Just found a person selling about 44,000 Bitcoins in localbitcoins - page 2.

SebastianJu

legendary

Activity: 2674

Merit: 1083

Legendary Escrow Service - Tip Jar in Profile

Quote from: Xialla on May 12, 2015, 08:25:39 AM

Quote from: torrentheaven on May 12, 2015, 08:22:23 AM

That can be true, but I'm wondering why a person would sell 13.5 Million USD worth Bitcoins as per his trade when he can wait for few more months or years and have the price go up and make ton of profit like say double or triple, make 50 million USD or something.

uhh simply because he don't have them. He had just acc on some exchange, some BTC on stock and in case of needs, he will transfer fiat to exchange and sell it again.

you know what? at 310$ I can sell you unlimited amount of bitcoins..

)

Thats it. He simply will buy those bitcoins cheap when someone will buy for that price. And he only has to fund the escrow once the trade starts. Its not that he have those coins yet.

If he would own them at the moment, and he thinks he has to sell them, then i would assume he will sell fast in order to lower its risk that the price will drop.

futureofbitcoin

sr. member

Activity: 322

Merit: 250

with 44k coins, you can afford to sell anywhere to keep your anonymity. The whole world is "local" to you, just travel by private jet. Or if you're REALLY cheap, first class on a *puke* commercial airline can do the job.

Kprawn

legendary

Activity: 1904

Merit: 1074

That amount of coins and the area it's being sold from, would put you square in the radar of the N$A. Roll Eyes

If I owned 44k coins, and I can sell it for +30% above the Bitcoin price, I would go for it. I would sell it, the price will drop, and I would buy back, and gain a 30% profit.

It's not that complicated... you just need a crazy person, willing to buy at +30% of it's current market value. Wink

Omikifuse

legendary

Activity: 1820

Merit: 1009

I guess he did it for publicity , hoping that someone would bring attention to him

(like OP and the article did)

I doubt he would really have enough to sell 10k Bitcoins

toknormal

legendary

Activity: 3066

Merit: 1188

Quote from: torrentheaven on May 12, 2015, 08:22:23 AM

I'm wondering why a person would sell 13.5 Million USD worth Bitcoins as per his trade when he can wait for few more months or years and have the price go up

Because that might never happen.

bitbaby

hero member

Activity: 812

Merit: 1000

Quote from: digit on May 12, 2015, 10:41:35 PM

no he can show any amount without having the actual bitcoins as its a local cash trade / meetup Only online trades use escrow

Quote from: https://localbitcoins.com/guides/how-to-sell-bitcoins-online

Minimum balance limitations
You need to have at least the advertisement minimum sell limit and 0.4 BTC available in your LocalBitcoins.com wallet.

Your advertisement is not visible and available for the users if you do not have enough balance to fund the advertisement. Because bitcoins are reserved to the escrow protection when someone replies to your online sale trade advertisement, these bitcoins must be available online. This is a feature of online sale advertisements and does not concern online purchase advertisements or local cash trades.

I see, didn't know that. Then this confirms that he doesn't have that many bitcoins and if someone sets up a trade, he'll then arrange for them by either buying from another seller at LBC through online payments or another exchange.

Anyone can set up an advertisement like this and offer to sell 100,000 coins for that matter and it doesn't mean that the person has those stocked.

KimNam

hero member

Activity: 644

Merit: 500

Quote from: bitbaby on May 12, 2015, 10:28:12 PM

Quote from: torrentheaven on May 12, 2015, 08:28:38 AM

Quote from: Xialla on May 12, 2015, 08:25:39 AM

Quote from: torrentheaven on May 12, 2015, 08:22:23 AM

That can be true, but I'm wondering why a person would sell 13.5 Million USD worth Bitcoins as per his trade when he can wait for few more months or years and have the price go up and make ton of profit like say double or triple, make 50 million USD or something.

uhh simply because he don't have them. He had just acc on some exchange, some BTC on stock and in case of needs, he will transfer fiat to exchange and sell it again.

you know what? at 310$ I can sell you unlimited amount of bitcoins..

)

Aren't those bitcoins about 44,000 be held in escrow in localbitcoins when someone starts the trade, is he having that many bitcoins in his account right now, and why would someone leave it in an exchange instead of keeping in cold storage if it were really there in his LBC account.

You're right, to open an ad they must be in his wallet at LBC otherwise the ad will not be visible to the buyers and he really must be having big trust in them to keep so many bitcoins in there. Also, LBC must be the only exchange which allows trading BTC for cash without filling up any KYC form because all I see on his profile page is that he has only verified his Phone & Email.

Anyone think one of prince of UEA investing a lot on bitcoin mining before and boring after saw bitcoin prices keep falling. Cheesy

So he really trust localbitcoins then, 44k BTC is very high amount to trust it on exchange.
If this trade successful, localbitcoins will get more reputation as trusted exchange.
Yeah right, localbitcoins don't asking us about KYC, that's why many big amount of BTC seller using it for transaction.

digit

legendary

Activity: 1672

Merit: 1010

Quote from: bitbaby on May 12, 2015, 10:28:12 PM

Quote from: torrentheaven on May 12, 2015, 08:28:38 AM

Quote from: Xialla on May 12, 2015, 08:25:39 AM

Quote from: torrentheaven on May 12, 2015, 08:22:23 AM

That can be true, but I'm wondering why a person would sell 13.5 Million USD worth Bitcoins as per his trade when he can wait for few more months or years and have the price go up and make ton of profit like say double or triple, make 50 million USD or something.

uhh simply because he don't have them. He had just acc on some exchange, some BTC on stock and in case of needs, he will transfer fiat to exchange and sell it again.

you know what? at 310$ I can sell you unlimited amount of bitcoins..

)

Aren't those bitcoins about 44,000 be held in escrow in localbitcoins when someone starts the trade, is he having that many bitcoins in his account right now, and why would someone leave it in an exchange instead of keeping in cold storage if it were really there in his LBC account.

You're right, to open an ad they must be in his wallet at LBC otherwise the ad will not be visible to the buyers and he really must be having big trust in them to keep so many bitcoins in there. Also, LBC must be the only exchange which allows trading BTC for cash without filling up any KYC form because all I see on his profile page is that he has only verified his Phone & Email.

no he can show any amount without having the actual bitcoins as its a local cash trade / meetup Only online trades use escrow

Quote from: https://localbitcoins.com/guides/how-to-sell-bitcoins-online

Minimum balance limitations
You need to have at least the advertisement minimum sell limit and 0.4 BTC available in your LocalBitcoins.com wallet.

Your advertisement is not visible and available for the users if you do not have enough balance to fund the advertisement. Because bitcoins are reserved to the escrow protection when someone replies to your online sale trade advertisement, these bitcoins must be available online. This is a feature of online sale advertisements and does not concern online purchase advertisements or local cash trades.

bitbaby

hero member

Activity: 812

Merit: 1000

Quote from: torrentheaven on May 12, 2015, 08:28:38 AM

Quote from: Xialla on May 12, 2015, 08:25:39 AM

Quote from: torrentheaven on May 12, 2015, 08:22:23 AM

That can be true, but I'm wondering why a person would sell 13.5 Million USD worth Bitcoins as per his trade when he can wait for few more months or years and have the price go up and make ton of profit like say double or triple, make 50 million USD or something.

uhh simply because he don't have them. He had just acc on some exchange, some BTC on stock and in case of needs, he will transfer fiat to exchange and sell it again.

you know what? at 310$ I can sell you unlimited amount of bitcoins..

)

Aren't those bitcoins about 44,000 be held in escrow in localbitcoins when someone starts the trade, is he having that many bitcoins in his account right now, and why would someone leave it in an exchange instead of keeping in cold storage if it were really there in his LBC account.

You're right, to open an ad they must be in his wallet at LBC otherwise the ad will not be visible to the buyers and he really must be having big trust in them to keep so many bitcoins in there. Also, LBC must be the only exchange which allows trading BTC for cash without filling up any KYC form because all I see on his profile page is that he has only verified his Phone & Email.

solstoce

full member

Activity: 219

Merit: 100

Quote from: johnyj on May 12, 2015, 06:19:55 PM

I remember during 2013 spring, some one from Dubai ordered tons of KNC jupiter, maybe this is the result of that operation Grin

But wait, for a cash trades you can sell any amount, even 1 million bitcoins, so this does not say a lot

I like this guys idea more though lol

gentlemand

legendary

Activity: 2590

Merit: 3014

Welt Am Draht

Quote from: techgeek on May 12, 2015, 07:59:21 PM

If this guy sells, we`d see another drop in bitcoins price.

Because thats pretty huge sum, and most I seen last 2 weeks ago was a 5,000 coin sell off that did a $50 price damage to the value.

But, thats if this guy was legit and if we knew he have coins or not. If the persons legit, he just tired of the up and down scenario imo.

It's not an exchange. There wouldn't be any slippage in either direction. It wouldn't affect active markets one bit.

That's if he actually has them in hand.

If he's looking to pre sell them then he'd better be very friendly with a major holder (who wouldn't let go of that much for that price if they were in their right mind) or he will singlehandedly drive the price towards the stratosphere and subsidise the new owner to the tune of several million dollars for the honour of selling at that price.

techgeek

hero member

Activity: 826

Merit: 1000

If this guy sells, we`d see another drop in bitcoins price.

Because thats pretty huge sum, and most I seen last 2 weeks ago was a 5,000 coin sell off that did a $50 price damage to the value.

But, thats if this guy was legit and if we knew he have coins or not. If the persons legit, he just tired of the up and down scenario imo.

MRKLYE

legendary

Activity: 1358

Merit: 1003

Designer - Developer

Probably some rich saudi prince that bought at $1000 and is trying to recoup some loses.
That is an absolutely ridiculous amount of BTC to sell though.. and dumped on exchanges could spell a large price decrease.

He is asking far to much in USD per a coin though.. I know in Canada we are buying/selling around $290 at the moment and our dollar is weak.

What could 44,000 bitcoins do? If you did it right you'd never have to work again and you would have so much time for projects.

Coinshot

hero member

Activity: 521

Merit: 500

Quote from: galbros on May 12, 2015, 07:07:31 PM

Quote from: torrentheaven on May 12, 2015, 08:22:23 AM

Quote from: Kupsi on May 12, 2015, 08:18:43 AM

He wants 310 USD / BTC, so he just buy on an exchange and sell on Local Bitcoins.

That can be true, but I'm wondering why a person would sell 13.5 Million USD worth Bitcoins as per his trade when he can wait for few more months or years and have the price go up and make ton of profit like say double or triple, make 50 million USD or something.

Because he can buy them for far less and simply resell them. I don't see why this is so hard to see. I would be happy to sell you something I could easily replace for 30% above its cost. I don't think LBC requires you to prove you have the coins in advance. As Bitcoins101 has pointed out, he may not have any bitcoins at all.

I am sure he does not have the coins. If he indeed had that many coins to sell he will not be mentioning all of them and depress prices. Better would have been to sell in small amounts.

This is the equivalent of walls we see in exchanges.

galbros

legendary

Activity: 1022

Merit: 1000

Quote from: torrentheaven on May 12, 2015, 08:22:23 AM

Quote from: Kupsi on May 12, 2015, 08:18:43 AM

He wants 310 USD / BTC, so he just buy on an exchange and sell on Local Bitcoins.

That can be true, but I'm wondering why a person would sell 13.5 Million USD worth Bitcoins as per his trade when he can wait for few more months or years and have the price go up and make ton of profit like say double or triple, make 50 million USD or something.

Because he can buy them for far less and simply resell them. I don't see why this is so hard to see. I would be happy to sell you something I could easily replace for 30% above its cost. I don't think LBC requires you to prove you have the coins in advance. As Bitcoins101 has pointed out, he may not have any bitcoins at all.

mrhelpful

legendary

Activity: 1456

Merit: 1002

It would only make sense if that guy in dubai is some wealthy person, and he just tasted what bitcoin is and wants to cash out.

But, how do you verify that person being wealthy? also someone pointed out about with verifying the balance if he had it or not and itd have to be a signed message per address that the balance is held on.

so my guess is, its just more of a marketing play to have a potential buyer.

Bitcoins101

hero member

Activity: 868

Merit: 508

For local ads, you do not need to have any bitcoins to put up an ad for any amount. Only with online ads does your wallet need to contain the coins in order for the ad to be active.

He plausibly could have zero coins stored on LocalBitcoins.

johnyj

legendary

Activity: 1988

Merit: 1012

Beyond Imagination

I remember during 2013 spring, some one from Dubai ordered tons of KNC jupiter, maybe this is the result of that operation Grin

But wait, for a cash trades you can sell any amount, even 1 million bitcoins, so this does not say a lot

Amph

legendary

Activity: 3248

Merit: 1070

Quote from: Xialla on May 12, 2015, 08:25:39 AM

Quote from: torrentheaven on May 12, 2015, 08:22:23 AM

That can be true, but I'm wondering why a person would sell 13.5 Million USD worth Bitcoins as per his trade when he can wait for few more months or years and have the price go up and make ton of profit like say double or triple, make 50 million USD or something.

uhh simply because he don't have them. He had just acc on some exchange, some BTC on stock and in case of needs, he will transfer fiat to exchange and sell it again.

you know what? at 310$ I can sell you unlimited amount of bitcoins..

)

or because he don't need all that money, come on 13 millions are more than enough to retire why he should wait? and anyway he could always sell 50% and keep the rest if he really believe in bitcoin

but the fact that he is selling at a higher price make me think, that your statement held some reason, because if he had really that amount, he would do a discout, if he really need to sell them

torrentheaven

hero member

Activity: 952

Merit: 1000

Quote from: Q7 on May 12, 2015, 08:43:35 AM

Well for a starter can he prove that he really owns 44k coins? with that price he is selling he would be able to use the money earned from the sale to get more of the coin in the exchangers to resell. Probably like any sellers he is just trying to get the attention.

Isn't it like that the bitcoins shows in lbc ad, according to your balance in lbc wallet?

Topic: Just found a person selling about 44,000 Bitcoins in localbitcoins - page 2. (Read 3771 times)