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and those I know who still hold BTC, the few that have tried to cash out so far haven't received a single dollar, euro, yen, or pound.
by pyvpx 9y ago
and those I know who still hold BTC, the few that have tried to cash out so far haven't received a single dollar, euro, yen, or pound.
- look_lookatme 9y agoSo if you transfer BTC into Coinbase, you can't get your money out?
- RIMR 9y ago$10k at a time, unless you make some kind of agreement. There are also ATMs and other exchanges to tap. Cashing out a large sum is nearly impossible. If you have millions worth of BTC, it's better to just auction them off at a discount to a large buyer.
- etr-strike 9y agoTo be clear: You can sell 100 btc today for USD. Coinbase will hold your USD (and the balance is insured). They will limit your withdraws to 10k, however. To take out more faster, you'll need to contact them and speak with a human. None of this seems unreasonable.
- QAPereo 9y agoIt paints a bleak picture of bitcoin runs on insolvent and poorly insured exchanges when the bottom falls out.
- etr-strike 9y agoCoinbase is insured via FDIC, so I don't think "poorly" as an appropriate adverb.
- QAPereo 9y agoAssuming everything goes smoothly in that regard, it’s still a limited coverage.
- kola4512 9y agoNearly impossible? I don't have millions in BTC, but I do have six figures. I requested a limit increase with Coinbase and they bumped it up to 50K per day. I've had no problems withdrawing that.
- gomox 9y agoSo what exactly have they "tried"? It's really pretty straightforward.