4 ms·

wait...so you have to deposit $200k in order to bid???

yellowapple 12y ago
Well considering that's around $16.7 million, I'm not surprised. What's more amusing is that the auction is "cash only".
- jarrett 12y ago
  I take that to mean cash in the sense of liquid assets, as opposed to something leveraged or what have you. Not cash in the sense of a briefcase full of cash.
  - sp332 12y ago
    TERMS OF SALE: Cash. The bid must be an all cash offer. You have to wire the money, so it's not physical stacks of currency. But it does have to be US dollars.
    - hueving 12y ago
      Yes, that's what he meant by liquid assets.
  - _delirium 12y ago
    Usually it means either cash or a cashier's check. Sometimes wire-transfer is also accepted. For lower-value items (police auctions of bikes and the like) people normally pay actual cash. For higher-value items (e.g. home foreclosure sales), people more often bring a cashier's check or wire the amount (depends on the jurisdiction).
  - giarc 12y ago
    That would be a big briefcase.
    - saraid216 12y ago
      Nah. Get a Briefcase of Holding.
- marincounty 12y ago
  Why can't I bid in Dodgecoin?
- deleted 12y ago
  [deleted]
ubernostrum 12y ago
I think it's pretty standard when auctioning high-dollar-value items to require some sort of verifiable deposit to prove you actually could make the purchase if you're the high bidder...
bthrn 12y ago
Yes, since they're being sold in 3000 BTC blocks, the deposit is understandably high. I imagine the blocks will sell for much more than that.
wmf 12y ago
Considering that each asset is worth over $1M I imagine the deposit keeps out the riff-raff.
evan_ 12y ago
Standard Operating Procedure. They're not treating this any differently than any other auction. For instance this truck requires a $2070 deposit to bid: http://gsaauctions.gov/gsaauctions/aucdsclnk?sl=41QSCI14219001 http://gsaauctions.gov/gsaauctions/aucdsclnk?sl=41QSCI142190...
wnevets 12y ago
if you have $17 million to spend, is $200k that big of a deal?
- VMG 12y ago
  You can bid on a single block of 3k Bitcoin (~$1.5m @ 500$/Btc)
anigbrowl 12y ago
That's completely normal - it's just a way of ensuring the bidder is making a serious offer and can follow through with it. Same thing if you buy a house, when you put in your offer you need to write a check for 'earnest money' (anywhere from a few thousand to 5% of the list price) to show you mean business.

Well considering that's around $16.7 million, I'm not surprised. What's more amusing is that the auction is "cash only".

jarrett 12y ago
I take that to mean cash in the sense of liquid assets, as opposed to something leveraged or what have you. Not cash in the sense of a briefcase full of cash.
- sp332 12y ago
  TERMS OF SALE: Cash. The bid must be an all cash offer. You have to wire the money, so it's not physical stacks of currency. But it does have to be US dollars.
  - hueving 12y ago
    Yes, that's what he meant by liquid assets.
- _delirium 12y ago
  Usually it means either cash or a cashier's check. Sometimes wire-transfer is also accepted. For lower-value items (police auctions of bikes and the like) people normally pay actual cash. For higher-value items (e.g. home foreclosure sales), people more often bring a cashier's check or wire the amount (depends on the jurisdiction).
- giarc 12y ago
  That would be a big briefcase.
  - saraid216 12y ago
    Nah. Get a Briefcase of Holding.
marincounty 12y ago
Why can't I bid in Dodgecoin?
deleted 12y ago
[deleted]

ubernostrum 12y ago

I think it's pretty standard when auctioning high-dollar-value items to require some sort of verifiable deposit to prove you actually could make the purchase if you're the high bidder...

bthrn 12y ago

Yes, since they're being sold in 3000 BTC blocks, the deposit is understandably high. I imagine the blocks will sell for much more than that.

wmf 12y ago

Considering that each asset is worth over $1M I imagine the deposit keeps out the riff-raff.

evan_ 12y ago

Standard Operating Procedure. They're not treating this any differently than any other auction. For instance this truck requires a $2070 deposit to bid: http://gsaauctions.gov/gsaauctions/aucdsclnk?sl=41QSCI14219001 http://gsaauctions.gov/gsaauctions/aucdsclnk?sl=41QSCI142190...

wnevets 12y ago

if you have $17 million to spend, is $200k that big of a deal?

VMG 12y ago
You can bid on a single block of 3k Bitcoin (~$1.5m @ 500$/Btc)

anigbrowl 12y ago

That's completely normal - it's just a way of ensuring the bidder is making a serious offer and can follow through with it. Same thing if you buy a house, when you put in your offer you need to write a check for 'earnest money' (anywhere from a few thousand to 5% of the list price) to show you mean business.