AUCTION - 10 rolls of new 0.5BTC Casascius Coins

[casascius]

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April 13, 2013: Auction for 10 rolls of fifty 0.5 BTC Casascius Coins.

See my blog, http://casascius.wordpress.com

Minimum bid: face value (50 * 0.5BTC = 25 BTC per roll).  Please bid in 0.1 BTC increments.
Shipping cost is a flat $35 for US Registered Mail, $50 for international Registered Mail,
regardless of the number of rolls won.

Unless otherwise specified, you are bidding for ONE of the eight rolls.  You can bid in any of
the following ways:

1. "I bid 26 BTC for any available roll".  If your bid wins, you'll win one roll.  You will not get
to choose which roll you get.

2. "I bid 26 BTC for roll 125-A."  You will either win roll 125-A for 26 BTC, or you won't.

If you post more than once with a bid that exceeds your prior bid, I will probably deem your
new bid as a replacement of your old bid.  Please be clear, preferably repeat all of your active
bids with each subsequent bidding post.

Unlike my last auction, the price you are bidding is your MAXIMUM bid.  The price you will
actually pay is the second highest bid plus the minimum bid increment (0.1 BTC), plus shipping.
The end time of this auction is April 14, 22:00 UTC forum time (approx. 24 hours from now),
but any valid bid will extend the auction to 2 minutes past the timestamp of the post containing
the bid.

Roll 125-A: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 125
Roll 125-B: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 125
Roll 125-C: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 125
Roll 125-D: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 125
Roll 125-E: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 125*
Roll 126-A: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 126
Roll 126-B: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 126
Roll 126-C: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 126
Roll 126-D: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 126
Roll 126-E: Fifty 0.5 BTC Casascius Coins made April 13, 2013, with address prefix 126*

Note that A,B,C,D are not sequential: all of them are essentially random selections from the
200-300 coins that were made from each lot (max 300, actual production varies based on
mistakes, discards, etc.)  Of all these coins, they are essentially identical, other than that the
125's were made just before the 126's were made.

Of rolls marked with *, I may use some coins from other lots in the event that the lot runs out
before I can get the full 50 coins from it.

I reserve the right to cancel the auction if necessary for reasonable cause, as an escape
hatch just in case I've missed something critical.

Secure payment addresses (if you win more than 1 roll, OK to combine into single address)
(Please wait until winners are ranked before paying an address.  Please contact me if you
would like a different, non-published address, PGP signed of course).
Winner 1: 17RWuDcCG4bjhJBjkRnhxsL7vUSLZHTwr8
Winner 2: 18Sn3b91EGxzp4GLMy55jQcg79Cz7yKC4v
Winner 3: 19jVgqNow55KdijKWy9eYAWbQjzkYwQsen
Winner 4: 1CuvCZnnbtwtiJcrk9PBhbSCUfTFsBZ1ez
Winner 5: 1CYRap77VRBrSnZ8VVAemtd6FH3nk6dqL2
Winner 6: 1D11atymJcMNmABWmKEwZiv1j1YwBmUCKW
Winner 7: 1DxRJVX64MwJV7voZKoqtvQyeDkKGM1JmB
Winner 8: 1FHTX6akEw5ZbrFZm5hSq6eayU7ko6hdve
Winner 9: 1GgES3zXHVdXhj12tSRxWABS7sEwLyRAAt
Winner 10: 1GhX5Z5LFVKnki9WCwHHZ5314vzg2TFNQF
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g6zeM/KX5eaSiz5Ao+EwEN4oca3s21QhLXdAizjW6RcC8wa1d5Kmb5TkLalmTv9i
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[1714130889]

1714130889

[1714130889]

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[1714130889]

1714130889

[casascius]

Just want to clarify one thing, and perhaps others can help:  I rephrase the "maximum bid" text to be as follows:

Unlike my last auction, the price you are bidding is your MAXIMUM bid.  The price the highest
bidder will actually pay is the second highest bid plus the minimum bid increment (0.1 BTC), plus
shipping.  All other bidders will pay their actual bid plus shipping.

In other words, using the 2nd highest bid + 0.1 will only apply to the highest bidder.  The second and other bidders will pay their actual bid.  Does this seem fair or is there anything I've missed?  Am just trying to solve inefficiencies observed in the last auction.

[camolist]

29 each on any 5

[BTCLondon]

30 on any one

[Otoh]

25 btc on any single roll & hopefully you can do combined shipping if I win a roll/s from both of your current auctions & ideally as requested in your previous auction thread combined shipping with the first roll that I won, so say all 3 rolls to go for the $50 P/P that I've already paid, many thanks.

[DeaDTerra]

26 at any one roll.
//DeaDTerra

[Jutarul]

I bid 30 BTC for any available roll

[casascius]

Yes all shipping is combinable.

International shipments limit 4lbs for a single shipment, that's about 250 1btc coins or 300 0.5btc coins in a single shipment.

[Otoh]

Many thanks, please to hold the previous auction's win to go with any of these latest.

I bid 25 btc each on any 2 rolls, my old bid now superseded by this new bid.

[2weiX]

31 btc for any one roll.
28 for another roll.

That being said: reverse auction, plz?

[baritus]

I'm guessing there's no way to bid with CAD or USD?

[Littleshop]

27 on any one roll.

[DeaDTerra]

I increase my bid to 28 BTC for any roll
//DeaDTerra

[casascius]

That being said: reverse auction, plz?

Can you help me understand how this would work?

Just as a side note, I am open to private offers, especially if they were on a simple "take-it-by-(time)-or-leave-it" basis.  I would be willing to dispense PGP-signed bitcoin addresses where I promise to either a) return the funds you sent to me, or b) accept whatever offer you have made.

Benefits I see from doing this:
1. It's convenient for me, and I routinely value convenience and finality to transactions to the point that I will often pay for it (or, in turn, be more open to a less favorable-to-me price).  I consider chasing payment highly inconvenient, as well as not knowing whether one might complete or cancel a seemingly completed transaction.  In turn, I routinely pay as agreed and don't cancel completed transactions without good cause, if ever.  Putting bitcoins where I can either grab them or return them appeals to me and entices me to accept an offer that might not necessarily be the top amount I could get for something by working an auction for all it's worth.
2. It's a relatively novel form of price discovery, something this community already needs to adapt to anyway with MtGox's unpredictable eruptions
3. It allows me to make an evaluation on more merits than just "who's the highest bidder" (I value those reselling my coins and giving good service more than who is strictly willing to pay me the most for the coins)
4. I understand that participating in an auction is a pain in the butt, having to be up and available at some arbitrarily chosen time that might be terribly inconvenient or totally unworkable.

That said, you're welcome to make private offers on rolls I haven't listed.  I can accept offers on future production, as well as unlisted production (for example: I've listed 1000 coins, but actual coin production for that day was a little bit higher, the extra roll(s) just may come from multiple lots... and I didn't list all of April 6's production either).  The worst I can say is no.  You don't have to pledge bitcoins as part of your offer, but it helps your offer, especially if I don't know you or haven't done business with you in the past.

[Jutarul]

That said, you're welcome to make private offers on rolls I haven't listed.  I can accept offers on future production, as well as unlisted production (for example: I've listed 1000 coins, but actual coin production for that day was a little bit higher, the extra roll(s) just may come from multiple lots... and I didn't list all of April 6's production either).  The worst I can say is no.  You don't have to pledge bitcoins as part of your offer, but it helps your offer, especially if I don't know you or haven't done business with you in the past.

Instead of asking for private offers, which are decoupled from this auction, you should allow for full-filling tailing bids of this auction: top 10 bidders get their roll for sure, other bidders are ranked by their offers and get filled sequentially as long as supply lasts. This brings everybody to the same market place.

[casascius]

That said, you're welcome to make private offers on rolls I haven't listed.  I can accept offers on future production, as well as unlisted production (for example: I've listed 1000 coins, but actual coin production for that day was a little bit higher, the extra roll(s) just may come from multiple lots... and I didn't list all of April 6's production either).  The worst I can say is no.  You don't have to pledge bitcoins as part of your offer, but it helps your offer, especially if I don't know you or haven't done business with you in the past.

Instead of asking for private offers, which are decoupled from this auction, you should allow for full-filling tailing bids of this auction: top 10 bidders get their roll for sure, other bidders are ranked by their offers and get filled sequentially as long as supply lasts. This brings everybody to the same market place.

I do want to deliberately skew the market place for the purpose of favoring those reselling my coins over those who may simply want to collect rolls of 50 for themselves.  So, I will show a prejudice toward those who are 1) reselling my coins, 2) have good history with me, 3) already winning or close to winning my rolls through the auction process.  So, asking for private offers may be closer to what I have in mind.

[casascius]

Thanks 2weiX for the helpful info on reverse auctions.

I might consider a method where I make some sort of offer that gets accepted by the first person to send the right number of bitcoins to a pre-designated address.  The right number of bitcoins decreases with time, and I'd offer a webpage that shows what that price is.  That might also work well, and I could have new rolls coming out all the time.

[shibaji]

Wow - these are wayyy beyond my affordability  wish I could get some.

[Jutarul]

I do want to deliberately skew the market place for the purpose of favoring those reselling my coins over those who may simply want to collect rolls of 50 for themselves.  So, I will show a prejudice toward those who are 1) reselling my coins, 2) have good history with me, 3) already winning or close to winning my rolls through the auction process.  So, asking for private offers may be closer to what I have in mind.

In that case I would have expected that you also ask for a minimum purchase via a private offer. E.g. 10 rolls minimum per private offer.

But of course you're free to choose a sales method of your liking. If you want to favor a particular group of buyers, that's totally acceptable. But the criteria are a bid wishy-washy. E.g. what defines good history? At which volume am I a reseller? If I bid here and almost win, do I qualify for a future delivery at the lost-bid price? ...

Anyway - I don't want to make this auction any more confusing. So please ignore my comments, since they are likely to derail this auction.

[2weiX]

That said, you're welcome to make private offers on rolls I haven't listed.  I can accept offers on future production, as well as unlisted production (for example: I've listed 1000 coins, but actual coin production for that day was a little bit higher, the extra roll(s) just may come from multiple lots... and I didn't list all of April 6's production either).  The worst I can say is no.  You don't have to pledge bitcoins as part of your offer, but it helps your offer, especially if I don't know you or haven't done business with you in the past.

Instead of asking for private offers, which are decoupled from this auction, you should allow for full-filling tailing bids of this auction: top 10 bidders get their roll for sure, other bidders are ranked by their offers and get filled sequentially as long as supply lasts. This brings everybody to the same market place.

or everyone gets one roll at the nth-best bid, where n is the number of rolls auctioned.