blowin' yer mind right now

[Desolator]

Are you ready to have your minds blown?  I just realized something.  You know how BTC has been going up and up and up?  You know how there's $1.2+ mil in pre-orders at BFL and the initial ones were BTC-only?  Put 2 and 2 together.  As soon as they start to be released, BFL is going to sell off all that BTC and miners are going to sell their BTC again. I think it's gonna fall pretty hard.

If you somehow think this is not true, ummmm, according to MTGoxLive, $1.2 mil USD is exactly 1 shit ton of money

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[tiberiandusk]

If they are using something like BitPay they might just be getting paid in cash. Also, I'm guessing if they did get bitcoins directly they would be selling them as they need money for more product. They wouldn't just dump them all at once.

[crazyates]

It's been known that BFL does not actually get paid in BTC. BTC does not pay employees, rent, utilities, etc.

When you purchase from BFL, you send the coins to Bit-Pay, and Bit-Pay immediately deposits the USD equivalent into BFL's account.

As far as BFL is concerned, they only receive USD.

Now if you want to be all paranoid about someone dropping millions of dollars worth of BTC, you should be keeping an eye on Bit-Pay. But they've had those BTC for a while now, and seem to be pretty legit. In fact, I think they're offering one of the best services possible at this stage of Bitcoin adoption: a simple, easy, and smooth transaction framework for business to accept BTC as a payment method.

[DeathAndTaxes]

As others have pointed out BFL used BitPay but lets pretend for a second they didn't.  What makes you think they wouldn't have just sold the $1.2M in BTC as the preorders came in.  Why would they hoard them up for 6-8 months risking massive price swings and then dump them all on the market all at once to crash the market (and reduce the value of the orders they collected)?

[adamstgBit]

If you somehow think this is not true, ummmm, according to MTGoxLive, $1.2 mil USD is exactly 1 shit ton of money

the past 2 weeks volume was about 3 million each week.
also their was 1 day of trading that generated 3 million of volume

1.2 mil is alot, but it cant cause a major crash, unless the seller is crazy and sells it all in 20 mins.

I bet bitpay was able to make a nice profit selling their coins.

[byronbb]

or bitpay owners represent/are wealthy investors who want to aquire bitcoins without moving the market.

[Cablez]

or bitpay owners represent/are wealthy investors who want to aquire bitcoins without moving the market.

Yes, but they will sell their coins to you in $10000+ chunks. This doesn't sound like manipulation to me.

[Desolator]

I wasn't around at the time so maybe someone else can confirm this but I know they're taking bitpay and paypal and other payments now but their own website FAQ says "Why do you not accept Paypal for your SC line of products?
 We do!  However, in the beginning, we wanted to promote Bitcoin, so the first orders were taken exclusively in Bitcoin."

I dunno that much about bitpay but that doesn't sound like bitpay.

[jwzguy]

Friendly advice: do a lot more reading and a lot less assuming.

[MrTeal]

I wasn't around at the time so maybe someone else can confirm this but I know they're taking bitpay and paypal and other payments now but their own website FAQ says "Why do you not accept Paypal for your SC line of products?
 We do!  However, in the beginning, we wanted to promote Bitcoin, so the first orders were taken exclusively in Bitcoin."

I dunno that much about bitpay but that doesn't sound like bitpay.

It was BitPay. There were even press releases by BitPay on the event.

[adamstgBit]

or bitpay owners represent/are wealthy investors who want to aquire bitcoins without moving the market.

bitpay went on this forum and said  "look at the ask walls, that's us trying to sell off the coins from BLF, get it while its hot!"

or something to that effect.

I really don't think bitpay holds on to the bitcoins they get.

maybe a little...

[Desolator]

Of course they dont...they're digital, you can't hold them, rofl.  Anyway, didn't know that I guess instead of we're accepting payment in BTC only to support the system, they really meant they're likely taking money from bitpay to force people to use their system and getting USD as the end result regardless well, asian chip-making labs don't take bitcoins so I could kinda see that, lol.

[julz]

Are you ready to have your minds blown?  I just realized something.  

Mind blown!

You know how BTC has been going up and up and up?  You know how there's $1.2+ mil in pre-orders at BFL and the initial ones were BTC-only?  Put 2 and 2 together.  As soon as they start to be released, BFL is going to sell off all that BTC and miners are going to sell their BTC again. I think it's gonna fall pretty hard.

If you somehow think this is not true, ummmm, according to MTGoxLive, $1.2 mil USD is exactly 1 shit ton of money

Oh.. false alarm :/


I've bought a few pieces of mining equipment for bitcoin. I've never felt the need to sell BTC after getting them running.  I mine to support the network and to protect my BTC investment. Break even on the equipment cost is an aim - but as long as it's close I'm pretty cool with it.

While I'm sure there are a few people who have outlayed so much on mining FPGAs / ASICs  (or have such high electricity expenses)  that they need to sell a large slice or all of the BTC they mine; I don't assume that this is true for the majority of miners.  There may be many people for whom the cost of mining rigs is relatively small and who mine to add security to the network (whilst increasing their BTC savings) so are in no rush to convert their mined BTC to some other currency.

[VeeMiner]

great, I'm gonna buy me some BTC once they go down