On: Venture Capitalist Tim Draper Wins Bitcoin Auction

[dustcoin]

The bidders who announced they did not win specified bids in the $400-$500 range. Draper likely won with a higher, but still below market, bid.

[mkngrm → dustcoin]

There were also bidders who put in bids much lower than that, how does that mean he wasn't above market?

Do you have a link to those other bidders' claims?

[gibybo → mkngrm]

Because there is no losing bidder who claimed a near market price bid. All publicly claimed bids were far below market.

[mkngrm → gibybo]

Until you have every losing bid, you can't make these claims.

Can't reply, so I'll add it to this comment. As stated by others, the only way to purchase a large amount of bitcoins without jacking up the price is to do it in one large sum. By bidding over market price, he ensured that he would get this chunk of 30k coins without affecting the market.

[canvia → mkngrm]

But you can claim that it was well over market price? How does that work?

[gibybo → mkngrm]

I'm not claiming it was under market. I'm claiming that you can't claim it was over market.

[mbillie1 → mkngrm]

> No exact figures have been released, but based on other bidder's input, the assumptions are that his bid was well over the market price.

So how is this justified?

[Phlarp → mbillie1]

If this many bitcoins were purchased in a short time frame on the exchanges the price would shoot well over 1000 almost instantly.