Bitcoin Forum
March 29, 2024, 11:53:46 PM *
News: Latest Bitcoin Core release: 26.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1] 2 3 »  All
  Print  
Author Topic: Buy your BFL bitcoins back from BitPay  (Read 13236 times)
BitPay Business Solutions (OP)
Hero Member
*****
Offline Offline

Activity: 742
Merit: 500


View Profile WWW
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

https://bitpay.com

Does your website accept bitcoins?
1711756426
Hero Member
*
Offline Offline

Posts: 1711756426

View Profile Personal Message (Offline)

Ignore
1711756426
Reply with quote  #2

1711756426
Report to moderator
1711756426
Hero Member
*
Offline Offline

Posts: 1711756426

View Profile Personal Message (Offline)

Ignore
1711756426
Reply with quote  #2

1711756426
Report to moderator
TalkImg was created especially for hosting images on bitcointalk.org: try it next time you want to post an image
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
1711756426
Hero Member
*
Offline Offline

Posts: 1711756426

View Profile Personal Message (Offline)

Ignore
1711756426
Reply with quote  #2

1711756426
Report to moderator
1711756426
Hero Member
*
Offline Offline

Posts: 1711756426

View Profile Personal Message (Offline)

Ignore
1711756426
Reply with quote  #2

1711756426
Report to moderator
1711756426
Hero Member
*
Offline Offline

Posts: 1711756426

View Profile Personal Message (Offline)

Ignore
1711756426
Reply with quote  #2

1711756426
Report to moderator
fcmatt
Legendary
*
Offline Offline

Activity: 2072
Merit: 1001


View Profile
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.
NothinG
Hero Member
*****
Offline Offline

Activity: 560
Merit: 500



View Profile
June 25, 2012, 04:47:01 AM
 #3

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 (OP)
Hero Member
*****
Offline Offline

Activity: 742
Merit: 500


View Profile WWW
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

https://bitpay.com

Does your website accept bitcoins?
NothinG
Hero Member
*****
Offline Offline

Activity: 560
Merit: 500



View Profile
June 25, 2012, 04:52:06 AM
 #5

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).

fcmatt
Legendary
*
Offline Offline

Activity: 2072
Merit: 1001


View Profile
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
Sr. Member
****
Offline Offline

Activity: 283
Merit: 250



View Profile
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
Hero Member
*****
Offline Offline

Activity: 560
Merit: 500



View Profile
June 25, 2012, 04:54:11 AM
 #8

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.

BitPay Business Solutions (OP)
Hero Member
*****
Offline Offline

Activity: 742
Merit: 500


View Profile WWW
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.



BitPay : The World Leader in Bitcoin Business Solutions

https://bitpay.com

Does your website accept bitcoins?
mrb
Legendary
*
Offline Offline

Activity: 1512
Merit: 1027


View Profile WWW
June 25, 2012, 04:59:03 AM
Last edit: June 25, 2012, 05:26:31 AM by mrb
 #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
Sr. Member
****
Offline Offline

Activity: 283
Merit: 250



View Profile
June 25, 2012, 05:00:47 AM
 #11

@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
Full Member
***
Offline Offline

Activity: 196
Merit: 100


Bitcoin is a food group.


View Profile
June 25, 2012, 05:03:20 AM
 #12

@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
Chefnet
Hero Member
*****
Offline Offline

Activity: 686
Merit: 500


View Profile
June 25, 2012, 05:10:04 AM
 #13

+ bank transfers for bfl

the joint
Legendary
*
Offline Offline

Activity: 1834
Merit: 1020



View Profile
June 25, 2012, 05:13:00 AM
 #14

Bit-Pay is a true bro.  I'm very happy to see you're being so responsible about this unique scenario.
BitPay Business Solutions (OP)
Hero Member
*****
Offline Offline

Activity: 742
Merit: 500


View Profile WWW
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.



BitPay : The World Leader in Bitcoin Business Solutions

https://bitpay.com

Does your website accept bitcoins?
bitlane
Internet detective
Sr. Member
****
Offline Offline

Activity: 462
Merit: 250


I heart thebaron


View Profile
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 !

BCbitcoin
Newbie
*
Offline Offline

Activity: 54
Merit: 0


View Profile
June 25, 2012, 05:53:23 AM
 #17

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?
BitPay Business Solutions (OP)
Hero Member
*****
Offline Offline

Activity: 742
Merit: 500


View Profile WWW
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

https://bitpay.com

Does your website accept bitcoins?
mrb
Legendary
*
Offline Offline

Activity: 1512
Merit: 1027


View Profile WWW
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.
BitPay Business Solutions (OP)
Hero Member
*****
Offline Offline

Activity: 742
Merit: 500


View Profile WWW
June 25, 2012, 06:07:39 AM
Last edit: June 25, 2012, 06:23:39 AM by Bit-pay Merchant Solutions
 #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?
Pages: [1] 2 3 »  All
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!