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I'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 throu
by freeloop3 9y ago
I'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.
- tfha 9y agoWe've happily changed >$500k per day 10 days in a row (all sales) with no slippage - we were doing market orders for all of them. Had no issues.
- freeloop3 9y agoIt actually went up some. This was in June. Market volatility was still quite high back then.
- 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.