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People don't realize how long it would take to liquidate a large sum of $$.
by richardlblair 9y ago
People don't realize how long it would take to liquidate a large sum of $$.
- 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.
- xapata 9y agoAh, so that 0.5% was just a wild guess. Others have chimed in that they've sold a bunch in one day and been fine, but ... there's always folks that want to pump the price, so I'm not sure what to believe.
- empath75 9y agoThe problem is that not everybody sitting on minor btc fortunes can cash out without tanking the price. It’s purely speculative value on low trading volumes.
- auggierose 9y agoThat shouldn't be a problem, 800K are less than 100 coins, with a trading volume per 24h of approaching 100.000 coins that should be fine.
- 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.