What is the best way to acquire 1 million dollars worth of bitcoins?

[kentrolla]

why would someone show their cards in this fashion?

I'm so confused right now.

Would the owner of this wall please PM me?

I have a few propositions for you.

[Technomage]

It's possible that the wall dude also has a large amount of bitcoins and wants a rally to dump them.

[Technomage]

Wow, ok. Welcome to the world of Bitcoin trading.

+1

[kentrolla]

well this is obviously not the best way to acquire 1 million dollars worth of bitcoins.

I have no clue what is going on.

[elux]

Doing it wrong  →

[kentrolla]

lol I just imagine some old noob with 1.7 million dollars trying to figure out how to use mtgox.  He probably called up geek squad to help him.

[sgravina]

Pretend like someone gave you 1 million dollars and told you to buy bitcoins with it in less than a months time. How would you go about doing this? Would you buy them all in one big market order in hopes to spark a panic? Would you accumulate the coins slowly throughout the month? Would you use a bot? Would you set up bid walls? Would you even use mtgox? If not, who would you contact to purchase coins from without using the exchange and what price would you offer to buy them at?

Easy.  Deposit about 1.8 million dollars in a MtGox account.  Put in a buy order for 160,000 bitcoins at $10.7.  Sit back and watch the bitcoins pile up in your account.  You may end up with a few extra bitcoins but that's OK you can always sell them tomorrow.

[kentrolla]

Pretend like someone gave you 1 million dollars and told you to buy bitcoins with it in less than a months time. How would you go about doing this? Would you buy them all in one big market order in hopes to spark a panic? Would you accumulate the coins slowly throughout the month? Would you use a bot? Would you set up bid walls? Would you even use mtgox? If not, who would you contact to purchase coins from without using the exchange and what price would you offer to buy them at?

Easy.  Deposit about 1.8 million dollars in a MtGox account.  Put in a buy order for 160,000 bitcoins at $10.7.  Sit back and watch the bitcoins pile up in your account.  You may end up with a few extra bitcoins but that's OK you can always sell them tomorrow.

lol that's probably what geek squad told this guy to do.

[byronbb]

Pretend like someone gave you 1 million dollars and told you to buy bitcoins with it in less than a months time. How would you go about doing this? Would you buy them all in one big market order in hopes to spark a panic? Would you accumulate the coins slowly throughout the month? Would you use a bot? Would you set up bid walls? Would you even use mtgox? If not, who would you contact to purchase coins from without using the exchange and what price would you offer to buy them at?

Buy 1 million in cocaine and sell it at cost on SR.

[smoothie]

Right now you could buy $1m worth of bitcoins without breaking $13.

Yes. Now would be a good time to start acquiring $1M worth of BTC.

Here's the argument:

Between June and mid-late August, the ask depth was so precariously thin that a 100K BTC market buy would quickly push the cost per additional BTC bought far beyond 30USD/BTC.

Obviously, this would be unacceptable, as the price would quickly crash after the big bid.

Acquiring any significant amount of BTC on the exchanges was simply not an option at the time.

The current situation is different:

With the ask depth that filled in after the BTCST Exit, one could load up on a decent amount of BTC,
without having to suffer entirely outrageous marginal cost toward the tail end.

Those jagged edges on the sell wall are mostly PussyAt40. He wants to keep the price down so he can buy cheap. What a loser.

[kjj]

I realize it takes time (way too much time, TBH). But during that time period, the state of the orderbook should be locked. Order execution should be fully atomic.

agreed, why to they allow orders to be pulled out of the way of 1 major buy?

theirs no reason it should "take time" to lock the books and fill orders, for 1 big buy. its just a few numbers being moved around.

i dont get it....

Exchanges are super easy, everyone knows exactly how they should work.  Until they actually have to write one and they find out that things can get strange quickly.

[thebaron]

I'd create a schedule for a month and try to stick to it.  It'd be a little tempting to do it in one buy.  Right now you could buy $1m worth of bitcoins without breaking $13.

The problem is transferring enough funds to exchanges or private dealers in order to buy them before people become wise that the supply of BTC are drying up.

[joshbb]

I'd do it hourly over a month... with bitcoinbuilder.com of course! 

[Seal]

I definitely would not make this public or you will get speculators trading against you to take a slice of your $1m (by artificially inflating prices).

[notme]

I definitely would not make this public or you will get speculators trading against you to take a slice of your $1m (by artificially inflating prices).

Or he could be lying and actually looking to sell.  People who speculate on forum rumors are asking to be bitten.

[kentrolla]

I definitely would not make this public or you will get speculators trading against you to take a slice of your $1m (by artificially inflating prices).

Or he could be lying and actually looking to sell.  People who speculate on forum rumors are asking to be bitten.

this. announcing your plans usually has no effect whatsoever. In fact, I would go as far to say that the majority of people would assume you're lying.

[tvbcof]

If one has national security apparatus at one's disposal, the easiest thing to do would be to pick up a "terrorist" who has control of a decent amount of BTC (say, an exchange operator) and waterboard the shit out of them until they give you what you want.

The strategy for someone without the nicety of usable state apparatus could take a similar form I suppose.

[lebing]

If time isnt an issue:

Buy 100k USD worth in a straight market order
Wait 2 years
Profit

[kentrolla]

If time isnt an issue:

Buy 100k USD worth in a straight market order
Wait 2 years
Profit

time is an issue. it has to be done by the end of october

[Elwar]

Buy half in a way that is as under the radar as possible...do some p2p buys with cash, hit the smaller exchanges, do some trading on mtGox catching any downward pressure.


Then take another million and jump on mtGox with it. Create a huge million dollar bid wall and spread the word that you are buying a buttload.

You will get a good rally going with your first $400k then start to remove some of your bids with the rest of the $500k as the market takes over the rally.