So what's everyone going to do?

Can see this going one of 2 ways:

(1) The 174K BTC are auctioned off at a discount and combined with the flood of injecting 1% into the market causes BTC to drop

or

(2) The 174K BTC are auctioned off at higher than $600 per coin - it's not easy to obtain chunks of BTC of that size (i.e. VC's or companies with long-term plans for BTC) and BTC continues to rise


Or everyone sits tight and waits while nothing happens.

This auction is for 9 blocks of 3,000 bitcoins (“Series A Blocks”) and 1 block of 2,656.51306529 bitcoins (“Series B Block”).