News A Bitcoin whale just sold $9.5 billion in crypto that was originally acquired for $54,000 in 2014 — recent 80,000 BTC transaction nets an 18 millio...

[Admin]

We are in a frisky season for the so-called Bitcoin whales, as another remarkable crypto-cash-in, valued at $9.5 billion, has been spotted.

A Bitcoin whale just sold $9.5 billion in crypto that was originally acquired for $54,000 in 2014 — recent 80,000 BTC transaction nets an 18 millio... : Read more

 

[lmcnabney]

A second dead wallet has been unlocked by quantum computing.

 

[-Fran-]

The start of the end of the Ponzi scheme?

Regards.

 

[nitrium]

I first heard about BitCoin when it was US$150 and was looking into the tech. I thought it was utter nonsense at the time. I'm not sure how I feel about it these days at almost 1000X (other than a missed opportunity), but I can't help but think there is at least a certain amount of "Tulip Mania" (look it up) going on here. And that did not end well for the bagholders.

 

[Air2004]

“Which was bought at 2011 for $54,000.”

Let me check that headline again.
Say what ??? Does anyone proof-read anymore ?

(edited by Moderator for readability)

 

[Math Geek]

way back, in the long long ago, when BTC first came out. it was something goofy we played around with. you mined some (just using your cpu, nothing crazy like today), swapped it for random nonsense and basically treated it like a joke. the first time i saw someone sell if for something like 20/$1, i laughed so hard. who would be dumb enough to buy something we were getting for free?

at one point i had a couple thousand of em from swapping em, minor mining efforts and such. like everything else you had a long time ago that was once worthless, had i only known........

don't even know what i did with them all them years ago. don't think i gave em away and i surely did not sell em. might be one of those ghost wallets sitting around for all i know. i def don't have the wallet anymore, that's for sure.

 

[tiredcrow]

It's not a person, it's very likely a government or bank entity

 

[JRStern]

way back, in the long long ago, when BTC first came out. it was something goofy we played around with. you mined some (just using your cpu, nothing crazy like today), swapped it for random nonsense and basically treated it like a joke. the first time i saw someone sell if for something like 20/$1, i laughed so hard. who would be dumb enough to buy something we were getting for free?

I never owned any, but I was working for a game-related company circa 2005 and they were just starting with game to real world currencies and I thought it was Bitcoin going for a buck, and I though about trying to spend some on a pizza ... but none of this corresponds to what I now see as the official Bitcoin history, so whatever.

 

[thefreedomlayer]

They didn't sell. They moved it to several other wallets... Likely for security as legacy wallets are now not as secure. Please fact check.

Also, it appears most commentators need to learn what real money is.

 

[IndyPokerGuy]

Poor journalism... the funds were moved... you cant tell if someone sold... nost likely for security...

 

[bit_user]

I can't help but think there is at least a certain amount of "Tulip Mania" (look it up) going on here. And that did not end well for the bagholders.

The reason I sold my bitcoin, like 10 years ago, and walked away is that I realized it would never scale well enough to be used as cash. At that point, I was holding something that probably wouldn't be the ultimate crypto currency and I didn't want to be sitting on a pile of it, whenever it got eclipsed by something better.

Even now, after seeing how the price has grown, I still wouldn't buy into Bitcoin. There's no guarantee people won't turn away from it to something better, in which case the price could just begin a long, slow slide back down towards zero.

It is the ultimate example of something that has value only because other people believe it has value.

 

[cuvtixo]

It is the ultimate example of something that has value only because other people believe it has value.

You realize that's just as true of the dirty rectangular paper you might have in your wallet, right? Or the shiny bits of metal?

 

[cuvtixo]

FOBO is what comments often seem to be about. "Ponzi scheme"? We're a little past that, aren't we, billions of dollars worth later? We can talk about why it's a less than ideal investment now, but, for example, in 2022, the Dutch exported €81.9 million-worth of tulips. Tulip mania crashed, only for tulips to recover and still be a reasonable commodity today.

 

[bit_user]

You realize that's just as true of the dirty rectangular paper you might have in your wallet, right?

There, you have a country standing behind it. Bitcoin is backed by nothing.

Or the shiny bits of metal?

Metal has intrinsic value in its physical properties and what you can make with it. It also will never be free to haul out of the ground and refine. These establish a price floor for it.

"Ponzi scheme"? We're a little past that, aren't we,

Eh, as long as it has the structure of the early ones in being the ones to profit, it still technically qualifies as a Ponzi scheme. Just because it takes a long time for the later investors to loose their shirt doesn't mean it's not a Ponzi scheme. How long did Bernie Madoff's fund take to go bust? Several decades, at least, yet it turned out to be a classic Ponzi scheme.

 

[passivecool]

“Which was bought at 2011 for $54,000.”

Let me check that headline again.
Say what ??? Does anyone proof-read anymore ?

(edited by Moderator for readability)

Mod edits the comment, but 12 hours later the headline and first paragraph still contradict: 🤐

"...acquired for $54,000 in 2014"
... “Which was bought at 2011 for $54,000.”
[sic]

 

[pyao88]

Do they need to have an institution find the buyer for that kind of dollar volume? Or was it sold on the market?
I guess they'll sell it outside of US so not to pay for tax on it.
What happens when Satoshi Nakamoto wants to sell his coins?

 

[Air2004]

Mod edits the comment, but 12 hours later the headline and first paragraph still contradict: 🤐

"...acquired for $54,000 in 2014"
... “Which was bought at 2011 for $54,000.”
[sic]

I was trying to quote the headline and article but the filter here wouldn't let me do it. I even tried editing some of the very words I was quoting but the system kept saying it didn't like it.
That is why my original comment may not have been clear or concise. I was getting frustrated.


My original comment was supposed to be, (copy and paste headline.) Copy and paste full quote from the article/X comment.

Then I wrote ,
That checks out /s .
Does anyone actually proofread around here ?

 

[Air2004]

They didn't sell. They moved it to several other wallets... Likely for security as legacy wallets are now not as secure. Please fact check.

Also, it appears most commentators need to learn what real money is.

While you wax philosophically about "what real money is" your bank account appears to be waning in Fiat currency.
Now, that's real my friend.