

Ask HN: Any Bitcoin Millionaires on HN? - npguy

looking for 'bought 1000 dollars worth of Bitcoins when it was under 10 cents' or similar stories.
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te_platt
I know one but it's not really my place to put out his story. I know at least
a dozen others who could have been but couldn't stand the pressure (or had the
good sense not to take the pressure). When you buy something that doubles in
price there is good reason to sell. Up 10 times and it starts to be
irresponsible not to. Up 1000 times and still holding borders on psychopathic.

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iaw
As niggler pointed out in another thread, if you are at 10x your original
investment you can close out 1/10th of your position and be left with a free
ride in the market.

The trick is to not get greedy, start taking profits as the market rises and
then put those profits into less volatile investments.

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smewpy
From gitsum, who is linkdead:

"I mined about 13000 bitcoins in 2010 when it was possible to mine with a
single quad core CPU. It was worth about $100 when I stopped mining in August
2010, and I was ecstatic that I had earned a nice steak dinner for doing
absolutely nothing. After I missed the first peak at $31 in 2011, I was
determined to sell everything if it ever hit that price again. Unfortunately,
little did I know the price would surge to $145, and I sold most of my stash
at the then all-time high of $40-50. Not quite a bitcoin millionaire, but
still a good chunk of change (of which a sizable amount will be going to the
IRS)."

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twog
I was, almost, but I got really hungry & bought a pizza instead

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mwally
The legend lives.

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mynewwork
Does bitcoin have enough volume for a millionaire to cash out without crashing
the price? How much bitcoin <\--> dollar conversion happens in a day? I'm
curious if a "bitcoin millionaire" might end up with a tenth of that if they
tried to sell and their selling drove down the price.

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LyndsySimon
Market cap is just over $1b USD at the moment.

A guy used MtGox to sell 5,000 BTC the other day, and caused a small dip -
about 15%, if I recall. That's about 500k USD out in an afternoon.

Some exchanges also have "dark pools", designed to allow big investor to get
into and out of the market "quietly".

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BoyWizard
A single person cashing out can cause a 'small' drop of 15%? Imagine the chaos
if the USD crashed 15%. That's recession territory.

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WestCoastJustin
Maybe this is a very stupid question, but how do you convert bitcoins to cash?
Sure there are people/sites that will accept bitcoins for domains, pizza, etc.
But lets say you have 100k in bitcoins, how do you get 100k in cash?

There must be a way. "Man Tries to Sell House for Bitcoins" [1], how is he
ever going to get his money back?!

[1] <http://mashable.com/2013/03/22/house-bitcoins/>

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eigenrick
<http://mtgox.com> (currently being DDOS'd) or <https://btc-e.com/>

These exchanges will convert your currency to/from BTC

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marco-fiset
I would really like to hear about that also.

