Currently conducting arbitrage with CNY, and are always on the look out for cheap coins.
if you're looking to sell a large amount anonymously at BTCE prices, feel free to get in touch, as I'm willing to travel to conduct the trade in person if the amount is large enough.
Thanks,
Sam
Topic: Question for those who've successfully cashed out large amounts of BTC (Read 1634 times)
November 25, 2013, 09:15:18 PM
November 25, 2013, 03:43:49 AM
Doing local trading is better. What do you think will happen to you when your bank receives great amount of money? Walk free? It might get you flagged and they will start investigating.
November 25, 2013, 03:38:50 AM
You could simply find a willing buyer (not through an exchange), although would possibly have to offer a low price or better price than the exchanges if selling all in one go ie: $1m worth, and do the deal using an escrow service, swapping BTC for your chosen fiat, assuming the buyer was in a country that used the same fiat as you required.
November 24, 2013, 03:22:11 PM
I had a discussion with a friend in finance who has been helping early Bitcoin adopters cash out. Dudes that have made millions. It got me to thinking…
Is it as simple as pressing a button?
What should someone be aware of. (Risks, potential pitfalls?)
Any tips or tricks or hints?
Several friends have told me that when it comes time for you to cash out, it isn't as simple as pressing a button and waiting for a bank transfer.
Someone has to accept your cell price, correct? Any risk that nobody will?
Is bitstamp pretty much the only exchange people are using for this?
Coinbase has a 50 BTC per day limit. If you have large quantities of Bitcoin, it could take you weeks to sell it all. Obviously that's an unacceptable situation.
How did it go for you when you sold a large amount? Any surprises? Anything people should know?
Bank issues?
Is it as simple as pressing a button?
What should someone be aware of. (Risks, potential pitfalls?)
Any tips or tricks or hints?
Several friends have told me that when it comes time for you to cash out, it isn't as simple as pressing a button and waiting for a bank transfer.
Someone has to accept your cell price, correct? Any risk that nobody will?
Is bitstamp pretty much the only exchange people are using for this?
Coinbase has a 50 BTC per day limit. If you have large quantities of Bitcoin, it could take you weeks to sell it all. Obviously that's an unacceptable situation.
How did it go for you when you sold a large amount? Any surprises? Anything people should know?
Bank issues?
If you find yourself in such a position, cashing out will become a full time job.
You would probably sell on multiple exchanges, since you can only sell as much as people are willing to buy (buy orders).
Again, this would be a process that would probably take months, not as simple as hitting a button.
Try making an account and looking at the actual exchanges order books to get a feel for it.
Once you have converted BTC to fiat, you will want to move it as quickly as possible from the exchanges to your bank (done to avoid hackers stealing all your money, as has happened to some exchanges).
Of course you will want your bank to be aware that you will have many incoming deposits for larger amounts, so they do not flag you.
November 24, 2013, 02:48:31 AM
Why don't you ask your "friend"? He said he helped many people cash out millions, so it would make sense he would tell you if he's really your friend.
You are so cute. Implying that I'm lying. The friend gave me the advice above regarding banks. He's the CEO of a bank. He did not have anything to contribute to my understanding of Exchanges as that is not his expertise. My "friend" exists. Strange that nobody on this forum has anything to contribute to this topic. Do you have something other than a snarky comment to contribute? 
November 23, 2013, 06:28:24 PM
Why don't you ask your "friend"? He said he helped many people cash out millions, so it would make sense he would tell you if he's really your friend.
November 23, 2013, 05:21:54 PM
Yeah just wondering the details of the process.
With that kind of money involved, surely there are some things you should be aware of.
I can tell you what's the banker told me. At least as far as the bank end of things go:
First off, if it's less than $250,000, it's considered less risk. If it's above $250,000, it will probably get flagged by the bank. If you transfer that much money in, you should not immediately move it out. You should leave it there for a few weeks minimum. ACH transfers are considered lower risk to your bank, whereas wires, especially international, may get flagged. You should talk with your bank prior to the transfer coming in. Prepare them for it. It shows good faith. Tell them you "invested in a foreign currency", as your explanation. It is not advisable to open a new bank account for this process. It is advisable to use an existing bank account that you've transacted on for an extended period of time already.
So those are the bank tips, and things to be cognizant of. I'm still curious what's important to know from the Exchange end of things.
With that kind of money involved, surely there are some things you should be aware of.
I can tell you what's the banker told me. At least as far as the bank end of things go:
First off, if it's less than $250,000, it's considered less risk. If it's above $250,000, it will probably get flagged by the bank. If you transfer that much money in, you should not immediately move it out. You should leave it there for a few weeks minimum. ACH transfers are considered lower risk to your bank, whereas wires, especially international, may get flagged. You should talk with your bank prior to the transfer coming in. Prepare them for it. It shows good faith. Tell them you "invested in a foreign currency", as your explanation. It is not advisable to open a new bank account for this process. It is advisable to use an existing bank account that you've transacted on for an extended period of time already.
So those are the bank tips, and things to be cognizant of. I'm still curious what's important to know from the Exchange end of things.
November 23, 2013, 04:32:41 PM
i didnt sell anything but remember its still a young market with less players. but if you compare that with the system 1 year ago, its far far better now.
"Dudes that have made millions"
so in the end, they get their money. so it works ;-)
there is always supply and demand, so of course someone will buy your coins.
"Dudes that have made millions"
so in the end, they get their money. so it works ;-)
there is always supply and demand, so of course someone will buy your coins.
November 23, 2013, 04:05:49 PM
I had a discussion with a friend in finance who has been helping early Bitcoin adopters cash out. Dudes that have made millions. It got me to thinking…
Is it as simple as pressing a button?
What should someone be aware of. (Risks, potential pitfalls?)
Any tips or tricks or hints?
Several friends have told me that when it comes time for you to cash out, it isn't as simple as pressing a button and waiting for a bank transfer.
Someone has to accept your cell price, correct? Any risk that nobody will?
Is bitstamp pretty much the only exchange people are using for this?
Coinbase has a 50 BTC per day limit. If you have large quantities of Bitcoin, it could take you weeks to sell it all. Obviously that's an unacceptable situation.
How did it go for you when you sold a large amount? Any surprises? Anything people should know?
Bank issues?
Is it as simple as pressing a button?
What should someone be aware of. (Risks, potential pitfalls?)
Any tips or tricks or hints?
Several friends have told me that when it comes time for you to cash out, it isn't as simple as pressing a button and waiting for a bank transfer.
Someone has to accept your cell price, correct? Any risk that nobody will?
Is bitstamp pretty much the only exchange people are using for this?
Coinbase has a 50 BTC per day limit. If you have large quantities of Bitcoin, it could take you weeks to sell it all. Obviously that's an unacceptable situation.
How did it go for you when you sold a large amount? Any surprises? Anything people should know?
Bank issues?
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