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

[Seal]

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.

Your 888'th post and it sounds like a winning strategy *thumbsup* from me

[thezerg]

Buy 1000 btc.  Tell Bernanke to announce QE3.  Chill...

[lebing]

  Tell Bernanke to announce QE3. 

That happened already (today)

[adamstgBit]

Buy 1000 btc.  Tell Bernanke to announce QE3.  Chill...

yup it helps having friends in high places 

[jojo69]

buy a million dollars worth of ASICs??

[kentrolla]

it turns out pirate was able to fill my order.   

[lebing]

it turns out pirate was able to fill my order.   

Not funny =P

[Seal]

it turns out pirate was able to fill my order.   

Not funny =P

Loool, yea agreed, its not funny... its hilarious 

[mobodick]

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

1) Buy one bitcoin.
2) Inflate the dollar.
3) Profit.

[Spekulatius]

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.

Depends on how trustworthy andlogical your claim is. Would you believe Benanke is lying to you when he announces QE3? You know he's got a good reason to do it, you know's got the recources and power to do so and he did it already in the past.

If No0B_user99 announces to buy 10M$ worth of bitcoin tomorrow, I would bet all my bitcoins it won't happen, but that's the other end of the spectrum.

To close the circle and come back to our case: If Mitt Romney or someone else in his name (like Donald Trump) announces to buy 1M$ worth of Bitcoin by October, I would be very tempted to believe it. Many people would be, so it would have a severe effect on price. If he really would wanna buy cheap, he wouldn't announce it though. Instead someone with good connections could announce a ruling to make bitcoin illegal or else, of believable enough, that would have a severe effect on bitcoin prices also, the other way.

[hazek]

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.

You were close but what you say doesn't make a hole lot of sense.

Here's the thing, there are two goals one might have:
1) get $1 million dollars worth of value into BTC and hold BTC
2) pay someone BTC worth $1million dollars and have no intention of holding any value in BTC

As you can perhaps already see my point the best strategy to accomplish either of these two very different goals are also very different. With the first goal you'd want to pursue any strategy that would conceal as long as possible from the market the fact of your demand whether it be cost averaging or going to smaller markets first. With the second goal after you exchanged some bitcoins you actually want to spark a huge rally because you just want to pay someone an amount of BTC worth $1 million which can be any amount of BTC so the best strategy would be to buy as few as possible as openly as possible and flaunt your extra demand as much as possible in order to spark the biggest rally possible. With a strong enough rally you might not even need to spend half a million in order to pay someone a $1 million worth of Bitcoins.