Topic: A cracker owning 850,000btc. How bad is that? (Read 6858 times)

Quote from: derpinheimer on February 28, 2014, 11:30:17 PM

Do you think a person who have such economic power wouldn't use that to manipulate the market for years?? think again...

if they've got that many coins why manipulate the market and risk decreasing their value? The only gameplan worth playing is the one where you just withdraw bitcoins. Anything else is just totally illogical. With 750k coins there is no point in trying to play games with the market and manipulate it. Sure you can cause some flash crashes but then what? That just creates more instability and you've not gained anything.

Anything else is just pure fantasy.

Nope.

If I had stolen 750K in Bitcoins, at was primarily interested in cash, I would of course have a pressing urge to enjoy the immediate benefits of cash richness, but unless I was stupid, I wouldn't dump so much that I destroyed the market which is to be my cash cow for the next 20 years or whatever. Nope. I would definitely let it grow before cashing in my next pay cheque.

If exchanges didnt require verification and you could just be anonymous, full on dumping would be the best choice. But since it isnt, then yes.. small dumps that suppress the market eternally are better.

Le Happy Merchant

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Quote from: Le Happy Merchant on February 28, 2014, 11:19:08 PM

Quote from: pera on February 28, 2014, 11:47:40 AM

now one person with no moral values could destroy the economy at any moment.

I don't have morals applying to the harm of animals, but when people hurt plants I tell them to stop.

what.

The full explanation is complicated, if you are actually interested PM me, as it would derail the thread.

Short answer: I am the rottenest-Botanist.

Quote from: Ibian on March 01, 2014, 09:52:18 AM

Can't hold it back anymore. The real answer is, It's real bad honkey. Massa's gun' expand his plantation soon.

Fucking lost it. Hilarious.

MatTheCat

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Quote from: dg2010 on March 01, 2014, 07:48:38 PM

Do you think a person who have such economic power wouldn't use that to manipulate the market for years?? think again...

if they've got that many coins why manipulate the market and risk decreasing their value? The only gameplan worth playing is the one where you just withdraw bitcoins. Anything else is just totally illogical. With 750k coins there is no point in trying to play games with the market and manipulate it. Sure you can cause some flash crashes but then what? That just creates more instability and you've not gained anything.

Anything else is just pure fantasy.

Nope.

If I had stolen 750K in Bitcoins, at was primarily interested in cash, I would of course have a pressing urge to enjoy the immediate benefits of cash richness, but unless I was stupid, I wouldn't dump so much that I destroyed the market which is to be my cash cow for the next 20 years or whatever. Nope. I would definitely let it grow before cashing in my next pay cheque.

dg2010

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Do you think a person who have such economic power wouldn't use that to manipulate the market for years?? think again...

if they've got that many coins why manipulate the market and risk decreasing their value? The only gameplan worth playing is the one where you just withdraw bitcoins. Anything else is just totally illogical. With 750k coins there is no point in trying to play games with the market and manipulate it. Sure you can cause some flash crashes but then what? That just creates more instability and you've not gained anything.

Anything else is just pure fantasy.

Ibian

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If what Mt.Gox claims is true

Found a flaw in your argument.

derpinheimer

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Quote from: dg2010 on March 01, 2014, 03:54:26 PM

All this talk of this destroying the Bitcoin market are absurd.

This isn't the first huge bitcoin hack and it probably won't be the last.

Nobody is going to try and dump that many coins in one go. They would drain them out slowly to ensure maximum long term profit.

If I were the hacker I would probably sit on them for a long time and probably only start selling OTC to stay under the exchanges radar for a while. Probably reach out to people who expressed an interest of buying a large chunk OTC under market price. It would take a while to get even a million out but given time that could be accelerated as the trading volume picks up and the number of exchanges increases.

Nobody with a large holding of bitcoin is stupid enough to crash the bitcoin market. It's that simple.

If what Mt.Gox claims is true this is biggest hack ever. The only thing comparable with the SR sized coins (150k).

Do you think a person who have such economic power wouldn't use that to manipulate the market for years?? think again...

+1

6% of the market no matter how large it is.

pera

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Quote from: dg2010 on March 01, 2014, 03:54:26 PM

All this talk of this destroying the Bitcoin market are absurd.

This isn't the first huge bitcoin hack and it probably won't be the last.

Nobody is going to try and dump that many coins in one go. They would drain them out slowly to ensure maximum long term profit.

If I were the hacker I would probably sit on them for a long time and probably only start selling OTC to stay under the exchanges radar for a while. Probably reach out to people who expressed an interest of buying a large chunk OTC under market price. It would take a while to get even a million out but given time that could be accelerated as the trading volume picks up and the number of exchanges increases.

Nobody with a large holding of bitcoin is stupid enough to crash the bitcoin market. It's that simple.

If what Mt.Gox claims is true this is biggest hack ever. The only thing comparable with the SR sized coins (150k).

Do you think a person who have such economic power wouldn't use that to manipulate the market for years?? think again...

Wilhelm

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Quote from: Ritual on March 01, 2014, 03:33:32 PM

Quote from: derpinheimer on March 01, 2014, 03:31:00 PM

Quote from: Ritual on March 01, 2014, 03:06:31 PM

Quote from: derpinheimer on March 01, 2014, 03:31:00 PM

So if a "cracker" really has 850K bitcoins (highly unlikely really), the question is "WHAT WILL HE SPEND IT ON"?

A few suggestions:
- Private Jet (I suggest a tricked out G650 or a private 787 for longer distances)
- Private Island preferably with a runway with full ILS capabilities.
- Nice car(s)
- Maids and butlers

It's not hard to spend lots of money....

How?

Do you know a:
- Bitcoin vendor selling planes?
- Bitcoin vendor selling islands?
- OK yes, you can buy cars
- Maids and Butlers (not professions known for their technical knowhow, although I stand to be corrected) who will accept Bitcoin as a weekly wage?

Bitcoin is not money until (a) you convert it to fiat - as pointed out this would fuck the markets in a major way, making the guy's BTC worth way less or (b) you find someone willing to take it from you for something nice.

We'd all like the things above, but these particular bitcoins won't be buying them.

Rit.

A.
https://www.bitpremier.com/items/view/26
https://www.bitpremier.com/items/view/183

B.
https://www.bitpremier.com/items/view/51

C.
https://www.bitpremier.com/items/view/100

hahaha

OK, I stand corrected!

Can you find me a listing for an Underground Lair please? (Dr. Evil voice)

I like luxury when I fly, no single propellor shit, I like to lie down or have my martini shaken not stirred Cool

This site says it all
http://www.endeavorglobalgroup.com/

The have off-market Gulfstreams and Boeings private islands and yachts for sale, with bitcoin. Cheesy

I would recommend the G650 which has a good range and luxury and can land on any short runway. Cool

dg2010

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Activity: 462

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All this talk of this destroying the Bitcoin market are absurd.

This isn't the first huge bitcoin hack and it probably won't be the last.

Nobody is going to try and dump that many coins in one go. They would drain them out slowly to ensure maximum long term profit.

If I were the hacker I would probably sit on them for a long time and probably only start selling OTC to stay under the exchanges radar for a while. Probably reach out to people who expressed an interest of buying a large chunk OTC under market price. It would take a while to get even a million out but given time that could be accelerated as the trading volume picks up and the number of exchanges increases.

Nobody with a large holding of bitcoin is stupid enough to crash the bitcoin market. It's that simple.

Ritual

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Activity: 84

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Quote from: Ritual on March 01, 2014, 03:06:31 PM

Quote from: Ritual on March 01, 2014, 03:06:31 PM

So if a "cracker" really has 850K bitcoins (highly unlikely really), the question is "WHAT WILL HE SPEND IT ON"?

A few suggestions:
- Private Jet (I suggest a tricked out G650 or a private 787 for longer distances)
- Private Island preferably with a runway with full ILS capabilities.
- Nice car(s)
- Maids and butlers

It's not hard to spend lots of money....

How?

Do you know a:
- Bitcoin vendor selling planes?
- Bitcoin vendor selling islands?
- OK yes, you can buy cars
- Maids and Butlers (not professions known for their technical knowhow, although I stand to be corrected) who will accept Bitcoin as a weekly wage?

Bitcoin is not money until (a) you convert it to fiat - as pointed out this would fuck the markets in a major way, making the guy's BTC worth way less or (b) you find someone willing to take it from you for something nice.

We'd all like the things above, but these particular bitcoins won't be buying them.

Rit.

A.
https://www.bitpremier.com/items/view/26
https://www.bitpremier.com/items/view/183

B.
https://www.bitpremier.com/items/view/51

C.
https://www.bitpremier.com/items/view/100

hahaha

OK, I stand corrected!

Can you find me a listing for an Underground Lair please? (Dr. Evil voice)

derpinheimer

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Activity: 896

Merit: 1000

So if a "cracker" really has 850K bitcoins (highly unlikely really), the question is "WHAT WILL HE SPEND IT ON"?

A few suggestions:
- Private Jet (I suggest a tricked out G650 or a private 787 for longer distances)
- Private Island preferably with a runway with full ILS capabilities.
- Nice car(s)
- Maids and butlers

It's not hard to spend lots of money....

How?

Do you know a:
- Bitcoin vendor selling planes?
- Bitcoin vendor selling islands?
- OK yes, you can buy cars
- Maids and Butlers (not professions known for their technical knowhow, although I stand to be corrected) who will accept Bitcoin as a weekly wage?

Bitcoin is not money until (a) you convert it to fiat - as pointed out this would fuck the markets in a major way, making the guy's BTC worth way less or (b) you find someone willing to take it from you for something nice.

We'd all like the things above, but these particular bitcoins won't be buying them.

Rit.

A.
https://www.bitpremier.com/items/view/26
https://www.bitpremier.com/items/view/183

B.
https://www.bitpremier.com/items/view/51

C.
https://www.bitpremier.com/items/view/100

Ritual

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Activity: 84

Merit: 10

Quote from: roslinpl on March 01, 2014, 12:18:35 PM

So if a "cracker" really has 850K bitcoins (highly unlikely really), the question is "WHAT WILL HE SPEND IT ON"?

A few suggestions:
- Private Jet (I suggest a tricked out G650 or a private 787 for longer distances)
- Private Island preferably with a runway with full ILS capabilities.
- Nice car(s)
- Maids and butlers

It's not hard to spend lots of money....

How?

Do you know a:
- Bitcoin vendor selling planes?
- Bitcoin vendor selling islands?
- OK yes, you can buy cars
- Maids and Butlers (not professions known for their technical knowhow, although I stand to be corrected) who will accept Bitcoin as a weekly wage?

Bitcoin is not money until (a) you convert it to fiat - as pointed out this would fuck the markets in a major way, making the guy's BTC worth way less or (b) you find someone willing to take it from you for something nice.

We'd all like the things above, but these particular bitcoins won't be buying them.

Rit.

Wilhelm

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Activity: 1652

Merit: 1265

Quote from: Ekaros

Quote from: Apraksin on February 28, 2014, 05:02:57 PM

Hoverer, the cracker still suffer from the same market mechanisms as your standard whale. If he floods the market with 850 k he will in effect kill the golden goose, making all his coins worth zero. Unless he wants to destroy bitcoin what would be the point of that?

What is the liquidity of all the current markets?

That is how much his short term profits are... And that might be sufficient for one person to live nicely for a while...

as you say. for a while. and perhaps maybe even longer. but does he would be really happy in his life?

Posted From bitcointalk.org Android App

Take a look at Richard Brandson .... does he look "unhappy".

But yes you're right money can enable happiness but it is no guarantee.

roslinpl

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Quote from: Ekaros

Quote from: Apraksin on February 28, 2014, 05:02:57 PM

Hoverer, the cracker still suffer from the same market mechanisms as your standard whale. If he floods the market with 850 k he will in effect kill the golden goose, making all his coins worth zero. Unless he wants to destroy bitcoin what would be the point of that?

What is the liquidity of all the current markets?

That is how much his short term profits are... And that might be sufficient for one person to live nicely for a while...

as you say. for a while. and perhaps maybe even longer. but does he would be really happy in his life?

Posted From bitcointalk.org Android App

Wilhelm

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Activity: 1652

Merit: 1265

So if a "cracker" really has 850K bitcoins (highly unlikely really), the question is "WHAT WILL HE SPEND IT ON"?

A few suggestions:
- Private Jet (I suggest a tricked out G650 or a private 787 for longer distances)
- Private Island preferably with a runway with full ILS capabilities.
- Nice car(s)
- Maids and butlers

It's not hard to spend lots of money....

dreamspark

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Its not hard to manipulate a market with a fraction of those coins. They can move markets and take out profits on a small number of those coins.

pera

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