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Author Topic: $700 million lottery jackpot straight to BTC  (Read 2226 times)
diggidoyo
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January 08, 2016, 08:33:19 AM
 #1

With the US Powerball jackpot now at $700 million, I'm curious about a scenario where a single winner dumps the entire lump sum into the BTC exchange and locks it up for years.
What would the effect on the market be immediately after and for the next few years? What would happen to the market in the future if they decide to cash out as the richest person who ever lived?
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January 08, 2016, 08:54:13 AM
 #2

this could pump the market as i can see, after that? the price of bitcoin would be gone back to the <value> which is before the jackpot winner claims the prize, this could lead to major loss within a pump.  Tongue
that's why you should not get your jackpot in bitcoin lumpsum.

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January 08, 2016, 09:14:38 AM
 #3

It would be a huge waste of money...

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January 08, 2016, 09:52:16 AM
 #4

Initially it would lead to a price pump of Bitcoin value but since you said to lock it up there fore few years then as markets adopts to the newly added value, it also goes in a slow dump in value over the years as long as nothing happens to it and the moment he decides to cashout and dump it, it could go either way, would he sell it to someone that buys it at same value and sell it higher, then little dump will happen only but if he sells it to a very cheaper value than the market then big dump could be expected.
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January 08, 2016, 09:56:47 AM
 #5

With the US Powerball jackpot now at $700 million, I'm curious about a scenario where a single winner dumps the entire lump sum into the BTC exchange and locks it up for years.
What would the effect on the market be immediately after and for the next few years? What would happen to the market in the future if they decide to cash out as the richest person who ever lived?

whit 700M, you don't need to do this, just relax and enjoy your life in a beach whit hot girls  Cool
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January 08, 2016, 10:43:59 AM
 #6

With the US Powerball jackpot now at $700 million, I'm curious about a scenario where a single winner dumps the entire lump sum into the BTC exchange and locks it up for years.
What would the effect on the market be immediately after and for the next few years? What would happen to the market in the future if they decide to cash out as the richest person who ever lived?

whit 700M, you don't need to do this, just relax and enjoy your life in a beach whit hot girls  Cool

Although I think that enjoying your life with one hot girl is better than doing it with girls , I like this reply the most.

Back to OP's question: since there are around 6 billion dollar's worth of Bitcoin in the world now the dumping of $700 million into the BTC exchange would definitely impact the price but not much, maybe 20-25% which is a normal thing for Bitcoin even when there are no apparent reasons for that. )

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Altynbekova
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January 08, 2016, 11:03:36 AM
 #7

If you win 700 million dollar I wouldn't just do it in BTC I will just do 10.000 dollar worth of bitcoin and the rest for vacation or buying home. Is just waste of money if you do it in my opinion. If I win that kind of money I will just retire in my country and I am happy.
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January 08, 2016, 11:03:49 AM
 #8

The price will be pumped to over $1000 again, probably over the peak level in the end of 2013. It is another buble again. After that the price will come back to $500 level. I have to say it is stupid to convert all the jackpot to btc and pump it up.
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January 08, 2016, 11:38:04 AM
 #9

this could pump the market as i can see, after that? the price of bitcoin would be gone back to the <value> which is before the jackpot winner claims the prize, this could lead to major loss within a pump.  Tongue
that's why you should not get your jackpot in bitcoin lumpsum.

which mean that from 700M you will be getting only peanuts from your treasure

would be useless to dump everything i would buy however a huge portion, because i want bitcoin to succeed
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January 08, 2016, 11:44:24 AM
 #10

Putting that much of money straight to Bitcoin would be insane. If i got that jackpot, i would buy maybe $10k worth of Bitcoins every here and there and invest in real estates and other commodities.
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January 08, 2016, 12:22:30 PM
 #11

Op's questions are only based on hypothetical situation. IMO no one will do this. If I won it, I only could spare $1 m to bitcoin , which wouldn't have much impact on the price movement and will be safe for the investment.

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January 08, 2016, 12:24:05 PM
 #12

Back to OP's question: since there are around 6 billion dollar's worth of Bitcoin in the world now the dumping of $700 million into the BTC exchange would definitely impact the price but not much, maybe 20-25% which is a normal thing for Bitcoin even when there are no apparent reasons for that. )
Hell no it doesn't works that way ,the 6 billion dollar market is for all the bitcoins at present and not for the selling orders.If someone actually dumps that much mount of coins the price would be round 30% of what it is today.Satoshi did the same thing and we have seen the effects.
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January 08, 2016, 12:34:28 PM
 #13

I don't think anyone would do this though
Seems like a waste for now, if I ever won that much I would maybe only dump a small portion of that into bitcoin
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January 08, 2016, 01:09:43 PM
 #14

Putting that much of money straight to Bitcoin would be insane. If i got that jackpot, i would buy maybe $10k worth of Bitcoins every here and there and invest in real estates and other commodities.

if i won $700 000 000 i would put a little more than 10000 in to it, but yeah your right dumping it all in would just be stupid
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January 08, 2016, 01:14:29 PM
 #15

The price would rise when he would be buying. And it would rise really high. After that it would work as normal, but when he would sell them all, the price would drop horribly.
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January 08, 2016, 01:16:08 PM
 #16

I don't think anyone would do this though
Seems like a waste for now, if I ever won that much I would maybe only dump a small portion of that into bitcoin

I think we all see now how smart is to come here first and ask something before u do anything related with btc. Especially when is about some big investment.



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January 08, 2016, 01:55:09 PM
 #17

It would push the price up in the tens of thousands depending on how many sellers piled in. Then it would collapse completely and sit in the doldrums for a long, long time. I can think of more fun ways to set a few hundred million on fire.

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January 08, 2016, 02:09:34 PM
 #18

You'd be crazy to do this. I think the market of bitcoin would collapse with that much money invested into it. I would probably only buy a small portion of bitcoin and gain bitcoins little by little that way so it wouldn't hurt the market.
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January 08, 2016, 02:26:17 PM
 #19

So funny, I had a similar thought today.
It is notorious that Warren Buffet has no interest in bitcoin but knowing that the guy owns $66.7 billion and that there are, as of now, about 15 million BTC out, there, each of them, worth $450 (which bring the total value of all bitcoins out there to (15*10^6)*450=6,750,000,000 : $6.75 billion).
Warren Buffet has enough dollars to buy every single existing bitcoin 10 times. Who said that banks couldn't fuck the whole system up if they wanted to? I'm telling you that a single insanely rich dude already has much more power than is need on his own.

Either I'm wrong either this is some weird news (and somehow it's good news, though I'm sure that I can't be the first person to come up with that conclusion) : no one seems to be lifting a finger, either because they don't want to, either because for some reason they can't, although A LOT of people technically have the power to fuck the whole thing up and it doesn't even seem that demanding for them (if Warren Buffet felt threatened by bitcoin I'm sure that 6.7 billions wouldn't be such a big deal to him, and besides, banks have much more money than he even does).
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January 08, 2016, 02:42:58 PM
 #20

It will be great pump with more than 1.5million bitcoin being bought. So a tall green bar with price spiking from 450 to almost 900$ within a day but i don't think the winner can easily transfer it to any exchanger to buy that amount of bitcoin.
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