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> FOR SALE > 2,719.32669068 bitcoins > The required deposit to participate in this auction is $100,000.00 USD. As of today 2719 Bitcoin equals $1,597,793 (So

by vmarsy 10y ago

> FOR SALE > 2,719.32669068 bitcoins > The required deposit to participate in this auction is $100,000.00 USD. As of today 2719 Bitcoin equals $1,597,793 (Source: google) This is a weird auction, putting Bitcoin risks aside, Bitcoin is a currency. Is there auctions such as "FOR SALE: 1,000,000€" ?

joe5150 10y ago
I'd guess the 100 grand is just to ensure they have only serious bids.
maxander 10y ago
There was a story on HN just awhile ago, where it was ruled (albeit in Florida) that its not legally a currency: http://phys.org/news/2016-08-bitcoin-money-victory-backers.html http://phys.org/news/2016-08-bitcoin-money-victory-backers.h... .
kondro 10y ago
I don't think the US officially recognises Bitcoin as a currency yet.
- rspeer 10y ago
  "Yet"? Are you hoping for Bitcoin to be the next Liberty Dollar? I'm not generally a fan of Bitcoin, but I know many people who are, and I wouldn't want them to go to jail.
  - kondro 10y ago
    Whether you're a fan or not, Bitcoin is clearly being used as currency. It would help if those adjacent to it would treat it as such so that less people are taken advantage of.
    - rspeer 10y ago
      It's extremely fortunate for Bitcoin that the government considers it a commodity, not a currency. The fact that creating Bitcoin is called "mining" instead of "minting" probably helped set that frame of reference. If Bitcoin were a currency, then min(t)ing Bitcoin would be illegal in the US. You can look at Liberty Dollars for an example of the federal government cracking down on private mints, even when they don't claim to be making US Dollars. And yeah it would be great if fewer people got taken advantage of or stolen from in the Bitcoin sphere, but I'm pretty sure that if you told Bitcoin developers they had a fiduciary duty to users, they would just quit or go into hiding. (I am not a lawyer and this armchair sure is comfy)
nimish 10y ago
Sure, that's basically the foreign exchange market.
revelation 10y ago
This is a sale of bitcoins for USD. Of course there are foreign currency exchange markets?
mahyarm 10y ago
For Sale: 10kg of gold. As of today 10kg of gold equals $X (source: google) For Sale: X gallons of gas. As of today X gallons of gas equals $X (source: my local gas station)
tedunangst 10y ago
The Federal Reserve can probably deal with other foreign currencies.
kalleboo 10y ago
Perhaps they want to use the money to buy something other than drugs and Reddit gold?

by vmarsy 10y ago

joe5150 10y ago

I'd guess the 100 grand is just to ensure they have only serious bids.

maxander 10y ago

There was a story on HN just awhile ago, where it was ruled (albeit in Florida) that its not legally a currency: http://phys.org/news/2016-08-bitcoin-money-victory-backers.html http://phys.org/news/2016-08-bitcoin-money-victory-backers.h... .

kondro 10y ago

I don't think the US officially recognises Bitcoin as a currency yet.

rspeer 10y ago
"Yet"? Are you hoping for Bitcoin to be the next Liberty Dollar? I'm not generally a fan of Bitcoin, but I know many people who are, and I wouldn't want them to go to jail.
- kondro 10y ago
  Whether you're a fan or not, Bitcoin is clearly being used as currency. It would help if those adjacent to it would treat it as such so that less people are taken advantage of.
  - rspeer 10y ago
    It's extremely fortunate for Bitcoin that the government considers it a commodity, not a currency. The fact that creating Bitcoin is called "mining" instead of "minting" probably helped set that frame of reference. If Bitcoin were a currency, then min(t)ing Bitcoin would be illegal in the US. You can look at Liberty Dollars for an example of the federal government cracking down on private mints, even when they don't claim to be making US Dollars. And yeah it would be great if fewer people got taken advantage of or stolen from in the Bitcoin sphere, but I'm pretty sure that if you told Bitcoin developers they had a fiduciary duty to users, they would just quit or go into hiding. (I am not a lawyer and this armchair sure is comfy)

nimish 10y ago

Sure, that's basically the foreign exchange market.

revelation 10y ago

This is a sale of bitcoins for USD. Of course there are foreign currency exchange markets?

mahyarm 10y ago

For Sale: 10kg of gold. As of today 10kg of gold equals $X (source: google) For Sale: X gallons of gas. As of today X gallons of gas equals $X (source: my local gas station)

tedunangst 10y ago

The Federal Reserve can probably deal with other foreign currencies.

kalleboo 10y ago

Perhaps they want to use the money to buy something other than drugs and Reddit gold?