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No Bitcoin exchange was running on May 8, 2009. But there is this one famous trade of the guy who bought 5000 bitcoins with $26.06 in "2009" and then bought an
by mrb 13y ago
No Bitcoin exchange was running on May 8, 2009. But there is this one famous trade of the guy who bought 5000 bitcoins with $26.06 in "2009" and then bought an apartment in 2013 [1]. This puts the value of one bitcoin at $0.0053. With $1000 you could have bought 189,000, which would be worth $113 million today at $600 per bitcoin.
But there is no doubt that buying that many bitcoins at that time would have been difficult. The few sellers you would have been able to find would have probably raised their price when seeing your interest.
[1] http://www.theguardian.com/technology/2013/oct/29/bitcoin-forgotten-currency-norway-oslo-home http://www.theguardian.com/technology/2013/oct/29/bitcoin-fo...
- cylinder 13y agoExcept if you tried to unload 189,000 bitcoin you would crash the value back down significantly. The BTC's low volume is th reason why the price rises and falls so quickly.
- mrb 13y agoYou are mistaken. In the last 30 days, on the top 3 exchanges (btcchina, mtgox, bitstamp), there has been more than 3 million bitcoins sold [1], and yet we saw the exchange rate increase over the last month. So it would be relatively easy to sell 189,000 bitcoins, spreading the trades over 30 days, even on only 1 of these exchanges, without causing a big crash. [1] http://bitcoinity.org/markets/list?currency=ALL&span=30d http://bitcoinity.org/markets/list?currency=ALL&span=30d
- aestra 13y agoYou don't have to sell those all at once. You can do it over a period of time.