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These articles raise real problems that exist, however the negative bias + the title tip the scale towards FUD. You might have trouble cashing out. You might, l
by psyc 9y ago
These articles raise real problems that exist, however the negative bias + the title tip the scale towards FUD. You might have trouble cashing out. You might, like me, have no trouble at all beyond having to upload a couple of images. I think if you do some research ahead of trying to cash out, your odds are pretty good.
- gruez 9y agoAgree. Same with the first article. I'm surprised he doesn't discuss some of the real problems (scaling) instead.
- davidgerard 9y agooh, there's plenty of series to go! I suppose I shouldn't be surprised at crypto advocates nitpicking by going "this single topic part of a series doesn't cover this other topic I like better" or thinking a tone argument is a meaningful objection ...
- will_brown 9y agoDavid, I’m a lawyer and as others in the thread have suggested, as a lawyer I could easily facilitate the bitcoin/usd conversion and successful bank deposit process (both on and off exchange). Do you have a idea how many people are being impacted and the overall value? Assuming an exchange like Coinbase takes 5% in a sell transaction and then the seller would owe taxes (minimum 15%) what kind of fee would someone be willing to pay for a lawyer to safely convert bitcoin and deposit their funds?
- dang 9y agoPlease don't post flamebait comments here. The last thing we need is yet another low-rent crtyptocurrency flamewar.
- CodeWriter23 9y agoSee Part I
- charlesdm 9y agoAs with any transaction, if you're wiring in $1-10-100m (and you don't commonly transfer these amounts) then let your bank know. Much better than having it pop up unannounced -- "surprise!".
- SwellJoe 9y agoMy bank makes it a bit difficult to wire large(ish) sums regardless of whether Bitcoin is involved, particularly when wiring overseas. It's just the nature of the US (maybe world) we're living in today. I haven't had any trouble moving around the small sums I deal with in cryptocurrencies on Coinbase, and I suspect most people just dipping their toes into it won't have any issues. It's more likely to be an issue if you're dealing with large sums. $10,000 is, AFAIK, the amount that banks have to report and that's probably where things start to get a little more hair...and if you split up >$10,000 into a few transactions over a few days, they probably report that, too. I guess Bitcoin millionaires are dealing with problems that Bitcoin thousandaires just don't experience.
- true_religion 9y agoStucturing transfers to avoid reporting requirements is illegal...
- SwellJoe 9y agoBut, just transferring sums that add up to $10k+ over a few days in the normal course of business is not. I've had several occasions in my life/business where I've done just that. It would be up to the government to connect that to other patterns that point to illegal activity I would think (or, your bank might grill you on it, since they've been put in the position of policing their customers). My bank has asked me why I was sending several thousand dollars a month to someone in Croatia or Russia (I've worked with contractors over a long period of time in both places), but they didn't make it particularly painful to do so, other than the large-ish money transfer fees US banks normally impose. Merely moving money around for legal purposes is not a crime, even if it adds up to $10,000 in some specific period of time, but it might get your account flagged in some way, is what I'm trying to say.