4 ms·

> Good luck. It's pretty difficult with the various capital controls in place to get lots of money out of the US without attracting attention. No it isn't, buy

> Good luck. It's pretty difficult with the various capital controls in place to get lots of money out of the US without attracting attention. No it isn't, buy Bitcoin, store coin in brain wallet, walk across any border.

Spivak 9y ago
Sure, but then you've changed the game into finding a way to purchase that much Bitcoin and also find a way to liquidate that much Bitcoin once you realize that few merchants accept it.
- gnaritas 9y ago
  That's a much easier game, it's a 150 billion dollar market that trades a few billion a day; converting millions is nothing. Nor do you need to liquidate it all at once at your destination, you can take your time.
  - falsedan 9y ago
    No one's questioning the liquidity of the BC market; getting the money to and from the exchange would be a gigantic hassle. Banks generally have reporting requirements for transactions of a certain size, many countries are more uptight about opening accounts (Know Your Customer laws) due to previous terrorism-related money-laundering operations; as a US citizen, he'd have the burden of reporting his overseas income back to the IRS (failure of which may trigger asset seizure back in the USA, which might be a problem if he bought a house for his parents).
    - gnaritas 9y ago
      > getting the money to and from the exchange would be a gigantic hassle No, it's a simple bank transfer. It doesn't matter if that's reported to anyone, transfer to an exchange in your own country and you're not doing anything illegal. And the topic is the difficulty of going around capital controls, not the tax burden of an ex-patriot. Bitcoin makes getting around capital control easy; easy doesn't mean legal. You're refuting things that have nothing to do with the topic being discussed.
      - falsedan 9y ago
        > and you're not doing anything illegal Did you mean to post this in the comments for a different submission? Because I'm pretty sure that laundering money from fraudulent lottery entries… is extremely not legal.
- revmoo 9y ago
  You're a couple of years behind...
KekDemaga 9y ago
How do you buy millions of dollars worth of bitcoin? Paypal?
- gnaritas 9y ago
  On a bitcoin exchange like Coinbase. Plenty of people have millions of dollars of Bitcoin. 10 million USD is about 2500 bitcoins, that'd barely move the market if purchased all at once, not at all if spread out over a day or two. 24 hour trading volume is about 3 billion USD.
  - deleted 9y ago
    [deleted]
  - damontal 9y ago
    doesn't coinbase require a link to a bank account? so you'd need to have millions in your bank account to buy the BTC.
    - gnaritas 9y ago
      The topic is moving capital across borders, that presumes you already have said capital and naturally yes that would be in a bank. Buying millions in bitcoin is not illegal, it will not be difficult, it doesn't matter if your bank reports the money transfers.

Spivak 9y ago

Sure, but then you've changed the game into finding a way to purchase that much Bitcoin and also find a way to liquidate that much Bitcoin once you realize that few merchants accept it.

gnaritas 9y ago
That's a much easier game, it's a 150 billion dollar market that trades a few billion a day; converting millions is nothing. Nor do you need to liquidate it all at once at your destination, you can take your time.
- falsedan 9y ago
  No one's questioning the liquidity of the BC market; getting the money to and from the exchange would be a gigantic hassle. Banks generally have reporting requirements for transactions of a certain size, many countries are more uptight about opening accounts (Know Your Customer laws) due to previous terrorism-related money-laundering operations; as a US citizen, he'd have the burden of reporting his overseas income back to the IRS (failure of which may trigger asset seizure back in the USA, which might be a problem if he bought a house for his parents).
  - gnaritas 9y ago
    > getting the money to and from the exchange would be a gigantic hassle No, it's a simple bank transfer. It doesn't matter if that's reported to anyone, transfer to an exchange in your own country and you're not doing anything illegal. And the topic is the difficulty of going around capital controls, not the tax burden of an ex-patriot. Bitcoin makes getting around capital control easy; easy doesn't mean legal. You're refuting things that have nothing to do with the topic being discussed.
    - falsedan 9y ago
      > and you're not doing anything illegal Did you mean to post this in the comments for a different submission? Because I'm pretty sure that laundering money from fraudulent lottery entries… is extremely not legal.
revmoo 9y ago
You're a couple of years behind...

KekDemaga 9y ago

How do you buy millions of dollars worth of bitcoin? Paypal?

gnaritas 9y ago
On a bitcoin exchange like Coinbase. Plenty of people have millions of dollars of Bitcoin. 10 million USD is about 2500 bitcoins, that'd barely move the market if purchased all at once, not at all if spread out over a day or two. 24 hour trading volume is about 3 billion USD.
- deleted 9y ago
  [deleted]
- damontal 9y ago
  doesn't coinbase require a link to a bank account? so you'd need to have millions in your bank account to buy the BTC.
  - gnaritas 9y ago
    The topic is moving capital across borders, that presumes you already have said capital and naturally yes that would be in a bank. Buying millions in bitcoin is not illegal, it will not be difficult, it doesn't matter if your bank reports the money transfers.