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Difficulty cashing out when ready?

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Posted (edited)

Many people own millions upon endless millions of CSC and have the idea that once CSC jumps in price to even just .05 cents (or lower) theyll be able to cash out big.

Thinking about this last night, wont the exchanges have difficulty in releasing tens to hundreds of millions of dollars all at once to individual bank accounts when people try to claim their capital gains?

I feel there will be a bottleneck where exchanges shut down, cant fulfill the orders, wont fulfill the orders, etc.

I just dont think its going to be as easy as creating an uphold account (or other account), holding CSC until $1 (or whatever), and cashing out hundreds of thousands of dollars to your bank account.

How does someone properly prepare for cashing out an investment when it took minimal cash yet has the possibility of millions in profit? It cant be 'that easy'.

Thoughts?

Edited by XRPto50dollars
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 I don't see this being a problem. With XRP early investors who bought millions of XRP at $0.006 were able to cash out millions of dollars in Jan last year when the price went over $1.

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Posted (edited)
1 hour ago, XRPto50dollars said:

Thoughts?

Many thoughts here too my friend. But no answers. Expect for me they way I bought. Sell CSC and buy XRP move them to Bitstamp and sell them XRP there and Cash out in EUR :classic_biggrin: Stupid perhaps but that is my perspective right now :dash1:

Edited by Zenkert
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2 hours ago, XRPto50dollars said:

Many people own millions upon endless millions of CSC and have the idea that once CSC jumps in price to even just .05 cents (or lower) theyll be able to cash out big.

Thinking about this last night, wont the exchanges have difficulty in releasing tens to hundreds of millions of dollars all at once to individual bank accounts when people try to claim their capital gains?

I feel there will be a bottleneck where exchanges shut down, cant fulfill the orders, wont fulfill the orders, etc.

I just dont think its going to be as easy as creating an uphold account (or other account), holding CSC until $1 (or whatever), and cashing out hundreds of thousands of dollars to your bank account.

How does someone properly prepare for cashing out an investment when it took minimal cash yet has the possibility of millions in profit? It cant be 'that easy'.

Thoughts?

I wish I had this problem now....

However just as mentioned, just like people are willing to buy the are willing to sell that's where money is coming from not the exchange itself, it's not financing your trades other traders do.

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10 hours ago, XRPto50dollars said:

How does someone properly prepare for cashing out an investment when it took minimal cash yet has the possibility of millions in profit? It cant be 'that easy'.

It's actually not that difficult. It's only a ledger transfer. Now, for some people who do not understand how to transfer funds, It may be difficult..

But once you've mastered it, it's quite simple and easy.. @XRPto50dollars 👍

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Posted (edited)
2 hours ago, Jack-of-Spade said:

It's actually not that difficult. It's only a ledger transfer. Now, for some people who do not understand how to transfer funds, It may be difficult..

But once you've mastered it, it's quite simple and easy.. @XRPto50dollars 👍

Actually I doubt if that's the problem that @XRPto50dollars is addressing ... guess he's targeting liquidity. There's got to be sufficient supply and demand of CSC available as well as enough fiat available on the exchanges (and other liquidity providers). This is an issue e.g. Ripple is trying to solve (i.c. XRP of course) as it's a big issue when targeting FI's ...

Edited by Rey
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1 hour ago, Rey said:

Actually I doubt if that's the problem that @XRPto50dollars is addressing ... guess he's targeting liquidity. There's got to be sufficient supply and demand of CSC available as well as enough fiat available on the exchanges (and other liquidity providers). This is an issue e.g. Ripple is trying to solve (i.c. XRP of course) as it's a big issue when targeting FI's ...

My thinking is that if we have this problem of cashing out, it's a happy problem to have. The price will be reflective of the fact that liquidity is available, and there are enough takers. However, withdrawal into FIAT is another matter. There is a good chance that withdrawal limits will be reached and multiple withdrawals will have to be made. So, I guess multiple exchanges / methods will need to be used.

Also, banks should be made aware to expect transfers with specific details from where the funds are arriving. Else all kinds of tripwires will be set off - since that amount will be much higher (for me at least) than normal transactions. 

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I know all about tripwires. I've had my bank account suspended 3 times and that was for wanting to buy Cryptocurrency. Even small amounts can cause your account to be frozen. I'll be calling the bank(s) in advance to let them know.

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6 hours ago, CasinoCoin said:

I know all about tripwires. I've had my bank account suspended 3 times and that was for wanting to buy Cryptocurrency. Even small amounts can cause your account to be frozen. I'll be calling the bank(s) in advance to let them know.

KYC my friend!!! 

Hopefully all of this will be solved in the future 💸🎲

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Posted (edited)
1 hour ago, Jack-of-Spade said:

KYC my friend!!! 

Hopefully all of this will be solved in the future 💸🎲

You have to be KYC:ed somewhere. I am :classic_biggrin:

Edited by Zenkert
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12 hours ago, Fidgetspinner said:

it's a happy problem to have

I never believed the 'Happy problem to have' scenario. It's happy right now because we arent in the situation yet.

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I think we need more quality exchanges for the process of cashing out to be smoother. Currently, we have some crappy exchanges in my opinion. If we get on Bittrex or Binance it would make things a lot easier. We cannot compare CSC to XRP in this topic as XRP is on much more exchanges so cashing out at $1 was way simpler. I have 3 exchanges I can cash out into fiat directly to my bank (Coinbase, Gemini, and Uphold). The issues is not getting fiat into my bank from those exchanges. The problem would be selling CSC and converting into LTC/BTC to transfer out of the CSC exchanges. I will have to most likely split up my CSC across several exchanges and that will be a big pain with the exchanges we have now. Having more exchanges is the solution to this in my opinion.

 

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9 hours ago, MegaNerd said:

I never believed the 'Happy problem to have' scenario. It's happy right now because we arent in the situation yet.

Oh I absolutely agree. I was referring to the "Happy Problem" as the price being high enough to want to cash out. Nothing more! The rest of the logistic issues need to be thought out properly, in advance, keeping in mind jurisdictional issues and vagaries of banks.

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Guest BlackJack
On 1/1/2019 at 7:06 PM, XRPto50dollars said:

Many people own millions upon endless millions of CSC and have the idea that once CSC jumps in price to even just .05 cents (or lower) theyll be able to cash out big.

Thinking about this last night, wont the exchanges have difficulty in releasing tens to hundreds of millions of dollars all at once to individual bank accounts when people try to claim their capital gains?

I feel there will be a bottleneck where exchanges shut down, cant fulfill the orders, wont fulfill the orders, etc.

I just dont think its going to be as easy as creating an uphold account (or other account), holding CSC until $1 (or whatever), and cashing out hundreds of thousands of dollars to your bank account.

How does someone properly prepare for cashing out an investment when it took minimal cash yet has the possibility of millions in profit? It cant be 'that easy'.

Thoughts?

It's no different than XRP.

Look at XRP accounts.

 

Everyone in here will cash out at different times.  

I see no issue .

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Guest BlackJack
19 hours ago, MegaNerd said:

I never believed the 'Happy problem to have' scenario. It's happy right now because we arent in the situation yet.

JESS3_Mindjet_BetweenMinds_OptimistVsPes 

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6 hours ago, Guest BlackJack said:

JESS3_Mindjet_BetweenMinds_OptimistVsPes 

your sun looks like an umbrella. fail. 

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On 1/2/2019 at 12:53 AM, Jack-of-Spade said:

It's actually not that difficult. It's only a ledger transfer. Now, for some people who do not understand how to transfer funds, It may be difficult..

But once you've mastered it, it's quite simple and easy.. @XRPto50dollars 👍

Thanks. I do know how to transfer funds, but i was asking more along the lines of once people are ready to sell.. WILL they be able to? @Rey got it right with liquidity.

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Just now, dabiggapicta said:

I'm just gonna drop this here.

 

document everything. have a plan.

be aware if fees. E.g.: I have a Level 6 approval at Coinfield and can withdraw USD 2'000'000 (yes, 2 million) PER DAY, but these greedy bastards serioisly charge 1%. That's 20k.

So... sell against XRP or BTC, whatever has best liquidity and then send it to Bitstamp.

They will be a pain, but they'll handle it.

Below is Bitstamp's advanced KYC requirements (status Dec 17):

We have received your withdrawal request and instructed our payment department to further process it. You will receive an e-mail notification as soon as the process is concluded and funds are sent to the designated account.

We will have to kindly ask you to help us better understand the nature of your relationship with Bitstamp. In order to do so, we require that an additional KYC (know your customer) procedure is completed before we can proceed with processing of your future withdrawal requests.

We kindly ask you to send us a high resolution image of your international passport and answer the following KYC questionnaire:

1. What is your occupation?
2. Are you using your Bitstamp account in connection with any business activity?
3. What is the purpose of your trading on Bitstamp? Please describe in as much detail as possible how you intend to use your trading account.
4. How have you acquired the recently deposited XRP?
5. What are your future plans and activities planned on our exchange?
6. Which bank do you intend to use? Please provide the complete address and SWIFT code.
7. Estimated amount that you would be depositing/withdrawing to/from your Bitstamp account per month (in USD and BTC)?

To proceed with the conclusion of your KYC procedure, we kindly ask you to submit any relevant document which will show you acquisition of the XRP. For example a screenshot of your initial bank deposit sent to exchanges and your XRP purchase on the exchange.

As you intend to transact substantial amounts through Bitstamp, we kindly ask you to submit a few additional bank deposit confirmation for your initial XRP purchases so that we may conclude the KYC procedure. We suggest you get in touch with your bank and ask for the specific transactions.

Please note that you are able to use Bitstamp services parallel to your cooperation with the KYC procedure.

 

Please be advised that your Bitstamp account is already verified and your are able to use it as per usual parallel to the conclusion of the KYC procedure.

Upon review, we would kindly ask if your could provide some additional screenshots which will show your capital gains of your investments so that we may confirm the source of the potential *** $ monthly transactions which you have estimated."

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3 minutes ago, dabiggapicta said:

To proceed with the conclusion of your KYC procedure, we kindly ask you to submit any relevant document which will show you acquisition of the XRP. For example a screenshot of your initial bank deposit sent to exchanges and your XRP purchase on the exchange.

As you intend to transact substantial amounts through Bitstamp, we kindly ask you to submit a few additional bank deposit confirmation for your initial XRP purchases so that we may conclude the KYC procedure. We suggest you get in touch with your bank and ask for the specific transactions.

I have a statement of

- each goddamn fiat transfer frkm my bank to an exchange

- each transaction ever made on any exchange, where not posdible, I have screenshots

-each salary statement since I have bought crypto

-income tax statements

-the loan I took to buy XRP.

All these are backed up multiple times.

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1 hour ago, dabiggapicta said:

-the loan I took to buy XRP.

Really ? ? ? :dash1:

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Posted (edited)
35 minutes ago, Zenkert said:

Really ? ? ? :dash1:

sort of see your frustration, but would you feel such frustration for someone who became indebted for a new Mercedes, or a loan for a start up business?

(not endorsing debt by the way)

Edited by Lancsgent
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7 minutes ago, Lancsgent said:

sort of see your frustration, but would you feel such frustration for someone who became indebted for a new Mercedes?

(not endorsing debt by the way)

I know the user @dabiggapicta we had some PM discussions, that´s why I was so surprised taking loans to buy Crypto. Or maybe he was just joking @Lancsgent :classic_biggrin:

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Just now, Zenkert said:

I know the user @dabiggapicta we had some PM discussions, that´s why I was so surprised taking loans to buy Crypto. Or maybe he was just joking @Lancsgent :classic_biggrin:

OK, maybe. Fair enough.

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14 hours ago, Zenkert said:

I know the user @dabiggapicta we had some PM discussions, that´s why I was so surprised taking loans to buy Crypto. Or maybe he was just joking @Lancsgent :classic_biggrin:

 

14 hours ago, Lancsgent said:

OK, maybe. Fair enough.

I really took a loan. Total cost 27% over 5 years. In September I bought quite some XRP with it. I thought "will XRP appreciate more than 27% over 5 years?" (actually given tax deductibility of the loan I'd even need less appreciation).

My answer was "yes". And, as you know, XRP hasn't dropped to early September levels. So yeah. I think it's a good deal. Plus, it increases my monthly spending by 4.6% of my net after tax income. I can handle that.

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