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Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a higher transaction fee.
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leezay
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Activity: 363
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SWISSREALCOIN - FIRST REAL ESTATE CRYPTO TOKEN
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August 13, 2014, 01:21:49 AM |
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If the correlation is real, that would mean more merchants accepting bitcoin is bad for the price since the merchant probably won't hold the coin for long.
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Torque
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August 13, 2014, 01:32:54 AM |
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If the correlation is real, that would mean more merchants accepting bitcoin is bad for the price since the merchant probably won't hold the coin for long.
Uhh..ya think? That's great to know, you guys better sell everything now while you still can. Do it now. |
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Skoupi
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Activity: 252
Merit: 250
Skoupi the Great
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August 13, 2014, 01:39:20 AM |
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that's quite a bit of money.. it would explain why the price has crashed yesterday-ish. it seems bitcoin's market cap is not nearly big enough to absorb this kind of action.
So you are saying that Bitpay sold the coins in bitstamp the moment they got the order? I don't think that's the way things work. |
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cryptworld
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August 13, 2014, 01:45:44 AM |
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that's quite a bit of money.. it would explain why the price has crashed yesterday-ish. it seems bitcoin's market cap is not nearly big enough to absorb this kind of action.
So you are saying that Bitpay sold the coins in bitstamp the moment they got the order? I don't think that's the way things work. I don't think so either they may have a reserve of bitcoin and money and they do their own transfer in payments |
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beetcoin (OP)
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August 13, 2014, 02:02:13 AM |
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that's quite a bit of money.. it would explain why the price has crashed yesterday-ish. it seems bitcoin's market cap is not nearly big enough to absorb this kind of action.
So you are saying that Bitpay sold the coins in bitstamp the moment they got the order? I don't think that's the way things work. i'm not 100% certain how the exchanges work, but i'm assuming it works under supply/demand economics. if $1.6 million in bitcoin flooded the supply side, then prices will end up dropping if demand is roughly the same. |
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freedomno1
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Activity: 1806
Merit: 1090
Learning the troll avoidance button :)
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August 13, 2014, 02:33:45 AM |
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That's a good purchase for a property
Not sure what the largest one is though but it must be close to the top.
The buyer purchased a 1.4 acre home site in what is the final offering of 42 home sites at the resort, which is near Truckee. Finished homes are pricey at the resort, selling for $3-5 million.
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Believing in Bitcoins and it's ability to change the world
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EricTyle
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August 13, 2014, 02:56:43 AM |
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that's quite a bit of money.. it would explain why the price has crashed yesterday-ish. it seems bitcoin's market cap is not nearly big enough to absorb this kind of action.
So you are saying that Bitpay sold the coins in bitstamp the moment they got the order? I don't think that's the way things work. I don't think so either they may have a reserve of bitcoin and money and they do their own transfer in payments I'm pretty sure they do it off the exchange books. I'm pretty sure that they have some like Nigerian and Arabic princes they sell to. |
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Chef Ramsay
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Merit: 1001
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August 13, 2014, 03:09:40 AM |
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Pretty nice investment if you ask me. That's prime retreat territory and will easily sell for more down the line once the area is more developed or maybe there's a deal w/ a developer to build a nice pad and they split the profits later or something. These parcels of land are straight out of the area known as the Ponderosa in the 60s-70s popular show albeit not immediately adjacent to the massive lake.
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Benjig
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August 13, 2014, 04:24:31 AM |
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Well in fact the real thing is that, the market cap is not big enough, or the volume on the exchanges is not big enough.. but at the end this actions can help us, people will realize that they can put some savings on bitcoin and be safe. |
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Mobius
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August 13, 2014, 05:45:34 AM |
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that's quite a bit of money.. it would explain why the price has crashed yesterday-ish. it seems bitcoin's market cap is not nearly big enough to absorb this kind of action.
So you are saying that Bitpay sold the coins in bitstamp the moment they got the order? I don't think that's the way things work. i'm not 100% certain how the exchanges work, but i'm assuming it works under supply/demand economics. if $1.6 million in bitcoin flooded the supply side, then prices will end up dropping if demand is roughly the same. This would have a negative effect on prices, however it is likely a small transaction when compared to total exchange volume. I would also assume that bitpay would likely sell their coins on multiple exchanges to avoid impacting the price on just one exchange, creating the opportunity to arb. |
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Qoheleth
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Activity: 960
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Spurn wild goose chases. Seek that which endures.
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August 13, 2014, 06:44:10 PM |
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If the correlation is real, that would mean more merchants accepting bitcoin is bad for the price since the merchant probably won't hold the coin for long.
Short-term bearish, but vital in the long term to the Bitcoin economy's success. Every time another merchant supports BTC payment via instant-cash-out, it increases the sell pressure, yes. But it also makes bitcoins more useful as current money. Which means that the more merchants support BTC payment, whether through instant-cash-out or not, the less need there is for the next merchant to use instant-cash-out instead of just using the bitcoins to pay their suppliers. Instant cash out is a necessary stepping stone. That the price would be depressed during this phase, especially in the case of big ICO purchases, is not a mystery. |
If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the prevalence of users convinced that BTC is a magic box that will turn them into millionaires, and of the con-artists who have followed them here to devour them.
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Qoheleth
Legendary
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Activity: 960
Merit: 1028
Spurn wild goose chases. Seek that which endures.
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August 13, 2014, 06:48:38 PM |
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that's quite a bit of money.. it would explain why the price has crashed yesterday-ish. it seems bitcoin's market cap is not nearly big enough to absorb this kind of action.
So you are saying that Bitpay sold the coins in bitstamp the moment they got the order? I don't think that's the way things work. i'm not 100% certain how the exchanges work, but i'm assuming it works under supply/demand economics. if $1.6 million in bitcoin flooded the supply side, then prices will end up dropping if demand is roughly the same. This would have a negative effect on prices, however it is likely a small transaction when compared to total exchange volume. I would also assume that bitpay would likely sell their coins on multiple exchanges to avoid impacting the price on just one exchange, creating the opportunity to arb. The 24-hour volume of the top three exchanges is about $8 million on an average day. Even spread across all three markets, a $1.6 million sell is 20% of that - a huge ratio for a single trade. |
If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the prevalence of users convinced that BTC is a magic box that will turn them into millionaires, and of the con-artists who have followed them here to devour them.
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Qoheleth
Legendary
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Activity: 960
Merit: 1028
Spurn wild goose chases. Seek that which endures.
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August 13, 2014, 06:55:51 PM |
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As circumstantial evidence supporting this theory, it's worth pointing out that the drops on Bitstamp at least seem to be correlated to very large single trades:  (The time per candle is 1 minute, which is about as fine-grained as bitcoincharts will go.) |
If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the prevalence of users convinced that BTC is a magic box that will turn them into millionaires, and of the con-artists who have followed them here to devour them.
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BTC_Fundamentals
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Activity: 70
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August 13, 2014, 07:06:34 PM |
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that is some big trade using BTC, how fast will the prices go normal again ?
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wachtwoord
Legendary
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Activity: 2324
Merit: 1125
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August 13, 2014, 07:06:56 PM |
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If the correlation is real, that would mean more merchants accepting bitcoin is bad for the price since the merchant probably won't hold the coin for long.
Uhh..ya think? Short term yes this has a negative on price. But increased utility is obviously accretive to value. |
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An amorous cow-herder
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August 13, 2014, 07:15:34 PM |
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that's quite a bit of money.. it would explain why the price has crashed yesterday-ish. it seems bitcoin's market cap is not nearly big enough to absorb this kind of action.
So you are saying that Bitpay sold the coins in bitstamp the moment they got the order? I don't think that's the way things work. Hold it. Are you implying that that Bitpay doesnt sell the bitcoins to cover the purchase price? In other words, you think they are gambling with their customers (the recipients) money? So, in case they wait "for the price to recover", and it doesnt (e.g. because a lot of other people are also spending a couple of $M shortly afterwards), the recipient might not get his money? Who covers the risks in that case? Buyer will probably want whatever he bought, and seller his money ... |
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wachtwoord
Legendary
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Activity: 2324
Merit: 1125
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August 13, 2014, 07:20:38 PM |
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that's quite a bit of money.. it would explain why the price has crashed yesterday-ish. it seems bitcoin's market cap is not nearly big enough to absorb this kind of action.
So you are saying that Bitpay sold the coins in bitstamp the moment they got the order? I don't think that's the way things work. Hold it. Are you implying that that Bitpay doesnt sell the bitcoins to cover the purchase price? In other words, you think they are gambling with their customers (the recipients) money? So, in case they wait "for the price to recover", and it doesnt (e.g. because a lot of other people are also spending a couple of $M shortly afterwards), the recipient might not get his money? Who covers the risks in that case? Buyer will probably want whatever he bought, and seller his money ... Exactly. That's precisely how it works mr. cow herder. |
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An amorous cow-herder
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August 13, 2014, 07:22:24 PM |
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Exactly. That's precisely how it works mr. cow herder.
Which one. They sell immediatly, or they dump in small batches? |
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Lohoris
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August 13, 2014, 07:23:40 PM |
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So you are saying that Bitpay sold the coins in bitstamp the moment they got the order? I don't think that's the way things work.
It definitely works this way actually, otherwise they would be exposed to a huge risk in case of fluctuations. Which one. They sell immediatly, or they dump in small batches?
They obviously sell immediately, otherwise it would be gambling, as you yourself pointed out. |
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