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So it's 2009-2010 and someone has $6000 laying around. Hears about Bitcoin and buys 100,000 shares at 6 cents each. Wakes up in 2017 and miraculously all is the

So it's 2009-2010 and someone has $6000 laying around. Hears about Bitcoin and buys 100,000 shares at 6 cents each. Wakes up in 2017 and miraculously all is there, in the old computer. $6000 to $300,000,000 in 7 years. Have we ever seen such appreciation in an investment /speculation? Oh, it will crash, as soon as a 'better' cryptocurrency comes in. It has value for as long as people buy it.

0x0 9y ago
I'm curious - if you actually had $300m worth of bitcoin and started selling it, would you be able to actually sell everything off for that price before the price started dropping like crazy? Would whatever exchange you're using even be able to wire $300m USD to your bank account after the sale just like that?
- tryingagainbro 9y ago
  Presumably you would do a private sale or sell little by little.
- pmorici 9y ago
  It all depends on how fast you sell it. If you market sold it on a single exchange sure you could flash crash the price to close to zero for a moment that wouldn't be in your interest though. More likely you would implement a strategy to sell off a little bit every day. It would take some time to liquidate it all at the best possible price. This isn't any different than the problem faced by any wealthy person with a large position in a publicly traded company would face. You can't market sell 300 million of anything in an instant and not more the price. Bitcoin also has private markets where high touch trading desks match large sellers with large buyer so it is conceivable you could use something like that as well to get a good price and exit your position relatively quickly. That said if you you are the person who had the vision and stomach to hold that position all that time it's unlikely you would find yourself wanting to sell it all in an instant just because the price crosses 3k. You almost certainly believe 5 figure Bitcoin is possible if not likely and a 6 figure Bitcoin price isn't out of the question. I could seem a person in that position selling a bit to make life comfortable but not panic exiting their position entirely.
- wc- 9y ago
  Via the OTC trading desks and somewhat private brokers that would be open to you with $300m worth of btc, you would have no problem liquidating $25m or more per day at the current ask. This would require extremely minimal effort, a skype call basically.
- ErrantX 9y ago
  Well you'd have 100,000 BTC which is handily also approximately the daily trading volume looking across all the exchanges (at a cursory glance; I expected it to be higher). So it would take more than a day but not a significantly long time to shift them.
- guy_c 9y ago
  Based on the current order book at Kraken you could probably sell off about 1000 BTC and it would drop the price about 5%. Poloniex looks to be about the same. So across all the major exchanges maybe you could sell of 5-10k BTC at once, without dropping the price too much.
- paulpauper 9y ago
  A private equity deal could be negotiated..it's not like bitcoins must be sold on exchanges
austenallred 9y ago
I personally know someone that bought $100,000 worth of BTC at <$1/btc. But honestly when it was six cents no one was really stocking up on it other than Satoshi.

0x0 9y ago

I'm curious - if you actually had $300m worth of bitcoin and started selling it, would you be able to actually sell everything off for that price before the price started dropping like crazy? Would whatever exchange you're using even be able to wire $300m USD to your bank account after the sale just like that?

tryingagainbro 9y ago
Presumably you would do a private sale or sell little by little.
pmorici 9y ago
It all depends on how fast you sell it. If you market sold it on a single exchange sure you could flash crash the price to close to zero for a moment that wouldn't be in your interest though. More likely you would implement a strategy to sell off a little bit every day. It would take some time to liquidate it all at the best possible price. This isn't any different than the problem faced by any wealthy person with a large position in a publicly traded company would face. You can't market sell 300 million of anything in an instant and not more the price. Bitcoin also has private markets where high touch trading desks match large sellers with large buyer so it is conceivable you could use something like that as well to get a good price and exit your position relatively quickly. That said if you you are the person who had the vision and stomach to hold that position all that time it's unlikely you would find yourself wanting to sell it all in an instant just because the price crosses 3k. You almost certainly believe 5 figure Bitcoin is possible if not likely and a 6 figure Bitcoin price isn't out of the question. I could seem a person in that position selling a bit to make life comfortable but not panic exiting their position entirely.
wc- 9y ago
Via the OTC trading desks and somewhat private brokers that would be open to you with $300m worth of btc, you would have no problem liquidating $25m or more per day at the current ask. This would require extremely minimal effort, a skype call basically.
ErrantX 9y ago
Well you'd have 100,000 BTC which is handily also approximately the daily trading volume looking across all the exchanges (at a cursory glance; I expected it to be higher). So it would take more than a day but not a significantly long time to shift them.
guy_c 9y ago
Based on the current order book at Kraken you could probably sell off about 1000 BTC and it would drop the price about 5%. Poloniex looks to be about the same. So across all the major exchanges maybe you could sell of 5-10k BTC at once, without dropping the price too much.
paulpauper 9y ago
A private equity deal could be negotiated..it's not like bitcoins must be sold on exchanges

austenallred 9y ago

I personally know someone that bought $100,000 worth of BTC at <$1/btc. But honestly when it was six cents no one was really stocking up on it other than Satoshi.