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[Devin Chow]

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[wobber]

but 30,000 BTC is.

[twiifm]

Does anyone here really think people that are managing $100s of millions, or even billions, care about overpaying by $12 million?

Especially considering the PRESS that this would garner?

Imagine the headline, "SILK ROAD BITCOIN SELLS FOR DOUBLE MARKET VALUE AT USMS AUCTION" It would make every single major newspaper, no doubt.

They'd recoup their investment in a day.

As much as people here say, "SMART MONEY" doesn't over pay, that's just bullshit.

Large investor firms don't give a shit about counting pennies. In the end, they are playing with other people's money. They aren't going to nickle and dime.

$30,000,000, or something close to it, was the price paid. I'm going to bump this thread when it comes out.

After all, wtf do guys like Richard Branson care about that $12,000,000 more? The sheer novelty is worth more than that.

You're a dumbass.   The point is to buy low and sell high.   Not over pay and wait for price to go above your buying price

If someone did buy above market price they're equally dumb as you

[lay785]

sorry to crush your dreams of becoming rich, but no.

[Malin Keshar]

will the prices be published? I mean, are the buyers forbidden to reveal the buy price and their identities, or we can expect an announcement about the buyer and buy price at any moment?

[twiifm]

https://www.youtube.com/watch?v=tMe3WDmxBEI&feature=youtube_gdata_player

It's so obvious you've never been involved in any sort of business, ever. Nobody ever pays a premium?

What are you, 17?

Yes, the hedge fund manager that just spent $30 Million is stupid. You should call him up and set him straight with your wisdom derived by a bachelors degree in business administration from Who Gives A Fuck University.

Pick any stock.   Overpay by any premium you want.   Now pat yourself on the back for being an astute investor. 

This is how idiotic you sound.   If any hedge fund does the same they equally stupid.

[twiifm]

Pick any stock.   Overpay by any premium you want.   Now pat yourself on the back for being an astute investor. 

This is how idiotic you sound.   If any hedge fund does the same they equally stupid.

Wow, quite the analogy!

Keep showing those cards. Your lack of....well, everything is shining bright!

You should ask for a refund for your college tuition because you obviously gained nothing.

Tsk tsk.   Using the same ad hominem twice because your logic is failing you

Come on man,  I know you can troll better than that.   

I've got 100 bitcoins you can buy for 150 bitcoins.   Better yet make it 200 even.   According to your logic the more premium is paid the more its worth.

[twiifm]

Whatever you say, Mr. DUMBASS!

The price went over market. Accept it.

You don't have 100 BTC, and you never will have the means to acquire them with your inferior business acumen.

Now get off my thread, fatty.

Just cause someone is dumb enough to overpay the market price doesn't negate the logic that its dumb to overpay.

I don't need 100btcs to sell you for 150.  You send me 150 and I send  100 in return.

Try using logic instead of ad hominems you twerp.   Thats why stupid it is to overpay the market price

[cosmicapex]

Whatever you say, Mr. DUMBASS!

The price went over market. Accept it.

You don't have 100 BTC, and you never will have the means to acquire them with your inferior business acumen.

Now get off my thread, fatty.

Just cause someone is dumb enough to overpay the market price doesn't negate the logic that its dumb to overpay.

I don't 100btcs to sell you for 150.  You send me 150 and I send  100 in rerurn.

Try using logic instead of ad hominems you twerp.   Thats how stupid it is to overpay the market price

Don't forget that trying to buy 30k BTC on an exchange would certainly influence the price before you're done picking them all up (I believe the term for this is "slippage" but I could be wrong).  If you look at it from the perspective of the average price you're paying for those BTC against the price BTC was at the time you started buying, you're going to pay more per coin that what the market price was when you started; in other words, overpaying was always necessary IMO.

Now, overpaying by 66% seems like a bit much, but it's not unreasonable.  I'd wager between 700-800 is going to be closer to reality.  We do see overpaying as a legit strategy in other areas, such as sports teams (not comparable to currencies but it's hard to compare Bitcoin to anything accurately). 

Ballmer paying 2 billion for the Clippers, Jeffery Laurie and the Eagles, etc is obviously so different because there's only 30~ sports team in each pro league, but the concept works there, and can work here too.

[piramida]

Some hedge fund could have thrown close to $30 million at these coins to ensure they won and not even bat an eye.

Hell, they could have thrown 200 million at these coins - thats $7000 per coin right there!

[transient858]

Some hedge fund could have thrown close to $30 million at these coins to ensure they won and not even bat an eye.

Hell, they could have thrown 200 million at these coins - thats $7000 per coin right there!

200m is probably small if you are talking wall street money.

[twiifm]

Some hedge fund could have thrown close to $30 million at these coins to ensure they won and not even bat an eye.

Hell, they could have thrown 200 million at these coins - thats $7000 per coin right there!

200m is probably small if you are talking wall street money.

Wall Street is all about TO DA MOON!   They're hedging their dirty fiat.   USD is gonna collapse anyways because crooked banksters printing money.

Every successful investor knows  knows you don't  buy low sell high.   You buy high and sell higher.   That's how greater fool theory works. Didn't you learn anything in school?

[Tzupy]

Does anyone here really think people that are managing $100s of millions, or even billions, care about overpaying by $12 million?
...

You probably don't personally know any filthy rich people. Believe me, they care about that kind of sums, that's how they built their wealth.
And 12M$ wouldn't have been worth the advertising he got. He probably bid a bit over market price, and won since all others bid well below.

[Tzupy]

Well, if you have a filthy rich friend, ask him what he thinks about the matter. Would he overpay so much?

[twiifm]

Does anyone here really think people that are managing $100s of millions, or even billions, care about overpaying by $12 million?
...

You probably don't personally know any filthy rich people. Believe me, they care about that kind of sums, that's how they built their wealth.
And 12M$ wouldn't have been worth the advertising he got. He probably bid a bit over market price, and won since all others bid well below.

I realize you stay wealthy by being cheap. I understand that. I have a close personal friend that is worth in the $10's of Millions. Incredibly frugal and modest person. Not that $10's of millions is filthy rich.

But I also understand the importance of recognizing value and paying accordingly.

Because recognizing value means overpaying the MARKET PRICE

[criptix]

Does anyone here really think people that are managing $100s of millions, or even billions, care about overpaying by $12 million?
...

You probably don't personally know any filthy rich people. Believe me, they care about that kind of sums, that's how they built their wealth.
And 12M$ wouldn't have been worth the advertising he got. He probably bid a bit over market price, and won since all others bid well below.

well if you lose 1 cent today, would you be sad? probaly not, because u still have 10 thousands of $ still somewhere.

if you lose 20 million now if you had 10 billions of $, would you be sad?

[twiifm]

Dear twiifm,

http://www.followthecoin.com/tim-draper-press-conference-winning-silk-road-auction/

skip to: 25:19

"What I was really thinking was..five years from today...it's gonna be worth a lot more or a lot less. That was really my thinking. So I wasn't really obsessing about whether day-to-day this was going to be a good investment. I'm not a trader...I'm a long term investor."

RIGHT from the horse's mouth.

What a stupid fucking horse.

Ooh you got me.  I am defeated

Go ahead and pat yourself on the back.  You deserve it

[SirChiko]

Dear twiifm,

http://www.followthecoin.com/tim-draper-press-conference-winning-silk-road-auction/

skip to: 25:19

"What I was really thinking was..five years from today...it's gonna be worth a lot more or a lot less. That was really my thinking. So I wasn't really obsessing about whether day-to-day this was going to be a good investment. I'm not a trader...I'm a long term investor."

RIGHT from the horse's mouth.

What a stupid fucking horse.

Ooh you got me.  I am defeated

Go ahead and pat yourself on the back.  You deserve it

Is it even worth watching it? I don't want to...did he say how mutch did he pay?

[twiifm]

Dear twiifm,

http://www.followthecoin.com/tim-draper-press-conference-winning-silk-road-auction/

skip to: 25:19

"What I was really thinking was..five years from today...it's gonna be worth a lot more or a lot less. That was really my thinking. So I wasn't really obsessing about whether day-to-day this was going to be a good investment. I'm not a trader...I'm a long term investor."

RIGHT from the horse's mouth.

What a stupid fucking horse.

Ooh you got me.  I am defeated

Go ahead and pat yourself on the back.  You deserve it

That's what risk is.

No risk, no reward. This guy is more qualified to make that call than you.

I'm gonna go get my penis wet now. Enjoy your night. :-)

What call did I make?  What I said is its dumb to pay over the market price.  I don't even care about this guy.  I was making fun of people who thought the bids were $900 and trying to find justification for it

You don't even know how much he paid.  He could have bid the market price while everyone else low balled it for all you know.