6 ms·

I don't think you could buy $100M of Monero, or even Bitcoin, quickly without being noticed or causing market swings. There's not enough liquidity. And even if

by m11a 7y ago

I don't think you could buy $100M of Monero, or even Bitcoin, quickly without being noticed or causing market swings. There's not enough liquidity. And even if you could you'd have some issue cashing out that cryptocurrency into useful fiat afterwards. And eventually, assuming you were able to cash out $100M over some time, it wouldn't be worth $100M by the time you cashed it out.

rdl 7y ago
You could buy $100m in bitcoin over a few weeks without causing >5% move in the price. (not as a single market order, obviously). Probably not even a 1% move in the price over 2 weeks.
- m11a 7y ago
  Possibly. But you'd have to be using the larger, liquid exchanges with fiat support for these amounts. Surely you'd hit even the ID verified limits and they'd look into you manually if you're suddenly moving millions on their platform?
  - Hydraulix989 7y ago
    I remember seeing limits for withdrawing but not depositing.
onetimemanytime 7y ago
1.File fraudulent tax return 2. IRS Computer doesn't catch it (at least in real time) and sends you $12.21 million in refunds. In fact, they might not catch it for years. 3. That is YOUR money as far as Chase, BOFA or whatever bank is concerned. Now transfers might the problem since transferring millions to Russia or any country will get the three-letter agencies talking to each other (after the bank files suspicious activity reports.) What...he got a $12.21 Million in tax refunds...???
- Hydraulix989 7y ago
  Do smaller banks/credit unions tend to file these reports? My guess is that only Chase, Bank of America, etc. do this.
  - gamblor956 7y ago
    All transfers over $9999.99 are reported to the federal government. That includes multiple transfers made within the same 30 day period that in the aggregate would exceed $9999.99.
    - Hydraulix989 7y ago
      Yes, and what you are describing is another type of report that is distinct from a “suspicious activity report”. The limit report you described is a hard threshold requirement. This is not the same report as the “suspicious activity report.” As you know, the suspicious activity report is completely subject to the bank’s discretion.
    - onetimemanytime 7y ago
      do they report suspicious transfers--or all transfers around $10k as a matter of routine?
      - Hydraulix989 7y ago
        The latter is required; the former is also “required” but more nebulous (it’s only a problem if there is some incident and then during an investigation, look back and it turns out the bank didn’t file the report, creating a convenient scapegoat in an otherwise difficult case).
  - Godel_unicode 7y ago
    In the US, all banks (as well as other financial institutions) are legally required to file such reports (SARs) with FinCEN. https://www.law.cornell.edu/cfr/text/31/1020.320# https://www.law.cornell.edu/cfr/text/31/1020.320#
gogopuppygogo 7y ago
There are brokers for larger sums. I haven’t used them but I’ve heard good things about: https://cumberland.io/ https://cumberland.io/ Last I heard, you can buy millions of dollars at a time if you can pass a KYC.

by m11a 7y ago

rdl 7y ago

You could buy $100m in bitcoin over a few weeks without causing >5% move in the price. (not as a single market order, obviously). Probably not even a 1% move in the price over 2 weeks.

m11a 7y ago
Possibly. But you'd have to be using the larger, liquid exchanges with fiat support for these amounts. Surely you'd hit even the ID verified limits and they'd look into you manually if you're suddenly moving millions on their platform?
- Hydraulix989 7y ago
  I remember seeing limits for withdrawing but not depositing.

onetimemanytime 7y ago

1.File fraudulent tax return 2. IRS Computer doesn't catch it (at least in real time) and sends you $12.21 million in refunds. In fact, they might not catch it for years. 3. That is YOUR money as far as Chase, BOFA or whatever bank is concerned. Now transfers might the problem since transferring millions to Russia or any country will get the three-letter agencies talking to each other (after the bank files suspicious activity reports.) What...he got a $12.21 Million in tax refunds...???

Hydraulix989 7y ago
Do smaller banks/credit unions tend to file these reports? My guess is that only Chase, Bank of America, etc. do this.
- gamblor956 7y ago
  All transfers over $9999.99 are reported to the federal government. That includes multiple transfers made within the same 30 day period that in the aggregate would exceed $9999.99.
  - Hydraulix989 7y ago
    Yes, and what you are describing is another type of report that is distinct from a “suspicious activity report”. The limit report you described is a hard threshold requirement. This is not the same report as the “suspicious activity report.” As you know, the suspicious activity report is completely subject to the bank’s discretion.
  - onetimemanytime 7y ago
    do they report suspicious transfers--or all transfers around $10k as a matter of routine?
    - Hydraulix989 7y ago
      The latter is required; the former is also “required” but more nebulous (it’s only a problem if there is some incident and then during an investigation, look back and it turns out the bank didn’t file the report, creating a convenient scapegoat in an otherwise difficult case).
- Godel_unicode 7y ago
  In the US, all banks (as well as other financial institutions) are legally required to file such reports (SARs) with FinCEN. https://www.law.cornell.edu/cfr/text/31/1020.320# https://www.law.cornell.edu/cfr/text/31/1020.320#

gogopuppygogo 7y ago

There are brokers for larger sums. I haven’t used them but I’ve heard good things about: https://cumberland.io/ https://cumberland.io/ Last I heard, you can buy millions of dollars at a time if you can pass a KYC.