Comment by djsumdog | Hacker News Reader

Comment by djsumdog | Hacker News Reader

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Who is buying coin? Like if you seriously found 3 BTC you had on an old hard drive from years ago, remembered that password, who would pay you the $30k? You'd have to try different exchanges, try small amounts first, pay the insane transaction fees and wait for confirmation. Anyone who truly had a huge stash of like 400k USD in BTC would need to grab a lawyer, an escrow company and enter into a pretty strict legal contract with a coin exchange to guarantee that money.

Are there really large amounts being traded? I guess you could just look at the block chain ledger and see. But I'm just wondering how much of this is due to people cashing in/out vs market manipulation.

Your numbers are off by more than a factor of 1,000. As of a couple days ago, you could liquidate $30M (not $30K) on GDAX with a market sell order (which would be the worst possible way to sell) for more than 95% of last-quoted price.

What would be a better way to sell?

An over the counter(OTC) trade with a firm that specialises in high worth trades. They quote you a mid market price and they fill your whole amount at the same price.

A littl bit at a time. You don't want to cash 10m in a subsequent number of sells, that would fluctuate the price too much.

Limit orders in smaller lots, preferably into buying strength. (Don't take trading advice from me, though!)

You grossly misjudge the size of the crytomarket in general, and Bitcoin market specifically. The size has been much larger than you seem to think, not only during this craze, but it has been growing steady for years. Yes, there are people that will pay you 30K$ (which is nothing) in a microsecond on any of the major exchanges.

To liquidate 400k in BTC is a no-brainer. Just take the major exchanges with SEPA and go. If you have worries then just test the liq process with smaller amounts.

I come across 100m+ accounts every Day on ethereum explorer. Gdax moves hundreds of millions per day.

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