Bitcoins whales and dormant wallets

Discussion in 'Digital Currencies' started by 66rounds, Nov 7, 2019.

  1. 66rounds

    66rounds Well-Known Member Silver Stacker

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    https://www.cryptoglobe.com/latest/...rush-market-completely-analysts-warn/?amp=yes

    Reading this article I was wondering if indeed a large bitcoin wallet holder passed away and his keys were lost, does that mean that the bitcoins in his wallet are in effect lost forever? Is there anyway a family member could recover them? From what I understand without the keys and recovery codes the wallet is in fact inaccessible. Bit like burying gold and leaving it out of the will, except the buried gold has a chance of being rediscovered.
     
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  2. Silver Soul

    Silver Soul Well-Known Member Silver Stacker

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    ^^^ Its only numbers in a computer anyways
     
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  3. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Sure but they're worth 730 million to someone. You could fund a war with that sort of numbers in a computer!
     
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  4. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Ive tattooed all my keys onto my cock
     
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  5. Jason1

    Jason1 Well-Known Member

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    that is correct, there is no way of getting it back if the key is lost, there are estimated 4million lost bitcoin currently, that number would likely grow over time.

    and that is correct there are a number of Individuals with enough bitcoin who could crash the market at any time if they cashed theirs in. problem is finding somewhere that could afford to cash thier coins in, they would likely brankrupt a couple of exchanges if they cashed their coins in as well. Most exchanges have a rather small limits on how much you can cash in at once to avoid runs,
     
    Last edited: Nov 7, 2019
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  6. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Sounds like fractional reserve banking to me!
     
  7. Jason1

    Jason1 Well-Known Member

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    yer, its pretty dodgy, allot of exchanges accessible to the regular jo blow have limits of like $10k per day, and lower their limits even less when prices start crashing trapping customers from cashing out. so if you had 100 bitcoin imagine how long it would take to get your money out, especially when it was at its peak of $28kAUD and you want to cash it in quickly, there were allot of people when it hit its peak who were unable to cash their bitcoin in and were forced to ride the train back down because they couldnt sell it fast enough as the exchanges limits got in the way. One of my friends got f'ked up by an exchange limit and lost allot of money because he couldn't cash it out quick enough because as it tanked many exchanges lowered their limits lol, he would have made a tonne of money, but ended up losing allot of money.
    They arent really that liquid and yer when cryptos tank exchanges tighten up and wont let people withdraw large amounts of money so your forced to hodl when it would be best not to.

    but unlike fractional reserve banking, there is probably no law or reserve bank dictating how much cash a crypto exchange needs to actually hold on hand, they likely able to dictate that them selves and hold bugger all, and just limit transactions to as little as they like when it suits them
     
    Last edited: Nov 7, 2019
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  8. willrocks

    willrocks Well-Known Member Silver Stacker

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    Probably the safest place.
     
  9. mmm....shiney!

    mmm....shiney! Well-Known Member Silver Stacker

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    Like as in no one wants to look there? :D
     
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  10. Jason1

    Jason1 Well-Known Member

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    you will need to stay away from those Asian massage parlors though lol
     
  11. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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    Sounds like people who were uneducated

    Just trade your BTC to Tether/Stable Coin which can be done instantly - then you can cash that out whenever you like without the worry of it's value decreasing dramatically
     
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  12. Jason1

    Jason1 Well-Known Member

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    there are limits on trading coin to coins also, many exchanges during that decline put restrictions on trades, so yes that option wasnt exactly there, it went down fast there wasnt a great deal of time for people, and major exchanges falling on their arses other exchanges tightened up big time.


    on another topic but bitcoin and tether related. and so while the main OP is talking about the ability of one whale being able to crash Bitcoin, it can be the other way around, and one enterty can cause giant pumps as shown below in new findings.
    But any ways this is something to consider
    https://www.cnbc.com/2019/11/04/stu...rket-manipulator-pushed-bitcoin-to-20000.html

    https://www.wsj.com/articles/large-...d-price-sharply-higher-study-says-11572863400

    and there is some Indictments coming by the looks

    https://qz.com/1743386/crypto-capital-indictments/
     
    Last edited: Nov 7, 2019
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  13. Revils

    Revils Well-Known Member Silver Stacker

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    Transferring to $ from crypto generally has no limits it's the transferring of $ out to bank account that has limits. So as long as the exchange is good, even if it took you a couple of months you could transfer $1,000,000+ without issue. If you turned $900,000 into $1,000,000 this might be a concern but if you turned $10,000 into $1,000,000 it's not such an issue.
     
  14. Soprano16

    Soprano16 Well-Known Member Silver Stacker

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    Sounds like you're talking about local Aussie exchanges who have set certain limits, which I wouldn't be using in the first place, especially during a stage of pandemonium - they're just a gateway to cashout to your bank account imo, but best to do your trading on exchanges like Binance etc that have huge volume and no limits

    Using exchanges like Binance etc, there is no limit at all - as long as there are enough buy/sell orders it gets filled straight away, and transferring to Tether during that time was easy
     
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  15. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    How many people bought at the high while everyone was saying it was going to a million.
    They are stuck now.
     
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  16. openeyes

    openeyes Well-Known Member Silver Stacker

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    Buyiing at $20k would have really hurt. Well done if you have made some good money on this. I am happy to watch the wild ride for now.
     
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  17. inmizu

    inmizu Active Member

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    'Reading this article I was wondering if indeed a large bitcoin wallet holder passed away and his keys were lost, does that mean that the bitcoins in his wallet are in effect lost forever? Is there anyway a family member could recover them? From what I understand without the keys and recovery codes the wallet is in fact inaccessible. Bit like burying gold and leaving it out of the will, except the buried gold has a chance of being rediscovered.'

    'OPSEC' -- operational security -- comes in different models. One is that backups are held with trusted third parties. In this case, no coin would be lost.



    'there are limits on trading coin to coins also'

    There are sorta roughly two types of crypto exchange: the ones that trade crypto-crypto, and the ones that trade Bitcoin-fiat. And some crypto exchanges are truly tiny, and their order books reflect this. But some exchanges have -- like the 'High-Roller Rooms' in casinos -- facilities for tradin' big. And the big Bitcoin-fiat mobs, who likely have institutional customers, have hefty order books.

    So, crypto geeks always know what 'realm' they're in. Most of us are hobbyists, shuffling ten or twenty thou of crypto around on a few exchanges.

    It makes no sense that you'd be stuck with a Sudden Million Dollars worth of Bitcoin or other. As the price was hiking, you'd fly to the home base of Bitcoin-Fiat Exchange; meet the management; move your Bitcoin on; and then sleep on a cot beside their servers until the trades went through, and the $$ were chunked through to your bank.
     
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  18. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    I recently bought my first share of bitcoin. Its divisible so I only spent $85 usd haha. I'm not a big risk taker like that. I got something like 0.009210201 of a bitcoin.
    Plan is just to sell for a few bucks of profit or whatever, really no plans. Or maybe I'll hodl for awhile I don't know.
    I'm just a small guy with no real skin in the game.
    Like the old men at the casino when they win a handful of nickels!
     
    Last edited: May 25, 2020
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  19. heartastack

    heartastack Well-Known Member Silver Stacker

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    although pitiful odds I would love to see a utopian world where $85 worth of btc purchased now would make you ‘gentlemanly’ rich.
     
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  20. inmizu

    inmizu Active Member

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    'I recently bought my first share of bitcoin. Its divisible so I only spent $85 usd haha. I'm not a big risk taker like that. I got something like 0.009210201 of a bitcoin.
    Plan is just to sell for a few bucks of profit or whatever, really no plans. Or maybe I'll hodl for awhile I don't know.
    I'm just a small guy with no real skin in the game.'

    Get your 'OPSEC' -- operational security -- up to scratch forthwith: all seeds and passwords and whatever in a file backed up on a coupla fresh gig sticks. And you want quality anti-virus on your computer.

    Then consider learning to trade -- altcoins against BTC.
     
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