10 BTC Casascius peeled and redeemed yesterday

[MoparMiningLLC]

https://casasciustracker.com/details/?id=5b60e441a86feb072dcc25ce

fat fingered the submit - I cannot imagine peeling and redeeming that much at one time. Years ago, yes but today? I might see 10 btc in a whole year let alone a single moment.

[1713571027]

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[1713571027]

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[1713571027]

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[1713571027]

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[teeGUMES]

I had a ham sandwich for lunch today. ham sandwich

[Lesbian Cow]

I had a ham sandwich for lunch today. ham sandwich

I had an Italian Grinder.  Stock photo below.

[OgNasty]

I cannot imagine peeling and redeeming that much at one time.

What about it is unimaginable? Do you find the act of redeeming scary as if a mistake could be made and the coins would be lost, or is it handling and transacting with multiple BTC that is intimidating?

[MoparMiningLLC]

I cannot imagine peeling and redeeming that much at one time.

What about it is unimaginable? Do you find the act of redeeming scary as if a mistake could be made and the coins would be lost, or is it handling and transacting with multiple BTC that is intimidating?

just the idea of ruining that valuable of a collectible of course I am betting they could have sold it for much more than the redemption.

As for the BTC and the USD value of it - I am not like many of the deep pocketed folks that are here - It would take me a year to have that much BTC.

[yimfinity]

The friction to selling a bearer instrument is real and I am not surprised many people would decide just to redeem the BTC and even forego the work to get the forks. Also, as much as think everyone knows about /r/bitcoin or BCT, there are many people that probably are not aware OTC exists for exchanging physical crypto.

[FFrankie]

I cannot imagine peeling and redeeming that much at one time.

What about it is unimaginable? Do you find the act of redeeming scary as if a mistake could be made and the coins would be lost, or is it handling and transacting with multiple BTC that is intimidating?

Because the 10 btc coin has one of the highest collectible premiums

[wheelz1200]

2 reasons it would be peeled, some people can expectedly be weary of dealing person to person for something of that much fiat value so they chose to peel and forego the additional collector value they would have gotten. Or simply its someone who doesn't know the true value and what could be attained from the coin.  Plenty of people bought cas coins years ago and have strayed away from all of these forums.  Still a hugely niche product/genre of collectables.

[OgNasty]

You could make the argument that peeling and being able to sell the BTC quickly at high prices without having to wait for a deal to complete and hoping the exchange rate cooperates is an advantage to peeling with another reduction in risk.

It no longer seems foolish to peel these coins, but I believe this is the market responding to low premiums. Peeling will likely be a trend that continues until premiums increase, which will happen at some point as in tact Casascius coins become more and more rare.

[MoparMiningLLC]

too bad they didnt peel about a week ago when btc was 2k higher

[wheelz1200]

too bad they didnt peel about a week ago when btc was 2k higher

Doesn't mean they peeled to get into fiat, maybe they just wanted some funds to buy some viacoin 

[MoparMiningLLC]

too bad they didnt peel about a week ago when btc was 2k higher

Doesn't mean they peeled to get into fiat, maybe they just wanted some funds to buy some viacoin 

ha! or some faketoshi bch

[coinich]

It is interesting. 10BTC were split into tons of addresses after redeemed.

[daburone]

You could make the argument that peeling and being able to sell the BTC quickly at high prices without having to wait for a deal to complete and hoping the exchange rate cooperates is an advantage to peeling with another reduction in risk.

It no longer seems foolish to peel these coins, but I believe this is the market responding to low premiums. Peeling will likely be a trend that continues until premiums increase, which will happen at some point as in tact Casascius coins become more and more rare.

This. We don't have a crystal ball. Just this month, BTC dropped from over 12k to under 10k in only 4 days. As the value of BTC rises, it will test everyone's breaking point, even those of us who are hardcore collectors.

[iBitcoinHongKong8]

I completely agree. We're approaching peeling is absolutely a fine option especially for select items. Nobody knows what will happen in the next hour, day or week etc... Easy and instantaneous transaction. Add that with the premiums not being that great peeling looks beyond attractive. Will be interesting to watch play out!

iBHK8

[MoparMiningLLC]

well - I could use one of those 10btc to peel - would get my mining farm expanded and the new transformer in

[LitLitBit]

If you own it you have every right to peel it. However to me that seems like a waste. If you want the btc sell the unpeeled thus preserving the physical bitcoin and you’ll certainly get a premium even if it’s come down compared to historical prices. Take the principal and buy bitcoin and now the new owner has a rare collectible and you have the bitcoin you wanted. Just my opinion.

[yimfinity]

If you own it you have every right to peel it. However to me that seems like a waste. If you want the btc sell the unpeeled thus preserving the physical bitcoin and you’ll certainly get a premium even if it’s come down compared to historical prices. Take the principal and buy bitcoin and now the new owner has a rare collectible and you have the bitcoin you wanted. Just my opinion.

As with most thinks it comes down to how soon you need the money and how urgently.

Example selling a Cas coin:
Auction assuming you don't want a fire sale price: 1 week
Payment/escrow/delivery: 1+ week
Confirmation of receipt and release of funds from escrow: 2 days

* Assuming no delays with mail, tracking, etc., which is certainly not a given and can easily add weeks for resolution. For example, if the mailman misplaces the shipment, you aren't getting your BTC from escrow for some time.

If you have a gilt/silver you'd prob give up 30-40% of face by peeling, but only 10% or so for brass. So ultimately it's just how you value the tradeoffs. It does pain me when people redeems a gilt/silver. The brass, not so much, especially when you consider all the hassle involved.

[gentlemand]

It no longer seems foolish to peel these coins, but I believe this is the market responding to low premiums. Peeling will likely be a trend that continues until premiums increase, which will happen at some point as in tact Casascius coins become more and more rare.

They're pretty darned rare now. Their market hasn't gone the way I expected at all. I knew premiums would have to come down but they've pretty much disappeared completely for some of the iterations. Maybe they'll make a comeback but I get the impression the world outside a few modest bubbles doesn't know or care about them any more.

10 BTC coins seem to linger on sale forever and always have the highest premium. I'd be interested to know how many have actually sold.

[ChiBitCTy]

Like Yim said above, most bitcoiners have no idea about our little corner of the World Wide Web here. Anytime a physical item is posted to r/bitcoin or r/btc (but to be fair Ver and his folks aren’t the brightest to begin with), the majority of replies are “there’s no such thing as physical bitcoins, they’re just copper coins worth a buck”  “I wish I could own a Casascius, you can’t find them anywhere” or they just ask where it could be sold. Even if they are told about this board, you gotta sign up, learn about escrow and the trust system, then trust it’s legit info, etc etc.  Makes a lot of sense why many peel a coin of this value.

[iBitcoinHongKong8]

Like Yim said above, most bitcoiners have no idea about our little corner of the World Wide Web here. Anytime a physical item is posted to r/bitcoin or r/btc (but to be fair Ver and his folks aren’t the brightest to begin with), the majority of replies are “there’s no such thing as physical bitcoins, they’re just copper coins worth a buck”  “I wish I could own a Casascius, you can’t find them anywhere” or they just ask where it could be sold. Even if they are told about this board, you gotta sign up, learn about escrow and the trust system, then trust it’s legit info, etc etc.  Makes a lot of sense why many peel a coin of this value.

Let them peel! I love it when I check the https://casasciustracker.com site and tons of coins were peeled. Sometimes the site will not update for a few days then bam 4 or 5 days later it updates or gets rebooted or whatever and booyahhh you'll see a long list that had a few peelings per day over those 4 or 5 days. Or sometimes it's just working all the time and on any given day there will be many peelings. And of course there's many days with no peelings. Anyhow the more they peel the rarer they get. Win win for the holders of them. But yes with premiums depressed depending on what you have to sell peeling beats selling. So either the premiums rise again or they don't. The market will do it's job. In the mean time I'd love to see a peel fest 
Then wake up the following day and see an even bigger peel fest THEN wake up the following day and ahhhh you all get it. Cheers my physicals brothers and sisters.

Sincerely,
Sir Peel a Lot

[MoparMiningLLC]

...

I get the notifications on twitter @CasasciusBot - links to the same site you referenced but gives me notifications so I dont have to go look at the site lol

[iBitcoinHongKong8]

...

I get the notifications on twitter @CasasciusBot - links to the same site you referenced but gives me notifications so I dont have to go look at the site lol

Yeah I've seen the Twitter bot but I just love the click on the site and slowly peel no pun intended to see whats been peeled! The more the better.

Signed Sealed and Peeled,
Your PAL(Peel A Lot)

[OgNasty]

10 BTC coins seem to linger on sale forever and always have the highest premium. I'd be interested to know how many have actually sold.

I recall Anduck had his up for sale for quite some time.  I think it was for around 16 BTC though?  I can only think of half a dozen or so secondhand sales since they were released.  Not many people with $150,000 to spend on a single coin for their collection.  Someone on reddit should take out a loan to buy one and hold it until Christmas of 2021.  I'm guessing it could be a magical ride.

[msin]

There are a dozen reasons why a 10btc Casascius was peeled; inherited, stolen, anonymity (not selling directly), fear of transporting high value, etc...  The conundrum we all deal with here is the higher the value of BTC, the less premium we demand on our coins. Arguably the best time to sell a Casascius is when BTC $ value is low, thus receiving say 18-19BTC for a 10BTC back when we were in the $200-300 range. Now you'd be lucky to get 13BTC. I buy Casascius as a way to force myself to hodl and ultimately to hand them down to my kids, eventually all of mine will be peeled.

[anonymousminer]

In the last 18 months, 4-5 of the Cas 10s have changed hands and did so for between 13-14BTC.

[FFrankie]

All cas coins will have to be peeled or the btc will be lost because the paper inside is only good for 60-80 years (I thought)

[gentlemand]

All cas coins will have to be peeled or the btc will be lost because the paper inside is only good for 60-80 years (I thought)

I don't really see why that should be. I have 20yr old pieces of paper that were printed with draft settings that have been sitting around in the open air that are just as readable as the day they were printed. Can't see a reason why another 20-40 years will change much.

[goldlyre]

rare means expansive

[OgNasty]

There are a dozen reasons why a 10btc Casascius was peeled; inherited, stolen, anonymity (not selling directly), fear of transporting high value, etc...  The conundrum we all deal with here is the higher the value of BTC, the less premium we demand on our coins. Arguably the best time to sell a Casascius is when BTC $ value is low, thus receiving say 18-19BTC for a 10BTC back when we were in the $200-300 range. Now you'd be lucky to get 13BTC. I buy Casascius as a way to force myself to hodl and ultimately to hand them down to my kids, eventually all of mine will be peeled.

I'm not sure I agree about the best time to sell being when the BTC value is low.  That's an odd game of "what if" and I think people would be wise to consider their entire portfolio and not place so much into the idea that when you sell something for BTC that BTC is somehow separate from your holdings and not a part of your managed portfolio.  Everything should be considered traded at the USD value at the time of trade so you can gauge value over time.  You don't consider your groceries cheaper when Bitcoin goes up because they would cost less BTC do you?  Do you feel like your home is worth less when the value of Bitcoin goes up?  Do you consider the housing market a scam because if you spent BTC on a house in 2011 then you 'lost' a ton of BTC?  Personally, I don't think the stock market or housing market is a scam or not depending on what the Bitcoin exchange rate does, but so many in this community (incorrectly) think this way.

Regardless of the price of BTC at the time, I think users are better off selling one now for $100,000+ worth of BTC, then selling one in 2013 for $200 in BTC.  If you don't think that is true, ask somebody who sold a 10 BTC Casascius coin back then if they would prefer to own the coin now.  I know I don't regret spending BTC back then to get mine.  One of the greatest investments of my lifetime, even if I did 'lose' BTC in the process.

I do agree with your final statement though.  I wouldn't sell my pair of 10 BTC coins for less than $300,000 today and the more I see the market premiums disappear on these coins, the more likely I am to peel mine when the day comes as well.