Tonight's legend auction
Gazes
Posts: 2,315 ✭✭✭✭✭
I did not do a scientific survey but the coins i was interested in tonight seem to go for solid or strong prices. I continue to be surprised that better coins seem to have not declined due to the pandemic.
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Bitcoin seems to be very strong also. What is known about those that promote bitcoin?
I bought coins!!
thanks for the reminder!
ahhh!
I am a "casual" btc investor. I started accepting it for my business and don't really use it for anything, so it's just piled up. It's not gonna work like this forever but last year I paid all my vendors in btc profits, just from using them at the right times. It's not a hard market to get a feel for, it's very basic.
Services like Bit Pay are fantastic for sending invoices. Sure it takes 30-60 minutes or whatever for btc to clear but when I'm dealing with regulars I don't care about the processing (...if they're known to be good for it). Though, I wouldn't do this with expensive things like gold, that's not a loss I can take at this present moment.
Apmex used to accept bitcoin but then coronavirus happened and they shut down. I think it was a foolish move (and it was, they could've made a ton of money).
An event called the Halvening (a play on words e.g.: The Happening) happened a few weeks ago. It shrinks the available market by half by making the unlocking of bitcoins half as rewarding (or work twice as hard I guess however you wanna see it). These diminishing returns will continue every 4 years by virtue of its design.
I use MyCelium wallet. It's great with mobile. You get 14 words for an account name basically and that string of words is the only thing that can open the wallet. It also has a pin. The service has started to take off so there's a feed now. You don't need to provide credentials like ssn and license, as you cannot cash out, but the fee for wallet-to-wallet is incredibly reasonable.
If I was a big gold seller I would pick up where Apmex made their mistake of shutting down and run with it. It's already gone up substantially since the halvening. It's not unrealistic to think coins will float around 10k/ea for some time. This sub 10k in this market is nbd to me. Pre pandemic America halvening would've tested 12.5k I'm sure.
I run discounts when bitcoin is down and spend it when it's up. It's very easy money. But I don't know how that would work with coins or bullion. Not being to turn it into instant cash is a problem for some, but any number of exchanges and ATMs and processors like cashapp are actively changing that worldwide.
It's an exciting time to have non gold, non USD, send international for peanuts money.
Hopefully the auction records will help keep prices up.
I've seen the same thing (for what I would consider better coins)...most auction results that I've been following have been every bit as strong and then some as several months ago. Same with dealer inventory...seems to still be going really quickly when the quality/eye appeal is all there.
Seems that the finances of the collecting demographic haven't been affected much by the pandemic.
LIBERTY SEATED DIMES WITH MAJOR VARIETIES CIRCULATION STRIKES (1837-1891) digital album
Yes the market still seems afloat but with rising unemployment don’t see how market can hold up. Yet I see people bidding up coins on eBay like a boom is coming. I had some retail sales earlier in month - Bunch of slabbed ASE, 2018-s 50c NGC 69 UC, some world gold, Mexico banco notes (Revolution period).
Thanks for the post. I am trying to learn more about BTC...
Movement (up or down) in the general coin market will depend on how long and deep the economic damage becomes....It is a bit early to really gauge any effects on coin pricing. If disposable income vanishes from the major collector segment, then we will see some changes. Cheers, RickO
In case you are not aware, a lot of people on unemployment are making more now than when they are working. As much as double or more.
We’re only 2 months into the pandemic. 70-80%+ of businesses have been adversely effected. The stock market is in the toilet. PPP money is going to run out. If things continue as is or get worse let’s see if the the rare coin market holds up.
I usually find two or three coins in their auctions to pursue. This time there wasn't much of interest. Hope the next one is better.