Bitcoin and Crypto Talk (Merged)(includes NFT) (2 Viewers)

HburgSaints

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I am so P'Oed at coinbase right now. Right before they went offline, I was having connectivity issues, but it would still load my portfolio. All of a sudden, the Shiba price started tanking. It went way below what the actual price was at the time, so I sold to avoid going below my entry value. Well come to find out, the price never actually got to what the coinbase app said it did, so not only did I lose cash based on a fictional price, but I lost my Shiba shares that I was holding because of inaccurate data. I submitted a ticket to their support team to see what can be done, but honestly I'm not holding my breath. I did say that if it's not resolved, I'm pulling my funds and going elsewhere.
 

superchuck500

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I think my Shiba exit strategy is going to be to convert to BTC. If Shib pulls back to 650 I’m going to trade half for Bitcoin, especially if BTC keeps creeping back.
 

DaveXA

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So...I guess the question I have is will he get all of that when it comes time to sell? The taxes on that will be sick lol. The guy's total holdings is worth over $5b at today's prices. With total market cap of $40b, if he decides to sell, would that even be possible?
 

Mr. Blue Sky

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So...I guess the question I have is will he get all of that when it comes time to sell? The taxes on that will be sick lol. The guy's total holdings is worth over $5b at today's prices. With total market cap of $40b, if he decides to sell, would that even be possible?




I would say it better be possible… i mean, if he/she goes to sell and cant, then that would throw the entire crypto world into disarray.. if you can’t research , speculate, buy and sell as you please then what’s the point of all this ??
 

DaveXA

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I would say it better be possible… i mean, if he/she goes to sell and cant, then that would throw the entire crypto world into disarray.. if you can’t research , speculate, buy and sell as you please then what’s the point of all this ??
I agree, but in terms of crypto, has anyone ever tried to sell and cash out of that much all at once? I just wonder if there's enough liquidity to allow him to cash out the $5b. Theoretically, it should be possible, but practically? :shrug:.
 

Mr. Blue Sky

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I agree, but in terms of crypto, has anyone ever tried to sell and cash out of that much all at once? I just wonder if there's enough liquidity to allow him to cash out the $5b. Theoretically, it should be possible, but practically? :shrug:.



Again, im not saying there arent question marks around it.. im saying IF they go to cash out and cant, then the whole thing comes crashing down overnight.
 

superchuck500

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I agree, but in terms of crypto, has anyone ever tried to sell and cash out of that much all at once? I just wonder if there's enough liquidity to allow him to cash out the $5b. Theoretically, it should be possible, but practically? :shrug:.

According to Coinbase, more than $44B in Shiba has traded in the past 24 hours in terms of volume. But that doesn’t mean that selling $5B worth is possible. But usually large holdings of any market traded asset are liquidated (or acquired) in tranches. It may take days or even weeks.
 

DaveXA

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Again, im not saying there arent question marks around it.. im saying IF they go to cash out and cant, then the whole thing comes crashing down overnight.
I think what would ultimately happen is they would have to break it up into a number of sell orders and spread the transaction over a period of time. In order to sell, you have to have a buyer on the other side of the transaction. Stocks are only worth as much as the next person is willing to pay for it. When you have an extremely large number of shares like this guy has, it's typically going to take time to get the sell order filled.

Lol, Chuck bear me to it. :9:
 

DaveXA

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Right.. it would take a while , but at least they could sell their shares and make their money.
Yes, and of course each tranche won't necessarily have the same sell price. I believe it will be at or close to whatever the market price is at the time the tranche is executed.
 

superchuck500

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Coinbase says Shiba now has 549 trillion in circulation. That's up from 395 trillion yesterday.

Does that mean the initial holders have sold more coins into circulation? Cashing in on the run? Hmmm. Sounds like a top signal to me.
 

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