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>and it takes fifteen seconds to sell $10,000,000 worth of FIL for USD. That's an oversimplification. If you dumped ~ $10m of FIL in such a short time, you'd u
by 22c 6y ago
>and it takes fifteen seconds to sell $10,000,000 worth of FIL for USD.
That's an oversimplification. If you dumped ~ $10m of FIL in such a short time, you'd undoubtedly drive the price down while doing so.
Right now, Kraken shows that selling ~ 1000 FIL would drive the price down by over 1% and the support only gets worse from there.
- vmception 6y agoOn an asset that has changed in value 3% or 10% in one day, 1% slippage is pretty tolerable, to me. On an altcoin pair that's fantastic. Filecoin is listed on over 100 trading pairs across exchanges. If hitting the tape simultaneously sounds like a contrived rebuttal to you, I guarantee you I could get a quote from three OTC desks that will take $10,000,000 in Filecoin today and wire transfer $9,900,000 in a few hours.
- 22c 6y agoIt's not 1% slippage on a 10m trade though, that was on a 1000 FIL trade. Crypto support is quite fickle. I didn't even go near the withdrawal aspect, but withdrawing anything more than ~5 BTC worth of currency from an exchange will take at least several business days to get verified, and depending on the exchange you use might takes weeks or possibly you'll never see your money again (there are several stories of less reputable exchanges freezing accounts for "fraud" when they attempt a large withdrawal). In principal I do agree with what you're saying, but crypto is still very much the wild west at the moment, so I personally would not be trying to shift millions of dollars around on such short time frames.