Feeler for investment to bid on coolio music collection

[Rannasha]

It's a great idea, but listing on an exchange really stacks the timeline against you.

Yes I definitely wish I would have known about this earlier.  I'm not as worried about getting the money converted to fiat, I'm sure the auction house will give you 48 hours or so to get the money to them.

Hate to spend $500 to list the asset when the odds of getting it done in time are pretty low, and of course I got called into work at 6AM this morning so only have access on my phone.  If someone else with more time today wants to take the idea and run with it I'm all for it.  Otherwise I'll try to get it on BTCTC later, but clock is really starting to tick.

I wouldn't count on any specific timeframe if you list on BTC-TC. All new listings have to be approved by shareholders of LTC-Global (the company that BTC-TC is a part of) and it can take days or longer to have sufficient approval.

[Deprived]

It's a great idea, but listing on an exchange really stacks the timeline against you.

Yes I definitely wish I would have known about this earlier.  I'm not as worried about getting the money converted to fiat, I'm sure the auction house will give you 48 hours or so to get the money to them.

Why are you sure they'll give you 48 hours when they only give everyone else 24?

Where have you previously managed to cash out $100k+ of BTC in 24 hours?  Most exchanges have withdrawal limits below that even if you've completed all the KYC/AML document checks.  Unless you've actually been through the pain that is moving significant sums of BTC into cash you should avoid assuming it's an easy and fast process.  Just getting it transferred into your account wouldn't necessarily let you get a cashier cheque (or check if you're from the US) drawn against it immediately.

So you'd have to convert to USD before you even knew if you'd won to be able to pay in time - meaning 2 sets of conversion fees if you lose and have to refund.

[superbit]

It's a great idea, but listing on an exchange really stacks the timeline against you.

Yes I definitely wish I would have known about this earlier.  I'm not as worried about getting the money converted to fiat, I'm sure the auction house will give you 48 hours or so to get the money to them.

Why are you sure they'll give you 48 hours when they only give everyone else 24?

Where have you previously managed to cash out $100k+ of BTC in 24 hours?  Most exchanges have withdrawal limits below that even if you've completed all the KYC/AML document checks.  Unless you've actually been through the pain that is moving significant sums of BTC into cash you should avoid assuming it's an easy and fast process.  Just getting it transferred into your account wouldn't necessarily let you get a cashier cheque (or check if you're from the US) drawn against it.

Depending on what we win the auction for, if it's under 200K I was going to float it and wait for the cash out to repay myself, but fair warning, the timeline likely makes this a fun idea but not feasible.  Too Bad.

[Deprived]

It's a great idea, but listing on an exchange really stacks the timeline against you.

Yes I definitely wish I would have known about this earlier.  I'm not as worried about getting the money converted to fiat, I'm sure the auction house will give you 48 hours or so to get the money to them.

Why are you sure they'll give you 48 hours when they only give everyone else 24?

Where have you previously managed to cash out $100k+ of BTC in 24 hours?  Most exchanges have withdrawal limits below that even if you've completed all the KYC/AML document checks.  Unless you've actually been through the pain that is moving significant sums of BTC into cash you should avoid assuming it's an easy and fast process.  Just getting it transferred into your account wouldn't necessarily let you get a cashier cheque (or check if you're from the US) drawn against it.

Depending on what we win the auction for, if it's under 200K I was going to float it and wait for the cash out to repay myself, but fair warning, the timeline likely makes this a fun idea but not feasible.  Too Bad.

Well if you can float the cash yourself then the timescale doesn't matter.

Just bid on it yourself then if you win it worry about creating a security afterwards.  I'm sure there'd be enough interest to sell whatever portion you wanted to - and no lost fees if you lose the auction.

[superbit]

It's a great idea, but listing on an exchange really stacks the timeline against you.

Yes I definitely wish I would have known about this earlier.  I'm not as worried about getting the money converted to fiat, I'm sure the auction house will give you 48 hours or so to get the money to them.

Why are you sure they'll give you 48 hours when they only give everyone else 24?

Where have you previously managed to cash out $100k+ of BTC in 24 hours?  Most exchanges have withdrawal limits below that even if you've completed all the KYC/AML document checks.  Unless you've actually been through the pain that is moving significant sums of BTC into cash you should avoid assuming it's an easy and fast process.  Just getting it transferred into your account wouldn't necessarily let you get a cashier cheque (or check if you're from the US) drawn against it.

Depending on what we win the auction for, if it's under 200K I was going to float it and wait for the cash out to repay myself, but fair warning, the timeline likely makes this a fun idea but not feasible.  Too Bad.

Well if you can float the cash yourself then the timescale doesn't matter.

Just bid on it yourself then if you win it worry about creating a security afterwards.  I'm sure there'd be enough interest to sell whatever portion you wanted to - and no lost fees if you lose the auction.

Valid point.  Not sure I feel comfortable bidding more then maybe 125K on it, but you are right, there does seem to be more then enough interest to sell the rest.

[maxmint]

I like your idea! I'd definitely put a couple of bitcoins in this if you create a security.

[chrono]

I like the idea as well. I would invest in it...

[xchrisxsays]

It's a great idea, but listing on an exchange really stacks the timeline against you.

Yes I definitely wish I would have known about this earlier.  I'm not as worried about getting the money converted to fiat, I'm sure the auction house will give you 48 hours or so to get the money to them.

Why are you sure they'll give you 48 hours when they only give everyone else 24?

Where have you previously managed to cash out $100k+ of BTC in 24 hours?  Most exchanges have withdrawal limits below that even if you've completed all the KYC/AML document checks.  Unless you've actually been through the pain that is moving significant sums of BTC into cash you should avoid assuming it's an easy and fast process.  Just getting it transferred into your account wouldn't necessarily let you get a cashier cheque (or check if you're from the US) drawn against it.

Depending on what we win the auction for, if it's under 200K I was going to float it and wait for the cash out to repay myself, but fair warning, the timeline likely makes this a fun idea but not feasible.  Too Bad.

If I was rich, this is the exact type of thing I would spend my money on.

[thezerg]

Since you are worried about conversion, make the bid IN BITCOINS.  If its one of the upper bids, it will draw a lot more attention then bidding in USD with bitcoin backing...

[superbit]

Since you are worried about conversion, make the bid IN BITCOINS.  If its one of the upper bids, it will draw a lot more attention then bidding in USD with bitcoin backing...

The site makes you register to bid and they won't accept BTC.

[Crypto Financial]

Here is the Financial Data for the Coolio's Catalog:

http://imgur.com/a/dJDCd

IMHO I believe it will go higher than the $250K range, since it garnered a lot of publicity.

But the idea in general for a fund that invests in Royalties and is distributed worldwide via a Bitcoin security is very interesting!

[David-M]

If the main point of this exercise is getting Bitcoin publicity, why not do a press release just stating you and the other members of the bitcoin community are raising funds in BC, how much has been promised, how much you need etc. to buy the catalog.
Sounds like a good story as is!
(of course doing this will drive up the price...)

David

[superbit]

If the main point of this exercise is getting Bitcoin publicity, why not do a press release just stating you and the other members of the bitcoin community are raising funds in BC, how much has been promised, how much you need etc. to buy the catalog.
Sounds like a good story as is!
(of course doing this will drive up the price...)

David

This is a decent good idea.  I can pledge 100K to start and willing to sell some of that off if more then enough comes in.  I'm not good at the press release, reddit, etc.... type of stuff though.

Earning a decent return is also part of the exercise.

[TadpolesIsAWinner]

I can do 2 things:

1) I can write a press release if you'd like.

2) I can write a "Gangster's Paradise" bitcoin song once we win, and we'll be able to use it without having to pay any royalties to anyone!

We've been spending most our lives living in a bitcoin paradise...

[superbit]

I can do 2 things:

1) I can write a press release if you'd like.

2) I can write a "Gangster's Paradise" bitcoin song once we win, and we'll be able to use it without having to pay any royalties to anyone!

We've been spending most our lives living in a bitcoin paradise...

Hilarious.

Press release would be great, but how do we track pledges.  My thoughts are that anyone who pledges money in advance would get the right to the exact amount they pledged in relation to what the auction was won for.

If we win the auction, all of the people who pledged would then have the option to sell all or a portion of their holdings in the IPO on one of the exchanges.  The IPO would likely be at a small premium.  IE.. we win the auction for 150K, and we IPO it at 165K value.

I would have to only bid on maybe 70% of the pledges as I can only afford to front so much and would need the pledges to me in a hurry.  Maybe we could get an escrow to start holding the pledges now and bid on that.

[xchrisxsays]

If the main point of this exercise is getting Bitcoin publicity, why not do a press release just stating you and the other members of the bitcoin community are raising funds in BC, how much has been promised, how much you need etc. to buy the catalog.
Sounds like a good story as is!
(of course doing this will drive up the price...)

David

This is a decent good idea.  I can pledge 100K to start and willing to sell some of that off if more then enough comes in.  I'm not good at the press release, reddit, etc.... type of stuff though.

Earning a decent return is also part of the exercise.

I posted the link to this thread on r/bitcoin and r/bitcoinstocks and its currently at or near the top of both.

[TadpolesIsAWinner]

I can do 2 things:

1) I can write a press release if you'd like.

2) I can write a "Gangster's Paradise" bitcoin song once we win, and we'll be able to use it without having to pay any royalties to anyone!

We've been spending most our lives living in a bitcoin paradise...

Hilarious.

Press release would be great, but how do we track pledges.  My thoughts are that anyone who pledges money in advance would get the right to the exact amount they pledged in relation to what the auction was won for.

If we win the auction, all of the people who pledged would then have the option to sell all or a portion of their holdings in the IPO on one of the exchanges.  The IPO would likely be at a small premium.  IE.. we win the auction for 150K, and we IPO it at 165K value.

I would have to only bid on maybe 70% of the pledges as I can only afford to front so much and would need the pledges to me in a hurry.  Maybe we could get an escrow to start holding the pledges now and bid on that.

Alright, if this goes down, let me know, I'm down to write a press release.  I don't think you'd want a speculative press release though, would you?  I am guessing you'd only want one once the fund is officially released so you could gain investors.  And of course, another one once we win the auction   

[superduh]

It's a great idea, but listing on an exchange really stacks the timeline against you.

Yes I definitely wish I would have known about this earlier.  I'm not as worried about getting the money converted to fiat, I'm sure the auction house will give you 48 hours or so to get the money to them.

Why are you sure they'll give you 48 hours when they only give everyone else 24?

Where have you previously managed to cash out $100k+ of BTC in 24 hours?  Most exchanges have withdrawal limits below that even if you've completed all the KYC/AML document checks.  Unless you've actually been through the pain that is moving significant sums of BTC into cash you should avoid assuming it's an easy and fast process.  Just getting it transferred into your account wouldn't necessarily let you get a cashier cheque (or check if you're from the US) drawn against it immediately.

So you'd have to convert to USD before you even knew if you'd won to be able to pay in time - meaning 2 sets of conversion fees if you lose and have to refund.

maybe coinbase will make an exception for this -

[VinceSamios]

This is a majorly cool idea - and huge in terms of value for the bitcoin community. Props on the idea, and if this one doesn't come off, definitely an idea for the future!

[pangu]

thats awesome!! don't have much btcs but in this case i would invest some..