people's ability to correctly price things, thereby changing incentives.

[johnniewalker]

... I turned almost all my coins into Casascius coins ...

Wasn't that expensive? You either have only a few coins, or lots of money!

Not really, since I bought a bunch I got them for less than 1.1/ea
@ whoever mentioned Casascius redeeming keys: Check his website, he explains how he generates addresses/keys and doesn't ever see them
Plus he's making more money doing what he's doing than he would if he started redeeming keys. I'm sure his marginal cost is next to like 0 now and one of his coins costs 1.5 bitcoins...it would make absolutely no sense for him to start redeeming keys (if he even had them), as long as his products continue to sell-which they do
@ whoever wanted to sell Series 1 for 2 BTC...there was a thread on here w/someone selling them for 3 BTC a while ago, and I also remember a post on BitMit. Although, that was before they were $75/ea

[Littleshop]

Ok.  This is insane!

http://www.ebay.com/itm/Version-1-Casascius-Bitcoin-Minted-in-Dec-2011/190814922588?_trksid=p2045573.m2042&_trkparms=aid%3D111000%26algo%3DREC.CURRENT%26ao%3D1%26asc%3D27%26meid%3D6552582326536827470%26pid%3D100033%26prg%3D1011%26rk%3D3%26sd%3D190770470596%26

This series one is going for $500!

[zoinky]

Ok.  This is insane!

http://www.ebay.com/itm/Version-1-Casascius-Bitcoin-Minted-in-Dec-2011/190814922588?_trksid=p2045573.m2042&_trkparms=aid%3D111000%26algo%3DREC.CURRENT%26ao%3D1%26asc%3D27%26meid%3D6552582326536827470%26pid%3D100033%26prg%3D1011%26rk%3D3%26sd%3D190770470596%26

This series one is going for $500!

Won't lie, its tempting.

[Buffer Overflow]

Ok.  This is insane!

http://www.ebay.com/itm/Version-1-Casascius-Bitcoin-Minted-in-Dec-2011/190814922588?_trksid=p2045573.m2042&_trkparms=aid%3D111000%26algo%3DREC.CURRENT%26ao%3D1%26asc%3D27%26meid%3D6552582326536827470%26pid%3D100033%26prg%3D1011%26rk%3D3%26sd%3D190770470596%26

This series one is going for $500!

It's what it sells for that counts. Not what it's marked up at.