Justin Sun wants to buy all the bitcoins held by the German government..

[Fivestar4everMVP]

Hi everyone, in the noon of today; the 4th of June, 2024, Tron founder; in the person of, Justin Sun, through his official X handle, posted that he is willing to negotiate with the German government to buy all the bitcoins in their custody, as a way to mitigate or reduce the negative impact which the sell off has had, and still having on the market.

It might interest you to know that the German government started selling their stash of bitcoin Last month, being June, and the sell off is still going on.
So far, the german government have sold bitcoin worth over $3 billion dollar; and they seem not done yet.

This is why Justin Sun forwarded this proposal, and my question now is...

1. Is it actually right for individuals or a group of persons to buy large amount of bitcoin over the counter, as a means of maintaining market stability?
2. How will the market grow, get stronger to be able to absorb such sell offs in the future; if buying over the counter becomes a regular thing?

I personally feel that every trade should be allowed to happen in the open market no matter how large, overtime, this can help the market grow to become stronger, to be able to easily absorb such sell offs.
Remember, guys like Justin Sun won't be here forever to continue baby sitting the market, right?

[Lucius]

It might interest you to know that the German government started selling their stash of bitcoin Last month, being June, and the sell off is still going on.
So far, the german government have sold bitcoin worth over $3 billion dollar; and they seem not done yet.

In fact, this is the total amount they supposedly have, and there is still no proof that they have sold even one BTC. Here is the topic that I opened some time ago when the news appeared.

I personally feel that every trade should be allowed to happen in the open market no matter how large, overtime, this can help the market grow to become stronger, to be able to easily absorb such sell offs.
Remember, guys like Justin Sun won't be here forever to continue baby sitting the market, right?

Somehow, I doubt that there is too much sincerity in this move, because firstly, $3 billion is a lot of money, and secondly, if you want to make such a deal, then you will not use social networks, but you will contact directly the person who owns that BTC.

[Fivestar4everMVP]

I personally feel that every trade should be allowed to happen in the open market no matter how large, overtime, this can help the market grow to become stronger, to be able to easily absorb such sell offs.
Remember, guys like Justin Sun won't be here forever to continue baby sitting the market, right?

Somehow, I doubt that there is too much sincerity in this move, because firstly, $3 billion is a lot of money, and secondly, if you want to make such a deal, then you will not use social networks, but you will contact directly the person who owns that BTC.

Yeah, definitely a very good point, owning to the fact that alot of celebrities in different industries use social media as a way to show off, or make other people to want to imagine how wealthy they must be, I really also had this same thought in my mind when I came across that tweet.

It's just as you have said, we can't really be sure how much bitcoins the German government owns, possibly in their tens of thousands, and no one is really sure how much of this they have sold, as there is no prove of this any where yet, we only saw that they've been sending bitcoin to the exchange, how are we even sure they are the ones selling and dragging the price of bitcoin down?

Anyways, serious businesses like this are better done in the secret, I believe Justin just wants to show off, but if actually he's serious, then I see him as a very lousy person.

+1

[TryNinja]

Marketing for the king of bs.

This dude only wants to be in the spotlight, he has no actual plan to buy any BTC from any government.

Last time: Tron (TRX) Founder Justin Sun Wants To Buy Over $1,144,000,000 in Bitcoin Held by US Government

Spoiler: he didn't buy anything.

[Faisal2202]

Hi everyone, in the noon of today; the 4th of June, 2024, Tron founder; in the person of, Justin Sun, through his official X handle, posted that he is willing to negotiate with the German government to buy all the bitcoins in their custody, as a way to mitigate or reduce the negative impact which the sell off has had, and still having on the market.

I heard he is a greedy person with immoral ways to make money. He tried to wash trading with TRX to manipulate the price by selling and buying it. He was also sued by authorities along with some other celebrities who didn't know at that time that, he the Justin was manipulating the price of TRX for personal gains. Speaking of buying BTC from Germany, why doesn't he buy BTC from CEXs or DEXs? I don't know but if there is any way that German authorities will sell there BTC stash for some other price means other than the CMP.

If that's the case, then they are not going to sell lower then the CMP but obviously higher or what? It's unclear to me, if they way to sell all the BTC with no issues then OTC or understand the table deals are better and they don't really affect the price of the market as well. Which is a good thing. You said it should not be happen but I think it is needed otherwise BTC market would be too volatile and I don't think with that volatility an ETF would be approved. Although I don't care if Justin buys the whole stash or these BTC will be consume by market overall, there will be temporary affect on the price of BTC only.

[TomPluz]

1. Is it actually right for individuals or a group of persons to buy large amount of bitcoin over the counter, as a means of maintaining market stability?

2. How will the market grow, get stronger to be able to absorb such sell offs in the future; if buying over the counter becomes a regular thing?

1. I don't see anything wrong with anyone who has the money to buy Bitcoin by means negotiation. In this case we have TRX's Justin Sun as the possible buyer and the German government as the possible seller. So far as I know, this is a free world and if one has the money then he can buy anything as long as both parties can agree on terms. Now, can this be considered as market interference or manipulation? Yes, in a way but there is no law against it as far as I know...this is not like insider trading which many politicians are fond of doing.

2. That remains to be seen. Now, if the intention of Justin Sun is to stop the selloff then maybe he would be so considerate so as not to sell his Bitcoin holdings in such a way that the market will be affected negatively. He can even sell the same on the same way...via over-the-counter negotiation so as to lessen the impact on the price.

[Lucius]

~snip~
It's just as you have said, we can't really be sure how much bitcoins the German government owns, possibly in their tens of thousands, and no one is really sure how much of this they have sold, as there is no prove of this any where yet, we only saw that they've been sending bitcoin to the exchange, how are we even sure they are the ones selling and dragging the price of bitcoin down?

We know that it is 50 000 BTC because that is what they announced after they seized them, although it was actually a slightly different situation - because the suspects for illegal activities actually voluntarily handed it over to the German authorities.

We cannot be sure that they are responsible, but the combination of these coins with the start of Mt.Gox payouts and practically no inflows into spot ETFs have their effect on the price. This is going to be a very long summer in the northern hemisphere...

Jan 30 (Reuters) - German police have confiscated 50,000 bitcoin worth $2.17 billion in the country's 'most extensive' cryptocurrency seizure ever, it said in a statement on Tuesday.
"This is the most extensive seizure of bitcoins by law enforcement authorities in the Federal Republic of Germany to date," police in the city of Dresden said.
The investigation was supported by the Federal Criminal Police Office (BKA), the FBI and a Munich-based forensic IT expert company, it said. Police said ongoing investigations into commercial money laundering are directed against two suspects who ran a German piracy website until 2013.
The bitcoins were seized after the suspects voluntarily transferred them to official wallets provided by the BKA, it added.

[Stompix]

Rather than buying directly all the coins from the German government, why not place an order for 50 000 BTC at the current price on exchanges if he has the money? It's the same thing, someone dumps 50k someone puts a wall of 50k buy, no need for OTC deals that he will never actually do outside Twitter.

2023:
Justin Sun to FTX Rescue? TRON Founder wants to Buy Assets to Halt Market Dump
2024:
Justin Sun Offers to Buy $2 Billion in Bitcoin From Germany to 'Minimize' Market Impact
2189:
Justin Sun offers to buy all the debt of Milkyway Galaxy Federation to halt a Market Dump

[SmartGold01]

If could recall correctly I don't think there is any way to purchase all the bitcoin in the market where bitcoin total market cap is Worth trillions of dollars, which government could ever want to involved in such deal and what is the total DGP of german if not about ~$4.trillion dollars and the overall cryptocurrency marketcap is around $2.03 trillion dollars, and what risk are they putting their country GDP? Well, there may be some people who would never want to sell their bitcoin irrespective of how high the price could be they wouldn't want to sell so it is very hard to buy off all the bitcoin on the market. Maybe except I am not comprehending your post correctly.

[jesuschrist!]

It would have been a good offer if he didn't do it on social media. But he is really that rich?
 

[ZAINmalik75]

1. Is it actually right for individuals or a group of persons to buy large amount of bitcoin over the counter, as a means of maintaining market stability?

No it's not right for individuals to buy large amounts of BTC from any government all at once, because this purchase will not be on the chain so it won't use the blockchain thus network and miners won't be getting any benefit from such big deals. I know a single transaction can't contribute too much to miners and networks but what if they won't be making a single transaction. It's not bad for a person to buy such a huge amount of BTC because there is no such rule but total freedom to buy as much as we want and that's the beauty of BTC.

2. How will the market grow, get stronger to be able to absorb such sell offs in the future; if buying over the counter becomes a regular thing? [/b]

Good news is required like more adoption and spreadness of the BTC if he is ready to buy BTC then the market won't be going down I think he is bluffing or trying to get attention. This was just a phase of the market that was necessary and many investors were already waiting for it to happen so they could fill their bags again.

[SamReomo]

Snip

That guy just want to have attention of crypto users and he's not someone who may dare to purchase Bitcoin from anyone.

He just want free promotion for TRON and that's why he make such useless statements which he even can't execute in real. I can't trust someone like Justin Sun because he only speaks and never take any action.

[JoyMarsha]

Marketing for the king of bs.

This dude only wants to be in the spotlight, he has no actual plan to buy any BTC from any government.

Last time: Tron (TRX) Founder Justin Sun Wants To Buy Over $1,144,000,000 in Bitcoin Held by US Government

Spoiler: he didn't buy anything.

Poor him, if that is what he cares about to be in the spotlight of crypto news.

I can't imagine such a crab idea for someone of his caliber to do. You know that you won't buy anything and you are acting like you want to, in the end, it ends there without any single bitcoin bought. That's childish

[Dr.Bitcoin_Strange]

1. Is it actually right for individuals or a group of persons to buy large amount of bitcoin over the counter, as a means of maintaining market stability?

Trading one ton of Bitcoin OTC may be a boon as much as it is a bane. On one hand, it can bring some much-needed stability and confidence to the market, and that is awesome! But at the same time, it can create various manipulations with prices and ownership decentralization is not so great for crypto-oriented concepts. But, you know, there must be some reasons for such large purchases and it is necessary to pay more attention to the situations when such decisions are made. For instance, are they out to assist the market or rather assist themselves? That’s why we have to ensure that their actions do not harm the market; we wouldn’t want that, would we?

[Zed0X]

I agree that this is another one of those moments that Justin just trying to put the spotlight on himself again. I might not like what's currently happening in the market but let them trade the BTC freely. No public statements and no private negotiations or agreements needed between seller and buyer.