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.

[1714118935]

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[1714118935]

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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.