Bitcoin Forum

One friend of mine wants to buy Bitcoins for aprox. 10 million EUR until end of August. He wants to hold them as a long time investment. I explained to him that market is currently not deep enough and that such demand (130k BTC at current price) will push price too high.

If someone has any useful advice how can he complete this task, please send to me private message.

Thx!

looks like a shameless price manipulation attempt... or perhaps scam? are you really a lifetime bitcoin foundation member that is asking for donations? ;)

Who is to say what "too high"  is?    He sounds like a qualified investor, let him decide.

I think this could be done off exchange with a little "match making" between your friend and various people who own very large quantities of BTC.  Transferring the BTC to your friend is quick and painless, the real issue here is the large transfer of fiat - but these logistics could be worked out.

as far as i was concern same guy wants to sell 1M coins by end of august

When the market "is deep enough", it will be because the price per Bitcoin is higher.
I guess he could prevent some slippage by buying them offside an exchange, but a buy of over 100k Bitcoins will rise the price.
(Maybe it would be best to buy most outside and ~1 mio on an exchange?)

He is based in Europe. Euro would be used. Which exchange would handle this? I have experience with Bitstamp but of course not in such dimensions.

He should use multiple exchanges at the same time.
The amount being in Euro is a problem, as most market depth is in $.

And some/most off exchange purchases as well.

And yes, he should consider converting some/most to USD first.

No. Same time buy at different exchanges would push price irrationally high. I still think that he needs to be patient and start buying when "knives are falling", because he has a bunch of money behind him.

Sounds like a plan.

If he is real and not just an imaginary friend for the purposes of pushing the price up, then my advice would be to get in contact with BitPay, who would be regularly selling in large quantities and could probably do you a deal.

Good idea!

Or he could buy in small portions using liquid exchanges.

10 million EUR is ~4630 BTC / day at current price or 3.2 BTC/minute. Perhaps he can buy and sell random amounts averaging 40 btc in buys and 8 btc in sells per 10 minutes to obfuscate his intentions. But I think his purpose is the opposite :) Anyway, I think I can create such a script on PHP for him if needed ;)

Btw, what is the maximum price he is ready to pay?

Buying 4.6k Bitcoins a day would push the price a lot.

Are people actually believing this? ::)

No, but it's fun ^^
All the doom&gloom posts are getting boring.
It's totally possible that some rich guy would do this some day though, there are a lot of people in the world with several millions at hand.

Put 10 million on Gox.

Select order quantity

Click market order button

(just give me an hour to buy some more BTC first)

Yea, that would really fuck the market over.... push the price to $500 in a day and then watch it crash.

when people sell mass amounts, this drives the market downwards,
when others want to buy large amounts, they should accept to take the market upwards.
this is fair

just put in giant bid walls

limit orders on multiple exchanges

+1
+1

Whether this is legit or not, who's arguing against new money being dumped into the bitcoin markets?

I doubt a guy with 10 million EUR to invest needs our advice but I'll bite:

Pick a random time each day for the next 50 days and buy 20,000 EUR worth of BTC at market price each day on Mt Gox (dollar cost averaging).

Why not buy 10 million worth of asic chips?
I'd be happy to manage his investment ;D

Thank you all for your ideals and private messages.