From:
http://www.investopedia.com/terms/b/blocktrade.aspA block trade involves a significantly large number of shares or bonds being traded at an arranged price between parties, outside of the open markets, in order to lessen the impact of such a large trade hitting the tape. From:
http://en.wikipedia.org/wiki/Block_tradeA block trade is a permissible, noncompetitive, privately negotiated transaction either at or exceeding an exchange determined minimum threshold quantity of shares, which is executed apart and away from the open outcry or electronic markets...
...the selling fund gets a more attractive purchase price, while the purchasing company can negotiate a discount off the market rates. Unlike large public offerings, for which it often takes months to prepare the necessary documentation, block trades are usually carried out at short notice and closed quickly.I am sorry will, but if you re-read what you quoted from Wikipedia on your own entry you will find that IceDrill did not sell block shares due to reasons the wikipedia entry intended.
A block trade involves a significantly large number of shares or bonds being traded at an arranged price between parties, outside of the open markets, in order to lessen the impact of such a large trade hitting the tape. So if someone wanted to buy more than 14.5 million shares at .0014 BTC but there aren't enough shares since it would enter into the .0015 BTC price I can certainly understand why IceDrill would grant block share privileges and there is no ill will there. I understand the discount would be to sell the whole block at .0014 instead of .0015. The point of block shares is to not move the market prices due to massive buys and sells. However, the private "block share" IceDrill sold was executed at a price
below 0.0014. In this case the discount was not based on the buyer potentially moving the market. So, I still think it is unfair.
Yeah the key part is "the selling fund gets a more attractive purchase price" which obviously wasn't the case. Had there been a block sale at .0014 - half the transaction fee then it would have made sense (as both the buyer and the fund would be better off than had it been done on the market).