Exactly. That's precisely how it works mr. cow herder.
Which one. They sell immediatly, or they dump in small batches? 
Topic: $1.6 million property purchased through bitpay - page 2. (Read 2357 times)
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.
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 ...
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.
that is some big trade using BTC, how fast will the prices go normal again ?
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.)
(The time per candle is 1 minute, which is about as fine-grained as bitcoincharts will go.)
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.
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.
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.
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.
http://www.siliconbeat.com/2014/08/12/tech-entrepreneur-pays-1-6-million-in-bitcoins-for-tahoe-parcel/
http://www.siliconbeat.com/2014/08/12/tech-entrepreneur-pays-1-6-million-in-bitcoins-for-tahoe-parcel/
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.
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.
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.
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.
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.
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.
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.
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.
they may have a reserve of bitcoin and money and they do their own transfer in payments
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.
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.
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.
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.
http://www.siliconbeat.com/2014/08/12/tech-entrepreneur-pays-1-6-million-in-bitcoins-for-tahoe-parcel/
http://www.siliconbeat.com/2014/08/12/tech-entrepreneur-pays-1-6-million-in-bitcoins-for-tahoe-parcel/
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