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if they sell their usdt for btc, the btc price could actually rise. it just depends if they try to withdraw all together and the money leaves the crypto market
by oculusthrift 9y ago
if they sell their usdt for btc, the btc price could actually rise. it just depends if they try to withdraw all together and the money leaves the crypto market
- 0wing 9y agoYou're assuming the severity of this news would not cause Tether to devalue while BTC holders exit into real USD or fiat instead of Tether.
- notyourday 9y agoI keep reading about these magical places. Say that I have a 1000 BTC. What is the exchange that would allow me to sell 500 BTC and wire money to my account in: a) Chase Manhattan Bank in New York City ( USD ) b) National Westminster Bank in London ( GBP ) c) HSBC ( Paris ), account in Euros. The wire must show up live in 72 business hours and post to the account within 72 * 2 hours.
- zaroth 9y agoPresumably GDAX...? I’m sure it wouldn’t be as smooth as pushing buttons and they would likely want something stating where you got the coins.
- oculusthrift 9y agoyeah they only let most people withdraw 10k a day. some guy owed millions on taxes but couldn’t withdraw it fast enough to pay..
- Mtinie 9y agoYou can request an increase to your limits. For a customer with a large, verified portfolio I’m sure Coinbase would work with you if you needed to move funds in large amounts. It may not be overnight, and there may be additional fees, but it’s not going to take 100’s of days to move $1M unless you aren’t trying very hard.
- notyourday 9y agoMy bank does not need to work with me to send a multimillion dollar wire. They only care that (a) i am already a customer and they have verified that I'm me. (b) i have completed all needed forms before (c) i have followed the authorization protocol, including verification via control phone number registered with the bank and controlled authorization code Same goes for any brokerage.
- notyourday 9y agoI totally dig the downvotes. They keep illustrating that the voting population of HN does not know much about what it takes to run a business and what those who run businesses know to be an undeniable truths.
- Mtinie 9y agoHave an upvote. You are correct, but even banks and brokerages have limits (AFAIK) that they can invoke as needed. Those soft-caps are significantly above $10k/daily, however. My main point was with Coinbase you can do the required prework to request the higher daily limits and receive similar service, but you need to think about it in advance vs. having it automatically in place.
- zaroth 9y agoHaha presumably if you’re wiring the money directly to the US Treasury they would make an exception!
- rocqua 9y agoFor my small ventures ( <1000 euro) I've used bitonic.nl. A dutch site using the standard dutch banking system iDeal. First time I bought it took a day for a test transaction of 0.01 to confirm my holding the account. When I recently sold (back to that same account) I received the money by 13:00 of the next business day. Not sure how this works for non dutch citizens. Presumably a dutch bank-account suffices. They don't seem to be an exchange though. Instead they are essentially market making, keeping their own supply. You don't have an account there. Instead, when selling they present you an address to send to, and when buying you give them the address to send to, Moving 500 BTC there in a single trade would probably exhaust their supply. At the moment they report 250BTC+, I've seen ~150BTC the last few times I checked. Still, it seems to be an actual functional on/off ramp for BTC - EUR.
- sobani 9y agobitonic has a spread between buy/sell of about 200 EUR (on an average price of 8000 EUR). That seems a bit excessive.
- aianus 9y agoGDAX but there will definitely be a KYC delay the first time you do it with phone calls and ID checks and questions about where you got the money. Second time, though, no problem. Less than 72 hours.
- vzcx 9y agoIt would rise as priced in tether, with tether depreciating against the dollar. You will see larger spreads between tether exchanges and dollar exchanges, which already regularly grow into the hundreds. If people were holding tether because they wanted to be flat with respect to the cryptocurrency market, they will likely sell their cryptocurrency on a dollar exchange, suppressing prices there.
- oculusthrift 9y agobtc would rise in terms of the real USD as well because the demand for it would increase.
- vzcx 9y agoI suppose it's possible, but holding all else equal? I don't immediately see why dollar demand would increase in the event of a tether collapse. Dollar prices will adjust as BTC->Dollar and Dollar->BTC flows change. Dually the Tether prices. The only thing that keeps these prices in line is a Tether/Dollar arbitrage, but that arbitrage will slow and halt as people flee tether. If anything, I would guess that a sudden increase in selling pressure from people doing Tether->Crypto->Dollar risks pushing people into a Crypto->Dollar fear feedback loop.