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19906324 No.19906324 [Reply] [Original]

Lets say I bought bitcoin in 2013 and now i see what i bought is worth $2 million or in 2 years my link stack is worth $2 million. How would I cash out this money? Coinbase is only 8k per day and im worried they would lock funds. Also tax?

>> No.19906369

>>19906324
Move to a different country

>> No.19906400

>>19906324
Coinbase can cuck you out of your own money? Yikes.

>> No.19906426

>>19906324
You’re going to have to KYC tier 3 and hire a very good accountant. Good luck.

>> No.19906459

>>19906324
Unless you plan on buying a house, just live off of it directly. You don't need to "cash out" cash. Go to bitrefill and you can buy anything.

>> No.19906480

>>19906324
I have heard you should buy gold with your crypto

>> No.19906623

>>19906459
haven't seen this one. how reliable is it?

>> No.19906644

>>19906324
Wtf are you talking about there is no limit to how much you can sell on coinbase

>> No.19906850

>>19906644
Isn’t there a better place than coinbase to gbp without as many fees?

>> No.19906895

>>19906324
>How would I cash out this money?
you cant, its literally just meme money

>> No.19906914

>>19906850
How is .18% too many fees for you? On $1MM that’s $1,800

>> No.19906951

>>19906914
I thought it was more than that. Probably due to their extortionate purchasing fees

>> No.19906980

>>19906914
Is that coinbase or coinbase pro though?

>> No.19907021

>>19906980
Coinbase pro. Although id love to find a place with better fees

>> No.19907858

>>19906644
There is no limit on selling but there is a daily limit on withdrawal. For me it seems to be 50k eur, with an option to request a limit increase.

>> No.19909021

Bump for interest. Also would like an answer for those of us that don't use kikebase.

>> No.19909057

Can someone explain to me why people recommend trading for XMR and then cashing out?
What's the benefit of that, would you not still get dinged for it?

>> No.19909213

>>19906324
Coinbase is 25k per day bank withdrawal and 250k per wire transfer

>> No.19909254

>>19906951
Aren't their fees reasonable for buying? Feel like the horror stories are always just retards using a debit card

>> No.19909609

>>19909254
Not regular coinbase, their fees plus price markups when you buy make it more expensive than exchanges from my experience, even coinbase pro is better.

>> No.19909662

>>19906324
Through coinbase pro you can raise your withdrawal limit and even if you don't feel like doing that you can withdraw $50k a day. Just talk to your bank and tell them you have several large deposits coming

>> No.19909797

>>19907858
Sorry noob here, what does this mean exactly? So say hypotetically I owned 10,000, and XRP rose to 10,000$, and I wanted to sell all my XRP for tens upon tens of millions of dollars. Could I sell all the XRP immediately with a guaranteed and not get all the money immediately? How does that work, where does the money go?

>> No.19909836

>>19909797
hypothetically I owned 10,000 XRP, and XRP rose to 10,000$.*

>> No.19909841

>>19909797
>XRP
You won’t have to worry about this problem

>> No.19909912

>>19909797
USDC coin

>> No.19910017

>>19909797
If you sell the coins your Coinbase account will store the money in USD, but you can't withdraw it all at once, it can only be withdrawn to an external account up to a certain limit every day. The money will just be on Coinbase.

>> No.19910126

>>19906850
Coinmetro

>> No.19910237

>>19906324
buy Gold/Silver with the BTC...sell it for $$$

would rather pay sales tax than capital gains taxes

>> No.19910313

"Hi, guys, I have been storing this thing that is supposed to be used as currency for almost a decade now, but I have yet to learn how to use it as money..."

>> No.19910352

or just pay ur taxes? LOL?

>> No.19910498

>>19910017
Oh okay. So I still get the full value no matter what. That's a relief.

>> No.19910573

>>19906324
cash out OTC

>> No.19910582

coinbase fee is pretty high when you sell for fiat, I just experinced that. They took $200 from me when cashing out 8k.

>> No.19910607

>>19906324
why not just convert to stablecoin and live off the interest.

Unless you are planning a big purchase like a house.

>> No.19911005

>>19906324
OP Glows.

>> No.19911034

>>19906850
BitBargain for UK

>> No.19911129

I know coinbase charges for eufags 1.49% of the total. I tried with 1 ETH yesterday and I got 211 out of 215€.

Does anyone know if it's worth it to exchange to EUR on Coinbase Pro, then move it to Coinbase to deposit out? Seems to have a 50k limit on Pro and no limit on normal.

>> No.19911181
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19911181

>>19909057
Once your money enters XMR the paper trail disappears. If that XMR later becomes cash or gold or property, no one has to know unless you tell them. Of course making huge purchases is going to piss off the IRS and invite an audit, at which point you'll need to explain where the money is came from. But XMR at least doesn't make the Feds' job easy.

>> No.19911278

>>19910582
It's because you're a retard who doesn't know how to use coinbase pro

>> No.19911292

Imo buy preciousetals an trade for cash.

Many bullion sites take btc.

Thats my plan.

I've got 1000$ in btc and about as much in silver. Wen they moon I'm trading for gold. The most based of assets.

Silver liquidity is great too. I've made a few hundred and only started trading this year.

>> No.19911453

>>19906324
RIP to that one anon that paid $630 in coinbase fees for a single (albeit large) transaction.

>> No.19911643

>>19906324
when you sell, you owe the tax, unless you plan on evading, then good luck.
Otherwise, if using coinbase, you are going to need to provide ID/kyc and you can get much larger daily withdrawl limit. If you have a bank account linked and provide gov id the daily limit I think is 30K and they will increase if you contact them.
Make sure your bank manager knows its coming so they don't just freeze your account and send fbi to your house.

>> No.19911644

>>19910237
you still own capital gains tax on the purchase of gold/silver with crypto. what you suggest is money laundering

>> No.19911718

>>19906324
Swap to DAI/USDC and cash out daily.

>> No.19911738

>>19909797
it depends, if you have made arrangements with the exchange, you could theoretically get it all at once. I don't know necessarily why it matters, its just USD sitting in coinbase, its your money, its not like its "more yours" if its in a bank account, your bank hates you just as much as coinbase, they aren't doing you any favors. Presumably if you were a little more sophisticated, you'd take your gains to a brokerage account and buy some stocks or something, not just let it sit in cash.

>> No.19911774

>>19906324
literally just request a higher withdrawal limit on coinbase pro

my limit is $500,000/day after raising it a couple times

>> No.19911789

>>19911644
You're saying capitol gains is attached to crypto to precious metal transactions?
How could that be, if the government doesn't own either of those stores of value?
How does the government control stores of value that are decentralized?

>> No.19912018
File: 26 KB, 796x543, Coinbase Prime.png [View same] [iqdb] [saucenao] [google]
19912018

>>19906324
The smartest and most professional way is to open up an offshore company and an institutional trading account.

>> No.19912057

>>19906324
Pay your taxes you piece of shit

>> No.19912236

>>19912057
Once you learn the truth behind the FED and IRS, you'll see that it's our civic duty not to offer them our energy.
Our founding fathers spoke of our duty as established by our creator, to throw off tyrants in the event of historical and profound usurpations and disruptions of our liberty and pursuits of happiness.

You remember why they fought off the royals, correct?
They didn't just hate the taste of tea.
Why do you think we helped popularize crypto?...

>> No.19912285

Anyone here tried to cash out through Kraken or Bitstamp?

>> No.19913318

>>19912018
Yeah but if you take profits out of it as an employee of the company, then you'd be paying normal income tax instead of a long-term capital gains tax.

>> No.19914245

>>19911181
I see, smart.
Hypothetically speaking... if I had $500K in ETH and I wanted to withdraw it all, would you recommend converting all to XMR, then slowly taking out segments over the following months/years, and should the IRS, hypothetically speaking, get upset and want to audit, I can tell them I just mined it from day 1, no crypto-to-crypto?

>> No.19914531

>>19914245
well, the flaw here is there is a record that you bought the ether right?

>> No.19914584

An anon said last year he got his bank account frozen and was reported by it to the authorities who then investigated him as a drug trafficker when he cashed out during the last bull run.
Is there someone here with experience cashing out during the previous bull run?

>> No.19914696

>>19906324
bitstamp

>> No.19914701

Puerto rico has no taxes I believe.

>> No.19914702

>>19914531
ok so I put that shit in some scamcoin and immediately convert to XMR, and then i can just say I lost my shit

>> No.19914725

>>19914702
yeah you could say you lost it. But when the IRS asks you where does all this XMR comes from, what are you gonna say?

>> No.19914740

>>19914725
I mined it from day 1. :^)

>> No.19914790

>>19906324
I don’t understand why this is a problem. You can have regular money sit in your Coinbase account just as you would in a regular bank account.

>> No.19914851

>>19914790
of course. But you're gonna withdraw that money to buy stuff (daily groceries, rent, a new house, etc...) and that's when the IRS comes to say hi

>> No.19914869

>>19914740
could work.
What if they ask where are your rigs? show us the electricity bills?

>> No.19914905

>>19912236
Based

>> No.19914934

>>19914790
Coinbase is only an exchange and history has proved governments can close them down and confiscate their money on a whim...
If you cash out you have to put your money into other safe assets or into safe private banks outside the mainstream banking circuit.
But this won't be an easy thing to do as Coinbase will report you to the tax authorities in the best case and trigger an investigation or block your money like a bank.
The private bank also won't accept your money if you can't prove where it came from...
It's a nightmare from my point of view.
The only solution I see is to use one of those new crypto friendly online banks which allow the management of cryptos and fiat and transfer a part of your crypto there.

>> No.19915104

>>19906324
Avoiding taxes? Btc - xmr - mix of stablecoins

With taxes you sell it for money, on an exchange

>> No.19915120

>>19914869
I lived on campus, ask them :^)

>> No.19915130

>>19906324
Your bank will FUCK YOU and delete your whole bank account. GET REKT CRYPTOFAGS

>> No.19915179

>>19909057

Hello NYPD / CCP joint global AML taskforce

>> No.19915208

>>19906324
>the state of schizophrenic stinkers counting their chickens before they hatch

>> No.19915226

>>19915120
To which they could ask you show us the mining transactions
You could potentially show them a wallet and tell them you lost your private key before transferring the XMRs to your current wallet

>> No.19915228

>>19915130
What the fuck are you doing on /biz/ glownigger

>> No.19915268

>>19906324
Get TUSD and just hold in crypto

>> No.19915274

>>19915130

Ya for realz

No idea what the endgame for u dummies is once u realize u cant deposit ur funds (that glowies would view as laundered...) in a bank account lol

Also btw if you arent concerned about specific relevations about the monero cerpmony then u dumb. Protip: everything is backdoored this is ECC all over again

>> No.19915321

Wtf are you talking about? My wife's son just recently withdrew well over $8k from coinbase

>> No.19915403

>>19911789
capital gains is a sales tax? I don't know

>> No.19915415

>>19915226
>You could potentially show them a wallet and tell them you lost your private key before transferring the XMRs to your current wallet

Or buy the keys to an old, inactive mining account. There is probably SOMEONE selling such things ;^)

>> No.19915461

>>19915226
The fed is woefully incompetent and full of boomers and desk Karens, how would they understand anything about crypto?

>> No.19915494

better make sure you have all the paperwork as proof to show all the buys you made, otherwise you will get fucked when you get audited

>> No.19915527

remember that anything over 10k withdraw gets reported so do not try to avoid taxes. unless you structure your withdraw and do 5k every month instead

>> No.19915534

Check Kraken. Level 3 requires slightly more KYC checks and “proof of funds” but it was quick to get bumped. Coinbase will not increase limits unless you are regularly buying selling high limits with them.

OP isn’t talking about 8K chump change. He wants to know about moving 6-7 digits.

And whoever says keep the cash in coinbase like it’s a bank is mentally challenged to even suggest that. When you’re ready to pull the trigger you need to make sure all your ducks are in a row and paper work is done. Freezing of accounts is a real thing and will not be worth the stress so get your story right from the start.

>> No.19915552
File: 3 KB, 112x112, hahaha.jpg [View same] [iqdb] [saucenao] [google]
19915552

>>19906480
>thinking this won't get reported
Kek

>> No.19915563

>>19914584
No, but this is exactly why i said in previous post, if you are goong to start dripping sack s in your bank account, you are well advised to go talk to bank in person, show them where its coming from, make them ack in writing all is good. Some dumbass neet that has never had more than 200 bucks in a savings account starts dropping 30k deposits will 100% get locked out.

>> No.19915872
File: 128 KB, 507x266, phemex.png [View same] [iqdb] [saucenao] [google]
19915872

>>19906324
Use a proper exchange like Phemex, that doesn't have restrictions on withdrawals and doesn't ask for any KYC