Let the first auction begin

I have posted an auction for 8 rolls of fifty 0.5 BTC coins on Bitcointalk.org. Let’s see how it goes.

https://bitcointalk.org/index.php?topic=169301.0

I wondered what people would think of me doing auctions. Clearly, the recent sale of Casascius Coins on eBay for an unexpected amount got people thinking, me included. I have received a large number of e-mails from people indicating a willingness to buy 100 BTC at a time that there is no way I could offer 100 coins without severely rationing them. So, I’ve had to change my tune a bit. The price needs to sit at the equilibrium between supply and demand.

I expect that by doing an auction, I’ll end up charging more for the coins than if I had simply listed a price resembling what I was offering them for earlier. I also want resellers to sell to individuals who are interested in single coins. I am estimating that by only offering coins in rolls, that market forces will find a price for the rolls that makes it profitable for those who win the rolls to turn around and offer single coins to those who are interested, at any price they choose.

5 comments

  1. glenn-peter-ross@hotmail.com · · Reply

    Hello do u have a twitter account? I have added on Max Keiser
    @maxkeiser your auction, cool products I would like to own
    If u are excepting payment in EURO € I am willing to, pay for 0.5×50=25 my offer 30 bit coins value in Euro
    Maximum 3.000 euros

    1. Sorry, BTC bids only, posted to bitcointalk (at least for the auctions I am running there).

  2. Mike,

    I have registered on bitcointalk and can see the auction, but how do I post a reply or bid? I see others have bid, but there is no possible way for me to bid. Am I missing something crucial?

    Cheers
    Paul G

    1. Perhaps I should ask the forum for access to whitelist newbies.

  3. Paul G, just post a few times in the Newbies section & stay logged on for a few hours & ask to be let out of the Newbies pen so that you can bid.

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