Buying 200k BTC. $2/BTC

[kiba]

they can't remove the limit for the reason explained here:
http://bitcointalk.org/index.php?topic=5627.0

MtGox isn't in the USA. It's in Japan.

[1715000702]

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[jgarzik]

IMO if a user is willing to provide full KYC info to mtgox, mtgox should permit removal of that limit.

they can't remove the limit for the reason explained here:
http://bitcointalk.org/index.php?topic=5627.0

As you can see from my participation in that thread, as well as previous ownership and operation of The Bitcoin Store, I'm well aware of FinCEN regulations.  I even linked to that FinCEN administrative ruling months ago. That does not preclude nor prevent mtgox from KYC'ing a high-dollar deposit, especially considering that the new owner and servers are both non-US.

[mjsbuddha]

my bad. assumed it was U.S. based.

[nanotube]

Maybe you are soliciting offers, but I don't see an offer from you. What are you offering?

MtGox only has 50k BTC for sale up to $1.3/BTC.

So let's start: who is interested to sell Bitcoins at $2/BTC? And how many?

I could sell you a few thousand at $2 per btc. I'd want bank wire or similar non-reversible payment for them of course.

though as others have said, unless you're in a huge huge hurry, you'd do better to accumulate them slowly on mtgox over a period of a few months.

[nster]

I would NOT do MTGox. Not only does that affect the market the most, but using the funds are a pain in the butt.

I would OTC. Accumulate slowly if you can

[Keefe]

I could probably sell you 10k, over a week's time. Of course I'd also need relatively irreversible payment.

[dust]

It looks like people aren't taking this to seriously as the market has remained flat today.

[u2u3]

Once again, thank you for all your comments. (I knew this community was full of sharp individuals.)

I have received a multitude of proposals. I apologize to those I have ignored (my time is limited and it does not make sense to work on many small deals.)

On the other hand, I have followed up with a few privately.

I have taken a decision on how to proceed. For obvious reasons I do not wish to comment on my strategy(ies). I do recognize that investing in Bitcoin at such an early stage is risky, but as a VC I am used to risk deals :-)

[Syke]

Price just jumped $.10. I wonder who is buying...

[RodeoX]

I'm not sure people are entirely convinced this is for real. When your opening offer is twice the market value, it makes me wonder how he ever got a half million dollars in the first place.

[nelisky]

I'm not sure people are entirely convinced this is for real. When your opening offer is twice the market value, it makes me wonder how he ever got a half million dollars in the first place.

well, maybe he has 250k btc and needs a quarter million dollars, so he hints "there will be much selling soon, and at more than twice the current value" and bam, a lot of people start buying at whatever current market rate is so they can sell later... now all he needs is to put a dark order of 250k on 1.0 at mtgox and wait...

[xf2_org]

I'm not sure people are entirely convinced this is for real. When your opening offer is twice the market value, it makes me wonder how he ever got a half million dollars in the first place.

I don't particularly care if this is real or not -- it's just a forum thread.

But if you are buying a large amount of bitcoins, 1/6 of all bitcoins in circulation, $2/BTC is not unreasonable.

(this is 'jgarzik', posting under a new nick)

[Jered Kenna (TradeHill)]

I'm not sure people are entirely convinced this is for real. When your opening offer is twice the market value, it makes me wonder how he ever got a half million dollars in the first place.

I don't particularly care if this is real or not -- it's just a forum thread.

But if you are buying a large amount of bitcoins, 1/6 of all bitcoins in circulation, $2/BTC is not unreasonable.

(this is 'jgarzik', posting under a new nick)

If you had someone that wanted to sell 200k outright I'd imagine you have to give them an offer like that.
I wouldn't sell 200k at market value.

[RodeoX]

I'm not sure people are entirely convinced this is for real. When your opening offer is twice the market value, it makes me wonder how he ever got a half million dollars in the first place.

I don't particularly care if this is real or not -- it's just a forum thread.

But if you are buying a large amount of bitcoins, 1/6 of all bitcoins in circulation, $2/BTC is not unreasonable.

(this is 'jgarzik', posting under a new nick)

If you had someone that wanted to sell 200k outright I'd imagine you have to give them an offer like that.
I wouldn't sell 200k at market value.

I'm not accusing him or anything. It just seemed a little strange to show up with such an offer. I would spy and troll until I had a careful plan to quietly buy up the market.

[Jered Kenna (TradeHill)]

I'm not sure people are entirely convinced this is for real. When your opening offer is twice the market value, it makes me wonder how he ever got a half million dollars in the first place.

I don't particularly care if this is real or not -- it's just a forum thread.

But if you are buying a large amount of bitcoins, 1/6 of all bitcoins in circulation, $2/BTC is not unreasonable.

(this is 'jgarzik', posting under a new nick)

If you had someone that wanted to sell 200k outright I'd imagine you have to give them an offer like that.
I wouldn't sell 200k at market value.

I'm not accusing him or anything. It just seemed a little strange to show up with such an offer. I would spy and troll until I had a careful plan to quietly buy up the market.

I agree, not accusing him either but if I had the money to throw around I'd do like you said.
On the other hand there are people that could afford to play demolition derby with Ferrari's and could easily buy 200k  btc for the hell of it or on speculation.   

[Steve]

This thread got me thinking about what I'd do if I had $200k to spend on acquiring bitcoins.  If I wanted to help the bitcoin economy, the best thing would be to act as a rational market participant.  What bitcoin needs for people to be more willing to price things in terms of bitcoins and offer goods and services is some modest amount of value stability (note: that might mean measuring against gold or a basket of commodities or something else other than the dollar these days).  With a broad and deep market for bitcoins, this will happen naturally and your $200k could be a step in that direction.  If you simply set a price floor and buy when bitcoins dip below that, but don't chase the market higher, you'll help create that stability.  Once you have established the position you want, then if you also trade around that position by selling when the price rises and buying when it falls, you'll also help create this stability. 

A steadily rising price over time is not an issue, but 40% swings in the price of bitcoins in a matter days will certainly make pricing goods and services difficult and give people a bit of pause when considering using bitcoins.  If you dump buy orders on the market all at once and push the price to $2 in a matter of days, it will be inevitable that once your buying is complete, the price will collapse to close to what it was (and may even overshoot on an irrational fear created by the collapse).

[da2ce7]

A steadily rising price over time is not an issue, but 40% swings in the price of bitcoins in a matter days will certainly make pricing goods and services difficult and give people a bit of pause when considering using bitcoins.  If you dump buy orders on the market all at once and push the price to $2 in a matter of days, it will be inevitable that once your buying is complete, the price will collapse to close to what it was (and may even overshoot on an irrational fear created by the collapse).

While the market is moving wildly like that, there will be lots of profit to be made by speculators, the more profit taken by the speculators, the more liquid the markets, the better for the Bitcoin economy.

The wild swings in the bitcoin market is the natural way to attract speculators. 

[Jered Kenna (TradeHill)]

A steadily rising price over time is not an issue, but 40% swings in the price of bitcoins in a matter days will certainly make pricing goods and services difficult and give people a bit of pause when considering using bitcoins.  If you dump buy orders on the market all at once and push the price to $2 in a matter of days, it will be inevitable that once your buying is complete, the price will collapse to close to what it was (and may even overshoot on an irrational fear created by the collapse).

While the market is moving wildly like that, there will be lots of profit to be made by speculators, the more profit taken by the speculators, the more liquid the markets, the better for the Bitcoin economy.

The wild swings in the bitcoin market is the natural way to attract speculators. 

Speculators is fine, I'm not a fan of hoarders. I guess you could just call them long term speculators though 

[marcus_of_augustus]

It is possible that someone who finds themselves in spot of bother and needs to move sizeable money into Bitcoins in an urgent manner due to outside circumstances. They may not have the luxury of time but they have luxury of fiat money .... for now.

""Give me your tired, your poor, your huddled masses yearning to breathe free, the wretched refuse of your teeming shore. Send these, the homeless, tempest-tost to me, I lift my lamp beside the golden door." by Emma Lazarus.


Bitcoin welcomes you with open arms.

[Littleshop]

Speculators is fine, I'm not a fan of hoarders. I guess you could just call them long term speculators though 

Hoarders make the price of bitcoin go up even more then speculators do.