Does anyone know how to offload a large number of Bitcoins? Any platforms for connecting wholesalers?
Prefer not to go through exchanges as they may be at risk of liquidity problems.
Selling Bitcoin in bulk
mr_asstight on 08/01/2018 - 12:56
Comments
Like 40 BTCs?
Yea I don't know, I know you won't have a problem on exchanges with say up to 3-4 bit coins. But I'm not sure outside of that.
have fun paying capital gains tax on that mate, its gonna suck
Tax is paid on profits. Whilst I would prefer to minimise my tax payable as much as I legally can, I don't see paying tax as a problem, it means you have made a profit.
If you argument is you don't like Bitcoin because of the potential taxes, then…that's not a very good argument against Bitcoin, to say it politely. :D
And have fun staying poor, hahaha, can't resist.
@idonotknowwhy: Nope, I'm not related to that shady guy at all.
What he did was pretty unethical, I can see on the blockchain he only spent around $50k USD on the project and he's on at least a $10 mil profit total if he sold all the coins he still holds at the current price (not realistic), but he'd be on a pretty good profit regardless.
@techlead: What a prick. I heard that most of these "rich people" giving out advice, make all their money off their audiences.
@idonotknowwhy: Definitely with these "influencers", this is why I never listen to them. I do my own research. I watch his videos, I wouldn't touch his coin, even though I know I can potentially profit from it, but I refuse to participate in this shady project.
40 BTC is not that much anymore. Most exchanges will be able to take that with no issues.
You will have zero issues selling that on Binance Australia. You may run into liquidity issues with Independent reserve or BTC markets who has $6 mil and $7 mil daily volumes, but can probably sell it over a period of a week with no issues.
Binance has an OTC desk maybe try that out.
Personally, I'm not selling yet, the bull market is only just beginning.
Just realised this was posted in 2018, did you end up selling your BTC? Wow, if you did sell it in 2018, I feel for you….
Who would pay $16000 usd per coin knowing full well it's hyper inflated/overpriced.
No problems with willing buyers, willing sellers with more than 100,000 coins traded a day, it seems..
Is it hyper inflated and overpriced?
Or is that just your opinion?Citation needed.
Didn't you know a bitcoin will soon be worth millions..
However Trump has declared it as fake news..
I would get out if I had made that much out of it.
obviously, many. but not every human
me, i bought 7 last week for 15k and sold 18k yesterday. easiest 21k ever
It is all luck really, the value could have just as easily gone the other way
Just like with company shares, regular currency, gold, and any other investment…
sure can, but gotta spread ur investiments.. this is a small amount of the overall funds available. btw this is not my money
@unclesnake: I was about to say! $105k being a small portion of your overall free cash - I would feel poor and jealous!
@pantsparty: its a consortium, group of people, when i say me, i should say "we". anyway u can offload it on btcmarkets, they take .6%
Comparing bitcoin is a currency, shares are not. Not really comparable. Currency is not a investment, you don't see people pulling out their cash st woolies and calling their loose change investment.
Gold is a rock in the ground with no intrinsic value, like bitcoin. People can admire the shininess of gold, so maybe they value it that way, bitcoin…well you can't even admire it unless you get turned on looking at a figure on the screen, but excel can help you with such a fetish.
People invest is foreign currency all the time.
If people value something, it has value. If people do not value something, it does not have value, and there is no intrinsic about it.
Currency is not a investment
However, currency is a commodity that is traded
Australia is not an especially large country, and as of 2009 it was number 13 in the world in terms of GDP and less than one-tenth the size of the United States, number 50 in terms of population and number 19 in terms of the value of its exports. Nevertheless, the Australian dollar is one of the five most frequently traded currencies in the market. The Australian Dollar
Gold is a rock in the ground with no intrinsic value
Gold has intrinsic value. It is extremely ductile, corrosion resistant, and a good electrical conductor. You think they use it in manufacturing electronics because they want to make an invisible bit of metal look shiny?
You sound like if a tulip is sold at £1000 then it’s worth that much, and if it is not, it is not. Right, I understand. I can’t argue with that I suppose, but let’s just say it always comes home to roost.
Those who “invest”, as you say, in currency, are betting on the country fundamentals, there is intrinsic valuation at work. Be it they see increase economic activity, or some other factor. With bitcoin, no one sees any of that.
Tulip Mania was 381 years ago, and congratulations on just repeating something you saw on the internet rather than thinking for yourself.
It is interesting you speak of investing in currency now, however five minutes ago you affirmed that people don't invest in currency.
I am interested, do they or do they not? Maybe you could make up your mind here?Whether you like it or not, and you probably don't like it… People are making money off of this.
Will they still be making money on this in a years or a decades time? Who knows.
But as a proud capitalist I will make every god damned cent that I can on this.To date I have made over $200,000 on initial investment of less than $1,000 which I have withdrawn.
My bet now it that can be over $2,000,000. If it all crashes, well happy days, I've not lost a single cent.He is proud he managed to sell something to someone else for more than what he paid for. Much skill in that in his eyes.
They invest in the country, the currency is what is bought as a means of supporting their investment thesis. Currency in itself is not the investment.
Same with shares, its to obtain partial ownership in a company.
What is bitcoin, please explain?
Well done on making money, making money always makes those look smart, but rarely do they believe thjat luck is involved huh?
@thevofa: I was going to mention that gold is not a rock, but it actually does occasionally occur in mineral form, which is arguably a rock, and as veins within actual rocks like quartz…
@cloudy:
I don't think you know what money is.
When you own currency you do not invest in the country nor do you own any part of the country unlike with shares in a company.Your analogies and comparisons are all complete wrong.
Where did I say when u invest in currency you own part of a country?
You need invest in some knowledge if you lack this this understanding. Owning currency is having confidence in the country will enforce the value of said currency. When this confidence erodes, quickly or slowly, the currency reflects the market confidence. If it erodes slowly like the USA in 2008-2013 period you can see the usd slide. Or when there are fundamental flaws in the countries governance you have the Zimbabwe trillion dollar note. Worthless piece of paper.
But you still haven’t answered my question, what is cryptocurrency/bitcoin? Time to show some knowledge mister I’m so successful making money.
With a new cyprtocurrency coming out each week, asking “investors” like you for money, I wonder when this joke will end.
You would have payed at least 1-2% in fees so $2.5k easiest $18.5k ever?
still ok for doing nothing, and it was .4% both ways so .8%
Don't forget the CGT
I was wondering about that! does it work the same as shares? will it be automatically reported to the ato?
@billy3000: Yes - virtually identical (boom tish) CGT treatment to shares. As for reporting, I would guess it depends on how the sale is done.
Supposedly all aussie exchanges have AUSTRAC systems installed.
There is always another way of course.
Who would pay $16000 usd per coin
Well, this didn't age well.
Multiple days heading to a BitCoin ATM. Any other way you will have a trail where you will be chased for CGT
BTC markets says they have a volume in the last 24 hours of 369 bitcoins. I don't imagine you would have too much problem offloading 40 - maybe do it over the course of a few days?
40 Bitcoins blokes rolling in it
It was like 40, so could be between 1-39.
Not sure if serious but I would not recommend meeting someone in person to do a crypto transaction of ~900k AUD.
I also won't expect someone to give me ~900k AUD Cash or as a bank transfer in single transaction. Hence Sell it as a small transaction of 2-3 coins per transaction.
Even selling 1 BTC in person would involve over $22k AUD.
get a lambo ?
I'd HODL. Bitcoin is going north of 60k this year.
by the end of this year one bitcoin will be worth $80 trillion
Sweet! Can I sell you one now for $40 billion? That's a 99.95% discount, pretty good deal I reckon.
9 too many 0's?
Is that you, Satoshi?
Just read this in Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond by Chris Burniske and Jack Tatar;
Once bitcoin and other cryptoassets are minted, miners can exchange them for other cryptoassets or the fiat currency of their choice. To do so, the miner must sell the cryptoasset to someone else, either over-the-counter (OTC) or through an exchange.Many miners, and large investors, choose OTC services like those provided by Cumberland Mining, Genesis Trading, or itBit. OTC is not quite an exchange because the buy and sell orders are not out in the open. Instead, an entity like the aforementioned services matches large buys with large sells, which allows big trades to be made without moving the order books within an exchange.
Why not open an account with somewhere like Bitfinex and withdraw USD from there, I believe they have USD withdrawals back up again. 40BTC is nothing, you could place a market sell right now and it would barely put a dent in the order book.
This was posted in 2018.
Its nothing in today's terms because there's so much more liquidity now.
Just realised this post was posted in 2018.
Did the OP end up selling his 40 BTC?
Weak hands deserve what they get and that isn't $65k BTC.
People that jump in and out of positions for a measly 10% or 20% are setting themselves up for tax liabilities and unnecessary trading stress.
Delayed gratification is the most effective way to accumulate wealth. Buy it, sit on it and wait for life-changing wealth.
I've been buying this dip heavily for the last 2 months in the $28k to $31k range.
Likewise, same as ETH at a 50/50 split. You really can't go wrong with both in your crypto asset portfolio
Define bulk? I have seen transactions in the couple hundred thousand mark on BTC markets regularly.