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/biz/ - Business & Finance

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1942375 No.1942375 [Reply] [Original]

Suppose that I buy a large amount of BTCs on some exchanges and the resell it on localbtc. What would be the problem(s) ?!

>> No.1942413

>>1942375
None whatsoever. It's just too time intensive to be worth it if you're not pajeet.

>> No.1942755

>>1942375
It's a decent way to make money. For example you can pay no fees when you do a bank wire to an exchange, then transfer the BTC they give you to localbitcoins and post an ad at 6%-10% markup for cash transaction or 10-20% markup for bank deposit/transfer. And keep doing that. You might risk getting robbed but as long as you do it in a busy mall, inside a bank, next to a police station you're safe. I've transacted about $10k through localbitcoins without any hiccups. It's genuinely a good way to supplement your income.

It helps if you're tall and look like someone people shouldn't fuck with, if you're short and lanky then I would think about it, especially since anyone buying over $2k of BTC from you is most likely a drug dealer/gangster.

>> No.1942775

>>1942375
With large amount of cash going into your account, not paying taxes might become a problem.

>> No.1942792

>>1942775
LLC that shit. As a local bitcoin vendor you're basically no different than an ebay vendor or drop shipper.

Incorporate, track mileage, track business expenses (grabbing coffee while waiting for customers, printing costs if you're handing out paper wallets, etc).