... Armstrong today goes to war, on two fronts, vs. the Global Warming fraudsters: "Refusal to Publish Research that Shows Anti Man-Made Climate Change" http://www.armstrongeconomics.com/archives/37998With a great comment on the Academics refusing to publish anything going against their pet theories. "French Weatherman Suspended For Questioning Global Warming" http://www.armstrongeconomics.com/archives/38115The French government is like Academe in its refusal to have an open debate. |
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Exchanges are like banks, they must report all large or suspicious transaction. In Europe, I think every transaction over €30,000 must be checked. Regarding exchanges, I would look for their total amount of transactions in a day, and as a safety measure, I would never make a transaction over one tenth of that amount.
I may as well mention this now. What brought this on for me was an interest in seeing how we can sell our home for "more than it is worth". We will start offering at a very high price to Chinese, Brazilians and Russians outside the USA. If we don't sell it in the months that follow, well, we will lower our price (to "market") and just allow the normal Realtor-process take it. We have the time and a very nice place for some overseas rich family. This might just work, and, if not no harm done. I was curious about Chinese large holders of Bitcoin. That would be a convenient way for them (or Russians or Brazilians) to get some of their capital OUT. They can report any transactions to their authorities, we would report any such transactions to the US authorities. Would I give a crap if someone in China sends out capital perhaps bending that country's rules? No. So you want to sell your house for BTC and then exchange it for USD? We want the best price period. We have some time, so we will start out by overpricing. And the best prospects for that are from foreign buyers. Those who want a nice asset sitting outside of their countries, away from their local tax man. And there are plenty of them -- foreign buyers sitting on US real estate, in some cases hardly visiting their place... It is not necessary that the sale be in BTC. Offering payment options in full or in part w/ BTC seems smart. It is an experiment, I have no really good idea if it would work. It all depends. We will see. |
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as far as i know its not too hard to hack online wallets but if you have a paper or hardware wallet its nearly impossible to do that
Exactly. That's why people who want to store their mass of bitcoins in a secure place always obsess over paper wallets, and reputable and trustworthy escrows usually buy a Trezor hardware wallet to store escrow funds. Any other wallet (such as web wallets or wallets on your computer) are extremely vulnerable and you can never assume that they are safe unless they've never touched the internet before. I was looking for the right post to quote...  I once did have a problem with blockchain.info. My wallet got emptied by them! I believe I was using their 2FA (which I could never get to work right) at that time, but maybe not. I do not know exactly what happened, but I did get my BTC back after a little back & forth with them. It might have been some kind of programming error while they were maintaining (or upgrading) something. Others had that same problem that night. That taught me to keep the large bulk of my BTC in my Trezor and Ledger Nano. My BTC holdings on the two devices is roughly 50/50. |
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I think it very much depends on the particular disaster scenario...
-- If traveling, like the Cannes example by OP, then local cash (or $ in the Deveoping World) is indeed likely to be king. Some tiny gold coins maybe, gold may help you get back home... BTC may be OK if the Web and electricity are working (the value of the imperfect blockchain.info wallet and/or a hardware wallet). Your Glock will be of less value in Europe, you may wind up in jail!
-- If at home, I would have a variety of options. Gold/silver. Gun(s) & ammo. CA$H. Beans, lighters, batteries. Water purification devices.
-- Location of your emergency matters! Weather and how many other people are around.
It all depends! That's why "Diversification" is my middle name!
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I think the main thing that I can contribute is the idea that there IS a non-zero floor. Because there will always be price-agnostic bidders who are using bitcoin for non-speculative purpose. There is a floor and it's above zero.
The premise that there will always be price-agnostic bidders defies the laws of economics, and there are too many competing cryptos that fulfill the same function as bitcoin for this to be true indefinitely. What you have is a tremendously small sample size (relative to the whole bitcoin market) that you are projecting into an absolute truth. Litecoin has been "competing" with bitcoin for years and no one is using it for any non-speculative purposes. I'm not saying that the existence of bitcoin's price floor is an absolute truth but it will be true for the next 1-2 years, which is what I'm interested in. I wouldn't call litecoin competing to bitcoin. I would rather look at it as living next to it or being in symbiosis. Litecoin is great for its cheaper price and faster blocks, while still being secure. Can you buy gold NOW with Litecoin? If so, well then LTC might become a viable contender to BTC. If not..., then my guess is that BTC's advantages as the first useful crypto are too hard to break for the medium-term. Retail acceptance is an important part of the BTC Equation... |
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Keep at it TPTB. Focus on what's really important.
You may have to employ someone who knows what they are doing (ie someone who really knows math & programming). I would think that this forum would have programmers you could strike up a deal with.
Think about ways to lock in you Intellectual Capital that you have worked on. Maybe you could just SELL IT to the right parties.
Would rpietila be of help finding a proper tech buyer?
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Exchanges are like banks, they must report all large or suspicious transaction. In Europe, I think every transaction over €30,000 must be checked. Regarding exchanges, I would look for their total amount of transactions in a day, and as a safety measure, I would never make a transaction over one tenth of that amount.
I may as well mention this now. What brought this on for me was an interest in seeing how we can sell our home for "more than it is worth". We will start offering at a very high price to Chinese, Brazilians and Russians outside the USA. If we don't sell it in the months that follow, well, we will lower our price (to "market") and just allow the normal Realtor-process take it. We have the time and a very nice place for some overseas rich family. This might just work, and, if not no harm done. I was curious about Chinese large holders of Bitcoin. That would be a convenient way for them (or Russians or Brazilians) to get some of their capital OUT. They can report any transactions to their authorities, we would report any such transactions to the US authorities. Would I give a crap if someone in China sends out capital perhaps bending that country's rules? No. |
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Trump polling at 38% in Nevada. Jeb Bush at 6%. Trump, Carson, and Fiorina together have 68% of the vote in Nevada when none of them have ever held political office. http://www.realclearpolitics.com/epolls/latest_polls/president/If these polls are correct, then millions of people are essentially saying "Fuck it. Put a surgeon in the White House. Put a real estate guy in there. Anything's better than what we have." Bernie Sanders still in the double-digits. So loss of confidence in government here in America continues to accelerate. The fact that Armstrong's model predicted that 2016 would be a peak in 3rd party, non-establishment people is pretty unreal. If these polls are correct, then millions of people are essentially saying "Fuck it. Put a surgeon in the White House. Put a real estate guy in there. Anything's better than what we have." LOL best thing I read all day suda THAT'S exactly right re millions wanting something very different than we have had before. Hell, even I am for Trump, he said he would build the wall (and make it look great!), and THEN work on a "comprehensive solution". There have been so many lies over the decades that I do not trust any of the usual suspects to do anything... Electing (choosing, having one imposed, etc.) a "man on horseback" (a heroic type) is always, of course, dangerous. Look at Napoleon, there are many other good examples as well. But at this point in American history, I think umpteen millions of Americans are ready for the right kind of change. |
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Possum577!
Hey, I'm just guessing here, and have no inside info nor particular insights...
My take is that Hillary "won" the debate last night. Bernie handed her the crown of the nomination!* O'Malley was right behind him to kiss her ring. The other two guys do not matter (although Jim Webb was "reasonable", but no chance for him).
My prediction is that Hillary has the nomination, unless the FBI hits her on the emails. It appears that there is a felony in there somewhere. Had I misused Top Secret SI/TK info back in the day, I would JUST be getting out of jail now...
So, even if Uncle Joe gets in, my hunch is that it is too late, unless AG Loretta Lynch (and hence Obama) decides to spike Hillary's run with an indictment. And were Obama allow Hillary to go down, but the Republicans win, the Democrats would blame OBAMA.
If it is to be Trump vs. Hillary, wow-o-wow would we have an interesting fall 2016.
* Bernie fightin' the billionaires..., yeah right, he would have been more believable had he took on Hillary, who is even cozier with the Wall Street billionaire set than even Trump.
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today bitstamps did >6million dollars in trades bitfinex did >2million btc-e >1.5million ~10million dollars in trades today so far. but if you drop price 30% with a massive 10million dollar selloff, you'll find that you could liquidate another 10million at this new low price easily with very little further spillage. at one point you could selloff 21,000,000BTC instantly with 0 spillage, i guess this would be around 50$/BTC. also there is the OTC markets, you could try to auction off a large amount of coins all at once, my guess is you'd get a price close to market if not above market. heres an interesting website, you could look at after selling your million dollar home for bitcoin, https://www.bitpremier.com/, maybe you'd like to upragte to a 3million dollar home https://www.bitpremier.com/5-real-estate/1875-byron-bay-5-star-hinterland-retreat-australiaSo I would guess 1-10million is the limit you could potentially sell off easily in <24hours without affecting the price much. I think we'll see this capacity increase 10 fold in the next couple years. Yes, that's exactly along what I was thinking about, real estate, etc. I will take a look at that bitpremier.com link, thanks! So, a realistic maximum amount would be on the order of $5 million worth of BTC in a day or two and still get a decent price. * * * OK..., now how do I learn a little something about buying/selling OTC (other than localbitcoins)? Or is localbitcoins capable of large transactions too? EDIT: Glen Gamow, thank you for the risk advice. |
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"Money" is a slippery concept...
I am in the camp that "money" should perform the three below roles:
-- Unit of Account ("how much" different things cost)
-- Means of Exchange (transferring value between sellers and buyers)
-- Store of Value (worth about as much tomorrow as today)
* * *
Currency (US$, etc.) are almost always used by everyone, even in hyperinflations. This is a historical fact. My reading is that there have been ZERO recent hyperinflations where silver or gold were used over currency. I NEVER saw silver coins (for example) being used in Peru's hyperinflation in the late 1980s.
Bitcoin, at least for now, basically FAILS as a "Means of Exchange", too clumsy and not enough acceptance.
BTC is more volatile, at least for now, so somewhat fails as a Unit of Account and Store of Value.
As BTC matures, its role may gain more traction as a MofE as well as, perhaps, a SofV.
It's hard to see BTC being better than gold as a Store of Value. Could happen, but I suspect that is way in the future, if ever.
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50cent_rapper
Thank you for correcting my arithmetic error.
* * *
Commentators above
My thinking is what seriously rich people in CHINA could do...
I'm OK with complying with all US laws, and have no problem with KYC, etc.
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Oh, I missed that! Thank you very much for that link. There are various ideas floating around re "documentation uses" of the blockchain. Honduras is working with factom.org to put title records on the blockchain, it seems like a great idea. Peru in some ways is rather advanced in technology applications. Our company there has to submit ALL of our financial transactions to their taxation authorities BY EMAIL ON MS EXCEL. Just FYI, Toledo was not a bad president of Peru. A little corrupt, but who isn't at that level in S. America. Toledo was educated, in part anyway, at Harvard and was Peru's first elected indigenous president. By Peruvian standards, Toledo was a pretty good president, fairly friendly to business and incoming foreign investment. EDIT: THX 1138, I just emailed the info down to my in-laws for their info. |
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the larger exchanges such as OK coin could handle that volume. It would be dumb to do so since you would increase your costs by posting such a large sell order. I would imagine in the future those kinds of transactions would happen OTC anyway.
Dissonance, thank you too. How can we find out what a reasonable capacity of OK Coin or other large exchanges would be? What if someone in China wanted to exchange BTC for US$ and not let THEIR authorities know? (I already know that here in the USA and in Europe that people using exchanges cannot hide their activities from their governments) |
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Why would you sell such a large amount at the same time?
Why not sell 50k a day instead?
50k: is that $50,000 worth of BTC per day? 20 days to $1,000,000... Well, perhaps that could work too... Do you (or anyone else) have any idea of the capacity of the exchanges to deal large amounts of BTC? Would using more than one exchange allow one to convert VERY LARGE amounts? + 1 for reply! |
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... I was responding to a nearby recent thread (re possible further BTC regulation in China) and a thought occurred to me. -- If someone wants to convert a VERY LARGE amount of BTC to cash, how would they go about it? Are the exchanges big enough to handle, say, BTC100,000 (approx. $2.5 million)? -- I have read a couple of news items about BTC being used to buy houses (or as an option to pay). Would this be possible or reasonably feasible in amounts up to, say, $1,000,000 or even more? -- If someone wanted to cash in BTC for any other assets, would this likely negatively affect BTC price (lower price because of a "Whale" selling BTC)? -- What would an approximate amount of BTC be to affect liquidity (my point just above)? Say to move BTC price down 10%...? -- Are there other assets that would be appropriate for Bitcoin Whales should they want to buy them w/ BTC? I look forward very much to reading your comments! |
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With China controlling over 50% of current hashing power, I wonder if there are LARGE Bitcoin holders there.
The uber-rich of China could buy up a lot of Chinese-mined BTC and fairly soon could have a lot of easy to transfer funds (to buy real assets in the West for example).
Anybody know of there are heavy hitters among BTC owners who are Chinese?
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I guess any business in China that wishes to gradually move their money out of the country might be interested in taking Bitcoin. There are alot of massively wealthy business owners under the radar in China.
Yes, I can see all kinds of interesting possibilities along those lines. Capital is fleeing China rather quickly. And we have an ocean-front condo that we would like to sell for "more than it is worth". BTC would make all kinds of sense to any in China who has a lot, or wants a lot... |
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TPTB
The best of luck to you, my prickly virtual friend. Drop by from time-to-time, don't be a stranger.
I have no way to suggest anything to improve your health, other than a careful examination of the power of prayer. Done correctly, and with an honest attempt to live as virtuous a life as possible, there is no greater power. I am a witness.
The time is NOW.
* * *
The Sermon on the Mount
Emmet Fox
Perhaps the granddaddy of all self-help writers, saving millions since 1939. "It's not what you think, or rather it is what you think."
Worked for me, it can work for you.
EDIT:
Thanks re TOR comments, I had read a comment or two along those lines not too long ago (yours?). I don't need the details...
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