Bitcoin Forum

I was browsing LocalBitcoin, and I noticed this Ad:
https://localbitcoins.com/ad/215856/buy-bitcoins-with-cash-tulsa-ok-usa

How much Bitcoin does this guy have?! I've never seen something similar :o

Please note that in LocalBitcoin, You cannot set the trade limits to any price you want, you have to have enough bitcoin to cover it!

We have currently close to 16M bitcoin in the world, is he owning more that 6% of the world bitcoins? that's a hell of a show off!

At that price you could also sell an unlimited number of coins. He is likely just buying them as he sells. A common practice on localbitcoins.

The trade limit at Localbitcoin cannot be set to any price unless you have enough bitcoin to covers it at your localbitcoin wallet. If not, The maximum trade will adjust to the value of the Localbitcoin wallet balance. e.g. if you selling bitcoin at $420 and you have 10 bitcoin at your Localbitcoin wallet, and you set the maximum trade limit to 10,000, Localbitcoin website will adjust your maximum trade limit to $4200 because you don't have enough bitcoin to cover your maximum limit.

I'm not sure that is true. I think whatever trade limits you set will be visable in your ad, whether you have the funds or not.

But if I am incorrect, then that localbitcoin users is stupid for keeping that many bitcoins within their system.
He is asking for trouble.

I believe he hasnt such ammount otherwise is risking too much since he make deal one by one soo it would be risking his life because a small deal,makes no sense at all.

Read the ad again, they are offering to sell those coins for cash/face-to-face trade and escrow is not enabled by default for cash/local trades and therefore they're not required to have those coins at Localbitcoins wallet as the trade will take place off the site.

Only 0.1 BTC is required in your wallet to be able to post local trade advertisements.

There have been a handful of occasions reported here where people have been scammed face to face when trading cash for BitCoins in large quantities.  

There is a smccullah90 https://bitcointalk.org/index.php?action=profile;u=203801 zero activity registered here on the 27th of December 2013 and last active on the 12th of August 2015 http://archive.is/x0OJd which fits in with the smccullah on LocalBitCoin having registered seven months and four weeks ago on that service. http://archive.is/R760K

what were the stories?
the only one that i am aware of is a guy being robbed at gunpoint in NewYork. and that was because he was stupid! they tell him to come to their car parked in a secluded place out of sight to get paid and he goes there and they rob him.

Looks like a stale price to me. When you call him he will give you a up to date price.
Nobody is stupid, if it is too good to be true, then it is.

When you click on his username you will enter his personal stats and there on the top it says Trade volume Between 25 to 150 BTC. I don't know if this means he is trading this amount per sale or it's his total sum of Bitcoins he has in store. Now I don't have much experience with Localbitcoins but it looks like the trade limits of 10000 - 500000000 USD are unrealistic and no one has taken him on his offer as most of the buyers that have left him feedback have low volume tags by their names.

I would love it if some veteran user of Localbitcoins will chime in on the matter  ;)

You can always contact him and ask, if you are really interested : Email: stephen@skylarkgold.com Phone: 417-766-3568 (call or text) and You can even add him on Facebook: Stephen McCullah - I doubt that he will be capable to honor that amount of bitcoins, but ask him any way. ^smile^

Don't believe everything you see on the internet.As far as I know,while setting buy orders on Localbitcoins,they can't really verify the amount you're ready to pay for bitcoins or more specifically how much money you have in your bank account.Those extra zeroes are just there ,not necessary that he actually has it.

You can buy 10000 bitcoin from me at $500+ per coin!

They aren't that hard to buy anymore, most people can buy at market rate, so if you can sell immediately for an $80 profit, then you can basically continuously sell, without limits.

Not a bad business really!

I have done many trades on LBC. An online trade will automatically reduce the amounts to what is in the account. On the other hand, there have been times when I have had to deposit more BTC into my account to cover a face-to-face cash trade.

Well then it means the guy has 500,000,000 USD worth of Bitcoin, right? That's a lot and I don't understand why he/she is showing it. Is he expecting someone to make a deal that big with him? Or he already knows that there is someone who will make such a deal and just stays prepared for that.

and i'm wonder is there people wuld buy bitcoin to mccullah with 505.18 USD / BTC ?
its too expensive,not wonder if he have so much money,seems people have many transaction with him.

Some people are willing to pay extra money to keep their personal information hidden. In this case you are buying bitcoin directly from someone for hard cash.
You don't leave any visible trails in the banking system and no one can tell if you own bitcoin if you buy it this way. This service is worth additional money imo.

I agree with him as he have only allow face to face deal localbitcoins can't limit the trade as they don't know how much he have in his wallet. I don't think anybody in the world have 6% of total supply except if he is billionaire and trust so much in bitcoin in the time of such volatility in price.

His asking price for per bitcoin is very high. 500+ bitcoin. although bitcoin price is only 420$. he may have lots of bitcoin but price is not fair.
OP if you want to buy bitcoins, then find another local trader. who ask for fair rate.

Ah, I haven't looked at LBC in a while. I think they used to require it but had no real enforcement mechanism. I say this because I have met a trader who regularly advertised coins he did not have. A proof of ownership wallet would be an improvement.

Hes very pricy at $500.  :o  and he would need about 1250000BTC

Not only his rate his high, also i dont think it is right to do this trade for such a high price.
You cannnot determine how much Bitcoins a single person has. because he can have multiple wallets and thats how the bitcoins works :)

i've been open that site,he offer so expensive bitcoin,and i think they have unlimited money and bitcoin,he said on note,could come to everywhere buyer want,seems a milionare.

For big players world isn't so big. When he can go anywhere probably he will not go for some cheap money.
Who ever he is I believe he is not only one, bitcoin is growing and that will attract both poor and rich people.
Maybe he doesn't have so much coins, maybe he have a lot of dollars and possibility to buy coins instantly in any moment. In any case nothing strange.

Well local traders atleas the one i had dealed to sell my bitcoin to wire transfer takes a fee for him form the service he proivides ,that is to exchange my bitcoin to fiat,doing the reverse,buying you can go to any exchange and get for the current price value soo why would people buy for soo high if they can get for lower and save or buy an extra bitcoin with the difference?

There may be more guys who owns more bitcoins than this one guy has.The best thing about bitcoin is nobody knows how much one holds unless he himself tells.Early adopters or big miners holds most of bitcoins

What!? That is 16 million he is stating he currently has. You know the ones who own more than that? I would like to know what source you got those names of the holders of bitcoin. I very much doubt this.

You are little mistaken, as far as I know when you have a certain amount in your LBC account they let you post as big trades as you want. This is a classi example of the same. Though we can not deny whether he really does have this much.

I've been selling coins at LBC for so long, and I know what I'm talking about. You can try it yourself if you want.