Bitcoin sell limitations (Coinbase,etc.) Proposal

RatCoin

newbie

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Quote from: European Central Bank on May 27, 2017, 08:04:28 PM

sounds great. now all you need is 5-20 million dollars to satisfy compliance and find a bank willing to work with you. coinbase could only find one in the whole of america.

there's already otc markets. all you gotta do is go there.

And yes, the idea is to setup and OTC market... no need to ramble about banks etc

RatCoin

newbie

Activity: 56

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Then go to a legit exchange LOL.... oh boy

Limits orders "as long as they get filled"... that's the problem I am trying to solve. You want 50BTC and current price is $2000.. you got it. No need to fill limit orders and see if they get filled when.

As far as working with a bank. The idea is I would be my own bank and report profits from self employment at first.

European Central Bank

legendary

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Merit: 1087

sounds great. now all you need is 5-20 million dollars to satisfy compliance and find a bank willing to work with you. coinbase could only find one in the whole of america.

there's already otc markets. all you gotta do is go there.

Yuuto

hero member

Activity: 644

Merit: 501

Quote from: RatCoin on May 27, 2017, 11:52:38 AM

Exchanges have a sell (cash out limit) of typically a few thousand USD per week depending on verification status, etc., for those trying to trade out fast it is almost impossible. For those who want completely out it will take a really long time to cash out.

I propose a cash out route up to $100,000*.

7% of running average across exchanges + BTC Fee.

This will help miners/investors/early adopters to cash out large amounts of coins fast to use for house/car/hardware purchases.

Why would you even want that? If you really have that much bitcoin to sell then go onto a legit exchange like Bitstamp or kraken and sell your BTC there. Coinbase is more of a vendor type because you can't place buy/sell orders, all you can do is accept their rates at buy/sell terminals.

And what good would letting the miners cash out large amount of coins fast do apart from themselves? As I have already said there are exchanges that you can trade on that accepts infinitely large amount limit orders as long as someone fills it, or you could just place market orders. Absolutely no point in having a higher limit on coinbase when you can go elsewhere with better rates.

RatCoin

newbie

Activity: 56

Merit: 0

It is true. We do have an emerging global bitcoin economy. And I think that is great. I am pro coins, must coins.

The solution I am proposing holds the weekly limits set by the exchangers to trade bitcoins for US Dollars. That one time need for a $50,000 or $100,000 USD withdrawal to buy equipment, a car, downpayment for a house, etc.

If you are in a bind and would like to turn your coins in to make a large purchase of $100,000 , for instance, it will take you 8-10 weeks to make the withdrawal.

I am proposing a $100,000 a week limit.

Mbokani

sr. member

Activity: 291

Merit: 250

Quote from: cellard on May 27, 2017, 12:13:53 PM

What we need is for bitcoin to be able to deliver all the needs without cashing out. We need to build a bitcoin economy, otherwise there will be too much panic selling. There are a lot of whales that got rich and they are idiots and would dump at the smallest movement.

Also with current fees if you got tons of inputs you pay a ton so its better to hold until we get segwit and LN and hopefully we can develop a viable btc economy.

We already have a big bitcoin economy and what are you talking about,it is worth billions,when people are trading it depends upon human emotions as long the humans are trading and it all depends upon the trends that you see major sell off as well as purchases as no one wants to give out money for free rather earn more with every trade.

RatCoin

newbie

Activity: 56

Merit: 0

Until that happens I think I can be a vent valve for some at $100,000 per week.

cellard

legendary

Activity: 1372

Merit: 1252

Quote from: RatCoin on May 27, 2017, 11:52:38 AM

Exchanges have a sell (cash out limit) of typically a few thousand USD per week depending on verification status, etc., for those trying to trade out fast it is almost impossible. For those who want completely out it will take a really long time to cash out.

I propose a cash out route up to $100,000*.

7% of running average across exchanges + BTC Fee.

This will help miners/investors/early adopters to cash out large amounts of coins fast to use for house/car/hardware purchases.

What we need is for bitcoin to be able to deliver all the needs without cashing out. We need to build a bitcoin economy, otherwise there will be too much panic selling. There are a lot of whales that got rich and they are idiots and would dump at the smallest movement.

Also with current fees if you got tons of inputs you pay a ton so its better to hold until we get segwit and LN and hopefully we can develop a viable btc economy.

RatCoin

newbie

Activity: 56

Merit: 0

Exchanges have a sell (cash out limit) of typically a few thousand USD per week depending on verification status, etc., for those trying to trade out fast it is almost impossible. For those who want completely out it will take a really long time to cash out.

I propose a cash out route up to $100,000*.

7% of running average across exchanges + BTC Fee.

This will help miners/investors/early adopters to cash out large amounts of coins fast to use for house/car/hardware purchases.

Topic: Bitcoin sell limitations (Coinbase,etc.) Proposal (Read 443 times)