FBI U.S. Marshals Auction Prices Leaked! (Bullish)

[kokojie]

I understand there are a lot of fees involved when buying that many Bitcoins, but $274 worth of fees per Bitcoin?

That would mean they paid $39,549,708 over market value.....

It doesn't make any sense. I expected them to go higher than market value due to fees of buying that much Bitcoin, but $274 per Bitcoin is a little much.

I could of bought them that many Bitcoins and only taken a $100 per Bitcoin cut ($14,434,200.)  

I guess you need to take into account of how buying this much Bitcoin would affect the market, but damn that seems like a lot.

No, actually you can't, if I gave you $20m right now and ask you to return me 32000 BTC in a week, you can't do it on open exchange without pushing the price up to $800-$900 level.

[QuestionAuthority]

I understand there are a lot of fees involved when buying that many Bitcoins, but $274 worth of fees per Bitcoin?

That would mean they paid $39,549,708 over market value.....

It doesn't make any sense. I expected them to go higher than market value due to fees of buying that much Bitcoin, but $274 per Bitcoin is a little much.

I could of bought them that many Bitcoins and only taken a $100 per Bitcoin cut ($14,434,200.)  

I guess you need to take into account of how buying this much Bitcoin would affect the market, but damn that seems like a lot.

No, actually you can't, if I gave you $20m right now and ask you to return me 32000 BTC in a week, you can't do it on open exchange without pushing the price up to $800-$900 level.

That's true but why would you want that many btc at once? Spending spree at overstock?

If you want to hoard that many buy them slowly over a few weeks time and pay no markup over spot.

[Light]

That's true but why would you want that many btc at once? Spending spree at overstock?

If you want to hoard that many buy them slowly over a few weeks time and pay no markup over spot.

Yeah, given that Bitstamp itself deals with 17,000+ BTC a day, it shouldn't be too hard to buy a thousand a day at market price over the course of the month. Given that your giving your details to the government anyway with the US marshal's auction, I don't see how that would be much different than giving the necessary documentation to an exchange for AML/KYC purposes. Unless of course you don't trust the exchange...

[WoopDeBoop]

Second market have already said that some of their bids were market value -10%

So they went for at least market value -9% on that day which was $570 - $51.3 = approx $520

At an absolute minimum.

$520 is the minimum this bidder bid, and for them to be 1% over the next highest bidder on every block seems unlikely, but that remains the absolute minimum they could have paid.

[Ron~Popeil]

Second market have already said that some of their bids were market value -10%

So they went for at least market value -9% on that day which was $570 - $51.3 = approx $520

At an absolute minimum.

$520 is the minimum this bidder bid, and for them to be 1% over the next highest bidder on every block seems unlikely, but that remains the absolute minimum they could have paid.

Which is good news for us. They won't be dumping them on the market looking to make an immediate profit.

[freedomno1]

Yep if the spread is market less 9 % that means that at minimum its above that price if not at market or a premium
Still a few outcomes on this one either way I hope that we find out instead of being left to wait in the dark for a month or two
Sooner is better ^_^

[kokojie]

I understand there are a lot of fees involved when buying that many Bitcoins, but $274 worth of fees per Bitcoin?

That would mean they paid $39,549,708 over market value.....

It doesn't make any sense. I expected them to go higher than market value due to fees of buying that much Bitcoin, but $274 per Bitcoin is a little much.

I could of bought them that many Bitcoins and only taken a $100 per Bitcoin cut ($14,434,200.)  

I guess you need to take into account of how buying this much Bitcoin would affect the market, but damn that seems like a lot.

No, actually you can't, if I gave you $20m right now and ask you to return me 32000 BTC in a week, you can't do it on open exchange without pushing the price up to $800-$900 level.

That's true but why would you want that many btc at once? Spending spree at overstock?

If you want to hoard that many buy them slowly over a few weeks time and pay no markup over spot.

There's a ton of reasons, for example there's currently several ETN trying to launch on wall street, and all of them will need a ton of BTC reserves on hand to start their operations. Or maybe just some rich guy thinking BTC price will explode in the coming weeks and trying to get in as soon as possible, and he might be right (or wrong).

[QuestionAuthority]

I understand there are a lot of fees involved when buying that many Bitcoins, but $274 worth of fees per Bitcoin?

That would mean they paid $39,549,708 over market value.....

It doesn't make any sense. I expected them to go higher than market value due to fees of buying that much Bitcoin, but $274 per Bitcoin is a little much.

I could of bought them that many Bitcoins and only taken a $100 per Bitcoin cut ($14,434,200.)  

I guess you need to take into account of how buying this much Bitcoin would affect the market, but damn that seems like a lot.

No, actually you can't, if I gave you $20m right now and ask you to return me 32000 BTC in a week, you can't do it on open exchange without pushing the price up to $800-$900 level.

That's true but why would you want that many btc at once? Spending spree at overstock?

If you want to hoard that many buy them slowly over a few weeks time and pay no markup over spot.

There's a ton of reasons, for example there's currently several ETN trying to launch on wall street, and all of them will need a ton of BTC reserves on hand to start their operations. Or maybe just some rich guy thinking BTC price will explode in the coming weeks and trying to get in as soon as possible, and he might be right (or wrong).

If there is any markup at all to these coins he could have saved money by buying them slowly at multiple exchanges with not much more time than they waited for the bid date. The only reason to bid at all is to either get screwed or buy below spot.

[QuestionAuthority]

If there is any markup at all to these coins he could have saved money by buying them slowly at multiple exchanges with not much more time than they waited for the bid date. The only reason to bid at all is to either get screwed or buy below spot.

These are now 100% Clean Bitcoins in the eyes of US - almost like a new minted bitcoin that you just mined - no future questions at all.

Who cares what the government thinks and we don't have blacklisting so it doesn't matter.

[DannyElfman]

If there is any markup at all to these coins he could have saved money by buying them slowly at multiple exchanges with not much more time than they waited for the bid date. The only reason to bid at all is to either get screwed or buy below spot.

These are now 100% Clean Bitcoins in the eyes of US - almost like a new minted bitcoin that you just mined - no future questions at all.

Since bitcoin is fungible any coins are just as good as any other coins. The only exception would be freshly "minted" (mined) coins that have not matured yet. 

[Coin_Master]

That's true but why would you want that many btc at once? Spending spree at overstock?

If you want to hoard that many buy them slowly over a few weeks time and pay no markup over spot.

It should be obvious why BlackRock / Pantera Capital would want to buy "verifiably clean" bitcoins.
DannyElfman's assertion that "Since bitcoin is fungible any coins are just as good as any other coins" is misguided.
What happens when BlackRock "the world’s largest asset manager" with more than $4.32 Trillion US dollars under management pushes the issue, and Wall Street Investors demand "verifiably clean" bitcoins?
Who wants to be associated with "criminal activities" and "terrorists" using unqualified coins?
Wake up and smell the coffee man

[freedomno1]

Well I watched the press conference video
From that all I know is that he outbid the other bidders so I guess two ways to approach it
1. Ask what other people bid for that lost
2. Get him to spill the beans 

[beetcoin]

i remember there was some guy who wanted to "mark" good bitcoins and kind of cause a fork.. well, i don't see that really happening with the cooperation of the government, since the US marshals sold silk road coins.

[keithers]

I dont buy it. The numbers are too round and too high

[QuestionAuthority]

That's true but why would you want that many btc at once? Spending spree at overstock?

If you want to hoard that many buy them slowly over a few weeks time and pay no markup over spot.

It should be obvious why BlackRock / Pantera Capital would want to buy "verifiably clean" bitcoins.
DannyElfman's assertion that "Since bitcoin is fungible any coins are just as good as any other coins" is misguided.
What happens when BlackRock "the world’s largest asset manager" with more than $4.32 Trillion US dollars under management pushes the issue, and Wall Street Investors demand "verifiably clean" bitcoins?
Who wants to be associated with "criminal activities" and "terrorists" using unqualified coins?
Wake up and smell the coffee man

I won't really care what happens to Bitcoin at that point because I will have moved on to another crypto-currency.

[BurtW]

I dont buy it. The numbers are too round and too high

Are you talking about the OP?  Obviously the OP is just a steaming pile of trollshit.

[gjgjg]

Well I watched the press conference video
From that all I know is that he outbid the other bidders so I guess two ways to approach it
1. Ask what other people bid for that lost
2. Get him to spill the beans 

Well, I read on a number of places that he spent ~18mil$ on the 30k coins, so that comes to about $600 per coin - about 10% more than the market value on the same day as the auction

now i hope the cheap ass bidders who lost are spending their unspent money on the exchanges buying BTC the old fashioned way

[keithers]

Well I watched the press conference video
From that all I know is that he outbid the other bidders so I guess two ways to approach it
1. Ask what other people bid for that lost
2. Get him to spill the beans  

Well, I read on a number of places that he spent ~18mil$ on the 30k coins, so that comes to about $600 per coin - about 10% more than the market value on the same day as the auction

now i hope the cheap ass bidders who lost are spending their unspent money on the exchanges buying BTC the old fashioned way

$18 mill is a more reasonable number. Reuters was reporting that I believe.  That sounds about right for a purchase of that many coins.   Slight discount, but nothing atrocious...

[Ron~Popeil]

That's true but why would you want that many btc at once? Spending spree at overstock?

If you want to hoard that many buy them slowly over a few weeks time and pay no markup over spot.

It should be obvious why BlackRock / Pantera Capital would want to buy "verifiably clean" bitcoins.
DannyElfman's assertion that "Since bitcoin is fungible any coins are just as good as any other coins" is misguided.
What happens when BlackRock "the world’s largest asset manager" with more than $4.32 Trillion US dollars under management pushes the issue, and Wall Street Investors demand "verifiably clean" bitcoins?
Who wants to be associated with "criminal activities" and "terrorists" using unqualified coins?
Wake up and smell the coffee man

Do investors in money market accounts demand clean currency? Do forex traders only buy and sell "clean" currency? Currency is currency is currency. 

[cp1]

I think whenever you put currency into wall street's hands it automatically becomes dirty.