[Interest Check] 0.1 BTC Silver Casascius Coin Raffle

[OgNasty]

I've thought about selling my 0.1 BTC Casascius Coin and am not sure what would be the best way to do it.  The last one I sold for close to 0.4 BTC, which I assume would be a bit of a tall order these days.  I do think it might make for a good raffle though.  Would you be willing to pay 0.02 BTC for a 1 in 16 chance to win a 0.1 BTC Silver Casascius Coin? Maybe with a few other consolidation prizes tossed in?

[minerjones]

For reference, the last one auctioned here in March of this year went for 0.265BTC
https://bitcointalk.org/index.php?topic=5489072.0

[Kazkaz27]

This is tempting but also a huge risk. What a beautiful coin. Looks like a 70🤩

[OgNasty]

This is tempting but also a huge risk. What a beautiful coin. Looks like a 70🤩

I did a few group buys and this is the last one I have, so as far as my eyes could tell it is the best of many.

Maybe I could throw in a 0.5 BTC Silver Casascius coin and do a raffle with both for 0.07 BTC along with some other prizes. Any chance we have 16 insane members with deep pockets that like to gamble?

[Kazkaz27]

OgNasty,

The last one MJ pointed out sold for around $18,000 at the time.

0.265 BTC at $65,000 - $70,000 per bitcoin

Bitcoin being around 100k - 110k at the moment and asking for 0.02 x 16 or 0.32 BTC is steep

It’s even more steep when you consider you’re likely gonna lose the 0.02 BTC just for a chance.

I’m not at all knocking it. If I had the money to burn then maybe but so many people especially in this moment I think rather have BTC because of the Bull-run and the Premium on the coins I believe are being impacted. Im not sure in a good way.

What I think is more likely is selling the coin straight out to someone for around $20,000ish but still may be a hard sell to people because they may rather just put 20k in bitcoin atm.

I’m just speculating.

But I think another option maybe is to allow more people the chance at $350-400 per ticket. Although making the odds more like 50 to 1. Then again it may be harder to get so many on board.

So many options with it.

Love the idea regardless 🙌

[TaxAttorneyCPA]

To give an idea of the market, a 0.1 anacs 69 just sold on greater collections for $13k.

[2stout]

To give an idea of the market, a 0.1 anacs 69 just sold on greater collections for $13k.

How many 0.1's were available in that offering?

[TaxAttorneyCPA]

Just one.

[MoparMiningLLC]

that is why he is doing a raffle instead of an auction - at auction he would get .12 to .13 (maybe less) by doing this raffle he can net 30k+

[OgNasty]

Sounds like the price is too high and a way to further reduce it would be to add more spots.

I think something I could consider might be 64 spots at 0.00321 per spot, but I think I might have a better shot finding 16 people willing to bet 0.01269 BTC? Seems like no matter how you slice it the cheapest of Casascius coins are too expensive for raffles anymore.

[raghavsood]

How about a premium raffle?

i.e. if you're looking for a sale at 0.2 BTC (a premium of 0.1 over face), the raffle is 0.1/16 = 0.00625 BTC per ticket.

The winner pays an additional 0.1 BTC to cover the face value. If they don't pay, we draw again until some winner does.

I think at that price point you'd find some more takers, myself included - many people throw away more than that on speculative trades, at least this one has defined odds.

Cheers

[wheelz1200]

How about a premium raffle?

i.e. if you're looking for a sale at 0.2 BTC (a premium of 0.1 over face), the raffle is 0.1/16 = 0.00625 BTC per ticket.

The winner pays an additional 0.1 BTC to cover the face value. If they don't pay, we draw again until some winner does.

I think at that price point you'd find some more takers, myself included - many people throw away more than that on speculative trades, at least this one has defined odds.

Cheers

Dont think ive ever seen one done this way but its a great idea all the way around.  Limits downside risk while being able to possibly win this at a great price.  Not sure if id be in but you probably would find more people inclined to do it this way.

[tldr-hodl]

Yep. This is definitely a great idea...

How about a premium raffle?

i.e. if you're looking for a sale at 0.2 BTC (a premium of 0.1 over face), the raffle is 0.1/16 = 0.00625 BTC per ticket.

The winner pays an additional 0.1 BTC to cover the face value. If they don't pay, we draw again until some winner does.

I think at that price point you'd find some more takers, myself included - many people throw away more than that on speculative trades, at least this one has defined odds.

Cheers

[Spokanistan51]

I would prefer a raffle that included the loaded amount, we used to pull off some of these back in the day. Remember the "raffleception" formats? Just an idea, a lot of work to run.

https://bitcointalk.org/index.php?topic=4772390.0

[OgNasty]

I’ll consider a “premium” raffle if there are enough people interested and I can come to terms with the price. As stated the last one I sold was for nearly 0.4 BTC, so I’d likely do better just waiting for the right collector to find me. It would also mean breaking up my precious metals Casascius collection, which as far as I know is the only complete one in existence. It is nice to know there is interest at 0.2 BTC, I’m just not sure it goes both ways.

[Wapfika]

I’m curious on how do you determine the reasonable premium for a physical coin when it’s still loaded especially when Bitcoin price is increasing like the current price?

Is there any rule of the thumb percentage to the fiat price of Bitcoin to determine the premium or its just based on the auction result on how much user can pay for it?

[OgNasty]

I’m curious on how do you determine the reasonable premium for a physical coin when it’s still loaded especially when Bitcoin price is increasing like the current price?

Is there any rule of the thumb percentage to the fiat price of Bitcoin to determine the premium or its just based on the auction result on how much user can pay for it?

The price is whatever someone is willing to pay for it. You should consider things like quality of the coin, the chain of custody, the trustworthiness of the previous owner or owners, and how the trade will be handled as far as escrow and transportation of the coin. People put different values on different things.

[Wapfika]

I’m curious on how do you determine the reasonable premium for a physical coin when it’s still loaded especially when Bitcoin price is increasing like the current price?

Is there any rule of the thumb percentage to the fiat price of Bitcoin to determine the premium or its just based on the auction result on how much user can pay for it?

The price is whatever someone is willing to pay for it. You should consider things like quality of the coin, the chain of custody, the trustworthiness of the previous owner or owners, and how the trade will be handled as far as escrow and transportation of the coin. People put different values on different things.

Appreciate the response, I’m familiar on some of the point that you mention but still I’m confused on how do you guys determine what’s the correct premium that you will accept for your coin.

Auction is too risky for you to use just to determine what will people willing to pay to match the premium value that you really desired.

Sorry for lots of question, I have few collectible coins too that I’m wondering what’s the current value now since I purchased it when Bitcoin price is low.

[tldr-hodl]

Totally speaking for myself, if the ticket (1/16) will be 0.005 BTC (face value paid separately), I'm probably in.
0.006 maaaaaybe. Above, nope.
Just sayin'.

[bitdexter]

Hmmm