Give ne back my hat!

What happens when you try to turn  $1m if bitcoin back into USD

The idiocy of BTC groupies is mind boggling.

First they shout "we don't want any stinkin' regulation! it's all a game and we want to be FREE!"

Then they face the reality of an unregulated financial market and come back whining because someone stole their lunch.
Permalink Yoda 
December 6th, 2017 4:46pm
They're discovering that there's a reason for government.
Permalink Shylock 
December 6th, 2017 4:51pm
Can I get a tl;dr?
Permalink Wabi-sabi 
December 6th, 2017 5:45pm
Sure. Some dudes tried to convert their bitcoins to dollars and found it was completely impossible. They then ask, given that it is factually impossible to redeem btc for usd, comparable to how it is factually impossible to redeem weimar republic currency for gold or zimbabwe quadrillion bills for usd, what sense does it make to claim that there is an actual exchange rate value when that rate doesn't actually exist?

In response, anonymous btc marketplace insiders tore them a new asshole and threatened to kill their family and pets.
Permalink Reality Check 
December 6th, 2017 5:53pm
Tldr:

1. guy has 1m of bitcoin,

2. He can't sell it for usd

3. So he converts it to 1m of tether, which is supposedly backed 1:1 by usd, and convertible at will by Issuers of tether

4. Issuers of tether tell him to get bent.  They call him a crook in the press.  But suggest that maybe he can sell his tether for usd to some other sucker (and they even suggest how and where to do it).

5. The market for tether is so illiquid, he'd get pennies on the dollar if he follows their advice.
Permalink MobyDobie 
December 6th, 2017 6:09pm
> 2. He can't sell it for usd

What?  Why not?
Permalink Wabi-sabi 
December 6th, 2017 6:13pm
Because there is nowhere near enough liquidity, I presume.
Permalink Yoda 
December 6th, 2017 6:32pm
Huh?  There are sell walls popping up on GDAX that are like 300 BTC deep and they're getting filled.
Permalink Wabi-sabi 
December 6th, 2017 7:03pm
Because the bubble is about to burst?
Permalink Shylock 
December 6th, 2017 8:20pm
I think 2 already happened so what's happening on gdax now is probably irrelevant to this guy.
Permalink MobyDobie 
December 7th, 2017 1:19am
Steam announced yesterday they will no longer accept btc.

They explain the transaction fees per sale, regardless of size, cost around $20 per transaction, and the transactions can take many hours to complete just one, and by the time it is complete, the value of btc and the cost of the fees have all changed, and the sale is rejected. But the fee is charged whether the transaction works or fails. So you have to run it through again, and they charge you the fee again. And again. Steam explains this system is totally untenable and btc doesn't work as a currency.

So then one must ask what it is.
Permalink Reality Check 
December 7th, 2017 3:40am
Have Steam considered taking payment in tulip bulbs?
Permalink Qaz 
December 7th, 2017 3:55am
>  There are sell walls popping up on GDAX that are like 300 BTC deep and they're getting filled.

Are you absolutely sure of that they are getting filled?

I don't know about GDAX specifically, but generally speaking, there's a lot of spoofing going on too.  Buy orders made, that are withdrawn if anybody actually tries to take them up on them.

Presumably intended to drive the price up, by for example convincing traders that there is a lot of support for the current prices.
Permalink MobyDobie 
December 7th, 2017 5:01am
This whole thing about being able to withdraw buy orders Shouldn't be allowed.
Permalink Zaq 
December 7th, 2017 5:15am
According to butfinexed it's the exchange that is doing it themselves.
Permalink MobyDobie 
December 7th, 2017 6:01am
Don't look at the order book, loot at reported trade volumes.
Permalink Yoda 
December 9th, 2017 9:31am