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by december456 975 days ago
I dont think reputable alt-coins with liquidity could turn into 11mil->700$ in an hour, so i consider it pretty safe to assume that 11 million wasnt actually 11 million: it doesnt matter if nobody wants it. Nevertheless, great work on processing such emotional burden.
1 comments
ryanjshaw 975 days ago
It's a great story but what makes me question it is the idea that any altcoin exchange from 10yrs ago ran for more than a year without getting "hacked" and/or outright disappearing.
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withinboredom 975 days ago
Where did you get 10 years from?
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ryanjshaw 975 days ago
In another comment you said this was 3-4 years ago, and by that point apparently this had been running "several years", which one usually takes to mean 3 or more years, so in total 7-8+ years ago at least, which I rounded up to 10.

For what it's worth, I'm not accusing you of lying, I'm making a tongue in cheek observation about altcoin exchanges.

It does seem like you are stating the MTM valuation (i.e. spot x notional) without mentioning liquidity, which is where the confusion from others is coming in. It's very possible to accumulate a large position in a low liquidity altcoin that you will have zero hopes of selling for that valuation, even over time.

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withinboredom 975 days ago
Ah, yeah, I can see that. I wrote the initial code in 2018ish, re-discovered it just before covid, IIRC.

> It does seem like you are stating the MTM valuation (i.e. spot x notional) without mentioning liquidity, which is where the confusion from others is coming in. It's very possible to accumulate a large position in a low liquidity altcoin that you will have zero hopes of selling for that valuation, even over time.

I'm not 100% what those words mean, but if I'm understanding you correctly, this 11 million was if I could sell it for in a perfect universe. It wasn't the actual price I could sell it for ... obviously, that was about $700.

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ryanjshaw 975 days ago
> I'm not 100% what those words mean, but if I'm understanding you correctly, this 11 million was if I could sell it for in a perfect universe. It wasn't the actual price I could sell it for ... obviously, that was about $700.

That's right. So you may have accumulated 11m HN coins, but the market for them is dead except for 1 exchange where a pump n dumper is the only person offering to buy any. They are currently paying 1 USD for each of them, but they are only willing to buy up 700 HN coins at most. MTM is 11 million USD but liquidity is only 700 USD.

So your story is perfectly possible, but without stating liquidity it's unclear which number you meant when you said $11m unless people are familiar with the markets in which case it's obvious you meant MTM. Most people would expect min(MTM, liquidity over reasonable time frame), though.

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