how are these alt whales cashing out? - page 7.

dissident

sr. member

Activity: 280

Merit: 250

Quote from: callback on May 07, 2017, 05:12:35 PM

It could be all fake and the biggest heist in crypto in the making

There's a better than average chance you might be right.. poloniex might be ready to destroy the credibility of cryptos.. hope you are wrong. In any case they get none of my business until they take care of simple things like this in a timely manner.

Bittrex forgot that I submitted the information and is asking me to do it again. Poloniex hasn't approved it yet, and Kraken is basically down due to server load ATM.

Pearls Before Swine

sr. member

Activity: 1190

Merit: 306

Though these exchanges aren't going to give you an answer, my guess is that the whales do indeed get favorable pricing and other perks, including priority withdrawals. That happens all over the financial industry, and not just in crypto. But I think it happens especially in crypto, because of a glaring lack of regulation.

callback

full member

Activity: 184

Merit: 100

It could be all fake and the biggest heist in crypto in the making

thehiddenconifold

newbie

Activity: 46

Merit: 0

I believe most of the whales would have some inside connection that helps them withdraw large amounts without too much of a hassle.

sud

sr. member

Activity: 826

Merit: 301

I used SEPA fiat transfer from my bank to Kraken few times, it's fast and have no fees afaik

Quote from: European Central Bank on May 07, 2017, 02:02:10 PM

I applied about four months ago. still waiting.

.

I was waiting few weeks just to get info my uplaoded photo was bad! And then another few weeks for approval. It's ridiculous.

European Central Bank

legendary

Activity: 1288

Merit: 1087

I applied about four months ago. still waiting. even then it's only $25,000. that's still several weeks or months if you have the mountain on there that certain people must have.

Johnny00

hero member

Activity: 896

Merit: 553

Quote from: European Central Bank on May 07, 2017, 11:32:55 AM

most of the action happens on poloniex yet I've been waiting months to get my withdrawals above 2000 per day.

there must be people on there with thousands of btc.

how are they getting it off? special deals? they don't plan to leave?

unless they do something then it'll take a couple of years to get their profits out.

same goes for many other alt exchanges now. that would annoy me.

You just need to apply. I have max withdrawals on poloniex and bittrex

dissident

sr. member

Activity: 280

Merit: 250

The last time I checked Poloniex did not verify my level 3 information. It's a race to see who approves it first, which exchanges add XEM first, etc. to see which one gets more of my business. Ideally coinbase would add XEM as they are the most trustworthy, then I can use them exclusively for the big crap and use the other exchanges for smaller dollar amounts.

The following exchanges do fiat... Bittrex, Kraken, Coinbase, and I'm sure others. This assumes I even feel like selling. I'm in no hurry for reasons stated in other threads.

alyssa85

legendary

Activity: 1652

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Quote from: bathrobehero on May 07, 2017, 11:44:27 AM

Probably using dozens of bot/script controlled accounts.

This. They probably have multiple accounts where they can cash out at below $2000 a day and be beneath the radar.

btbrae

hero member

Activity: 680

Merit: 500

I stopped using Poloniex as the limit is close to 1 BTC in USD and if prices were to double again, the limit becomes 0.5 BTC and so on. Bittrex use 1 BTC which whilst smaller, is more fluid. I'm going to guess that if an exchange goes pop, it will be Poloniex, as the limit is getting smaller and smaller.

Flomess

hero member

Activity: 705

Merit: 500

I was wondering about how to explain the wire transfers to the tax agencies... maybe they will define it as some sort of "capital gain", with taxation that goes from 1/4 to 1/2 of the total profit.
Maybe i'll just wait untill BTC becomes mainstream and i can spend it directly Cheesy

Shiroslullaby

sr. member

Activity: 434

Merit: 250

Quote from: easypeasy on May 07, 2017, 12:52:45 PM

what is the easiest way you guys use for buying bitcoin

I was using Coinbase since the fees weren't too bad.
Most private sellers were charging much higher fees actually.
But sites like this usually ask you to confirm your identity with a drivers license/ state ID card which some people may not want to do.

easypeasy

full member

Activity: 213

Merit: 100

what is the easiest way you guys use for buying bitcoin

sud

sr. member

Activity: 826

Merit: 301

Yes the money is pouring big time! I'm rather thinking about how to change my fiat to BTC the fastest and cheapest way.

oaks05

hero member

Activity: 770

Merit: 501

Theres billions coming into the market right now, cashing out isnt on there mind right now id assume to much money to be made.

bathrobehero

legendary

Activity: 2002

Merit: 1051

ICO? Not even once.

Quote from: European Central Bank on May 07, 2017, 11:32:55 AM

most of the action happens on poloniex yet I've been waiting months to get my withdrawals above 2000 per day.

there must be people on there with thousands of btc.

how are they getting it off? special deals? they don't plan to leave?

unless they do something then it'll take a couple of years to get their profits out.

same goes for many other alt exchanges now. that would annoy me.

Probably using dozens of bot/script controlled accounts.

European Central Bank

legendary

Activity: 1288

Merit: 1087

fiat is easy as long as you have possession of the coins find an otc buyer.

the point here is that you don't. you're subject to their arbitrary limits and are at their mercy to raise them.

Ayers

legendary

Activity: 2590

Merit: 1022

Leading Crypto Sports Betting & Casino Platform

whales don't cash out from what i see around, they like to manipulate the market to buy back cheap coins, i think these people are very greedy and it doesn't matter how many bitcoin they have they want more

Quote from: Shiroslullaby on May 07, 2017, 11:36:18 AM

Yes I often wonder what method people who are frequently withdrawing huge sums are using.
What is the best way to cash out a million dollars from one of these exchanges and how often are they doing it?

The hardest part of investing in any crypto still comes from the deposit/ withdraw of fiat currency.

to exchange in fiat you don't have much option than wire transfer do you? maybe they are rich people and don't have any problem moving a large amount of money in real life

Shiroslullaby

sr. member

Activity: 434

Merit: 250

Yes I often wonder what method people who are frequently withdrawing huge sums are using.
What is the best way to cash out a million dollars from one of these exchanges and how often are they doing it?

The hardest part of investing in any crypto still comes from the deposit/ withdraw of fiat currency.

European Central Bank

legendary

Activity: 1288

Merit: 1087

most of the action happens on poloniex yet I've been waiting months to get my withdrawals above 2000 per day.

there must be people on there with thousands of btc.

how are they getting it off? special deals? they don't plan to leave?

unless they do something then it'll take a couple of years to get their profits out.

same goes for many other alt exchanges now. that would annoy me.

Topic: how are these alt whales cashing out? - page 7. (Read 3239 times)