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/biz/ - Business & Finance

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13718735 No.13718735 [Reply] [Original]

How the fuck do you actually safely cash out large amounts of crypto when FDIC insurance only covers up to $250k? So lets say you make it and want to cash out millions of crypto. How the fuck can you safely do this? If you transfer it to the bank and there is a crisis while it's there then won't you lose everything above $250k? So how the fuck can you move large amount of money over $250k without this constant risk of losing it?

>> No.13718739

>>13718735
Just open multiple bank accounts! Each one is insured for $250,000.

>> No.13718740

I'll cross that bridge when I get to it

>> No.13718742

Where we're going, you won't need to cash out

>> No.13718748

>>13718739
So there is literally no way to have it protected except if you open an account for each $250k? Ok I guess that could work for a million or 2 million but how the fuck is that going to work for people who want to cash out $10 million or more?

>> No.13718767

>>13718748
Do you really have $10 million to cash out? If that's the case, go talk to a bank and make an appointment with one of their financial planners, etc. I am sure there ways. There are rich people who have many millions of dollars and I doubt they are risking losing that money due to that $250k limit, etc.

>> No.13718778

Transfer to Monero, sell for cash. Have a large fireproof safe.

>> No.13718779

>>13718767
No I don't even have 1 million kek. But I hope to have this problem in the future and either way I am curious how the fuck it works.

>> No.13718789
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13718789

>>13718735
Don't be retarded. If you have that much money get a financial adviser. Do you think rockstars and football players who get paid to snort coke and get hit in the head repeatedly, respectively, worry about bullshit like this? Just pay soemone and they'll organize shit for you, and you pay for everything with your golden credit card.

>> No.13718793

Implying that would ever actually pay out if every bank in america went broke, just a meme to calm the sheep.

>> No.13718801

>>13718735
You would set up an account or some other such thing in Panama or Virgin Islands or a similar place like that.

>> No.13718832

>>13718779
Rich people have private insurance that's more reliable than the fucking FDIC. Do you really think if there were some huge economic catastrophe that the government can or would pay out all that money? They'd take advantage of everyone being shocked and change the rules. Before 9/11 the FAA allowed people to sue airlines and the airport security companies if you would have family fie due to airline security failure. They quickly changed the rules retroactively on 9/12 and dissolved all the contracts for private security. To this day nobody paid a penny for the huge fuck-up allowing Mossad to attack the US that day to convince us to die for Israel.