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Author Topic: Moving countries... need to exchange currencies...  (Read 1285 times)
P_Shep (OP)
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January 05, 2013, 01:52:57 AM
 #1

What do you think buying $20,000.00 worth of BTC would do to the market? Cheesy
adamstgBit
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January 05, 2013, 01:54:10 AM
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What do you think buying $20,000.00 worth of BTC would do to the market? Cheesy

nothing. if you play your hand right....

P_Shep (OP)
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January 05, 2013, 01:57:31 AM
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nothing. if you play your hand right....

I wouldn't know 'playing my hand right' if it slapped me across my face.
live627
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January 05, 2013, 02:04:12 AM
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How would you buy tons of silver without crashing the market? Little by little, right?
adamstgBit
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January 05, 2013, 03:37:26 AM
 #5

where are you moving, from/to?

Stephen Gornick
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January 05, 2013, 04:17:42 AM
 #6

What do you think buying $20,000.00 worth of BTC would do to the market? Cheesy

Maybe push it $0.02 cents, at the moment:
 - http://mtgoxlive.com/orders

Hover over the blue line (near the bottom) to see about $20K.   It is currently less than a penny above the bottom (spot) value.

Unichange.me

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matthewh3
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January 06, 2013, 01:14:38 AM
 #7

What do you think buying $20,000.00 worth of BTC would do to the market? Cheesy

Maybe push it $0.02 cents, at the moment:
 - http://mtgoxlive.com/orders

Hover over the blue line (near the bottom) to see about $20K.   It is currently less than a penny above the bottom (spot) value.

That's amazing to know and shows how fragile bitcoin really is hanging on a knifes edge if $20,000 can push the price down $0.02.  I seen someone cashing that amount in the bank the other day in £50's.

alexmat
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January 06, 2013, 01:28:41 AM
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What do you think buying $20,000.00 worth of BTC would do to the market? Cheesy

Maybe push it $0.02 cents, at the moment:
 - http://mtgoxlive.com/orders

Hover over the blue line (near the bottom) to see about $20K.   It is currently less than a penny above the bottom (spot) value.

That's amazing to know and shows how fragile bitcoin really is hanging on a knifes edge if $20,000 can push the price down $0.02.  I seen someone cashing that amount in the bank the other day in £50's.

Those are only visible orders on one exchange. A lot of volume is transacted outside of gox or in response to price movements.
matthewh3
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January 06, 2013, 01:35:49 AM
 #9

What do you think buying $20,000.00 worth of BTC would do to the market? Cheesy

Maybe push it $0.02 cents, at the moment:
 - http://mtgoxlive.com/orders

Hover over the blue line (near the bottom) to see about $20K.   It is currently less than a penny above the bottom (spot) value.

That's amazing to know and shows how fragile bitcoin really is hanging on a knifes edge if $20,000 can push the price down $0.02.  I seen someone cashing that amount in the bank the other day in £50's.

Those are only visible orders on one exchange. A lot of volume is transacted outside of gox or in response to price movements.

True I know that as I very rarely trade on MtGox myself but considering MtGox is supposed to handle over 90% of central-exchange trading!  Maybe central exchanged bitcoin trading makes up less than 50% of trading but it still says a lot.  Although I know bitcoin is still in beta and has not done bad in its first four years.  As the years roll on and (hopefully) the market capitalisation continues to grow exponentially.

xxjs
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January 06, 2013, 03:20:19 AM
 #10

What do you think buying $20,000.00 worth of BTC would do to the market? Cheesy

Maybe push it $0.02 cents, at the moment:
 - http://mtgoxlive.com/orders

Hover over the blue line (near the bottom) to see about $20K.   It is currently less than a penny above the bottom (spot) value.

That's amazing to know and shows how fragile bitcoin really is hanging on a knifes edge if $20,000 can push the price down $0.02.  I seen someone cashing that amount in the bank the other day in £50's.

Well every trade volume larges than the lowest ask will move the market. If you place an order of say 1500 BTC now, you would move the ask from 13.44 to 13.53 or thereabouts, but it would soon come down. You could spread the order over a few hours. Or you could place a bid say 5 cents under the highest bid, and hope someone is lured to to take it. Of course it will also press the price upwards long term. Another newcomer wanting to stash some coins. Good for me if you do it.
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January 08, 2013, 12:22:17 AM
 #11

What do you think buying $20,000.00 worth of BTC would do to the market? Cheesy

Maybe push it $0.02 cents, at the moment:
 - http://mtgoxlive.com/orders

Hover over the blue line (near the bottom) to see about $20K.   It is currently less than a penny above the bottom (spot) value.

That's amazing to know and shows how fragile bitcoin really is hanging on a knifes edge if $20,000 can push the price down $0.02.  I seen someone cashing that amount in the bank the other day in £50's.

You would have shit yourself a year ago.  Roll Eyes

Bitcoin is rock solid liquidity wise now compared to then.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
DannyHamilton
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January 08, 2013, 01:49:07 AM
 #12

That's amazing to know and shows how fragile bitcoin really is hanging on a knifes edge if $20,000 can push the price down $0.02.  I seen someone cashing that amount in the bank the other day in £50's.

I suspect it has a lot to do with the exchange rate.

Right now 20,000 USD worth of bitcoin is about 1481.48148 BTC.  Since there is a total of approximately 10,638,000 bitcoins in circulation, that means that a purchase of 20,000 USD worth of bitcoin is a purchase of about 0.014% of the entire bitcoin market.

Now if the exchange rate was quite a bit higher, 0.00000001 BTC = $0.01 for example, then 20,000 USD worth of bitcoin would only be 0.02 BTC.  That works out to only 0.000000188% of the market.
notme
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January 08, 2013, 01:51:53 AM
 #13

That's amazing to know and shows how fragile bitcoin really is hanging on a knifes edge if $20,000 can push the price down $0.02.  I seen someone cashing that amount in the bank the other day in £50's.

I suspect it has a lot to do with the exchange rate.

Right now 20,000 USD worth of bitcoin is about 1481.48148 BTC.  Since there is a total of approximately 10,638,000 bitcoins in circulation, that means that a purchase of 20,000 USD worth of bitcoin is a purchase of about 0.014% of the entire bitcoin market.

Now if the exchange rate was quite a bit higher, 0.00000001 BTC = $0.01 for example, then 20,000 USD worth of bitcoin would only be 0.02 BTC.  That works out to only 0.000000188% of the market.

That is certainly an important factor.  Adoption also helps, and we are obviously further along there than we have ever been before.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
meebs
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January 08, 2013, 01:59:50 AM
 #14

What do you think buying $20,000.00 worth of BTC would do to the market? Cheesy

knock the price up about $.20/btc

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