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Do they have a buyer for that $400k? If not, it's not worth $400K.
by Dwedit 2y ago
Do they have a buyer for that $400k? If not, it's not worth $400K.
- Powdering7082 2y ago24h Volume: $9,800,480,342 Liquidity of less than a million worth of BTC hasn't been a problem for a long time
- somebodythere 2y agoThe market is liquid enough to absorb a sale for $400K.
- btcpuzzle888 2y ago[dead]
- thfuran 2y agoBitcoin is more than liquid enough to offload a half dozen without issue.
- FileSorter 2y agoOne of the most profoundly dumb comments I have read here. It takes 3 seconds to look up the 24h volume for BTC and it is $9.6 Billion
- jakobov 2y agoDont be mean
- latchkey 2y agoNo matter how dumb it is, in general, it is always better to just respond with the answer and not comment on the comment itself. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html "Be kind. Don't be snarky. Converse curiously; don't cross-examine. Edit out swipes."
- TrackerFF 2y agoMight sound dumb, but there are still places in the world where having $400k worth of BTC != $400k in the bank. Plenty of banks will freeze your bank account instantly. And good luck convincing them that you stumbled upon $400k by solving a puzzle - only takes one suspicious fraud/risk manager to conclude that there’s a higher chance of fraud than legitimacy. (But you are right, no problem to find someone to pay you the market price. That’s a done deal in seconds)
- kolinko 2y agoExamples of such places? I did KYC/AML with multiple European banks when withdrawing crypto, and while they checked thoroughly, there were never any issues.
- TrackerFF 2y agoFrom personal experience, a bunch of Norwegian banks. I’ve had transactions that are equivalent to $5k trigger such events. And you get grilled.
- xboxnolifes 2y agoYou don't need to sell it all at once.
- outofpaper 2y agoThe current market easily eats up 6.6 BTC without much movement. Are you looking at a smaller pool like Canada exclusively. Look at the Euro or USD markets. They are much much deeper.
- School-Cotton 2y ago1. Create Coinbase account 2. Deposit bitcoin 3. Market order sell all 4. Withdraw USD
- CaptainOfCoit 2y agoStep 2.5 Argue with Coinbase about if you're a legitimate owner or not Step 2.6 Coinbase blocks your account citing "Suspicious activity" Step 2.7 Sign up to three other exchanges, split the loot across them Step 5 Argue with the bank about the source of funds Step 6 Argue with tax agency that you'll fill out your taxes correctly
- School-Cotton 2y agoEven if this is true (and I suspect it's exaggerated), I'd be happy to go through this trivial amount of hassle for $400K.
- red_admiral 2y agoFor something like $10k-20k I bet you could get someone (good lawyer?) to solve those problems for you, leaving you with $399-398k. Worth the deal, I think.
- Biganon 2y agoThe math doesn't check out
- CamperBob2 2y agoHence the need for a really good lawyer
- kolinko 2y agoKraken would cause no problems for 2.5-2.7 Taxing this is super simple, you just mark as "other" - akin to finding money on the ground. Arguing with bank - which specific bank would cause problems here?
- londons_explore 2y ago400k I think is no problem. I heard of someone with 10,000 BTC having some serious trouble finding a buyer though.
- adastra22 2y agoThat’s 5% of the daily trade volume. Shouldn’t be an issue.
- londons_explore 2y agoExcept trade in bitcoin is fee-free and mostly regulation-free, so there is a lot of wash trading.
- deleted 2y ago[deleted]
- cmcaleer 2y agoI can't imagine that getting that filled OTC reasonably close to the mark would be serious trouble. Germany managed to sell 50,000 BTC without much trouble a few months ago. Then again, it may be serious trouble if you have serious issues explaining the source.
- sandos 2y agoMtGox also sold 60,000 BTC.