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Author Topic: Buy your BFL bitcoins back from BitPay  (Read 12385 times)
BitPay Business Solutions
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June 25, 2012, 04:02:47 AM
 #1

To all of you that purchased an ASIC miner with bitcoins, first of all thank you!

It's been a great test of our Merchant Service for bitcoin, and we are happy to report that everything has been operating smoothly.

Some of you tried to pay your invoice from an exchange or mining pool, and it took a while for that entity to actually send the transaction.  if this happened to you and your invoice expired before the payment had been sent, please contact me.

If anyone is interested in buying their bitcoins back, we have quite a bit to sell.  

I currently have them listed on 4 exchanges, but if you want to work a private deal for $10k or more, contact me directly.

Coins are listed on Mt. Gox, Bitfloor, CampBX, and BitStamp.

Thanks again for using the service.  We have many improvements coming soon!

BitPay : The World Leader in Bitcoin Business Solutions

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fcmatt
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June 25, 2012, 04:43:06 AM
 #2

Why don't you just sell the bitcoins at the exchanges all at once?
Are the bids really that pathetic you would take a pretty big loss if you sold all at once on most
exchanges?

I guess I am confused.
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June 25, 2012, 04:47:01 AM
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Why don't you just sell the bitcoins at the exchanges all at once?
Are the bids really that pathetic you would take a pretty big loss if you sold all at once on most
exchanges?

I guess I am confused.
Assuming how much they sell, they'd most likely try to make a tiny bit of profit without taking a huge loss.

My guess is they don't want the price to raise or fall too much too fast to cause any panic.

BitPay Business Solutions
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June 25, 2012, 04:49:02 AM
 #4

Why don't you just sell the bitcoins at the exchanges all at once?
Are the bids really that pathetic you would take a pretty big loss if you sold all at once on most
exchanges?

I guess I am confused.
Assuming how much they sell, they'd most likely try to make a tiny bit of profit without taking a huge loss.

My guess is they don't want the price to raise or fall too much too fast to cause any panic.

if I sold everything with a market order, it would wipe out every exchange except Mt Gox, and it would push the Gox price below $6.  That's not a good idea.

BitPay : The World Leader in Bitcoin Business Solutions

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NothinG
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June 25, 2012, 04:52:06 AM
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Why don't you just sell the bitcoins at the exchanges all at once?
Are the bids really that pathetic you would take a pretty big loss if you sold all at once on most
exchanges?

I guess I am confused.
Assuming how much they sell, they'd most likely try to make a tiny bit of profit without taking a huge loss.

My guess is they don't want the price to raise or fall too much too fast to cause any panic.

if I sold everything with a market order, it would wipe out every exchange except Mt Gox, and it would push the Gox price below $6.  That's not a good idea.
That's what I was thinking.
I think the mark to drop Mt.Gox down a $1 is a little over $500k (haven't checked in a while, my best guess).

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June 25, 2012, 04:53:04 AM
 #6

Dont u risk losing even more money if the price continues to slip?
I guess i thought your type of business would sell most btc ibstantly as they came in to pay
The company which is using merchant services...

Maybe go out of biz if not careful? Or huge loss.

Typing on tablet.
BoardGameCoin
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June 25, 2012, 04:54:02 AM
 #7

Why not limit-order then? I guess you want to close the deal sooner than you can guarantee. Where roughly do we have to be to do a face-to-face exchange?

-bgc

NothinG: last time I checked it takes $945k to knock price down to $2 USDBTC

I'm selling great Minion Games like The Manhattan Project, Kingdom of Solomon and Venture Forth at 4% off retail starting June 2012. PM me or go to my thread in the Marketplace if you're interested.

For Settlers/Dominion/Carcassone etc., I do email gift cards on Amazon for a 5% fee. PM if you're interested.
NothinG
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June 25, 2012, 04:54:11 AM
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Dont u risk losing even more money if the price continues to slip?
I guess i thought your type of business would sell most btc ibstantly as they came in to pay
The company which is using merchant services...

Maybe go out of biz if not careful? Or huge loss.

Typing on tablet.
That's the risk that has to be taken to protect the market from such a crash.

@BoardGameCoin, Just checked and it's about $350k to drop it down $1.

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June 25, 2012, 04:57:30 AM
 #9

we are selling continuously.

Weekends are tough on the exchanges because only sell-side liquidity can be added to the market. 

Buy-side liquidity can only be added during weekdays.

Monday will be a more normal trading environment.



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mrb
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June 25, 2012, 04:59:03 AM
 #10

if I sold everything with a market order, it would wipe out every exchange except Mt Gox, and it would push the Gox price below $6.  That's not a good idea.

That means BFL collected at least 46k BTC of pre-orders, in 24 hours. Interesting, that's actually not as much as I expected...

http://bitcoincharts.com/markets/mtgoxUSD_depth.html
BoardGameCoin
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June 25, 2012, 05:00:47 AM
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@BoardGameCoin, Just checked and it's about $350k to drop it down $1.

I had also just checked, via btccharts.com. So I'm curious how we got different numbers? I'd like to get to the bottom of this because I care alot about fidelity of information. Thanks!

Additionally, mtgoxlive.com shows > $400k necessary to push it down to $5.

-bgc

I'm selling great Minion Games like The Manhattan Project, Kingdom of Solomon and Venture Forth at 4% off retail starting June 2012. PM me or go to my thread in the Marketplace if you're interested.

For Settlers/Dominion/Carcassone etc., I do email gift cards on Amazon for a 5% fee. PM if you're interested.
fatigue
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June 25, 2012, 05:03:20 AM
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@BoardGameCoin, Just checked and it's about $350k to drop it down $1.

I had also just checked, via btccharts.com. So I'm curious how we got different numbers? I'd like to get to the bottom of this because I care alot about fidelity of information. Thanks!

Additionally, mtgoxlive.com shows > $400k necessary to push it down to $5.

-bgc

Either way, 46k btc almost gets it there o.O
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June 25, 2012, 05:10:04 AM
 #13

+ bank transfers for bfl

the joint
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June 25, 2012, 05:13:00 AM
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Bit-Pay is a true bro.  I'm very happy to see you're being so responsible about this unique scenario.

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June 25, 2012, 05:25:35 AM
 #15

Bit-Pay is a true bro.  I'm very happy to see you're being so responsible about this unique scenario.

Thank you!  getting this much volume on a Sunday is definitely not a normal scenario.

As much as I personally would love to buy some bitcoins below $6, I'm not going to crash the market with BFL's money do to that.



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bitlane
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June 25, 2012, 05:51:36 AM
 #16

if I sold everything with a market order, it would wipe out every exchange except Mt Gox, and it would push the Gox price below $6.  That's not a good idea.

Thank you for being vigilant and with this claim, re-establishing your company again (and again) as a TRUE Bitcoin supporter (and believer) and for taking the time to 'ride out the marketplace' rather than simply dump, which I am more than certain would have been the case if BFL were left to manage all of the Bitcoins spent without you as an intermediary.

Thumbs Up !

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June 25, 2012, 05:53:23 AM
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Bit-Pay is a true bro.  I'm very happy to see you're being so responsible about this unique scenario.

Thank you!  getting this much volume on a Sunday is definitely not a normal scenario.

As much as I personally would love to buy some bitcoins below $6, I'm not going to crash the market with BFL's money do to that.




Hang on. You paid bfl for the coins already right? That is what your service is. Or are you just brokering the sale of the coins and then paying bfl?
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June 25, 2012, 05:54:55 AM
 #18

Hang on. You paid bfl for the coins already right? That is what your service is. Or are you just brokering the sale of the coins and then paying bfl?

Considering that it is a Sunday, and banks are closed, I have not transferred any funds yet to BFL. 

Banks are only open Monday thru Friday in the US.

BitPay : The World Leader in Bitcoin Business Solutions

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Does your website accept bitcoins?
mrb
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June 25, 2012, 06:03:23 AM
 #19

Have you considered running your own exchange? Perhaps this would be a natural evolution of your business, instead of relying on 3rd party exchanges.

Just like MtGox started as an exchange, and evolved to also offer a Bitcoin merchant transaction platform.
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June 25, 2012, 06:07:39 AM
 #20

Have you considered running your own exchange? Perhaps this would be a natural evolution of your business, instead of relying on 3rd party exchanges.

Just like MtGox started as an exchange, and evolved to also offer a Bitcoin merchant transaction platform.


We have considered it, and decided not to pursue it.   We don't have any experience running an exchange.  Its best to outsource that to people who do it for a living.  We want to stay focused on the one thing we do best, and go vertical with it.  Sky high if possible.

We are very happy with the service provided by Bitfloor and CampBX here in the US.  These guys know what they are doing and run a solid business.  They just need more buyers.

Take a look at the depth charts to see what I mean

Camp BX


Bitfloor


BitPay : The World Leader in Bitcoin Business Solutions

https://bitpay.com

Does your website accept bitcoins?
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