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If Winklevoss tried to cash out, they’d probably crash the Bitcoin market
- ct0 9y agoDont we know this by now?
- Idontrmbrlogin 9y agoThis seems to be inaccurate. The twins could choose to simply sell the private key in a private transaction. Assuming they didn't create one wallet with 50,000 bitcoin, they could even sell portions. This gets them paid AND puts the onus for moving the coins to a new address on the new owner. They could exit in 5 minutes if another billionaire wanted their coins bad enough.
- mac01021 9y ago> simply sell the private key in a private transaction Then why not sell it three times to three separate parties? And also keep a copy of the key and engage in some spending from the wallet themselves? I'm not saying that these particular people would engage in such trickery. But I would be very wary of any proposition to sell me bitcoins in an out-of-band transaction of this kind.
- Idontrmbrlogin 9y agoAgreed, not saying it is smart but it IS possible.
- pmdulaney 9y agoWinklevosses
- sebleon 9y agoWinklevi
- ralph0 9y agoDidn't you see "The Social Network?" Winklevi! ;-)
- pmdulaney 9y agoTouche (with an accent aigu) -- I had forgotten that. But I knew SOME kind of plural was called for.
- regulation_d 9y agoI don't get why people downvote corrections to the title.
- tinus_hn 9y agoIt's the same with Bill Gates but nobody's doubting he's rich.
- r0fl 9y agoNo this is nothing like Bill Gates. He owns less than 2% of the shares. http://www.zdnet.com/article/bill-gates-stake-in-microsoft-is-now-just-1-3-percent/ http://www.zdnet.com/article/bill-gates-stake-in-microsoft-i...
- regulation_d 9y agoSo, what percent of the BTC market cap do the the Winklevoss twins own? I haven't seen anything suggesting that they own more than 1%.
- whack 9y ago"Typical trading volumes across the major exchanges are only about $2 billion globally" Sounds like they could just sell ~$20M everyday, which would account for only 1% of the daily trading volume. After ~50 days, they would have cashed out $1B.
- ThrustVectoring 9y agoThat depends on how much of the daily trading volume is wash trading. Bitfinex can just decide to give a couple accounts a pile of USDT on margin and self-trade to stir up a sense of FOMO and convince folks to buy in. It's pretty much free to do if you run the exchange.
- arisAlexis 9y agoSame with buffet