$700 million lottery jackpot straight to BTC

vasrasus

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Quote from: Searing on January 10, 2016, 08:10:14 AM

Quote from: Betwrong on January 10, 2016, 06:31:43 AM

Quote from: lottery248 on January 10, 2016, 02:41:44 AM

1,3 billion! Shocked

the powerball jackpot next wednesday is $1.300.000.000
let's continue the discussion with this jackpot size.

Looks like this is like true, but nevertheless it's hard to believe. I mean, seriously, 1.3 billion dollars??? Did anyone has ever won hundreds of millions yet? And if yes, how much they really receive? What about taxes? Idk the whole thing looks crazy to me.

And, YES, if the winner decides to buy BTC with that amount of dollars the price might go up 60-80% or even more for some time for sure.

so I could give what make 1,300 folk Millionaires.....(or the entire group of co-eds in my local universities freshman dorms....heh ...now there is a thought )

you'd almost have to give your self an allowance

say take 1/2 and put it away in trust even you can get into ....let it grow money at 7% growth you'd get what you started with in 14 years

take the other 1/2 and take 7% a year on whatever the investments brought into the kitty not gonna dig out the calculator but say after taxes you got

even 600 million

1/2 of that is 300 million at 7% that is $21,000,000 dollars...taxes etc get taken out say you get 12 million dollars a year off that plan of income

hell 1 million dollars a month you could spend ...and if all you did was that......lived on it say...you'd prob double your money in 8 years back to what you started with

sticking to your 'budget' of a 'measly' 1 million dollars a month

damn that is a lot of orphanages

I could make a LOT of charities very very happy

anyway something like that or the money would drive you mad...next thing I'd be helping elon musk build a space ship to mars or something silly

best to have limits

If he can spend $0.5 million a month to buy the bitcoin, it will support the bitcoin price easily. The price will g up very high.

Searing

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Quote from: Betwrong on January 10, 2016, 06:31:43 AM

Quote from: lottery248 on January 10, 2016, 02:41:44 AM

1,3 billion! Shocked

the powerball jackpot next wednesday is $1.300.000.000
let's continue the discussion with this jackpot size.

Looks like this is like true, but nevertheless it's hard to believe. I mean, seriously, 1.3 billion dollars??? Did anyone has ever won hundreds of millions yet? And if yes, how much they really receive? What about taxes? Idk the whole thing looks crazy to me.

And, YES, if the winner decides to buy BTC with that amount of dollars the price might go up 60-80% or even more for some time for sure.

so I could give what make 1,300 folk Millionaires.....(or the entire group of co-eds in my local universities freshman dorms....heh ...now there is a thought )

you'd almost have to give your self an allowance

say take 1/2 and put it away in trust even you can get into ....let it grow money at 7% growth you'd get what you started with in 14 years

take the other 1/2 and take 7% a year on whatever the investments brought into the kitty not gonna dig out the calculator but say after taxes you got

even 600 million

1/2 of that is 300 million at 7% that is $21,000,000 dollars...taxes etc get taken out say you get 12 million dollars a year off that plan of income

hell 1 million dollars a month you could spend ...and if all you did was that......lived on it say...you'd prob double your money in 8 years back to what you started with

sticking to your 'budget' of a 'measly' 1 million dollars a month

damn that is a lot of orphanages

I could make a LOT of charities very very happy

anyway something like that or the money would drive you mad...next thing I'd be helping elon musk build a space ship to mars or something silly

best to have limits

Betwrong

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Quote from: lottery248 on January 10, 2016, 02:41:44 AM

1,3 billion! Shocked

the powerball jackpot next wednesday is $1.300.000.000
let's continue the discussion with this jackpot size.

Looks like this is like true, but nevertheless it's hard to believe. I mean, seriously, 1.3 billion dollars??? Did anyone has ever won hundreds of millions yet? And if yes, how much they really receive? What about taxes? Idk the whole thing looks crazy to me.

And, YES, if the winner decides to buy BTC with that amount of dollars the price might go up 60-80% or even more for some time for sure.

gkv9

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Quote from: Searing on January 10, 2016, 02:45:31 AM

Quote from: lottery248 on January 10, 2016, 02:41:44 AM

1,3 billion! Shocked

the powerball jackpot next wednesday is $1.300.000.000
let's continue the discussion with this jackpot size.

yep you are correct link below stating such (and others)

-- snip --

frigging 'alien abduction odds' have to be better then winning the power-ball imho

Ain't it possible for someone to send their winnings to a different country through Bank O/D where there are least taxes???
Is tax paying mandatory before winner receive any winnings???

Searing

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Quote from: lottery248 on January 10, 2016, 02:41:44 AM

1,3 billion! Shocked

the powerball jackpot next wednesday is $1.300.000.000
let's continue the discussion with this jackpot size.

yep you are correct link below stating such (and others)

http://fox8.com/2016/01/09/ticket-sales-soar-ahead-of-powerball-drawing/

using the lottery calculator below for this amount (again using state option of your choice) my state option included...

http://www.afterlotto.com/lottery_calculator.html

After taxes that is for me $539,019,000.00 (again with my state taxes included in above)

Damn that means $39,019,000.00 dollars to BTC if I win the power ball as my 'bet' to the ASIC gods to let it be so

Also note you also LOSE money .....because of the 'stratospheric' taxes paid I guess on such ..from its blast past this last no win on the lottery amount

your actual take home 'drops' from $ $609,750,000.00 to 539,019,000

or a LOSS of

$70,731,000 dollars!

Damn ....wonder what it would be with 1.5 billion...would you still lose money in taxes then?

Just think if any of the following people won the lottery how 'batsh*t crazy' the world would go

1) Bill Cosby

2) Donald Trump

3) Paris Hilton

4) Sara Palin

5) Jimmy Kimmel (not sure why...just think watching him self-destruct with that kinda $$$ on TV would be cool)

6) Bill Clinton

7) Al Gore

8 ) Josh Wheton *hey I want FIREFLY to come back*

9) Summer Gau *hey I want to watch her FIREFLY or not*

10) er me ie Searing

frigging 'alien abduction odds' have to be better then winning the power-ball imho

lottery248

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beware of your keys.

1,3 billion! Shocked

the powerball jackpot next wednesday is $1.300.000.000
let's continue the discussion with this jackpot size.

Searing

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Clueless!

True...with 900 million I guess it will be the next go around....according to the below lottery calculator
(this includes my states cut on this as well)

http://www.afterlotto.com/lottery_calculator.html

Ta da! $609,750,000.00 million dollars! (frack you'd have to have a full time security team just from the kidnap and ransom demands from the folk here on bitcointalk!) (no really!)

So just for the heck of it ...say you tossed the $9,750,000.00 dollars into BTC just so you could get to a 'nice' round $600 million dollar trust fund amount

Damn....that sure would shake things up ..that is for sure

Heh. Lottery Ticket Purchases at these payouts just prove the theory of FOMO (Fear Of Missing Out) as a 'true' concept.

They say if 'someone' wins such massive wealth it changes them (you think?) they are either

1) a philanthropist like Andrew Carnegie or Bill Gates Foundation ...(.helping Mankind...building orphanages etc)

or

2) a complete an utter asshole (razing orphanages for apt development....being Charlie Sheen's Wingman on rout thru Asia etc)

They say it is one camp or the other ...no in between...would be nice to have such a 'character test' imho

jjacob

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Quote from: diggidoyo on January 08, 2016, 04:33:19 AM

With the US Powerball jackpot now at $700 million, I'm curious about a scenario where a single winner dumps the entire lump sum into the BTC exchange and locks it up for years.
What would the effect on the market be immediately after and for the next few years? What would happen to the market in the future if they decide to cash out as the richest person who ever lived?

Even if you want to convert your dollars into bitcoins, there are various buying strategies. Overwhelming exchanges is not going to help.
The US government auctions large amounts once in a while, you can bid on that. Grin

gkv9

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If such person ever decides to invest in BTC and go all in, I guess $5k won't be a big deal per BTC as we will see a really big pump from their side, because so many coins will be bought as the amount is so big...

And if he ever decides to dump, we will still be above the current levels at where we are presently...

thejaytiesto

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It wouldn't collapse, it would just mean that whoever won the jackpot and spent that much on Bitcoin, would become a big investor/holder of the currency, that's all, there's no doom scenario, it's actually good for us. It's not like we would be running out of Bitcoins or something, that's never a problem thanks to how divisible it is.

So if any big whale is reading this, by all means go and buy 700 mm dollars out of BTC right now.

Betwrong

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Quote from: steveds on January 08, 2016, 08:24:05 AM

Quote from: Betwrong on January 08, 2016, 06:43:59 AM

Back to OP's question: since there are around 6 billion dollar's worth of Bitcoin in the world now the dumping of $700 million into the BTC exchange would definitely impact the price but not much, maybe 20-25% which is a normal thing for Bitcoin even when there are no apparent reasons for that. )

Hell no it doesn't works that way ,the 6 billion dollar market is for all the bitcoins at present and not for the selling orders.If someone actually dumps that much mount of coins the price would be round 30% of what it is today.Satoshi did the same thing and we have seen the effects.

As I said, "20-25%", it is almost 30% right? And considering the fact that the price of Bitcoin sometimes goes up and down 30% or even more without any reasons that would be no big deal.

Kprawn

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I would diversify and buy only about $10 000 000 worth of Bitcoin for now... use that to speculate a bit and increase it's value. The return of my other investments could also

be invested back into bitcoins. You cannot invest everything into bitcoin and expect to pay for every service or goods on offer at the moment. You must put some of it to the

side for your pension years and enjoy life with it now, while you still have your health. $800 million already enable you, to accomplish most of your dreams.. why tie it all down

on a single investment into a speculative and high risk technology. Roll Eyes

ask

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I would put everything into bitcoin. Converting 500k into bitcoin. Day by day.

OROBTC

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...

Ahh, keep in mind, everyone, that if you want the CA$H all at once (vs. the 29 years of payouts), that the amount falls to $496 million (or so -- only if one winner). I do not know if that $496 MM includes a provision for paying the Income Tax (and yes, lottery winners are taxed), so the NET jackpot might be as low as some $300 million.

That is still a nice amount of money, but so many people are buying now (America's largest lottery in history), that odds are that you would have to share the jackpot.

* * *

With large enough winnings, I might buy some $20 million BTC, that's all. I would also buy slowly.

And, of course, the winner's first call should be to their LAWYER.

Anegg

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The price would go up a lot as the demands for bitcoin would sky-rocket.

trollercoaster

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you'd have to be retarded.

DrLove2048

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Wayyyy to risky. Maybe drop a million or two into it over time but all of it. I mean if you hit it big yeah id be nice but you'd have so much of a share you'd ruin the market.

Same principle why bill gates can't just sell every single one of his stocks right now to cash out

neochiny

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I dont think that there's someone will do that.
As Its just insane to put it ALL to bitcoins.
If i won a jackpot like that, I will just put the 1/4 or 1/8
of it into bitcoin and the rest to invest to buy houses,
or other business that also concerns bitcoin.
If someone really do that in the future, bitcoin price will pump high.
And everyone will be affected to it. I just dont know if it will stay that long.

lottery248

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beware of your keys.

it suddenly gone to estimated 8 hundred million dollars? Huh

i guess people is panic on buying the tickets to hope that they would win the jackpot.
still not recommended to redeem in bitcoin; it would only pump the bitcoin price but not for a long time.

Moneyburner

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The market size is just not big enough to do this in a feasible manner. You would have to buy in pieces over many many days

Epicnicity

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I wouldn't buy bitcoin all at once, I don't believe this would be a good thing for the market

I would buy little by little bitcoins every now and then when I'd feel like it

But most important of all, I would enjoy my life and retirement

rienelber

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quote author=pedrog link=topic=1319212.msg13483317#msg13483317 date=1452244478]
It would be a huge waste of money...
[/quote]

why do you say that while btc market is bullish?

RodeoX

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Quote from: diggidoyo on January 08, 2016, 04:33:19 AM

With the US Powerball jackpot now at $700 million, I'm curious about a scenario where a single winner dumps the entire lump sum into the BTC exchange and locks it up for years.
What would the effect on the market be immediately after and for the next few years? What would happen to the market in the future if they decide to cash out as the richest person who ever lived?

$700 million is nothing if you are trying to buy ALL the coins. I would immediately offer my coins for no less than $100 million each. That is the self regulation of a true free market. The more anyone wants coins the higher the price. In the end the buyer can give me the $100mil. each or I can just sit back and benefit from his effort to raise the price.

steveds

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Quote from: mouneshwar123 on January 08, 2016, 01:24:53 PM

OMG! $700 million USD to BTC, when he cash it out after years he will be insanely rich, the richest. But it depends on how much years he holds it.

He can be insane poor or be in severe loss too ,who knows when the coin will collapse and even if he cashes out then it could end up crashing the market and this is why bitcoin needs time a lot more time to get stable and used properly.

eternalgloom

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It would be one hell of a pump that's for sure, followed by a huge amount of people selling when prices rise higher and higher, causing the bubble to burst.
Would make Bitcoin a lot more popular with the general public though...

mouneshwar123

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OMG! $700 million USD to BTC, when he cash it out after years he will be insanely rich, the richest. But it depends on how much years he holds it.

NorrisK

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There are probably not enough liquid coins to buy enough at a decent price.

If that amount was spend over say a year, price could potentially multiply a couple of times.

Bitcoinbro

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Quote from: Amph on January 08, 2016, 11:21:13 AM

Quote from: vasrasus on January 08, 2016, 11:05:16 AM

When the $700 million is used to buy the bitcoin slowly, the average price could be $2,000 each. So it can only buy 350,000 bitcoin.

if you buy it really slow, in a tiem frame of many months, the market will not notice it basically, it would just increase by 700M the marketcap, which is 1/7

this mean a value of $510

You're right

If you just buy every now and then when the market dips, you should be okay not to do enough damage

As long as you don't bulk in all at once and at only 1 exchange

Amph

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Quote from: vasrasus on January 08, 2016, 11:05:16 AM

When the $700 million is used to buy the bitcoin slowly, the average price could be $2,000 each. So it can only buy 350,000 bitcoin.

if you buy it really slow, in a time frame of many months, the market will not notice it basically, it would just increase by 700M the marketcap, which is 1/7

this mean a value of $510

vasrasus

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When the $700 million is used to buy the bitcoin slowly, the average price could be $2,000 each. So it can only buy 350,000 bitcoin.

mobnepal

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It will be great pump with more than 1.5million bitcoin being bought. So a tall green bar with price spiking from 450 to almost 900$ within a day but i don't think the winner can easily transfer it to any exchanger to buy that amount of bitcoin.

Blind Legs Parker

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So funny, I had a similar thought today.
It is notorious that Warren Buffet has no interest in bitcoin but knowing that the guy owns $66.7 billion and that there are, as of now, about 15 million BTC out, there, each of them, worth $450 (which bring the total value of all bitcoins out there to (15*10^6)*450=6,750,000,000 : $6.75 billion).
Warren Buffet has enough dollars to buy every single existing bitcoin 10 times. Who said that banks couldn't fuck the whole system up if they wanted to? I'm telling you that a single insanely rich dude already has much more power than is need on his own.

Either I'm wrong either this is some weird news (and somehow it's good news, though I'm sure that I can't be the first person to come up with that conclusion) : no one seems to be lifting a finger, either because they don't want to, either because for some reason they can't, although A LOT of people technically have the power to fuck the whole thing up and it doesn't even seem that demanding for them (if Warren Buffet felt threatened by bitcoin I'm sure that 6.7 billions wouldn't be such a big deal to him, and besides, banks have much more money than he even does).

bitlancr

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You'd be crazy to do this. I think the market of bitcoin would collapse with that much money invested into it. I would probably only buy a small portion of bitcoin and gain bitcoins little by little that way so it wouldn't hurt the market.

gentlemand

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It would push the price up in the tens of thousands depending on how many sellers piled in. Then it would collapse completely and sit in the doldrums for a long, long time. I can think of more fun ways to set a few hundred million on fire.

iv4n

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Quote from: Ybalevia on January 08, 2016, 08:34:28 AM

I don't think anyone would do this though
Seems like a waste for now, if I ever won that much I would maybe only dump a small portion of that into bitcoin

I think we all see now how smart is to come here first and ask something before u do anything related with btc. Especially when is about some big investment.

bearex

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The price would rise when he would be buying. And it would rise really high. After that it would work as normal, but when he would sell them all, the price would drop horribly.

calkob

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Quote from: croato on January 08, 2016, 07:44:24 AM

Putting that much of money straight to Bitcoin would be insane. If i got that jackpot, i would buy maybe $10k worth of Bitcoins every here and there and invest in real estates and other commodities.

if i won $700 000 000 i would put a little more than 10000 in to it, but yeah your right dumping it all in would just be stupid

Ybalevia

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I don't think anyone would do this though
Seems like a waste for now, if I ever won that much I would maybe only dump a small portion of that into bitcoin

steveds

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Quote from: Betwrong on January 08, 2016, 06:43:59 AM

Back to OP's question: since there are around 6 billion dollar's worth of Bitcoin in the world now the dumping of $700 million into the BTC exchange would definitely impact the price but not much, maybe 20-25% which is a normal thing for Bitcoin even when there are no apparent reasons for that. )

Hell no it doesn't works that way ,the 6 billion dollar market is for all the bitcoins at present and not for the selling orders.If someone actually dumps that much mount of coins the price would be round 30% of what it is today.Satoshi did the same thing and we have seen the effects.

nonbody

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Op's questions are only based on hypothetical situation. IMO no one will do this. If I won it, I only could spare $1 m to bitcoin , which wouldn't have much impact on the price movement and will be safe for the investment.

croato

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Putting that much of money straight to Bitcoin would be insane. If i got that jackpot, i would buy maybe $10k worth of Bitcoins every here and there and invest in real estates and other commodities.

Amph

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Quote from: lottery248 on January 08, 2016, 04:54:13 AM

this could pump the market as i can see, after that? the price of bitcoin would be gone back to the which is before the jackpot winner claims the prize, this could lead to major loss within a pump. Tongue

that's why you should not get your jackpot in bitcoin lumpsum.

which mean that from 700M you will be getting only peanuts from your treasure

would be useless to dump everything i would buy however a huge portion, because i want bitcoin to succeed

foxbitcoin

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The price will be pumped to over $1000 again, probably over the peak level in the end of 2013. It is another buble again. After that the price will come back to $500 level. I have to say it is stupid to convert all the jackpot to btc and pump it up.

Altynbekova

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If you win 700 million dollar I wouldn't just do it in BTC I will just do 10.000 dollar worth of bitcoin and the rest for vacation or buying home. Is just waste of money if you do it in my opinion. If I win that kind of money I will just retire in my country and I am happy.

Betwrong

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Quote from: madonnino on January 08, 2016, 05:56:47 AM

Quote from: diggidoyo on January 08, 2016, 04:33:19 AM

With the US Powerball jackpot now at $700 million, I'm curious about a scenario where a single winner dumps the entire lump sum into the BTC exchange and locks it up for years.
What would the effect on the market be immediately after and for the next few years? What would happen to the market in the future if they decide to cash out as the richest person who ever lived?

whit 700M, you don't need to do this, just relax and enjoy your life in a beach whit hot girls Cool

Although I think that enjoying your life with one hot girl is better than doing it with girls , I like this reply the most.

Back to OP's question: since there are around 6 billion dollar's worth of Bitcoin in the world now the dumping of $700 million into the BTC exchange would definitely impact the price but not much, maybe 20-25% which is a normal thing for Bitcoin even when there are no apparent reasons for that. )

madonnino

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Quote from: diggidoyo on January 08, 2016, 04:33:19 AM

With the US Powerball jackpot now at $700 million, I'm curious about a scenario where a single winner dumps the entire lump sum into the BTC exchange and locks it up for years.
What would the effect on the market be immediately after and for the next few years? What would happen to the market in the future if they decide to cash out as the richest person who ever lived?

whit 700M, you don't need to do this, just relax and enjoy your life in a beach whit hot girls Cool

WENGER

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Initially it would lead to a price pump of Bitcoin value but since you said to lock it up there fore few years then as markets adopts to the newly added value, it also goes in a slow dump in value over the years as long as nothing happens to it and the moment he decides to cashout and dump it, it could go either way, would he sell it to someone that buys it at same value and sell it higher, then little dump will happen only but if he sells it to a very cheaper value than the market then big dump could be expected.

pedrog

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It would be a huge waste of money...

lottery248

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beware of your keys.

this could pump the market as i can see, after that? the price of bitcoin would be gone back to the which is before the jackpot winner claims the prize, this could lead to major loss within a pump. Tongue

that's why you should not get your jackpot in bitcoin lumpsum.

diggidoyo

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With the US Powerball jackpot now at $700 million, I'm curious about a scenario where a single winner dumps the entire lump sum into the BTC exchange and locks it up for years.
What would the effect on the market be immediately after and for the next few years? What would happen to the market in the future if they decide to cash out as the richest person who ever lived?

Topic: $700 million lottery jackpot straight to BTC (Read 2401 times)