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Author Topic: lets say I have 100k btc  (Read 1757 times)
clonedone
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April 25, 2011, 10:15:22 PM
 #1

Would I be able to transfer all those coins into paypal with coinpal guy?
or even mt gox? (into liberty reserve)
Or does the coinpal guy have limits?

I know there are only 500k coins out right now i think, but lets just imagine I own 1/5th of it.
would it be possible to cash in all of them within lets say a month?

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Prze_koles
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April 25, 2011, 10:21:53 PM
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Total BTC :   6,009,350 BTC
from bitcoinwatch.com

@TOPIC
Yea, you can use mtgox for bigger transactions.

Sief
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April 25, 2011, 10:33:34 PM
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There's only demand for about 15k BTC on MtGox at the moment, ranging from $1.15 to $1.55. I think your 20% share of the whole btc economy would upset things, to say the least...

This is not a bitcoin address; do not send anything to it: 112sNU2PA3odvzvFvZtbu1tR2pr88ssrpk
clonedone
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April 25, 2011, 11:03:10 PM
 #4

So If i was pure evil and I decide to ruin the market by selling all my BTC for 13 cents each,
which satisfies all the bids on MT gox, I could generally ruin the whole market right?


or If I had 500k usd in my bank account and decide to buy up every coin on mt gox I could greatly change the price of the btc.


dosent that mean that mtgox is insanely unstable?


malditonuke
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April 25, 2011, 11:08:58 PM
 #5

So If i was pure evil and I decide to ruin the market by selling all my BTC for 13 cents each,
which satisfies all the bids on MT gox, I could generally ruin the whole market right?

The price on Mtgox would be at 13 cents until you ran out.  Then the price would shoot back up, and you'd feel like an idiot.   Smiley

P.S.  Please do it!

clonedone
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April 25, 2011, 11:13:08 PM
 #6

ahh I see what you mean.
when will 21 million btc be reached anyways? and when that does happen when ppl mine, they only get transaction fees that ppl paid. How much are transaction fees generally? im assuming less that 50 btc

FreeMoney
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April 25, 2011, 11:15:04 PM
 #7

So If i was pure evil and I decide to ruin the market by selling all my BTC for 13 cents each,
which satisfies all the bids on MT gox, I could generally ruin the whole market right?
 

This would be about as evil as selling delicious cheeseburgers for a $.25.

People want bitcoins, you can see this from all the people trying to pay over $1 for them. Far from ruining the market you would be pleasing lots of market participants.





or If I had 500k usd in my bank account and decide to buy up every coin on mt gox I could greatly change the price of the btc.


Likewise, this would please all the people trying to sell coins, and not ruin anything.


dosent that mean that mtgox is insanely unstable?

Prices change in markets to reflect people's desires. A controlled market is no market at all. MtGox is the best and most stable bitcoin market that exists right now, but there are others and there will be more. There will probably be more volume and lower volatility in the future, but no one knows for sure.

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mewantsbitcoins
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April 25, 2011, 11:17:26 PM
 #8

ahh I see what you mean.
when will 21 million btc be reached anyways? and when that does happen when ppl mine, they only get transaction fees that ppl paid. How much are transaction fees generally? im assuming less that 50 btc

You could find most of the answers if you read FAQ:
https://en.bitcoin.it/wiki/FAQ#How_long_will_it_take_to_generate_all_the_coins?
tomcollins
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April 26, 2011, 12:35:16 AM
 #9

So If i was pure evil and I decide to ruin the market by selling all my BTC for 13 cents each,
which satisfies all the bids on MT gox, I could generally ruin the whole market right?


or If I had 500k usd in my bank account and decide to buy up every coin on mt gox I could greatly change the price of the btc.


dosent that mean that mtgox is insanely unstable?



Please ruin the market like this.  I'd love to buy more at 13 cents each.
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April 26, 2011, 03:38:27 AM
 #10

Ya,
if you dropped them to 13 cents, I would drop 2-3k in cash on buying them.   Wait  1-2 months, and have a nice profit.

marcus_of_augustus
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April 26, 2011, 08:30:21 AM
 #11


Well do you have 100k btc?

(I'm sure we can find a buyer for you.)
All hat and no cattle.

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