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I thought 10's of thousands of transactions were pending. You mean just give someone your wallet for cash?

modeless 9y ago
If you're a billionaire you can just pay the fee to have your transaction in the next block. The network works perfectly for anyone willing to pay fees. Selling a billion on exchanges without excessive slippage would be difficult, but perhaps not impossible considering that the daily volume is above 16 billion right now. Certainly something in the 10-100 million range would be pretty easy.
- jjeaff 9y ago
  Daily volume of $16b according to what? The ledger? If coinbase moves 10,000 bitcoins to a different wallet, you see that as a transaction. If I move all my Bitcoin from coinbase to a private wallet then back to coinbase, you would see those as separate transactions on the ledger as well. There is not $16b in daily liquidity in the BTC market right now. Moving money from one pocket to the other over and over all day long is not a sign of liquidity.
  - modeless 9y ago
    No, I'm not talking about transactions on the blockchain. I'm talking about trading volume on exchanges. That $16B figure does sum up trading in all BTC currency pairs including altcoins. BTC/USD daily volume alone is around $2B. KRW, JPY and EUR also have significant volume. https://coinmarketcap.com/currencies/bitcoin https://coinmarketcap.com/currencies/bitcoin
- jjeaff 9y ago
  Easy? Which exchange right now will let you sell millions of dollars at once? My coinbase account is aged, well used and verified. And I think I can't sell more than $10k a week.
  - ringaroundthetx 9y ago
    Genesis Cumberland Goldman’s late to the party trade desk Heck, even Circle.com is doing otc trades Most of these have a minimum bitcoin order size of 100 btc Coinbase is a tool for the naive.
  - modeless 9y ago
    Coinbase is not a true exchange. It's more of a broker. Their exchange offering is called GDAX, and it supports daily withdrawal limits in the tens of millions of dollars for verified users (possibly higher, I don't know an upper limit). The initial limits are lower, but if you have the money and aren't doing anything illegal you can simply request higher limits. Also, deposits and trades are completely unlimited, so you can sell a billion now and withdraw later over time. Other exchanges with high USD volume include Bitstamp and Gemini. Bitfinex is also an option if you trust them and live outside the US (I don't).

If you're a billionaire you can just pay the fee to have your transaction in the next block. The network works perfectly for anyone willing to pay fees. Selling a billion on exchanges without excessive slippage would be difficult, but perhaps not impossible considering that the daily volume is above 16 billion right now. Certainly something in the 10-100 million range would be pretty easy.

jjeaff 9y ago
Daily volume of $16b according to what? The ledger? If coinbase moves 10,000 bitcoins to a different wallet, you see that as a transaction. If I move all my Bitcoin from coinbase to a private wallet then back to coinbase, you would see those as separate transactions on the ledger as well. There is not $16b in daily liquidity in the BTC market right now. Moving money from one pocket to the other over and over all day long is not a sign of liquidity.
- modeless 9y ago
  No, I'm not talking about transactions on the blockchain. I'm talking about trading volume on exchanges. That $16B figure does sum up trading in all BTC currency pairs including altcoins. BTC/USD daily volume alone is around $2B. KRW, JPY and EUR also have significant volume. https://coinmarketcap.com/currencies/bitcoin https://coinmarketcap.com/currencies/bitcoin
jjeaff 9y ago
Easy? Which exchange right now will let you sell millions of dollars at once? My coinbase account is aged, well used and verified. And I think I can't sell more than $10k a week.
- ringaroundthetx 9y ago
  Genesis Cumberland Goldman’s late to the party trade desk Heck, even Circle.com is doing otc trades Most of these have a minimum bitcoin order size of 100 btc Coinbase is a tool for the naive.
- modeless 9y ago
  Coinbase is not a true exchange. It's more of a broker. Their exchange offering is called GDAX, and it supports daily withdrawal limits in the tens of millions of dollars for verified users (possibly higher, I don't know an upper limit). The initial limits are lower, but if you have the money and aren't doing anything illegal you can simply request higher limits. Also, deposits and trades are completely unlimited, so you can sell a billion now and withdraw later over time. Other exchanges with high USD volume include Bitstamp and Gemini. Bitfinex is also an option if you trust them and live outside the US (I don't).