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Thread: The Bitcoin Tracking Thread

  1. #981
    Unobtanium EE_'s Avatar
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    Re: The Bitcoin Tracking Thread

    Is it time to mortgage the house and buy?
    TRUMP WILL WIN BY A LANDSLIDE!
    You can forget about making America great again, it ain't gonna happen.

    The NWO is here, and you all stood in line for it!

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    Unobtanium EE_'s Avatar
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    Re: The Bitcoin Tracking Thread

    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?
    TRUMP WILL WIN BY A LANDSLIDE!
    You can forget about making America great again, it ain't gonna happen.

    The NWO is here, and you all stood in line for it!

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    Bitcoin Miner Ares's Avatar
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    Re: The Bitcoin Tracking Thread

    Quote Originally Posted by PatColo View Post
    $10.8K & still falling atm. Lots of alienated BTCers about now. I may have to open me a coinbase acct & jump in here soon hasn't been THIS low since, around Dec 2!

    ETH touched $564

    https://www.coindesk.com/price
    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.
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    Moderator madfranks's Avatar
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    Re: The Bitcoin Tracking Thread

    Quote Originally Posted by EE_ View Post
    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?
    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.
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    Re: The Bitcoin Tracking Thread

    Quote Originally Posted by madfranks View Post
    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.
    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.
    "Paper is poverty, it is only the ghost of money, and not money itself." --Thomas Jefferson to Edward Carrington, 1788
    "The greatest threat to the state is when the people figure out they can exist without them." - Twisted Titan
    "Some Libertarians are born, the government makes the rest."
    "Voting is nothing more than a slaves suggestion box, voting on a new master every few years does not make you free."

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    Sardonic Observer Jewboo's Avatar
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    Re: The Bitcoin Tracking Thread

    Quote Originally Posted by Jewboo View Post
    https://img.4plebs.org/boards/pol/im...1988349470.gif
    Shorting bitcoin is a no-brainer now.


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    Posted November 29th
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  9. #987
    Unobtanium EE_'s Avatar
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    Re: The Bitcoin Tracking Thread

    Quote Originally Posted by madfranks View Post
    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.
    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?
    At least with the stock market, you sell everything and the money gets deposited in your bank account. Not so with bitcoin.
    TRUMP WILL WIN BY A LANDSLIDE!
    You can forget about making America great again, it ain't gonna happen.

    The NWO is here, and you all stood in line for it!

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  11. #988
    Bitcoin Miner Ares's Avatar
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    Re: The Bitcoin Tracking Thread

    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.
    "Paper is poverty, it is only the ghost of money, and not money itself." --Thomas Jefferson to Edward Carrington, 1788
    "The greatest threat to the state is when the people figure out they can exist without them." - Twisted Titan
    "Some Libertarians are born, the government makes the rest."
    "Voting is nothing more than a slaves suggestion box, voting on a new master every few years does not make you free."

  12. #989
    Unobtanium EE_'s Avatar
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    Re: The Bitcoin Tracking Thread

    Quote Originally Posted by Ares View Post
    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.
    You should know this...

    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
    TRUMP WILL WIN BY A LANDSLIDE!
    You can forget about making America great again, it ain't gonna happen.

    The NWO is here, and you all stood in line for it!

  13. #990
    Bitcoin Miner Ares's Avatar
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    Re: The Bitcoin Tracking Thread

    Quote Originally Posted by EE_ View Post
    You should know this...

    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.
    "Paper is poverty, it is only the ghost of money, and not money itself." --Thomas Jefferson to Edward Carrington, 1788
    "The greatest threat to the state is when the people figure out they can exist without them." - Twisted Titan
    "Some Libertarians are born, the government makes the rest."
    "Voting is nothing more than a slaves suggestion box, voting on a new master every few years does not make you free."

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