Topic: Spending VERY Large Amounts of Bitcoin? - page 3. (Read 5787 times)

I don't think anybody with such a large amounts of Bitcoins will try to sell them at once. Maybe in the future when some big businesses start accepting Bitcoin and then from time to time they will exchange there Bitcoins for dollars for example, but they the will buy some Bitcoins back in my opinion.

100KBTC is enough to cause a deep flash crash. Especially on Chinese exchanges as their orderbooks are filled with a lot non existing buy orders. I personally would sell them on several large exchanges over a few weeks period, so I don't hurt the price that much.

Here's the article which might be interesting to read about the owner of Sheep Marketplace, who had stolen around $40M in BTC and bought a house worth $340,000 with part of the stolen BTC.

https://www.deepdotweb.com/2015/03/27/breaking-sheep-marketplace-owner-arrested/

It is one, the government tries to get in in a massive transaction to get something from it.  As for them using bitcoins? I doubt it. They just want to gain control to get something out of bitcoin.

1. I think yes but not immediately but piecemeal.
2. According to me, possible yes (if you find the people who want to accept such transaction), reasonable not (there are based hopes that the price of bitcoin will be higher and the spent of bitcoins with the actual price in such amounts it will be e big loss in money for the seller of bitcoin).
3. Depends from the amount. I remember that the day when Ross Ulbricht was arrested (or the day before) was sold a big amount of bitcoins at Mt Gox which affected to much the price of bitcoin. I am not finding that amount in internet now to write it here (might were 100 000 bitcoins or near this amount but you must take this amount with to much reserves). But was only for some days. Then the price arrived almost the same level as before the selling. But there are two factors which are different nowadays comparing to these times and must be taken in consideration. First is that the amount of bitcoins in circulation is much more than in the October 2, 2013 when happen all this story. So the amount which needed to "crash" the price would be bigger. Second, Mt Gox don't exist anymore so there are no more pumping factors that can help bitcoin like when existed Mt Gox. Maybe today bitcoin will be able itself to regulate the price but at these times was mt Gox which give it "power" and increase of price.
4. I don't have answer for this point. No such knowledge.
5. Sure that might be. But are different from country to country. Must be studied the various markets and ask advices from various annalists of every market. They may give in short term more than the hold of bitcoin and the waiting for the high price of it. For the long term as a lover of bitcoin I would tell no. All of us which are here in this forum expect to much from it. So it will be a mistake use it before the reach of this expectations.

I guess it would be quite easy to split any large transaction into many smaller ones to many different addresses automatically with some scripts right?

If you spread it over a few days, to different (unrelated) addresses at first, tracking will be difficult.

I do recall this announcement about a year ago : https://www.reddit.com/r/Bitcoin/comments/1pgny0/bitpay_processes_1_million_transaction_for/

The real problem comes in when governments get in on the action, and they want to pay for big tenders. {Military equipment like aircraft carriers and jets } The price per Bitcoin must be massive for them to do these kinds of payments.

I think the best way to spend your VERY large amount of bitcoin is by exchanging them slowing in a couple of BTC exchanges. If you want to get rid of large amount in a very short period of time, you will definitely be the target of "good" and "bad" guys.

How about putting the coins in auction instead? Selling them off all at once would drown the market. And also, it might cause a massive crash in price. It isn't ideal to do a massive sell-off in a single instant. Feds are eyeing on most people and they might knock on your doors once the deal is sealed (taxes haha).

a large exchange can handle that kind of volume (and can handle any kind of volume generally IMO since the market will determine the price and if the price in an exchange crash people will send their USD money there to get BTC at the cheapest possible price) but it would cause a crash in BTC price.

Also, you will be tracked, these large amounts is what got silk road vendors caught, not the actual selling

You can always meet somebody from localbitcoins with a large sack of cash 

Large value transaction will always be heavily regulated even in fiat money system, the best way to do large transactions is to borrow from the bank

Yes, FBI did that way with their bitcoins.
If you dont want to organize that you just sell daily. if you have 100k BTC, you could easily sell off in a month.

I think that if you spend all these bitcoin in an exchange then you will basically dump the price.
Because there is not so much volume for a single buy order at the same rate.
I would suggest to spread these bitcoins to many different exchanges and creating many accounts because of the limits and get good exchange rate.

I'm aware of that, but like i said; where i live, paying taxes with bitcoins is far from reality because the spread of awareness of bitcoin even existing amung people is very low.
But to those living in Australia (and other countries where that's actually possible) i'm guessing it's a nice advantage.

NOXT wil bring that possiblity sooner than you may think.

Despite a rocky road, a beta of the app that supports paying taxes in Australia using multiple cryptocurrencies has just been released.

It will also offer the option to buy bullion, giftcards, etc.

https://bitcointalksearch.org/topic/annnoxt-noblenxt-proposalwhitepaper-nobles-1st-colored-coin-841741

This just shows that bitcoin now has institutional investors, which is great news,if they keep the profit in bitcoins and/or trade later on to gain more.


I guess that would be possible for the main purchase (commodity like a house), but the tax on such purchase (atleast here where i live) can not possibly be paid with crypto, for now that is.
Furthermore, the main question in such cases would be; what will the new owner of those bitcoins do with them, because if he is just going to dump them, they you're back to square one..

Didn't see this point discussed... This would definitely be feasible and I'd do it if I could It would be definitely be possible and probably easier than with fiat, provided you have all the funds.

I read an article some time ago about OTC trades (Over The Counter) where a bitcoin owner/hodler wanted to sell 1200 bitcoins in one go. He sold them all to some bitcoin company or organisation. I think he had to sell at a slight discount but got all of the cash in one lump not bit by bit on an exchange.