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/biz/ - Business & Finance

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813752 No.813752 [Reply] [Original]

I have for more than $10,000 of Bitcoins. I've bought them a long time ago with Paypal, when the price was a joke. I plan to convert them to USD in 2016, when the BTC value will be higher than today.

My questions are : How can I put the money on my bank account ? Obviously, my banker will call me to ask where the fuck this money comes from. What will I have to provide to him ? The transaction data that proves that the money is coming from a Bitcoin exchange ?

>> No.813761

You cannot do that. If you attempt this the authorities will be notified and they will promptly arrest you for suspicious online behaviour and possible online drug trafficking offenses.

>> No.813766

>>813752

the fuck are you afraid of? you traded bitcoin and you're gonna pay the taxes as specified by your legislation. If you talk to modern bank rep they will even help you move it.

>> No.813774

best bet is buy gold with your bitcoin and sell it for cash

>> No.813776

>>813761
Yeah, that's what I fear. But I can't keep this money as bitcoins forever.

I see people on this board talking all day long about making money with Bitcoin, but this money has to be converted some day, no ?

>> No.813787

>>813761
Why would you be arrested for depositing money in the bank? It isn't uncommon practice.

>> No.813792

>>813787

You're right, most places it would be normal but if OP lives in the USA then he will likely be put on a watch list for potential association with online drug trafficking if he does go through with the bitcoin transaction. It might end up being ok but that watch list will always have his/her name until death.

>> No.813795

>>813787
It depends where you live. In my country, depositing a lot of money at the same time is very suspicious and even if you are legit your banker will want to know where the money comes from.

>> No.813796

>>813792

so?

I'm likely on a flight watch list as I always get a pat down except once when 'the system was down' so what?

>> No.813800

>>813796
It's not ideal to be any watch list for life.

>> No.813802

>>813796
OR your attitude is very suspicious

>> No.813807

>>813796
>go to airport
>they have those new body scanners
>they're sending all the brown people to it
>ask if I can go through it so I can see it up close
>LaShawdra gives me the most bewildered look
>Says "no"
>I go through security like normal

The perils of the clean cut white man...

>> No.813822

>>813802

I suspect it might be related to the fact that at some point I had two legal, genuine passports under different names from the same nation that weren't administrative mistakes or anything like that.

The americans likely found out when the computerized biometrics became competent and I got flagged. I can't really think of anything else.

>>813800

Doesn't make you a criminal. Doesn't show up on any official background check. People still appreciate your business.

>> No.813846

>>813752
don't attempt a bank transfer, just buy a shitload of expensive shit

tons of retailers accept bitcoin now

I think you can buy a Tesla supercar with bitcoins

>> No.813847

>>813807
>go to airport
>every single person in front of me and behind me goes through scanner

ok

>> No.813933

You're all idiots.

There is no law against selling something you bought a long time ago.

You probably have to pay some form of capital gains tax if it's a VERY large amount.

If the authorities need to know more the Bitcoin transactions are there to verify time of sale.

You're all talking as If Bitcoin is some secret underground illegal shit when it's actually used by thousands of legit businesses all over the world.

And OP why are you going to sell in 2016?

>> No.813947

>>813933
US considers it a commodity so op would owe 15% as capital gains

>> No.813958

>>813752
Op, deposit under $10,000 (like 6), wait two weeks, deposit the rest.

>> No.815373

There is a real big a MLaaS (Money Laundering as a Service) business opportunity here...

>> No.815393
File: 612 KB, 5000x2600, paradigm shift.gif [View same] [iqdb] [saucenao] [google]
815393

What method of suicide will you use when by 2025 your Bitcoins are worth anything from 100K to 1MM?

>> No.815396

>>813776
No dumbass, the point is you can keep your Bitcoins as Bitcoins forever, because unlike gold and other deprecated assets, Bitcoin is a currency too, you can pay directly with Bitcoin. You can have 1 billion dollars in Bitcoin, and as soon as it doesn't go back to the fiat ecosystem, you can buy shit with it and not pay any taxes.
Of course, if you buy something big like a house or a car, I would move far where no one knows you, so you don't raise alarm among your clueless pleb no-coiner bitter neighbours, which will report you to the IRS or something.

>> No.815425

>>815393
Question. Since the incentive for the miners is price in usd , and it then follows that bitcoin is top. Valued coin because of price.

Why would it maintain dominance given that it's nearly impossible for all concerned parties to agree on a hard fork and bitcoin lacks many valuable qualities?

Wouldn't the shrewd be looking toward a more capable coin?

>> No.815621

>>815393
lol this is like jetpacks and flying cars
none of that will happen

>> No.815639
File: 42 KB, 560x400, 1436375412001.jpg [View same] [iqdb] [saucenao] [google]
815639

>>815425
Not all parties have to agree, there just need to be neugh that all the other fragmented parties have higher incentive to cooperate than to keep their deviating opinion.

>> No.815660

>>813787
I work in a bank in the UK. We get people paying, withdrawing or transferring the equivalent of $10k USD on a daily basis. We're supposed to ask where it's come from as a formality but if the customer says it's from the sale of a car or its inheritance then we'd have no real reason to doubt them.

Is bitcoin illegal or something? Why would investing in it be a suspicious activity?

>> No.815667

>>813958
That's arguably more suspicious. A large one-off transfer? There's dozens of legit explanations. An uncharacteristic stream of repeated four-digit deposits? That screams "money laundering ".

>> No.815696

>>815621
>being this fucking dumb
TRIGGERED FUCKING UMVASUHDJASo1234

>> No.815702

>>813958
I thought the limit was $10k per month?

>> No.815706

>>815660
We got a policy of under 12k in Euros without any questions asked. Anymore and a report is passed onto the equivalent of IRS, who then demand to know where it came from or it's taken.

>> No.815707

>>815425
What succeeds is not the best, it's whats good enough + network effect.
Bitcoin is good enough + has the biggest network on the planet.
TCP/IP had a lot of critique "there are better alternatives, this thing will never scale up, this thing will never do voip, video.." you name it.
And it scaled it, you fucking bet it did. Once something takes it, it gets solidified and the fundamentals just don't change.
Bitcoin will scale up, and once it's impossible to reach consensus to change the fundamentals, it wouldn't matter at that point, we'll have stuff like Lightning Networks, just like we had http, https, whatever.
What you guys here don't get because you are clueless about technology, is the fact there is no turning back this point. This is TCP/IP vs AOL and other alternatives yet over again. Thousands and thousands of millonairies will be made on the next decade.

>> No.815708

>>815393
Heart failure.

>> No.815799

Te los puedes meter por el culo, que le pasa a este foro que solo habla de bitcoins!

>> No.815870

>>815799
No one cares that you can speak Portuguese.