Is it time to mortgage the house and buy?
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Is it time to mortgage the house and buy?
Can someone tell me how all these sellers got cash? Does the exchange issue a big check for a million dollars, or more? Where does the cash come from?
Part of the lower price at Coinbase is because of a community organized Boycott against them. When they opened Bitcoin Cash at coinbase, they never announced it(which most exchanges do including a timeline Coinbase didn't.), and it showed signs of heavy insider trading which pissed a lot of people off.Quote:
Originally Posted by PatColo
Most exchanges have a sell limit, so no you don't just get a big fat check. Some exchanges have weekly sell limits of just a few thousand dollars, while at Coinbase if you fully verify your account you can get a weekly sell limit of $50k. Not bad, but no way to unload a million bucks at a time.Quote:
Originally Posted by EE_
Correct, most exchanges do not have that much fiat on hand. Coinbase works a little different while you can deposit fiat with them most orders are done on as purchase sell order. Meaning that if I purchase a coin coinbase will hold it at the price I bought at, and will direct my fiat bank to deposit how much I wanted to buy. They link your account similar to Paypal. They use ACH which means the transaction usually takes close to a week to complete.Quote:
Originally Posted by madfranks
Quote:
Originally Posted by Jewboo
https://s-media-cache-ak0.pinimg.com...ee2dcc4610.gif
Posted November 29th
So with so many selling and no one buying in the downturn today, the billions of dollars that sold off, no one got cash? Who did they sell to? Surely someone sold a large portion (1,000 bitcoins) in the last 24 hours. How did they safeguard their money? If the exchange is sitting on the sale, haven't they lost millions of dollars?Quote:
Originally Posted by madfranks
At least with the stock market, you sell everything and the money gets deposited in your bank account. Not so with bitcoin.
Depends on the exchange. Some exchanges are fiat gateways (coinbase / gemini etc) and once you sell your coins there you can have the money wired to your account. I do not know what the limit is or even if there is one for USD withdraws from the exchanges.Quote:
At least with the stock market, you sell everything and the money gets deposited in your bank account. Not so with bitcoin.
You should know this...Quote:
Originally Posted by Ares
Serious question. I'm still trying to figure out how you go to cash with bitcoin. There are people with millions, if not hundreds of millions in bitcoin.
Example: Say there is a big spike up in bitcoin, say $30,000 a bitcoin, several big players call a bullion company that accepts bitcoin and orders $100 million in gold. What does the bullion company do with these bitcoins?
What if Amazon accepts bitcoin and many people start making large purchases during a big spike in bitcoin, what do they do with millions of dollars of bitcoins they take in?
Are you familiar with any of these?
https://localbitcoins.com/sell_bitcoins
My guess is the bullion dealer would convert to cash, or may try to negotiate with miners to accept Bitcoin as payment. I believe most merchants use a 3rd party (like Bitpay or Coinbase) to facilitate the transaction. Once its completed Bitpay/coinbase converts the purchase to fiat at the point of sale and the customer can withdraw it at anytime.Quote:
Originally Posted by EE_