4 ms·
You can do that pretty easily on any of the major exchanges.
by darawk 9y ago
You can do that pretty easily on any of the major exchanges.
- dmitrygr 9y agooh? Last i checked they all had $10k/day limits or less. Can you cite one that can give me $50M REAL USD in a REAL bank account in USA for that much BTC, today?
- deleted 9y ago[deleted]
- mtlynch 9y agoThe $10k limit is generally for ACH withdrawals. Wire transfers tend to have higher limits. Gemini has no limit on wire transfers: https://gemini24.zendesk.com/hc/en-us/articles/209113906-What-are-the-transfer-limits- https://gemini24.zendesk.com/hc/en-us/articles/209113906-Wha...
- cwkoss 9y agoStraw man. Can you cite self service online stock trading platform that can give me $50M REAL USD in a REAL bank account in USA for that much stock, today? (No, even if one wanted to, the USD doesn't move fast enough) Coinbase daily limits can go up to $100k or $250k I think. Most financial transactions in excess of those amounts (in Bitcoin or any other asset class) probably involve an amount of personal service and a dialog between the two parties.
- dmitrygr 9y agoMorgan Stanley. Charles Schwab. Chase.
- cwkoss 9y agoYou can't create an account with them, transfer in $50M worth of stock, and transfer out the USD all in the same day. Frankly, I'd be fairly surprised if you could even transfer $50M into a self-serve account the same day your account is created - likely some compliance and human-intervention guardrails would slow this further than transferring several thousands of dollars worth of stock. But even so, USD transfer is going to take at least a day.
- abakker 9y agoTransfers between accounts != liquidity. Liquidity is selling an asset without moving the price. If you sell $50m of AAPL, a highly liquid stock, the price may move a bit, but not a ton. If you actually sold $50m of bitcoin, you would probably have trouble getting the buyers AND the price would fall.
- cwkoss 9y agoBitcoin is certainly much less liquid than AAPL, but thats somewhat off topic. Person I was replying to was talking about daily transaction limits, not liquidity. My point was that the standard he proposed is not even met by the biggest online stock exchange platforms.
- omarchowdhury 9y agoAccording to the current orderbook on GDAX, you can market sell $50M of BTC, and the price would drop to a little above $7000 (on GDAX). So, no, you wouldn't have trouble getting the buyers since they are right there on the order books, but yes, the price would fall. You'd still get your $50M.
- pjc50 9y agoCan you? Someone's selling the MtGox bitcoins, $400m worth, and this halved the market price: https://www.coindesk.com/mt-gox-trustee-sells-400-million-bitcoin-bitcoin-cash/ https://www.coindesk.com/mt-gox-trustee-sells-400-million-bi... Most volume on most exchanges is fake "wash trading". https://medium.com/@sylvainartplayribes/chasing-fake-volume-a-crypto-plague-ea1a3c1e0b5e https://medium.com/@sylvainartplayribes/chasing-fake-volume-...
- darawk 9y agoThat's because they sold it with large market sells, stupidly. People also knew they were selling. I can't speak to OkEx, but at least two of the major top ten exchanges i'm reasonably confident have volume at least in the range of what they claim.
- abakker 9y agoYeah, but...then it isn't liquid. CEOs of big companies pre-announce stock sales all the time, and prices don't often move >5%. An announced sale of bitcoins shouldn't move the prices in a liquid market. It suggests a buyer/seller mismatch.
- darawk 9y agoAnnounced sales of company stock absolutely move (and absolutely should move) the price of a company's stock.
- gruez 9y ago>halved the market price https://cryptowat.ch/markets/bitfinex/btc/usd/2h https://cryptowat.ch/markets/bitfinex/btc/usd/2h where are you getting halve?
- pjc50 9y agoFrom the market peak, not a 2h graph.