Someone bought $3,400 worth of SHIB last August. It’s now worth $1.55 billion
- Thread starter johnarb
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you can't ignore it, but you can't believe it will change things for the better, because it won't
I think cryptos are an interesting topic that bring a lot of societal issues and twisted arguments, the most interesting topic on tech for the last 10 years for sure. The consumer tech world has been very poor in terms of innovation for the last 10 years since the launch of the first smartphone by Apple. Everyone in the consumer space is now creating "copycats" tech or "vaporware" tech.
I'm not sure where you are getting your figures. SHIB: the volume over the last 24 hours was 78,117,761,864,080 SHIB ($5,161,385,562). That's $5 Billion 100 Million, more than enough to accommodate this wallet.
As of this writing, beginning 9 hours 42 minutes ago, beginning approx. 11/2/2021 at 3:09PM PDT, someone made 4 very large withdrawals of 10,000,000,100,000 SHIB to 4 different wallets. At the time, the value of each withdrawal was 10,000,000,100,000 * $0.00006676 = $667,600,007. The value of each wallet is now ≈ $663,300,073 due to SHIB value decline.
As of this writing, the original wallet still has 30,200,003,032,765 SHIB worth a total approx. $1,996,522,200.
If I am reading all the figures correctly and I believe I am, it appears the person withdrawing is sharing with 4 other people. These 5 people are now very rich with the original holder a double billionaire. I would like to know more details of this incredible story. Maybe a reporter can write about it some time.
I don't think the 5 holders will have any trouble cashing out if that's what they want to do. Another option would be to convert SHIB to BTC or ETH. I'm not an expert on cryptocurrency so I don't know all the details involved. However, I think these 5 holders would have no problems cashing out over a period of 18 days. At that rate, I created a small Excel spreadsheet, they would take 5% worth of volume. It's really up to the exchange and what their policies are. That's the unknown here. Again, I'm not an expert. If there is a mistake in my figures, feel free to correct me. I believe my figures are correct.
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Make all investments at your own risk. You and you alone are responsible for all your investments.
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they can't cash out because compliance in any banks are going to question the source of funds, and since cryptos is all about opaque and "anonymous", good luck explaining your great moves to a crypto clueless compliance officer.
I just got blocked by a bank for a small $5000 transfer for a client. And they are already asking for a ton of stupid paper
it's hilarious.
Good luck taking out billions in a few days
I just got blocked by a bank for a small $5000 transfer for a client. And they are already asking for a ton of stupid paper
it's hilarious.Good luck taking out billions in a few days
What about using a different exchange or a different bank? Which exchange and bank did you use? Suppose you used a foreign bank and then later transferred over to the USA? What about using the British or Swiss banking system?they can't cash out because compliance in any banks are going to question the source of funds, and since cryptos is all about opaque and "anonymous", good luck explaining your great moves to a crypto clueless compliance officer.
I just got blocked by a bank for a small $5000 transfer for a client. And they are already asking for a ton of stupid paper
Good luck taking out billions in a few days
If that didn't work, you would probably need to contact a lawyer. The person who bought SHIB is probably sophisticated enough to overcome these problems.
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you are being very naive here
all banks follow the same compliance procedure internationally, simply because they will be held responsible in criminal terms if they don't. Yeah, it's crazy. Even with good lawyers, it could take weeks or months, and no good lawyer is going to take the risk to "launder" money for you because they can be held responsible and disbar for it.I suspect regulators are letting cryptos so they can trap all the criminals money into one spot. It's a dream come true for them. And could explain why every new cryptos is a success overnight. Money is going in circles because there is no escape.
You're really obsessing about criminal money being laundered, when most example detailed on this thread is about crypto gamblers making it big. Nothing illegal there, even if the amounts are over the top.you are being very naive here
I suspect regulators are letting cryptos so they can trap all the criminals money into one spot. It's a dream come true for them. And could explain why every new cryptos is a success overnight. Money is going in circles because there is no escape.
Denying the value of blockchain is short-sighted, but you wouldn't be the first or only to believe that. You just don't bring any arguments other than it's all drug money and crime...
I did bring other arguments, you just chose to ignore them and not address them,
there is no technology superiority with blockchain and crypto, only a fool think there is
and criminal money is at the center of "anonymous" transfer, and the only use case for starting cryptos, it's all about illegal trading and manipulation and "laundering" of funds.
Disclosure: I have MSTR Jan 2022 calls
I love MSTR, the company acquires bitcoin voraciously. It has over 114K bitcoins already and it doesn't look like MSTR has any plans on stopping its bitcoin purchases
I think of Microstrategy as the best "synthetic" bitcoin miner
- It acquires bitcoin through fiat generated by the company's operating income
- It acquires bitcoin through debt issued by the company
- It acquires bitcoins through selling its equity (stock)
https://www.coindesk.com/business/2...00-bitcoins-to-its-holdings-in-third-quarter/