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Author Topic: Group buy for the silkroad auction  (Read 2331 times)
o3u
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June 13, 2014, 12:33:20 AM
Last edit: June 13, 2014, 12:43:28 AM by o3u
 #1

Would there be interest in this?

Right now the terms are:
Required Registration Items:
A manually signed pdf copy of the Bidder Registration Form
A copy of a Government-issued photo ID for the Bidder (or Control Person(s) of Bidder)
$200,000 USD deposit sent by wire transfer originating from a bank located within the United States (please provide receipt of transfer)


So that's a 67$ per coin deposit if these deposits are for bids per "block", before the bidding starts.
Of course it'll end up much higher...


Series   Bitcoins per Block   Blocks Available   Total Bitcoins Available in Series
A   3,000.00000000   9   27,000.00000000
B   2,656.51306529   1   2,656.51306529
Total  
29,656.51306529


edit: 67$ figure assuming the 200k/3k will be the starting price
edit2: apparently in foreclosure auctions in the states 10% of the valuation should be paid as refundable deposit, so 200k would mean a price valuation of 666$ for 3k blocks.
The network tries to produce one block per 10 minutes. It does this by automatically adjusting how difficult it is to produce blocks.
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June 14, 2014, 10:58:48 PM
 #2

I think its very interesting -in principal, but I think too it would be one of the biggest group buys. But I don't know if here are enough people interested in (potential) cheap bitcoins Wink
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June 15, 2014, 02:45:12 AM
 #3

Would there be interest in this?

Right now the terms are:
Required Registration Items:
A manually signed pdf copy of the Bidder Registration Form
A copy of a Government-issued photo ID for the Bidder (or Control Person(s) of Bidder)
$200,000 USD deposit sent by wire transfer originating from a bank located within the United States (please provide receipt of transfer)


So that's a 67$ per coin deposit if these deposits are for bids per "block", before the bidding starts.
Of course it'll end up much higher...


Series   Bitcoins per Block   Blocks Available   Total Bitcoins Available in Series
A   3,000.00000000   9   27,000.00000000
B   2,656.51306529   1   2,656.51306529
Total  
29,656.51306529


edit: 67$ figure assuming the 200k/3k will be the starting price
edit2: apparently in foreclosure auctions in the states 10% of the valuation should be paid as refundable deposit, so 200k would mean a price valuation of 666$ for 3k blocks.
66.6$
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June 15, 2014, 03:11:09 AM
 #4

I am not sure if they will allow representative parties to bid
That said if someone made a 200K deposit on behalf of a group of parties and entered the auction it may be possible to resell them to the ones who wanted these coins.
They would need proof that they are an official bidder in the auction though.

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June 15, 2014, 04:27:45 AM
 #5

I am not sure if they will allow representative parties to bid
That said if someone made a 200K deposit on behalf of a group of parties and entered the auction it may be possible to resell them to the ones who wanted these coins.
They would need proof that they are an official bidder in the auction though.

We're doing exactly this. Take a look https://www.govcoins.com
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June 15, 2014, 06:48:01 AM
 #6

Definitely some opportunity there.  Will be interesting to see what they end up going for.
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June 15, 2014, 09:52:36 AM
 #7

I'm very interested about that.
If I would have +200$k I would buy one block asap but sadly I don't have that kind of money.
But group buy really sounds interesting.
Keep me updated.

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June 15, 2014, 02:49:04 PM
 #8

I'm very interested about that.
If I would have +200$k I would buy one block asap but sadly I don't have that kind of money.
But group buy really sounds interesting.
Keep me updated.
Some people are dreaming too much...you have to deposit 200k to be able to bid. So they can see that you are wealthy enought to bid larger sums. I doubt anyone will be able to buy a 3k bitcoin block for just 200k, rather 1 million +...
ShakyhandsBTCer
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June 15, 2014, 10:43:17 PM
 #9

I'm very interested about that.
If I would have +200$k I would buy one block asap but sadly I don't have that kind of money.
But group buy really sounds interesting.
Keep me updated.
Some people are dreaming too much...you have to deposit 200k to be able to bid. So they can see that you are wealthy enought to bid larger sums. I doubt anyone will be able to buy a 3k bitcoin block for just 200k, rather 1 million +...


The 200k is just the deposit. You still have to pay the full bid amount (likely close to the market price for 3,000 btc
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June 15, 2014, 11:40:40 PM
 #10

The 200k is just the deposit. You still have to pay the full bid amount (likely close to the market price for 3,000 btc

Wouldn't it be the final bid amount + auction fees minus the 200k deposit? Where is a million dollar lottery ticket when you need it!

We're doing exactly this. Take a look https://www.govcoins.com

Is there a min buy in?

Killerloop
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June 16, 2014, 06:39:47 AM
 #11

Is there a min buy in?

5000$, written in the landing page.

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June 17, 2014, 02:30:01 AM
 #12

5000$, written in the landing page.
[/quote]

I didn't see in OP. I see on the website that there has been some pledges is that updated instantly or once the wire transfer is confirmed?

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June 17, 2014, 03:05:43 AM
 #13

5000$, written in the landing page.

I didn't see in OP. I see on the website that there has been some pledges is that updated instantly or once the wire transfer is confirmed?
[/quote]

They are charging a 5% fee if they win and will charge $100 if they do not win.

I am not saying that they are not legitimate but the limited timeframe to submit bids would be a great opportunity to try to pull a scam. 
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June 17, 2014, 04:55:58 AM
 #14

It would be better if the Bitcoin community doesn't buy them, for obvious reasons.
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June 17, 2014, 07:36:53 AM
 #15

It would be better if the Bitcoin community doesn't buy them, for obvious reasons.
wich are this "obvious reasons"? I think that it would be better to don`t let the government have those bitcoins. I wish to belive that whoever will win the auction won`t just dump the coins.
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June 17, 2014, 08:00:24 AM
 #16

Do you guys think the final winning bid is above or below market rate? I think there is a good chance the winning bid is slightly above market rate.  Cool

If an investor wants to buy that much bitcoin in one go on the exchanges, it would pump the price sky high. So bidding an above market rate is actual cheap for him. The bid will then pose a positive effect on the prices on the exchange.

For us, buying bitcoin from the exchanges now would actually be cheaper than participating in the auction.

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June 17, 2014, 08:12:59 AM
 #17

I think it wont be above market. It won`t be a normal auction (one say a price, another say higher). One can bid only once without knowing the others bids. After all the bids are made the higher bid wins. over.
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June 17, 2014, 10:18:27 AM
 #18

I see, so it is not an auction. It is a tender where participants do not know each other's bids. Interesting  Tongue

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June 17, 2014, 04:09:52 PM
 #19

I think it wont be above market. It won`t be a normal auction (one say a price, another say higher). One can bid only once without knowing the others bids. After all the bids are made the higher bid wins. over.

If the price is close to current market price, I believe that would be a very good news, as it would indicate big whales have confidence in bitcoin. Smiley

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June 17, 2014, 04:49:14 PM
 #20

I'd be interested.. I could front about $1k.

Although.. I have very low trust of any human soo  I'll have to talk to the person who is setting this personally.
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