Gold collapsing. Bitcoin UP.

[Melbustus]

Auction won by a single bidder: https://twitter.com/paulvigna/status/484074892946837504

It's probably worth noting that if USMS ends up auctioning off the rest of their BTC holdings, there's now a confirmed pool of willing but empty-handed bidders waiting.

[smoothie]

Auction won by a single bidder: https://twitter.com/paulvigna/status/484074892946837504

It's probably worth noting that if USMS ends up auctioning off the rest of their BTC holdings, there's now a confirmed pool of willing but empty-handed bidders waiting.

Which means they had to have paid much higher than any of the other bidders were willing. Which I would guess would be 10-20% over spot. So they probably paid 30% or more easily.

[FNG]

hey FNG,

what do you think will happen when Bitcoin catches gold for the 2nd time? 

I'm guessing it will keep going higher..maybe 5 figures before the next pause. Who knows. Bitcoin is market driven and thinly traded..an influx of even a relatively small amount drives it fiercely upwards. Gold is a different beast. Gold is in competition with the $ for the value role on central bank balance sheets. I don't know when that battle will get into full swing.

[okthen]

Auction won by a single bidder: https://twitter.com/paulvigna/status/484074892946837504

It's probably worth noting that if USMS ends up auctioning off the rest of their BTC holdings, there's now a confirmed pool of willing but empty-handed bidders waiting.

It's really weird that they released that information though.
If they say they won't reveal the winners to the public, I'd assume they wouldn't reveal any info at all...
Let's see what's their source.

[kodtycoon]

Auction won by a single bidder: https://twitter.com/paulvigna/status/484074892946837504

It's probably worth noting that if USMS ends up auctioning off the rest of their BTC holdings, there's now a confirmed pool of willing but empty-handed bidders waiting.

It's really weird that they released that information though.
If they say they won't reveal the winners to the public, I'd assume they wouldn't reveal any info at all...
Let's see what's their source.

on coindesk it quotes the usum or what ever it is that sold the btc as saying it. so source is legit.

[okthen]

Auction won by a single bidder: https://twitter.com/paulvigna/status/484074892946837504

It's probably worth noting that if USMS ends up auctioning off the rest of their BTC holdings, there's now a confirmed pool of willing but empty-handed bidders waiting.

It's really weird that they released that information though.
If they say they won't reveal the winners to the public, I'd assume they wouldn't reveal any info at all...
Let's see what's their source.

on coindesk it quotes the usum or what ever it is that sold the btc as saying it. so source is legit.

Oh I hadn't seen it on Coindesk, duh.
Thanks for the heads up!

[thezerg]

Auction won by a single bidder: https://twitter.com/paulvigna/status/484074892946837504

It's probably worth noting that if USMS ends up auctioning off the rest of their BTC holdings, there's now a confirmed pool of willing but empty-handed bidders waiting.

It's really weird that they released that information though.
If they say they won't reveal the winners to the public, I'd assume they wouldn't reveal any info at all...
Let's see what's their source.

USMS only confirmed info that the bidders could have determined to a high probability if they started swapping stories.  Probably to head off "they didn't really sell em!"  conspiracy theories...

[kodtycoon]

Auction won by a single bidder: https://twitter.com/paulvigna/status/484074892946837504

It's probably worth noting that if USMS ends up auctioning off the rest of their BTC holdings, there's now a confirmed pool of willing but empty-handed bidders waiting.

It's really weird that they released that information though.
If they say they won't reveal the winners to the public, I'd assume they wouldn't reveal any info at all...
Let's see what's their source.

USMS only confirmed info that the bidders could have determined to a high probability if they started swapping stories.  Probably to head off "they didn't really sell em!"  conspiracy theories...

maybe they didnt?

[zeetubes]

Auction won by a single bidder: https://twitter.com/paulvigna/status/484074892946837504

It's probably worth noting that if USMS ends up auctioning off the rest of their BTC holdings, there's now a confirmed pool of willing but empty-handed bidders waiting.

It's really weird that they released that information though.
If they say they won't reveal the winners to the public, I'd assume they wouldn't reveal any info at all...
Let's see what's their source.

USMS only confirmed info that the bidders could have determined to a high probability if they started swapping stories.  Probably to head off "they didn't really sell em!"  conspiracy theories...

maybe they didnt?

I wonder if any central banks/countries used a proxy to bid for the coins.

[marcus_of_augustus]

Peter R.

From the feedback control theory perspective, bitcoin seems to represent a pole in the right half-plane of the world's monetary system.

... this was gold

For those who didn't study control theory http://en.wikipedia.org/wiki/Nyquist_stability_criterion ...

[justusranvier]

Peter R.

From the feedback control theory perspective, bitcoin seems to represent a pole in the right half-plane of the world's monetary system.

... this was gold

For those who didn't study control theory http://en.wikipedia.org/wiki/Nyquist_stability_criterion ...

Speaking of feedback control theory, it's too bad Satoshi didn't have more experience in that area. If he'd ever tuned a PID controller, then maybe the difficulty formula would have included both a P and an I term.

Not that 8 minutes block intervals are necessarily a bad thing, of course.

[marcus_of_augustus]

Peter R.

From the feedback control theory perspective, bitcoin seems to represent a pole in the right half-plane of the world's monetary system.

... this was gold

For those who didn't study control theory http://en.wikipedia.org/wiki/Nyquist_stability_criterion ...

Speaking of feedback control theory, it's too bad Satoshi didn't have more experience in that area. If he'd ever tuned a PID controller, then maybe the difficulty formula would have included both a P and an I term.

Not that 8 minutes block intervals are necessarily a bad thing, of course.

Maybe he did and decided that "perfect" is the enemy of the "good enough for now"? ... and pull requests on tangible improvements can theoretically still make it through the political scrum on github/bitcoin?

[cypherdoc]

Draper taking the bitcoin overseas sends a dual message.

1. More opportunity away from the US
2. he keeps them outside the jurisdiction of the US gov't

[cypherdoc]

Draper's  probably headed to Argentina.

[Bagatell]

Draper's  probably headed to Argentina.

Or Bulgaria. In fact any number of countries with "weakening currencies".

[cypherdoc]

"Of course, no one is totally secure in holding their own country’s currency. We want to enable people to hold and trade bitcoin to secure themselves against weakening currencies."

~21M USD - - > 30000 BTC = LOL

[kehtolo]

Draper's  probably headed to Argentina.

Or Bulgaria. In fact any number of countries with "weakening currencies".

Interesting that you mentioned Bulgaria, as I was just about to post an article about bank runs there.

http://www.economist.com/blogs/economist-explains/2014/07/economist-explains

It seems that they have not actually been caused by economics, but by a shadowy campaign of scaremongering..
'But still.. people will fear, as they remember previous crashes and bank runs in the 90's

[cypherdoc]

Boom

[Pruden]

"Of course, no one is totally secure in holding their own country’s currency. We want to enable people to hold and trade bitcoin to secure themselves against weakening currencies."

Sounds like Thiel, the founder of PayPal, 15 years ago. We know how that turned out. 

[Melbustus]

"Of course, no one is totally secure in holding their own country’s currency. We want to enable people to hold and trade bitcoin to secure themselves against weakening currencies."

Sounds like Thiel, the founder of PayPal, 15 years ago. ...

Yeah, it really does. Too bad Byzantine Fault Tolerance wasn't solved until 2008.