Has anyone ever tried to sell a billion dollars worth of Bitcoins and collected?
Not sure about a billion. But many people have sold in the millions range. Maybe not at once, but over a reasonably short period of time.
How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
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Re: How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
#12Has anyone ever tried to sell a billion dollars worth of Bitcoins and collected?
Novogratz sold $250M of Ethereum earlier this year when the market cap was $25-35B.
Bitcoin market cap is $291 billion right now and the trade volume an order of magnitude higher. So pretty sure they wouldn't have much problem unloading their position.
Re: How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
#13Has anyone ever tried to sell a billion dollars worth of Bitcoins and collected?
Not $1 billion but there was the Bear Whale incident involving about $9 million: https://www.cnbc.com/2014/10/09/bitcoins-bearwhale-and-the-f...
Given the price increase of bitcoin since then, based on the number of bitcoin involved, it'd be about $450 million dollars worth right now.
Re: How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
#14Re: How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
#15>> They said they might look at selling when the value of all the Bitcoin in circulation approaches the value of all gold in the world — some $7 trillion or $8 trillion compared with the $310 billion value of all Bitcoin on Tuesday — given that they think Bitcoin is set to replace gold as a rare commodity. But then Tyler Winklevoss questioned even that, pointing out the ways that he believes Bitcoin is better than go…
There's a difference about Gold's rarity and Bitcoin's.
Gold is rare on its kind and rare on its abundance. It may be hard to mine more gold, but it's way harder to find another gold-like commodity.
Bitcoin is only rare in the abundance sense. It is hard to mine more bitcoin, but it's pretty easy to find a (arguably better) substitute for what it does.
I can agree with it being better (having more utility) than gold, though. So I'd agree that the sum of all e-coins will surpass gold, but I see no reason for Bitcoin to do it alone.
Re: How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
#16is it liquid in the way gold is ?
Liquidity problems are an issue with exchanges, not Bitcoin itself. I can email you a Bitcoin instantly. Good luck doing that with a gold bar.
On the other hand, gold will remain liquid in a situation where the technological fabric of current society breaks down. That kind of survivalist logic is one major reason why private individuals own gold.
If I keep Krugerrands stashed under my pillow because I expect Neo-Stalinists to one day take control of the continent and confiscate all property held in digital systems, it doesn't seem like Bitcoin will give me much peace of mind. Surely the New World Order will shut down my Internet access too?
(I could be wrong though. The Bitcoin maximalists are a weird bunch. I follow one such guy on Twitter, and he seems to post a lot of pictures of guns with USB sticks when he's not promising to take more Bitcoin tattoos or bashing Ethereum as "beta cuck fake coin".)
Re: How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
#17>> They said they might look at selling when the value of all the Bitcoin in circulation approaches the value of all gold in the world — some $7 trillion or $8 trillion compared with the $310 billion value of all Bitcoin on Tuesday — given that they think Bitcoin is set to replace gold as a rare commodity. But then Tyler Winklevoss questioned even that, pointing out the ways that he believes Bitcoin is better than go…
Interesting. What are the economics arguments for Bitcoin replacing gold? Does the “ease of transaction” of Bitcoin provide an implicit value over gold and is that factored into the price of Bitcoin as maybe a fixed value?
Re: How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
#18is it liquid in the way gold is ?
Liquidity problems are an issue with exchanges, not Bitcoin itself. I can email you a Bitcoin instantly. Good luck doing that with a gold bar.
Yes it's true, you can send bitcoin wallets through email. But only if you really must, which is never.
I'm not entirely sure how sending bitcoin wallets through email would solve liquidity issues though.
But again, you're right. The barbarous relic of forlorn ages can't be emailed. It must rely on the tentative lack of duplicator ray technology to avoid double spending problems.
Re: How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
#19>> They said they might look at selling when the value of all the Bitcoin in circulation approaches the value of all gold in the world — some $7 trillion or $8 trillion compared with the $310 billion value of all Bitcoin on Tuesday — given that they think Bitcoin is set to replace gold as a rare commodity. But then Tyler Winklevoss questioned even that, pointing out the ways that he believes Bitcoin is better than go…
To me it just sounded like talk designed to pump the price now.
Re: How the Winklevoss Twins Found Vindication in a Bitcoin Fortune
#20Earlier quoted context omitted.
Without liquidity its point less and arguably worthless but you could transfer Gold ETFs electronically to me
BTC is pretty liquid. Tens of millions change hands hourly/daily. The linked article even cites one hodlr that purchased a professional hockey team with his crypto profits.
$550M on just the Coinbase BTC-USD book in the past 24 hours. $1B on Bitfinex. Liquidity is currently very strong.