/biz/ - Business & Finance

[Anonymous No.6979032]

Hello /biz/, /v/ here. So we all know in the early days you could mine hundreds of bitcoins per day right? So that means there must be a lot of people sitting on tens of thousands of bitcoins right now.
What happens when some of them decide to dump all their bitcoins? Won't that totally nuke its value?

[Anonymous No.6979122]

>>6979032

You realize people can sell Bitcoins right? Just because you mined back in the day it doesn't mean they still have them 5 years later..

[Anonymous No.6979190]

>>6979032

they can't dump even if they wanted to, without crashing the market

in other words, they're trapped

[Anonymous No.6979203]

>>6979122
Yes but what happens if some guy who is sitting on 200k bitcoins from back in the day decides to sell it all?

[Anonymous No.6979845]

nooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooo

[Anonymous No.6980164]

>>6979203
Then he fills 200k bitcoin worth of pending buy orders. So it starts with the people buying bitcoin at the "current price" and then gradually you're selling to people who are willing to pay less and less until you're selling your bitcoin at 1 cent each or lower. The price flash crashes and now its up to the new owners to determine when and for how much theyre willing to sell it at, and for the sellers to reevaluate what they want to sell at considering someone just sold tens of thousands of bitcoin for pennies

[Anonymous No.6980268]

>>6979032
Honestly, a lot of people that got in THAT early were pretty careless with them. I personally know people who
>bought a bong with bitcoin that would currently be worth ~30k
>threw away an old hard drive that had a couple dozen BTC on it
>lost what is now just shy of half a million dollars in a single dice roll
>held throughout the entire 2 year bear run and sold as soon as it cracked $1,000 again fearing another drop
Because bitcoins were basically just magic internet points that they got for free before people decided they had any value at all.

[Anonymous No.6980355]

>>6979032
there was this thing with ETH last year, where it dropped down to a few cents or so, for a moment. with almost no impact, just minutes later it was up again.
same will happen with BTC, if someone clears the order book.

[Anonymous No.6980430]

>>6980268
God don't remind me i personally bought probably close to 5k worth of weed on the darkweb to resell using bitcoin back when it was 500-1k. If i'd have just put my profits back into btc and held it instead of blowing it all on typical 20 year old shit, i'd be a millionaire.

[Anonymous No.6980654]

>>6980430
Think about it this way maybe you were a pioneer in bitcoin transactions and contributed to its succes today see isnt that a nice way to look at it not many were holding for speculative value the traders are the heros of that time :) thanks friend

[Assblaster No.6980731]

>>6980654
this desu.. I ran a niche dropshipping biz taking only BTC in 2011. had >500 BTC at one point but sold them all way way too fucking early and never re-accumulated. I could have suicided but I am still in the game today with an altcoin stack worth about 30 BTC

[Anonymous No.6981238]

>>6979190
Yes. Trapped into 1000x gains. Even if they crash the market completely they get 50x gains. The horror.

[Anonymous No.6981522]

>>6979203
He sells them direct to an exchange itself or over the counter to an investment firm or whatever