Depends on where you want to go for a holiday though
Topic: The funnel as price rises - page 2. (Read 2831 times)
interesting, I do think this could be a bit of a problem for people holding large quantitys of btc, but otherwise for most people with about 1-10 btc this would not be much of a problem (as long as they do not want to instantly withdraw all in one go), I would simply assume that you would probably only withdraw as much as you need ($0.5k-10k)for a (rather expensive) holiday.
Depends on where you want to go for a holiday though
Depends on where you want to go for a holiday though
well he might want to lock in a gain or needs to buy something!
so still a very valid question
so still a very valid question
why exchange for dollars at all? afterall, a value of 10K would presumably entail a great deal more of merchant acceptance, etc... than we currently have - you could just buy with bitcoins whatever it was you were planning to spend the dollars on.
and if you did decide to cash out, why on earth would you want to do it all at once like that?! i'd take my time about it, and also hold onto some of them, the price could go up further if it had got that far!
It seems like some people have a bit of an obsession with cashing out at certain price points, overlooking the fact that for it to get to those price points, there must still be good reasons to keep your money IN bitcoin...i.e inflating fiat currencies, it's increased confidence and acceptance as a transferable, secure store of wealth a bit like gold etc...
and if you did decide to cash out, why on earth would you want to do it all at once like that?! i'd take my time about it, and also hold onto some of them, the price could go up further if it had got that far!
It seems like some people have a bit of an obsession with cashing out at certain price points, overlooking the fact that for it to get to those price points, there must still be good reasons to keep your money IN bitcoin...i.e inflating fiat currencies, it's increased confidence and acceptance as a transferable, secure store of wealth a bit like gold etc...
hmmm good point any takers
I thin gox has a limit of 50k a month...unless you get an aposilte
bitstamp?
kraken?
I thin gox has a limit of 50k a month...unless you get an aposilte
bitstamp?
kraken?
Assuming Bitcoin heads to lets say $10,000 early next year.
Say im holding 100 BTC.
Im then sitting on potentially $1,000,000.
The issue then is, how to get it out?
As the price rises, the ability to "get out" decreases unless a) the buying volume continues to increase and b) An exchange can handle such a sale.
It seems MtGox for example already has a limit on cash out I believe at $50,000.
That means you have to wait around 20 days and have 20 withdrawals at a minimum.
That also means you could potentially sell all 100 BTC in one day (buyers permitting) but then have to sit there and rely upon an Mtgox to send you your funds over 20 days.
Enough people trying to do the same thing, and your reliance levels upon Mtgox to deliver becomes very scary.
As more sellers need to or want to do this, simply to take some profit off the table if nothing else, the funnel will get exponentially smaller.
I guess the exchanges will adapt and increase their withdrawal limits over time, however I noticed Mtgox actually reduced theirs recently?
Is there a limit on all exchanges, if I had $1m worth of BTC today, do any of the exchanges enable me to cashout such an amount?
Say im holding 100 BTC.
Im then sitting on potentially $1,000,000.
The issue then is, how to get it out?
As the price rises, the ability to "get out" decreases unless a) the buying volume continues to increase and b) An exchange can handle such a sale.
It seems MtGox for example already has a limit on cash out I believe at $50,000.
That means you have to wait around 20 days and have 20 withdrawals at a minimum.
That also means you could potentially sell all 100 BTC in one day (buyers permitting) but then have to sit there and rely upon an Mtgox to send you your funds over 20 days.
Enough people trying to do the same thing, and your reliance levels upon Mtgox to deliver becomes very scary.
As more sellers need to or want to do this, simply to take some profit off the table if nothing else, the funnel will get exponentially smaller.
I guess the exchanges will adapt and increase their withdrawal limits over time, however I noticed Mtgox actually reduced theirs recently?
Is there a limit on all exchanges, if I had $1m worth of BTC today, do any of the exchanges enable me to cashout such an amount?
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