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Author Topic: AUCTION - 8 rolls of new 0.5BTC Casascius Coins  (Read 11555 times)
slakeco
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April 11, 2013, 01:12:02 AM
 #141

I bid 34.2 BTC for Rolls #3 & #4.

Based on my understanding of the bidding terms, this format is applicable and currently are valid bids for the two rolls specified.
However, if I have made an error, please excuse me and consider the bid for any 2 rolls instead.

2 Rolls total

Thank you.

+1
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k99
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April 11, 2013, 01:26:49 AM
 #142

YEAH we are done!!!!

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paulgruber
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April 11, 2013, 01:33:00 AM
 #143

is it all over?

slakeco
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April 11, 2013, 01:38:06 AM
 #144

I reckon we are done.

We are certainly beyond 15 minutes of (my) the last bid for the first time in the auction.

Kudos to everyone who helped make Mike's Casascius auction work.
casascius
Mike Caldwell
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April 11, 2013, 01:47:26 AM
 #145

Sounds like its over!  Congrats to all winners.

I am posting from my phone, will review it more thoroughly when sitting at a computer. I am open to changes to the format to improve fairness and efficiency, and will take into serious consideration the suggestions presented here.

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 or hardware wallets instead.
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April 11, 2013, 01:52:01 AM
 #146

Ripper..

I hope it's all over and I got something  Smiley

I also say to all the Blokes and Ladies involved, well done. It is a bit of a hard way to go about things. But I'm sure the next round will be a lot more organised with a private auction script to make bidding a bit easier.

Cheers All.

 
paulgruber
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April 11, 2013, 01:54:14 AM
 #147

Mike, I can have one of my coders put together a decent customised auction script if you're interested.

Thanks once again for the opportunity.

Cheers
Paul Gruber
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April 11, 2013, 02:28:45 AM
 #148

Looks like I missed this one.  I had at first thought that the end time was fixed, and when I saw that it wasn't I had other things that needed doing, and I couldn't sit in front of the computer for what I thought might be another 4 hours or so.

Maybe someone will resell me some.

Again, I would like to suggest that instead of auctions on the forum, that the coins be sold in the webstore like always, but that the store have a minimum order quantity or value that can be used to ensure that orders are of a wholesale nature, and ease the burden of processing them, which is the point, isn't it?  Or maybe I have it wrong...

"All safe deposit boxes in banks or financial institutions have been sealed... and may only be opened in the presence of an agent of the I.R.S." - President F.D. Roosevelt, 1933
Otoh
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April 11, 2013, 06:05:53 AM
 #149

Looks like I missed this one.  I had at first thought that the end time was fixed, and when I saw that it wasn't I had other things that needed doing, and I couldn't sit in front of the computer for what I thought might be another 4 hours or so.

Maybe someone will resell me some.

Again, I would like to suggest that instead of auctions on the forum, that the coins be sold in the webstore like always, but that the store have a minimum order quantity or value that can be used to ensure that orders are of a wholesale nature, and ease the burden of processing them, which is the point, isn't it?  Or maybe I have it wrong...

+1

& Melbustus: +1

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dc7d
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April 11, 2013, 08:02:44 AM
 #150

Looks like I missed this one.  I had at first thought that the end time was fixed, and when I saw that it wasn't I had other things that needed doing, and I couldn't sit in front of the computer for what I thought might be another 4 hours or so.

Maybe someone will resell me some.

Again, I would like to suggest that instead of auctions on the forum, that the coins be sold in the webstore like always, but that the store have a minimum order quantity or value that can be used to ensure that orders are of a wholesale nature, and ease the burden of processing them, which is the point, isn't it?  Or maybe I have it wrong...

+1
2weiX
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April 11, 2013, 11:02:08 AM
 #151

I have the idea:

REVERSE auction them off on your website.
Price drops 1% every hour or so.

Start each roll at sky-high (face value x 3 or so) and implement a reserve.

Only bulk items (ie rolls).
Each roll listed seperately, shipping may be combined.
You can just throw new items on there and see how they sell.



THAT would be a process I'd like to be part of.
k99
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April 11, 2013, 11:16:51 AM
 #152

Clever idea!!!!!!!!!

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molecular
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April 11, 2013, 11:24:38 AM
 #153

I have the idea:

REVERSE auction them off on your website.
Price drops 1% every hour or so.

Start each roll at sky-high (face value x 3 or so) and implement a reserve.

Only bulk items (ie rolls).
Each roll listed seperately, shipping may be combined.
You can just throw new items on there and see how they sell.



THAT would be a process I'd like to be part of.

very good! Because it incorporated the very important factor of timing (when you will receive the coins). Someone who needs coins urgently has to pay more.

I like it.

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
molecular
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April 11, 2013, 11:52:41 AM
 #154

This will only work for products I produce from today forward, but here is an idea you can do right now.  The counterfeiting hasn't happened yet.  Go throw your current stash of Casascius Coins on a scanner, scan a photo of them, take a 160-bit hash of the file, and then work that hash into the block chain somehow.  Convert the hash to a bitcoin address and send a satoshi to it (my Bitcoin Address Utility can do this, for example).  Your photo with its supporting hash in the block chain will be publicly verifiable proof that the coin in your photo existed today.

Awesome idea. Thanks for sharing!

I'm trying this and thought I'd show you guys because I'm unsure about some specifics of the process:

Casascius Coins: Am I doing "Proof of Existence" right?

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
rpietila
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April 11, 2013, 11:56:43 AM
 #155

+1 for all the above.

I have tried several auction methods, and a reverse ("Dutch") auction is one that works quite well. You implement a website with lots (plural of "a lot") of products for sale and a ticking "buy now" button. The amount in the button decreases steadily. First bid always wins. Payment in 10 minutes. You can time out the products and not need to tell when it happens, so it will increase the excitement. Smooth as a pie.

This will not fetch you the long term highest price, according to the statistics. But I figured out, you don't care about squeezing the last satoshi, just want the market to allocate the coinsn efficiently with less decisions needed from your part.
Bogart
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April 11, 2013, 01:32:16 PM
 #156

The reverse auction idea is neat, but I would like to see any kind of auction be avoided as a primary means of sale for the coins.

Auctions create a premium on the value of the coins based on the time and effort someone needs to put in to participate in and win an auction.  They also take time and effort to administer, especially without any auction software to help.  I thought the point of changing the sale format was to have Mike put less time and effort into sales.

"All safe deposit boxes in banks or financial institutions have been sealed... and may only be opened in the presence of an agent of the I.R.S." - President F.D. Roosevelt, 1933
2weiX
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April 11, 2013, 01:56:52 PM
 #157

The reverse auction idea is neat, but I would like to see any kind of auction be avoided as a primary means of sale for the coins.

Auctions create a premium on the value of the coins based on the time and effort someone needs to put in to participate in and win an auction.  They also take time and effort to administer, especially without any auction software to help.  I thought the point of changing the sale format was to have Mike put less time and effort into sales.

that's exactly what happens.
the market will find its "own" sweet spot, which I find desirable.
paulgruber
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April 11, 2013, 02:11:36 PM
 #158

I definitely agree with bogart as if we are all true resellers or in the business to provide physical Bitcoins to the market without over inflating the price, they should be sold directly through casascius.com in large quantities (whether it be 100 or 300 coins etc..) for resellers only. This would give Mike a much better idea of exactly how many to mint which will take away a lot of the hassle of selling individual coins to the public. It will not create a monopoly on physical Bitcoins, but will help keep the market interested in physical Bitcoins.

To be really honest, I think that doing things the way they are being done is opening the door for other coin mints to create a huge amount of coins which will eventually sell each coin at face value.  I saw an eBay auction for a casascius 1btc for a stupid amount just days ago. This is not the way it should be.. I've got 4 x 10btc 1 troy ounce silver coins and they're just a keepsake for each of my kids more than anything. I say let there be physical Bitcoins, but also be fair in what they really are "Bitcoins".. Regular Bitcoins and put out special editions such as the silver 10btc coins occasionally.

Anyway, it may not make much sense in what I've jus said, but really wanted to just state where I see things going.. (And I just woke up)..
casascius
Mike Caldwell
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April 11, 2013, 08:22:49 PM
 #159

I will need a bit of time to be ready to collect the shipping info, issue payment addresses, and get these out.

To be honest this has been a busy week for me.  Lots of unexpected stuff, all good.  Have had lots of new media inquiry regarding my coins and I consider this a high priority use of time: it results in good coverage, and is consistent with my ulterior motive to promote.  It's also resulted in new resources come my way to help produce better coins.

Don't pay any address that I don't PGP sign.  I will use "you're able to PM me from the winning account" as the determiner as to associate the coins with the winners.

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 or hardware wallets instead.
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April 11, 2013, 09:54:49 PM
 #160

Mike, you will be PMing the winners directly, right?

Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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