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/biz/ - Business & Finance

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4837548 No.4837548 [Reply] [Original]

I'm talking 7 figures+

OTC or GDAX?

>> No.4837642

nice joke

>> No.4837692

why would you ever cash out 7 figures? buying a mansion?

>> No.4837756

I know coin base has high fees and deals with the feds but it’s also insured. If I were moving large amounts of BTC out I’d probably do it there. Small amounts I’d just take cash out of the BTC ATM’s and either use it as spending money or slowly deposit it back in my bank $100 at a time and just pretend it’s gifts from relatives or something. The IRS doesn’t look at transaction below a certain amount.

>> No.4837777

>>4837548
kek, theres a reason capital flight cant happen in crypto

can you guess what it is?

>> No.4837832
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4837832

>>4837777

checkd

Have you tried pressing this key on your keyboard anon? Have you noticed it always seems stuck?

>> No.4837908

Imagine trying to send a million dollars worth of btc to coinbase and accidentally putting in the wrong address....poof....and that's why mainstream adoption will NEVER happen. This was a currency designed for criminals and the degenerate dregs of society, not hard working men and women.

>> No.4837982

SALT loans, Enterprise tier, can handle seven figures. You would even keep your crypto that way.

>> No.4838119

>>4837548
Just send it to GDAX and do a bank wire transfer
As long as you pay your taxes it's fine

>> No.4838155

You quite literally can't.

You can move small amounts a little at a time though exchanges or OTC, but there is no way to sell off 7 figures, or even 6 in one go.

Just try and move 100k though coinbase or bitstamp and you acocunt will get suspended, and you will be asked to prove source of income, additional ID, etc, etc. and this will probbably happen after you have deposit, and initiated the transfer, locking yoru coins in limbo, with no response from support for days or weeks especially if it is in a busy time where people are selling. hell the exchange may not have that much fiat available, and have to scrounge for it.

OTC is possible, but who knows who are you buying from - possibly a criminal laundering money... Again you might be ok, but it is not without risk, especially in large amounts

And all of that is assuming your bank doesnt have a shit fit over a large deposit and do the same thing as exchanges, citing AML/KYC law, and immediately reporting you to tax authorities who crawl up your ass about source of funds.

Is it possible, yes. Is is fraught with peril? YES.

If you hold that much you will realise that cashing out meme is not far off the truth.

The entire system is designed to keep you locked in crypto, and many people believe that is a good thing....

>> No.4838237
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4838237

>>4837908
Yeah, goys are too stupid to have money.

>> No.4838252

>>4838155
So you’re saying that this whole board is one elaborate meme?

>> No.4838300

>>4838252

No. This board is full of small time traders who have never seen 5 figures in their accounts let alone 7.

>> No.4838319

>>4838155
Why not just buy stuff with the crypto then?

>> No.4838472

>>4838319

7 figures worth of junk? Literally everything sold for Bitcoin retail is overpriced compared to fiat price. Buy a house or a car? Is it going to be one you actually want? Are you paying a fair price, can you even flip it without losing signifiant value?

Not remotely realistic for large amounts of money, tiny, tiny selection of goods, and you will still have the tax man up your ass if you buy a high value asset.

Come on now. At least give this some thought before commenting.

>> No.4838543

>>4838472
I have 7 figures at this point too. I'm really just trying to protect my shekels from the impending crash in under four days.

Tether isn't safe, because Bitfinex is going to exit scam us soon, so I don't know what to do. I need a hedge and don't want to /cash out/.

>> No.4838574

>>4838543
you could throw it on bitmex and short with swap contracts as a hedge

>> No.4838686

>>4838543

Get it off any exchange that uses tether for a start. If you even can. Do it now.