Let's have a serious discussion about exchanges and cashing out.
When it's time to make real gainz, aka cashing out, we don't have a lot of options. We either find someone on localbitcoins or we cash out through an exchange.
Problem: if you read the terms of conditions (ToC) of all these exchanges, you almost have no rights when it comes to them fucking up. They are not responsible of anything if there is a problem, they can keep your coins, keep your money, close your account at their will. When you make a transaction with them, you are giving up your rights as a consumer.
Since they are not liable for anything, for example a hack, the owners can easily secretely team up with hackers and let your coins be stolen.
If you read the reviews of these exchanges you will see that a lot of people complain about their account being shut down, transactions not being delievered, non existent customer service, etc.
I'm ready to ride the wave and play the pump and dump game but only if I can be sure I can cash out easily.
A few days ago I bought a small amount of ETH through bank transfer to see how it goes.
Also, if you give them your ID info, with the signature, it can end up on the dark markets if an employee sell it or in case of a hack.
Is there a way to safely cash out? Reading the ToC of these exchanges makes me wonder how people would trust them.
What's your experience with cashing out? It's probably the most important thing to know before investing in coins, and it looks like it's where the scams are. Your cryptos aren't worth anything if there is no way to cash out without being robbed.
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>>2187870 (OP)
Bump. I really am interested in this
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Never cash out more than 10k at a time, do it slowly over a period of time and you'll avoid a lot of problems. Also don't worry about your info ending up on the darkweb, chances are it's already there. But it will probably be expired credit card info or something old that won't really affect you. Check on haveibeenpwned and you'll see that you're shit probably got hacked at one point already
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As an American, what kind of taxation is in place for crypto?
If I wanted to sell my shares in bitbean and walk away with 200 bucks in profit, what would I have to do to make sure the IRS doesn't fuck my mouth?
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Also, there are tons of dirty coins that come directly from the dark markets. All those drug dealers who were paid in btc want to cash out and the governments try to prevent them from laundering it. That's why the exchanges have to gather info of every one. Also, they use blockchain analysis to track the coins. I want to know if the accounts that get shut down are directly tied to dirty coins or if the exchanges are just conmen who understood there is a way to steal funds without much consequences (when you agree to their ToC, you give them right to rob you).
>>2187919
>Never cash out more than 10k at a time
Cashing out 10k or even less, safely, would be more than enough for me. But it seems like a very high amount knowing they can steal it without consequences. You read everywhere exchanges losing or keeping bitcoins.
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>>2187870 (OP)
That's why you should keep all of your crypto in their respective wallets. It's literally the safest way to store then. Lol all you faggots for centralizing your decentralized currencies and commodities on exchanges.
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>>2188208
>"DISCLAIMER OF WARRANTIES
>EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY IN A WRITING BY US, OUR SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. WE EXPRESSLY DISCLAIM, AND YOU WAIVE, ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT AS TO OUR SERVICES, INCLUDING THE INFORMATION, CONTENT AND MATERIALS CONTAINED THEREIN.
>YOU ACKNOWLEDGE THAT INFORMATION YOU STORE OR TRANSFER THROUGH OUR SERVICES MAY BECOME IRRETRIEVABLY LOST OR CORRUPTED OR TEMPORARILY UNAVAILABLE DUE TO A VARIETY OF CAUSES, INCLUDING SOFTWARE FAILURES, PROTOCOL CHANGES BY THIRD PARTY PROVIDERS, INTERNET OUTAGES, FORCE MAJEURE EVENT OR OTHER DISASTERS INCLUDING THIRD PARTY DDOS ATTACKS, SCHEDULED OR UNSCHEDULED MAINTENANCE, OR OTHER CAUSES EITHER WITHIN OR OUTSIDE OUR CONTROL. YOU ARE SOLELY RESPONSIBLE FOR BACKING UP AND MAINTAINING DUPLICATE COPIES OF ANY INFORMATION YOU STORE OR TRANSFER THROUGH OUR SERVICES."
I don't know, what do you think?
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>>2188234
10,000 is nonsense. its the limit at which anything above that a form has to be filled out, but banks , or anyone really, can send in that same report if they detect anything suspicious. so cashing in 9999 will point even more people towards your case
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>Problem: if you read the terms of conditions (ToC) of all these exchanges, you almost have no rights when it comes to them fucking up. They are not responsible of anything if there is a problem, they can keep your coins, keep your money, close your account at their will. When you make a transaction with them, you are giving up your rights as a consumer.
Exactly, it's all based on trust, it doesn't worth to scam $200 or $2000 just to ruin your reputation, but 50k ~100k, oh boy that's another history.
I'm from Brazil, our first local exchange who started together with bitcoin worked like a trustworth company for years, nothing strange happened, until bitcoin price rose from $10 to $100 and they suddently were "hacked", all coins are gone and so the owner.
They literally run away with about 13k of bitcoins and charges upon them still up on the justice, so NEVER SEND BIG AMOUNTS AT ONCE.
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Guys, here... let me tell you what I know.
First of all, exchanges are fucking crooked. Unless you want to buy some alts, never fuck around on them.
Second, keep your money on a hardware wallet like this one.
Third, there's all kinds of ways to cash out. You can buy gold, you can buy other assets, you can cash out at BTC ATMs, you can use it on Amazon. Come on faggots, it's 2017.
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>>2187870 (OP)
the solution is to cash out in increments to avoid all of these potential problems
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>>2188447
>Exactly, it's all based on trust, it doesn't worth to scam $200 or $2000 just to ruin your reputation
Apparently not. Read the reviews of these exchanges, people were scammed regularly for years and the exchanges continue to operate. They can just steal once in a while and make tons of money this way.
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All this crypto shit is so fucking shady, I'm fucking afraid I'll lose all my coins and money because they decide my account is suspicious and then just ban it and take my coins.
Basically, I should just do it like that:
1) buy/sell/exchange my coins at Kraken/Poloniex but never keep them there
2) always send all coins to my hardware wallet (ledger nano s)
3) when it's time to cash out, only small amounts each time and slowly
Right?
I'm safe when I store my coins in my hardware wallet right?
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>>2188588
>I'm safe when I store my coins in my hardware wallet right?
Yes.
But I don't understand why it would be shady to cash out large amounts if the gainz were just capital gainz. Governments are afraid that this money comes from the dark market, which is understandable.
https://www.nytimes.com/2014/10/26/us/law-lets-irs-seize-accounts-on-s uspicion-no-crime-required.html?_r= 0
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>>2188801
I don't know if Kraken is viable for cash outing, I found some big buyers on local bitcoin they send dollar, but I live in sweden, so I am not sure how it is going to work once it arrives on the bank account.
I am fucking wary because if they see me cashing out at 100k they will throw me in jail. Also fuck the Man for keeping us brothas down.
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>>2188946
>if they see me cashing out at 100k they will throw me in jail
But why? Is it illegal to make crazy gainz out of a bitcoin investment? How is it different than selling a table to a sucker for 100k? It's not considered money by law.
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>>2187870 (OP)
On QudrigaCX you can cash out 100k no problem, sadly its for Canadians only.
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>>2189326
That's the question. Exchanges, kraken included, seems to scam people on a large scale.
http://digiconomist.net/exchange_review_kraken/
read the comments. Same type of comments everywhere: accounts blocked, transactions disappeared, etc.
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>>2187919
Depending if you're in US, I wouldn't cash out more than 1k at a time. Convert alt coins to bitcoins. Sell bitcoin IRL. Western Union that shit back to yourself, then deposit in bank.
You usually don't have to provide ID if you're dealing with cash under 1k.
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>>2189567
>and then cash out as much as you want
and be at a very high risk of losing everything because the terms of conditions of all these exchanges make them non liable of anything.
Kraken ToC:
"YOU ACKNOWLEDGE THAT INFORMATION YOU STORE OR TRANSFER THROUGH OUR SERVICES MAY BECOME IRRETRIEVABLY LOST DUE TO A VARIETY OF CAUSES"
fuckink kek. The poor guy trying to cash out several dozen k's can lose everything in a heartbeat without being able to complain
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Exchange owner here,
I won't say which one. Just know that we will do our best to "persuade" our biggest whales to continue playing until the market moves in our favor i.e. paying out fewer fiat than we collected. That's how we run our business obviously. Keep mining and keep exchanging! Cheers
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>>2189690
I have no idea, that's why I stay out of crypto until I understand how it all works when you cash out your gains. Like banks, exchanges can't have enough liquidity to pay every customer who wants to cash out. They need to have more buyers than sellers. With all the alt coin trading, pump and dump memes, I'm also wondering if they are not an elaborate way of laundering money, only cashing out to the mob.
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>>2189770
Here in the states; use Coinbase or (my preferred) Gemini. I mean, you'll have to get verified and obviously pay taxes but both sites are FDIC insures and fully licensed. I've never had an issue withdrawing into Fiat via Gemini and I've withdrawn a bunch of times. As for actual exchanges; dunno can't help you there. I'm NY which bans usage/fiat from places like Polo which is what led me to finding Gemini and Coinbase.
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>>2189858
>Explain. Looking at the Ledger S
explain what?
>backup your wallet with a good password
>setup server with drive attached
>drive protected with LUKS or something
>store wallet there as backup
>communicate with server only through ssh/sftp
>nobody can really intercept your files during transfer
>done
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>>2189872
Gemini looks like they want to do things the right wy. However, user agreement:
>Digital Assets are not legal tender, are not backed by the government, and Digital Asset accounts and value balances are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections;transactions in Digital Assets may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable some Digital Asset transactions shall be deemed to be made when recorded on a public ledger.
>You acknowledge and agree that you shall access and use Gemini at your own risk. However, this brief statement does not disclose all of the risks associated with trading in Digital Assets. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should be aware that you may sustain a total loss of the funds in your Gemini Account, and that under certain market conditions, you may find it difficult or impossible to liquidate a position.
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>>2189848
>tfw got into crypto a few months ago as a way to turn a few bucks to upgrade from my shitty hatchback to a convertible thinking I was clever
>the price has gone up so much they're worth more than I'll make this year already and it's still going
>I just wanted to flip a couple grand for a new car on Coinbase and cash in and now I've got so much Anonymous is going to come and steal it all because I'm a lazy brainlet who doesn't understand proper security
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>>2190015
we all start somewhere
If you're interested then take a look at these to get an idea how to do it
https://wiki.archlinux.org/index.php/Secure_Shell
https://wiki.archlinux.org/index.php/Dm-crypt/Device_encryption
https://wiki.archlinux.org/index.php/rsync
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>>2187870 (OP)
>Is there a way to safely cash out?
Yes, start buying ACTUAL STUFF with your crypto.
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