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$1MM is nothing. At current prices that is ~500 BTC. Looking at just the Bitfinex order book[1], you could sell this in one trade with <5% slippage. If you spli
by adrianmacneil 9y ago
$1MM is nothing. At current prices that is ~500 BTC. Looking at just the Bitfinex order book[1], you could sell this in one trade with <5% slippage. If you split it out in say 10 trades over 24 hours you would probably not move the market at all.
Most other exchanges also publish their complete order book so you can fairly easily view their liquidity and answer this question.
[1] https://www.bitfinex.com/order_book https://www.bitfinex.com/order_book
- TylerE 9y agoUmm, isn't it impossible to actually cash out of Bitfinex?
- ty_a 9y agoIf it is, use a different exchange there are lots of them.
- TylerE 9y agoBased on history I wouldn't trust any of 'em with $1,000, much less a million.
- endlessvoid94 9y agoWhy not?
- rosege 9y agothey collapse and quite possibly the person operating it nicks off with all the btc https://cointelegraph.com/news/polands-bitcoin-exchange-bitcurex-disappears-in-mtgox-fashion https://cointelegraph.com/news/polands-bitcoin-exchange-bitc...
- deleted 9y ago[deleted]
- throwaway32434 9y agoIt is not. They do wire money back into your account. In fact, if you're a US person, then you are covered by FDIC rules. During the hack, Bitfinex didn't touch money that was in USD; for the rest there was a haircut.
- csomar 9y agoUSD or US citizen? I'm pretty sure my USD got a haircut.
- aminorex 9y agoYou can cash out using btc, xmr, eur,hkd, no problem. USD is the only unusable currency.
- davidgerard 9y agoYou specifically cannot cash out with HKD. The only ActualMoney you can get out of Bitfinex at present is Taiwan NTD to a local account.
- aminorex 9y agoThank you for correcting my error.
- runeks 9y agoYou can sell 500 BTC in one go while incurring roughly 4% slippage on Bitstamp[1]. Also, https://bitcoincharts.com/markets/ https://bitcoincharts.com/markets/ has order books for all the major exchanges, and includes a sell/buy calculator on the "Market Depth" tab for each exchange. But last time I checked (6-12 month ago), Bitstamp was the most liquid one for USD. [1] https://bitcoincharts.com/markets/bitstampUSD_depth.html https://bitcoincharts.com/markets/bitstampUSD_depth.html
- ckastner 9y ago> Looking at just the Bitfinex order book[1] That's assuming that the order book hasn't been spoofed[1]. Those buy orders could very well disappear quite soon once the market starts to move in their direction. [1] https://en.wikipedia.org/wiki/Spoofing_(finance) https://en.wikipedia.org/wiki/Spoofing_(finance)
- davidgerard 9y agoGiven you still can't get actual US Dollars out of Bitfinex, it is poor advice to take them as indicative of anything whatsoever about Bitcoin except as a cautionary tale.
- HockeyPlayer 9y ago> one trade with <5% slippage 5% slippage is huge. That is $50k on this $1m trade.
- lajy 9y agoAnd that's to sell it all off instantly by putting in the absolute least amount of effort possible. The point is that exchanging a million dollars worth of bitcoin is not difficult.