8 ms·

"is worth" is up for interpretation. Tesla sold something like $100M to test the liquidity of Bitcoin. Nobody tested to sell $5B of a cryptocurrency, let a lon

"is worth" is up for interpretation. Tesla sold something like $100M to test the liquidity of Bitcoin. Nobody tested to sell $5B of a cryptocurrency, let a lone a meme coin. Next month, $8B of Bitcoin that have been locked in Mt. Gox are expected to be released to their owners. That could become the biggest liquidity test in the history of crypto.

tomlue 5y ago
I believe you, but do you have a good source for the date and amount? I keep getting trash when I look.
- ArtTimeInvestor 5y ago
  I read it while surfing around on the same trashy internet that you use :) So don't believe me. It might be totally wrong.
mr2loco 5y ago
this will be dumped into the market. Lets see if buyers can absorb it
paulgb 5y ago
100% agree, but it's worth noting that that meme coin did more trading volume yesterday than Bitcoin. I don't read too much into that in terms of how much a large trade would move the market, but it's something.
- lngnmn2 5y ago
  > more trading volume yesterday than Bitcoin Well, this is a textbook FOMOing. And a textbook scamcoin. They shilled it hard before a FOMO chain reaction began. Good job. Good profits.
- tata71 5y ago
  The winds are shifting towards technicals. Not to sound repetitive, but hilariously, being long DOGE doesn't look crazy.
VHRanger 5y ago
TSLA didn't sell that $100m to "test liquidity" - that was always a nonsense explanation. They sold because it was the best way to have a book profit for the quarter
- BbzzbB 5y ago
  Except it's not what tipped the bottom line to green but it's not like that ever mattered when criticizing Tesla's revenue streams with regards to profitability.
- cableshaft 5y ago
  I'm pretty sure it was to prove to their shareholders that they could sell the bitcoin when they need/want to. Shareholders get skittish about stuff like that, showing "hey, it's fine, we can sell it, we're not stuck with it" helps. Anyway they always said it was to "prove" it's liquid and just as good as holding cash, not to "test" it. https://www.bnnbloomberg.ca/musk-says-tesla-sold-bitcoin-to-prove-liquidity-as-cash-alternative-1.1595563 https://www.bnnbloomberg.ca/musk-says-tesla-sold-bitcoin-to-...
deleted 5y ago
[deleted]
BbzzbB 5y ago
The chances these keys aren't lost is zero IMO. Nobody, and I mean nobody would go from an $8k account to $5.7B without selling a dime (no outgoing transaction in 190 days).
- tata71 5y ago
  Why?
  - BbzzbB 5y ago
    Would you become a billionaire without even securing a millionaire status? If this account belongs to someone with already deeper pockets (say someone who put 8 grand in a bunch of coins), wouldn't they have already learned that taking money off the table is a good idea when you slug it out of the solar system? Let alone with a dog coin.
jdhn 5y ago
I fully expect the bitcoin market to absorb all $8b of the Gox coins rather easily. The market is a LOT more mature than when Mt. Gox was the big kahuna, and demand is a lot higher. I wouldn't be surprised if there were major block buys by large investors/institutions.
otoburb 5y ago
>>Next month, $8B of Bitcoin that have been locked in Mt. Gox are expected to be released to their owners. That could become the biggest liquidity test in the history of crypto. Next month, Mt. Gox is only expected to officially ratify approval of a plan to distribute the remaining $8B USD in bitcoin. Although nobody knows when the distribution will actually take place (6/12/18/24+ months), based on the timing of steps outlined in the approved plan, the distribution is definitely not happening next month.
deleted 5y ago
[deleted]
quickthrowman 5y ago
$8B is peanuts, $2B of SPY has already traded hands in 15 minutes today. $5B of TSLA call premium traded hands the other day. Crypto has pathetic liquidity.

tomlue 5y ago

I believe you, but do you have a good source for the date and amount? I keep getting trash when I look.

ArtTimeInvestor 5y ago
I read it while surfing around on the same trashy internet that you use :) So don't believe me. It might be totally wrong.

mr2loco 5y ago

this will be dumped into the market. Lets see if buyers can absorb it

paulgb 5y ago

100% agree, but it's worth noting that that meme coin did more trading volume yesterday than Bitcoin. I don't read too much into that in terms of how much a large trade would move the market, but it's something.

lngnmn2 5y ago
> more trading volume yesterday than Bitcoin Well, this is a textbook FOMOing. And a textbook scamcoin. They shilled it hard before a FOMO chain reaction began. Good job. Good profits.
tata71 5y ago
The winds are shifting towards technicals. Not to sound repetitive, but hilariously, being long DOGE doesn't look crazy.

VHRanger 5y ago

TSLA didn't sell that $100m to "test liquidity" - that was always a nonsense explanation. They sold because it was the best way to have a book profit for the quarter

BbzzbB 5y ago
Except it's not what tipped the bottom line to green but it's not like that ever mattered when criticizing Tesla's revenue streams with regards to profitability.
cableshaft 5y ago
I'm pretty sure it was to prove to their shareholders that they could sell the bitcoin when they need/want to. Shareholders get skittish about stuff like that, showing "hey, it's fine, we can sell it, we're not stuck with it" helps. Anyway they always said it was to "prove" it's liquid and just as good as holding cash, not to "test" it. https://www.bnnbloomberg.ca/musk-says-tesla-sold-bitcoin-to-prove-liquidity-as-cash-alternative-1.1595563 https://www.bnnbloomberg.ca/musk-says-tesla-sold-bitcoin-to-...

deleted 5y ago

[deleted]

BbzzbB 5y ago

The chances these keys aren't lost is zero IMO. Nobody, and I mean nobody would go from an $8k account to $5.7B without selling a dime (no outgoing transaction in 190 days).

tata71 5y ago
Why?
- BbzzbB 5y ago
  Would you become a billionaire without even securing a millionaire status? If this account belongs to someone with already deeper pockets (say someone who put 8 grand in a bunch of coins), wouldn't they have already learned that taking money off the table is a good idea when you slug it out of the solar system? Let alone with a dog coin.

jdhn 5y ago

I fully expect the bitcoin market to absorb all $8b of the Gox coins rather easily. The market is a LOT more mature than when Mt. Gox was the big kahuna, and demand is a lot higher. I wouldn't be surprised if there were major block buys by large investors/institutions.

otoburb 5y ago

>>Next month, $8B of Bitcoin that have been locked in Mt. Gox are expected to be released to their owners. That could become the biggest liquidity test in the history of crypto. Next month, Mt. Gox is only expected to officially ratify approval of a plan to distribute the remaining $8B USD in bitcoin. Although nobody knows when the distribution will actually take place (6/12/18/24+ months), based on the timing of steps outlined in the approved plan, the distribution is definitely not happening next month.

deleted 5y ago

[deleted]

quickthrowman 5y ago

$8B is peanuts, $2B of SPY has already traded hands in 15 minutes today. $5B of TSLA call premium traded hands the other day. Crypto has pathetic liquidity.