News for hackers. Stuff that matters.

A comment on Billionaire Mike Novogratz says 10% of his money is in Bitcoin and Ether. Parent comment

Re:Billionaire Mike Novogratz says 10% of his money is in Bi... by thisisit on Friday April 21, 2017 @12:27PM (#14166989)
It will affect the market. The weekly volume is irrelevant because that is gross sum of all trades taken place. What you are proposing is that he occupies nearly 23% of all "asks" on these exchanges which will be difficult to achieve.

And again off exchange block/bulk sales tend to go for lower than market price. They are rarely, if ever, executed at market price. So most probably he will have to offer 100k ETH, 4.8mil, for a ~4 mil mansion.

[ Parent | on HN ]
Re:Billionaire Mike Novogratz says 10% of his money is in Bi... by mrb on Friday April 21, 2017 @03:00PM (#14168339)
Sell also on the ETH/USD pair. Sell on a 3rd exchange. Lengthen the sale to 15 weeks. And he will be at 10% of all asks. 1 in 10 ETH sold being sold by him would hardly "tank" Ethereum as Pxtl was implying.

"4.8mil, for a ~4 mil mansion" I agree and that's totally reasonable. Only a 20% hit. Pxtl was saying something much more dramatic ("he'd never be able to get a decent fraction of its worth").

[ Parent | on HN ]