This coin is currently up for auction by Great Collections. At this point in time 85 bids have been submitted, current bid is $1,121,111.00 ! Is there anything else that can be put in a slab ?
I guess that the bidders don’t understand that Bitcoin is digital, not physical, and figure that at the current bid, they are getting a deal, considering 25 Bitcoin would be about $1,600,000. Go B’s!
Bidders understand exactly what it is. Its a coin that has 25 bitcoin loaded onto they they could crack out and get the codes to redeem from the back of it. People don't just blindly spend over a million dollars
Had to go and look this up: https://en.bitcoinwiki.org/wiki/Casascius_physical_bitcoins From the description there: The possibility of a $1.5 million payoff shifts the definition of "difficult" considerably. I can think of lab tools that might be up to the task. (A very tiny spot-XRF setup that can discern presence or absence of toner under the sticker...?) Edit: ...but then it's possible to tell whether the code has been redeemed even if you don't have the code itself, right? If I understood correctly, there's an index of these things that can be used to determine whether a particular one has been redeemed?
I read an article once that said there were members of the Playboy Club that would pay a million dollars just for a peace of bunny tail. The coin would last longer, duh!
I wonder what the PCGS guarantee covers... How does anybody know that the keys or codes or whatever are real? Why would somebody auction it off instead of just cashing it in? It's like, here's this stack of 16,000 $100 bills, so I'll just auction them off and see what I can get.
It's crap like this that casts doubt and reduces the credibility on the "abusive overreach" fad and reliance of 3rd party grading.
Seller is currently losing almost $300k versus just cashing them in, minus the transaction fees. I don't get it.
I remember a few decades ago, when some group decided to sell claims to the surface of the moon and sell a square kilometer for a $1.00 with the idea that Humans eventually would live there and develop the tremendous minerals and not have to pay taxes , etc. etc. Should be worth millions if there was actually something solid to it. I bought 3 moon plot deeds. and gave them to 2 other space fans. Mine is still worthless , but if I can find more of a fool to sell it to, I can cut it into smaller parcels by counting tiny and more tiny meteorite craters call it BitMoon$ and make a fortune off of it. Jim
Sold. 118 bids, 22 bidders. $1,510,000 ($1,698,750 with Buyer's Fee). Current BTC Value of Coin: $1,649,050.00
So, instead of cashing in $1.65 million of BTC, the seller gets $1.5 million of impeccably-pedigreed cash from Great Collections. I suppose some sellers might find that a better alternative...?
They got part of the hammer and yes they did better than if they had just cashed it, bitcoin has gone up significantly in the time it took to grade it and have the listing run. Had they just cashed it in instead of doing that they would have been looking at it be somewhere in the 40s not the current 60s
Or they could have cashed it last night and gotten the full $1,649,050.00 less the transaction fees. The buyer however, currently has $1,599,247.50 from their $1,698,750 purchase. To each their own I guess.
Current value $1,454,922.50, loss of almost a quarter million in less than a week. I don't have the stomach for that kind of volatility.
