I wonder if the 50k coin sale is factored into the current price or if people will panic sell 24 hours before the auction.
I think it'll cause a price drop in the short term.
Too many people haven't got the balls to hold through rough times.
The thing is this auction isn't even a particularly bad thing.
Certain people get swayed by the media & will sell cheaply & desperately.
Worst case if the winner/s lowball/s the auction - if they dump it on the market where would the price of bitcoin go? - providing they dump it among all the exchanges?
The infamous bearwhale dumped over 30k at $300 - might 50k fetch more or less.
Also if the winner wants to dump but holds off doing so will the market be afraid to move upward until the buyers intentions become known?
You are describing a scenario that is NOT too likely to happen.
For example, the last time had more than 30 bidders, and this time is likely NOT going to be too different. There will be a number of benevolent and bitcoin believers that are going to bid 5 to 10% above market price. Accordingly, any winning bid would have to bid at least 5 to 10% above market price.
Yes but the thing is last time tim draper got badly burnt with his strategy of buying above market - and additionally the 50k coins currently up for auction arent even the entire stash. theres even more to come... If I were a bidder I would lowball the first auction and see if there was a demand before bothering to pay above market -
or, the only thing you want before the auction starts is to lower the bitcoin price, so you still get em cheap paying even 20% above market price

auction: 50k BTC major exchanges bid volumes to sub $300: <20k BTC
