bitbaby
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May 13, 2015, 03:12:05 AM |
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no he can show any amount without having the actual bitcoins as its a local cash trade / meetup Only online trades use escrow Minimum balance limitations You need to have at least the advertisement minimum sell limit and 0.4 BTC available in your LocalBitcoins.com wallet.
Your advertisement is not visible and available for the users if you do not have enough balance to fund the advertisement. Because bitcoins are reserved to the escrow protection when someone replies to your online sale trade advertisement, these bitcoins must be available online. This is a feature of online sale advertisements and does not concern online purchase advertisements or local cash trades. I see, didn't know that. Then this confirms that he doesn't have that many bitcoins and if someone sets up a trade, he'll then arrange for them by either buying from another seller at LBC through online payments or another exchange. Anyone can set up an advertisement like this and offer to sell 100,000 coins for that matter and it doesn't mean that the person has those stocked.
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toknormal
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May 13, 2015, 07:23:10 AM |
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I'm wondering why a person would sell 13.5 Million USD worth Bitcoins as per his trade when he can wait for few more months or years and have the price go up Because that might never happen.
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Omikifuse
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May 13, 2015, 07:46:06 AM |
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I guess he did it for publicity , hoping that someone would bring attention to him
(like OP and the article did)
I doubt he would really have enough to sell 10k Bitcoins
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Kprawn
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May 13, 2015, 08:30:42 AM |
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That amount of coins and the area it's being sold from, would put you square in the radar of the N$A. If I owned 44k coins, and I can sell it for +30% above the Bitcoin price, I would go for it. I would sell it, the price will drop, and I would buy back, and gain a 30% profit. It's not that complicated... you just need a crazy person, willing to buy at +30% of it's current market value.
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futureofbitcoin
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May 13, 2015, 10:48:24 AM |
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with 44k coins, you can afford to sell anywhere to keep your anonymity. The whole world is "local" to you, just travel by private jet. Or if you're REALLY cheap, first class on a *puke* commercial airline can do the job.
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SebastianJu
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May 13, 2015, 01:24:54 PM |
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That can be true, but I'm wondering why a person would sell 13.5 Million USD worth Bitcoins as per his trade when he can wait for few more months or years and have the price go up and make ton of profit like say double or triple, make 50 million USD or something.
uhh simply because he don't have them. He had just acc on some exchange, some BTC on stock and in case of needs, he will transfer fiat to exchange and sell it again. you know what? at 310$ I can sell you unlimited amount of bitcoins.. ) Thats it. He simply will buy those bitcoins cheap when someone will buy for that price. And he only has to fund the escrow once the trade starts. Its not that he have those coins yet. If he would own them at the moment, and he thinks he has to sell them, then i would assume he will sell fast in order to lower its risk that the price will drop.
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Please ALWAYS contact me through bitcointalk pm before sending someone coins.
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pereira4
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May 13, 2015, 02:48:47 PM |
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It can be a huge deal if someone falls for the trap. There is always clueless people out there. I remember when I was and didn't know better I almost buy from some seller that was buying a lot higher than market price. Then again, in this case if he offers physical operation, it would be worth paying the extra for the privacy that physical operation gives you vs transference.
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kevin1234a
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May 13, 2015, 09:24:01 PM |
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DUBAI SHEIKH can do anything for FUN
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r1f696
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May 16, 2015, 06:41:41 AM |
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I remember during 2013 spring, some one from Dubai ordered tons of KNC jupiter, maybe this is the result of that operation But wait, for a cash trades you can sell any amount, even 1 million bitcoins, so this does not say a lot more lol i think maybe he got that rate , and this is not really surprising, there a lot of people sell btc with an irrational amount but its true
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leen93
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May 16, 2015, 09:13:49 AM |
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That can be true, but I'm wondering why a person would sell 13.5 Million USD worth Bitcoins as per his trade when he can wait for few more months or years and have the price go up and make ton of profit like say double or triple, make 50 million USD or something.
uhh simply because he don't have them. He had just acc on some exchange, some BTC on stock and in case of needs, he will transfer fiat to exchange and sell it again. you know what? at 310$ I can sell you unlimited amount of bitcoins.. ) i want 100 million bitcoins
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Bitcoin Explorer
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May 18, 2015, 06:22:08 PM |
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That can be true, but I'm wondering why a person would sell 13.5 Million USD worth Bitcoins as per his trade when he can wait for few more months or years and have the price go up and make ton of profit like say double or triple, make 50 million USD or something.
uhh simply because he don't have them. He had just acc on some exchange, some BTC on stock and in case of needs, he will transfer fiat to exchange and sell it again. you know what? at 310$ I can sell you unlimited amount of bitcoins.. ) exactly, he can rinse and repeat buy low @ exchange and sell on localbitcoins.
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Gyfts
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May 18, 2015, 10:23:27 PM |
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What type of scam his he running? I refuse to believe someone will sell 13.5 Million USD in Bitcoin through Local Bitcoins...It's in Dubai though, lots of rich, careless, people there.
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mrhelpful
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May 19, 2015, 01:29:29 AM |
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What type of scam his he running? I refuse to believe someone will sell 13.5 Million USD in Bitcoin through Local Bitcoins...It's in Dubai though, lots of rich, careless, people there.
Most likely if the dudes legit, could be a oil baron lol. 5th generation prince, etc. They can afford to being careless, they will ever feel the financial loss due to their gold lambos and ferraris they drift for fun. I thought you need a balance to even post the Ad like on localbitcoins.com right? Id never prob reach that amount of money in my life time.
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Possum577
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May 19, 2015, 06:47:43 AM |
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He wants 310 USD / BTC, so he just buy on an exchange and sell on Local Bitcoins.
That can be true, but I'm wondering why a person would sell 13.5 Million USD worth Bitcoins as per his trade when he can wait for few more months or years and have the price go up and make ton of profit like say double or triple, make 50 million USD or something. Someone offering to buy bitcoin at his 30% markup is a sure thing that can happen today, hoping the BTC price goes up in the next few years is not.
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BTCevo
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May 19, 2015, 01:07:00 PM |
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What type of scam his he running? I refuse to believe someone will sell 13.5 Million USD in Bitcoin through Local Bitcoins...It's in Dubai though, lots of rich, careless, people there.
Why you judge scam? I think he wants to quit bitcoin and get his money out from this because he already got much profit from it and wants to open some business or anything else using this money. I dont think he is a scammer, there are many people that have more than 50k bitcoin but they still want to keep it for long term. All of them have their own reasons and their own thoughts so dont randomly judge people
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boumalo
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May 19, 2015, 01:09:36 PM |
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He wants 310 USD / BTC, so he just buy on an exchange and sell on Local Bitcoins.
That can be true, but I'm wondering why a person would sell 13.5 Million USD worth Bitcoins as per his trade when he can wait for few more months or years and have the price go up and make ton of profit like say double or triple, make 50 million USD or something. Maybe he has 88k BTC and needs some cash or he wants to make a big trade and he will buy back on exchanges.
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Troonetpt
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May 19, 2015, 01:50:35 PM |
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I believe he want to keep his anonymous, he did'n want to show himself.
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JLynn171
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May 19, 2015, 03:33:04 PM |
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Well if i had more bitcoins than i could really ever possible use to purchase things or gamble with online, i would always have them up for sell, worst case ya sell em all and buy more... ? who knows he may just got in early and those are the ones he mined off his laptop
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Amph
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May 19, 2015, 04:26:07 PM |
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What type of scam his he running? I refuse to believe someone will sell 13.5 Million USD in Bitcoin through Local Bitcoins...It's in Dubai though, lots of rich, careless, people there.
Why you judge scam? I think he wants to quit bitcoin and get his money out from this because he already got much profit from it and wants to open some business or anything else using this money. I dont think he is a scammer, there are many people that have more than 50k bitcoin but they still want to keep it for long term. All of them have their own reasons and their own thoughts so dont randomly judge people i don't think he want to quit, usually those rich guy, don't want to quit ever, they want always more, they are attached to money like it is foods, he want to sell because he believe the market will crash(and he will help it with that amount...), then he will buy even more i doubt he is all-in, he probably hold more than 44k
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Slark
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May 19, 2015, 04:54:57 PM |
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This situation is nothing rare. There are some crazy rich people living in Dubai, this is normal for some rich men to have assets of different currencies even Bitcoins. He is using localbitcoins so he can remain anonymous probably as exchanges need some form of validation and credentials. My guess is that he bought bitcoins for anticipation of huge price rise but now got tired of waiting for it...
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