Re: Has Wired discovered the real Satoshi Nakamoto? (.. this time)
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If you expected Satoshi to be some sort of a god, then you really did not think this through.
I wasn't talking about me, I was referring to the hoards of other people that do.
I don't follow. Satoshi's (arguably) 1.1M BTC is only ~7% of coins currently in existence. Blowing them out might tank the price down to near-zero -- for at least minutes. It'd be probably back to at least 50% value within a day, 75% within a month, and 200% within a year, as the market no longer would be factoring the possibility into EV. How exactly is that 'pulling the rug out'?
7% of $6,181,000,000 market cap is $432M of value. Daily trade volume is about $6M currently, there is no way that the market can swallow $432M of value in a day or two. There is also no way $432M would be put on the exchanges with a sell price of near zero if its been kept safe in a trust for 10+years.
It would be a prolonged dump over the course of many weeks if anything, carefully calculated to exit that position as quickly as possible whilst still maximizing returns. It would have to be orchestrated as even a gradual sell off of that much volume within a reasonable time frame would deflate the price and keep it there, which would have the potential to trigger a flash paper panic sell at any moment.
If you think that all of those Bitcoins getting dumped, either quickly or slowly, wouldn't end up in a bloodbath of some kind at some point, then you really did not think this through
