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Until you successfully cash out, you’ve made nothing.
by QAPereo 9y ago
Until you successfully cash out, you’ve made nothing.
- richardlblair 9y agoPeople don't realize how long it would take to liquidate a large sum of $$.
- Zarath 9y agoNot that hard. Assuming you are storing it in cold storage: 1) Send to GDAX 2) Sell on GDAX 3) Withdraw to Bank
- gst 9y agoUnfortunately GDAX by default only allows to withdraw $10k per day. It's possible to ask for an increased limit, but reviewing those requests currently seems to take multiple weeks for them.
- deleted 9y ago[deleted]
- kinghajj 9y agoFWIW, I applied for a $50k/day limit on GDax recently, and it took effect within a couple days.
- icelancer 9y agoA few seconds on any major exchange, assuming you don't mean in the billions of USD.
- freeloop3 9y agoI've sold and transferred over $800k of cryptocurrencies to a US bank over the course of 3 days. I could probably have done it faster if I tried. This was through Gemini.
- xapata 9y agoHow much did the price change from the first coin you sold to the last?
- gruez 9y agotake a look at any bitcoin price chart and draw out 3 days? if you're thinking that 266k/day dump is going to move the market, it's not.
- xapata 9y agoThere's not a single market. The volume at a particular exchange matters. Note the disparity Coinbase had recently.
- gruez 9y agoi just checked 3 relatively legitimate bitcoin exchanges (kraken, gdax, bitstamp). you could put a 300k sell order on any of them and have less than 0.5% of slippage, which is much less than regular trading volatility. plus if you really wanted to, you could spread your trades among multiple exchanges and execute them simultaneously for even lower slippage.
- xapata 9y agoNot as disasterous as I thought, but still not great. Worse, when you most want to sell is when others do too, so the liquidity may change. How'd you confirm that estimate, by making a trade?
- gruez 9y agoyou don't. how most exchanges work is that when selling, you can place a limit order (sell at that price or higher), or a market order (sell at whatever price). if you want certainty, you use limit. if you want to make a trade now, you use market.
- starpilot 9y agoWhy have HN stories on Bitcoin become so noisy in the comments? It's almost as bad as Soylent stories.
- QAPereo 9y agoSame reasons? Some are heavily invested it personally, ideologically or otherwise, and the rest of us are not.
- pmlnr 9y agoI'm very curios: whoever downloaded this comment above, could you please tell us, why do you think it's not true?
- nihonde 9y agoI didn’t downvote it, but it’s so obvious as to be unhelpful. Who needs to be reminded that an asset isn’t worth its price until it’s liquidated? It’s self-evident, and yet you have it following every time someone mentions returns on BTC. You have it at least twice here on this thread, in fact.
- kbenson 9y agoHow self-evident it is is highly dependent on your experience with investing. That's a lot of people here, but by no means all.
- mrep 9y agoFor most assets, you can generally assume it will be close to what it currently is priced at. btc is different in that regard because holding onto it for a week or even a day can easily cause it's value to double or half. That's why its different because while you think you have that much money, by the time you actually get around to selling it, the price can be radically different
- nihonde 9y agoSome assets are more volitile than others. I feel that we are moving backwards here in terms of restating obvious and extremely basic principles. Anyway, I’m not at all convinced that BTC is different in kind relative to, say, normal FX trading. The spreads do tend to be higher, though. What’s far more interesting to me is BTC’s resilience as an asset in spite of massive, demonstrable (and frankly, predictable and preventable) failures like MtGox. Edit: Think about shares held in a startup. Those are insanely volitile. Does anyone need to reminded that they aren’t rich until they convert their shares into cash?