Just found a person selling about 44,000 Bitcoins in localbitcoins

HarHarHar9965

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Quote from: bojan92 on July 31, 2015, 09:30:05 AM

Maybe the person already has the bitcoins for a long time and he made a really great profit. Bought them for a double smaller price. So now he wants to try the cake and start something new with the earn money

Its really stupid of the person to give up and not hol btc anymore just because he has held it for long and watns to try the cake. If we are looking at transactions, they will always seem anonymous and pretty much impossible to track. Although I don't really advise on holding on those 44k bitcoins for the rest of your life but selling it all away is something which I feel really bad about. There's a lot of opportunities which come your way if you have 44k in bitcoins man

valiz

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BTC trader

https://localbitcoins.com/ad/207261/sell-bitcoins-for-cash-amsterdam-netherlands

Now he is in the Netherlands looking to buy a lot of coins

Seems he buys them cheap in the Netherlands and sells them expensive in Dubai. Makes a lot of sense Grin

AtheistAKASaneBrain

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Quote from: bojan92 on July 31, 2015, 09:30:05 AM

Maybe the person already has the bitcoins for a long time and he made a really great profit. Bought them for a double smaller price. So now he wants to try the cake and start something new with the earn money

Well, he's already lossing money. Price when OP created the thread was $235. Right now is 285$ and going up.

If he sold back then he did $10.340.000
If he sold now he could have gotten $12.540.000
He has lost $2.200.000 by being an impatient panic seller, and he has lost the opportunity to have 100 million dollars in the future. If he sold ALL of his Bitcoin he's simply an idiot. You always hold Bitcoin no matter what.

bojan92

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Maybe the person already has the bitcoins for a long time and he made a really great profit. Bought them for a double smaller price. So now he wants to try the cake and start something new with the earn money

techgeek

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Quote from: Slark on May 19, 2015, 11:54:57 AM

This situation is nothing rare. There are some crazy rich people living in Dubai, this is normal for some rich men to have assets of different currencies even Bitcoins.
He is using localbitcoins so he can remain anonymous probably as exchanges need some form of validation and credentials. My guess is that he bought bitcoins for anticipation of huge price rise but now got tired of waiting for it...

sounds about 90% of us lol.

And he probably did need some form of cash to buy out a company or something. With that amount of money, its either for a large purchase or he just sees his money could be making a huge form of interest based on just playing the waiting game which I think he prob consider doing. Not that he needs it or anything.

NorrisK

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If he is just trying to make some money by selling higher and buying on an exchange when needed, why did he put 44,000? Quite an odd number isn't it? Why not 50k?

Slark

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This situation is nothing rare. There are some crazy rich people living in Dubai, this is normal for some rich men to have assets of different currencies even Bitcoins.
He is using localbitcoins so he can remain anonymous probably as exchanges need some form of validation and credentials. My guess is that he bought bitcoins for anticipation of huge price rise but now got tired of waiting for it...

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Quote from: BTCevo on May 19, 2015, 08:07:00 AM

Quote from: Gyfts on May 18, 2015, 05:23:27 PM

What type of scam his he running? I refuse to believe someone will sell 13.5 Million USD in Bitcoin through Local Bitcoins...It's in Dubai though, lots of rich, careless, people there.

Why you judge scam? I think he wants to quit bitcoin and get his money out from this because he already got much profit from it and wants to open some business or anything else using this money. I dont think he is a scammer, there are many people that have more than 50k bitcoin but they still want to keep it for long term. All of them have their own reasons and their own thoughts so dont randomly judge people

i don't think he want to quit, usually those rich guy, don't want to quit ever, they want always more, they are attached to money like it is foods, he want to sell because he believe the market will crash(and he will help it with that amount...), then he will buy even more

i doubt he is all-in, he probably hold more than 44k

JLynn171

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Well if i had more bitcoins than i could really ever possible use to purchase things or gamble with online, i would always have them up for sell, worst case ya sell em all and buy more... Huh

? who knows he may just got in early and those are the ones he mined off his laptop

Troonetpt

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I believe he want to keep his anonymous, he did'n want to show himself.

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Quote from: torrentheaven on May 12, 2015, 07:22:23 AM

Quote from: Kupsi on May 12, 2015, 07:18:43 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.

Maybe he has 88k BTC and needs some cash or he wants to make a big trade and he will buy back on exchanges.

BTCevo

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Quote from: Gyfts on May 18, 2015, 05:23:27 PM

What type of scam his he running? I refuse to believe someone will sell 13.5 Million USD in Bitcoin through Local Bitcoins...It's in Dubai though, lots of rich, careless, people there.

Why you judge scam? I think he wants to quit bitcoin and get his money out from this because he already got much profit from it and wants to open some business or anything else using this money. I dont think he is a scammer, there are many people that have more than 50k bitcoin but they still want to keep it for long term. All of them have their own reasons and their own thoughts so dont randomly judge people

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Quote from: torrentheaven on May 12, 2015, 07:22:23 AM

Quote from: Kupsi on May 12, 2015, 07:18:43 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.

Someone offering to buy bitcoin at his 30% markup is a sure thing that can happen today, hoping the BTC price goes up in the next few years is not.

mrhelpful

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Quote from: Gyfts on May 18, 2015, 05:23:27 PM

What type of scam his he running? I refuse to believe someone will sell 13.5 Million USD in Bitcoin through Local Bitcoins...It's in Dubai though, lots of rich, careless, people there.

Most likely if the dudes legit, could be a oil baron lol.

5th generation prince, etc. They can afford to being careless, they will ever feel the financial loss due to their gold lambos and ferraris they drift for fun.

I thought you need a balance to even post the Ad like on localbitcoins.com right? Id never prob reach that amount of money in my life time.

Gyfts

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What type of scam his he running? I refuse to believe someone will sell 13.5 Million USD in Bitcoin through Local Bitcoins...It's in Dubai though, lots of rich, careless, people there.

Bitcoin Explorer

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Quote from: Xialla on May 12, 2015, 07:25:39 AM

Quote from: torrentheaven on May 12, 2015, 07:22:23 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..

)

exactly, he can rinse and repeat buy low @ exchange and sell on localbitcoins.

leen93

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Quote from: Xialla on May 12, 2015, 07:25:39 AM

Quote from: torrentheaven on May 12, 2015, 07:22:23 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..

)

i want 100 million bitcoins Cheesy

r1f696

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Quote from: johnyj on May 12, 2015, 05:19:55 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

more lol

i think maybe he got that rate , and this is not really surprising, there a lot of people sell btc with an irrational amount but its true

kevin1234a

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DUBAI SHEIKH can do anything for FUN

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Quote from: torrentheaven on May 12, 2015, 07:16:18 AM

I just bumped into this person to find out that he is selling about 44,000 bitcoins for cash in Dubai, When the price are low, why does he want to sell such huge amount of bitcoins? your thoughts and opinions?

https://localbitcoins.com/ad/40269/buy-bitcoins-with-cash-dubai-united-arab-emirates-dubai-united-arab-emirates

It can be a huge deal if someone falls for the trap. There is always clueless people out there. I remember when I was and didn't know better I almost buy from some seller that was buying a lot higher than market price.

Then again, in this case if he offers physical operation, it would be worth paying the extra for the privacy that physical operation gives you vs transference.

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Quote from: Xialla on May 12, 2015, 07:25:39 AM

Quote from: torrentheaven on May 12, 2015, 07:22:23 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

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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

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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

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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

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Quote from: torrentheaven on May 12, 2015, 07:22:23 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.

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Quote from: digit on May 12, 2015, 09:41:35 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.

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Quote from: bitbaby on May 12, 2015, 09:28:12 PM

Quote from: torrentheaven on May 12, 2015, 07:28:38 AM

Quote from: Xialla on May 12, 2015, 07:25:39 AM

Quote from: torrentheaven on May 12, 2015, 07:22:23 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

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Quote from: bitbaby on May 12, 2015, 09:28:12 PM

Quote from: torrentheaven on May 12, 2015, 07:28:38 AM

Quote from: Xialla on May 12, 2015, 07:25:39 AM

Quote from: torrentheaven on May 12, 2015, 07:22:23 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

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Quote from: torrentheaven on May 12, 2015, 07:28:38 AM

Quote from: Xialla on May 12, 2015, 07:25:39 AM

Quote from: torrentheaven on May 12, 2015, 07:22:23 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

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Quote from: johnyj on May 12, 2015, 05:19:55 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

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Quote from: techgeek on May 12, 2015, 06:59:21 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

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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.

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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.

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Quote from: galbros on May 12, 2015, 06:07:31 PM

Quote from: torrentheaven on May 12, 2015, 07:22:23 AM

Quote from: Kupsi on May 12, 2015, 07:18:43 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

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Quote from: torrentheaven on May 12, 2015, 07:22:23 AM

Quote from: Kupsi on May 12, 2015, 07:18:43 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

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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

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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

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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

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Quote from: Xialla on May 12, 2015, 07:25:39 AM

Quote from: torrentheaven on May 12, 2015, 07:22:23 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

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Quote from: Q7 on May 12, 2015, 07:43:35 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?

Q7

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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.

torrentheaven

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Quote from: Xialla on May 12, 2015, 07:25:39 AM

Quote from: torrentheaven on May 12, 2015, 07:22:23 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.

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Quote from: torrentheaven on May 12, 2015, 07:22:23 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..

)

torrentheaven

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Quote from: Kupsi on May 12, 2015, 07:18:43 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.

Kupsi

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9.9.2012: I predict that single digits... <- FAIL

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

torrentheaven

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I just bumped into this person to find out that he is selling about 44,000 bitcoins for cash in Dubai, When the price are low, why does he want to sell such huge amount of bitcoins? your thoughts and opinions?

https://localbitcoins.com/ad/40269/buy-bitcoins-with-cash-dubai-united-arab-emirates-dubai-united-arab-emirates

Topic: Just found a person selling about 44,000 Bitcoins in localbitcoins (Read 3796 times)