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Wdbi

When the time comes how do we actually cash out

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Hey guys never posted on the discord, but I follow it daily and I am getting hyped. I think it’s actually happening for us relatively soon. When the time comes and we are ready to cash out our millions how do we actually do it?

I know this has been discussed before, but I don’t think any knowledgable poster has ever laid out a step by step plan for us crypto newbies and rookies.

if it were to happen today, I would think to sell CSC for bitcoin and then move bitcoin to Coinbase and other exchanges to cash out. But if my understanding is correct, Coinbase and others have withdrawal limits. Do we just have to slowly withdraw daily or is there a safe way for us to do withdrawals in the millions? 

Want to get out ahead of this so I am not stressing come Moon time

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Yeah, at this exact moment your plan is correct. But you can also exchange CSC to XRP on Bitrue.

I would use UpHold for the Crypto/Fiat trade. I’ve been using UpHold since day one and they’ve been awesome. Coinbase started to be a pain in the asss with their fees, freezing wallets, etc. And not mentioning their total opposition to list XRP in 2017.

On UpHold, you can exchange all your crypto holdings to fiat in a second. But to withdraw it to your bank account you also have a daily llmit. I think it’s like $10,000. 

Other thing you can do is exchange your BTC/XRP to TUSD (TrueUSD, not USDTether) on any exchange like Binance or even Bitrue and then withdraw those as you need them.

I think any plan works, the important thing is to have a plan.  Cheers brother!! :drinks:

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I am leaning towards getting a Crypto Card. IMHO it is a thing for the future. Done some sloppy research and I think this is the best one.

https://wirexapp.com/

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8 hours ago, Wdbi said:

 

I know this has been discussed before, but I don’t think any knowledgable poster has ever laid out a step by step plan for us crypto newbies and rookies.

Want to get out ahead of this so I am not stressing come Moon time

thats because the people who have a plan in place dont want to share it out of fear of others following suit and causing gridlock in withdrawals using their methods. 

if moon time happens, it will be very stressful no matter how you plan. csc climbs to .30 cents.. do you sell? hold? suddenly drops to .20... do you sell? will it drop further?

always good to plan ahead, so good for you. the best thing you can do is have several options for cashing out. its an almost guarantee in my book that if and when the crypto market jumps again, the exchanges will shut down/crash/introduce even more stringent KYC's making it nearly impossible to ever get a hold of your cash.

ive said it many times on the xrpchat, that (my opinion) most people in crypto will never make $10,000 yet alone $1 million from simple, yet innocent mistakes. correction. many people will be paper millionaires, but will fail (for many reasons) to actually convert those paper profits into fiat. 

the best 'advice' if it could be considered 'advice' would be to not sell when everyone else is. let others make the mistakes, read the news sources daily to keep up on issues individuals are having with withdrawals, and dont follow suit.

sell small amounts at first, and ONLY once those sold cryptos become actual cash in your bank account, start selling larger amounts.

i get the feeling we're all in the same boat as old-school bitcoin investors were back in the day. most will sell way too early. xrp will probably go over $50 and thats being very conservative.

csc? i dont know how high csc could/will go but i dont believe .0004 will be the norm in the coming years. 

own one bitcoin. it will probably be worth $500,000 eventually

Edited by XRPto50dollars
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I was planning on using Coinbase but recently they have messed me about asking for ID verification after changing location. Took over a week. Will probably use Kraken instead.

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Have a plan. Practice how you would withdraw.

 

Talk to tax accountants and financial advisor etc. Know what you need to do. 

 

Document everything.

Duplicate everything. Backup your backups.

 

 

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13 hours ago, Wdbi said:

Hey guys never posted on the discord, but I follow it daily and I am getting hyped. I think it’s actually happening for us relatively soon. When the time comes and we are ready to cash out our millions how do we actually do it?

I know this has been discussed before, but I don’t think any knowledgable poster has ever laid out a step by step plan for us crypto newbies and rookies.

if it were to happen today, I would think to sell CSC for bitcoin and then move bitcoin to Coinbase and other exchanges to cash out. But if my understanding is correct, Coinbase and others have withdrawal limits. Do we just have to slowly withdraw daily or is there a safe way for us to do withdrawals in the millions? 

Want to get out ahead of this so I am not stressing come Moon time

wazzup @Wdbi

 

Here is an old guide https://www.reddit.com/r/Bitcoin/comments/7lu6ze/an_extensive_guide_for_cashing_out_bitcoin_and/

I have had some insight into cashing out through bitstamp and what questions they ask once you have a bit higher amounts to get to your bank. For now they don't have a limit.

 

My plan would be:

1. Have an account at Swissquote. They will soon accept Crypto deposits. They already cold store (so the say) crypto you bought through them. Their partner exchange is Bitstamp btw. 

2. CSC to BTC on NLexch.

3. BTC to Nano S

4. Call Swissquote and request a meeting. I live in Switzerland, so that's why I can do that easily. 

5. Rent security detail for a day and show up at their offices, together with my tax adviser,  set up a contract on how they will handle the transaction and specify their one and only role, which is to trade btc to fiat and then send it to my private bank account. Execute the transfer from my Nano S to their specifically for me created address and then slowly, over the day, execute the trade in constant check with the order book.

6. In advance contact my bank advisor and let them know about a big transaction hitting my account soon. Provide ALL documentation about any trade I have made and any deposit that has gone from them to Bitstamp. Collaborate to a maximum.

 

Points in my favour, and not transferable

a) Swissquote and I have the same jurisdiction, I have already spoken to them.

b) I have the best tax adviser one can wish for

c) I know the guys personally at my bank, because I did my apprenticeship there. I understand their compliance procedures and I can escalate to the branch manager. We go by first name with each other.

d) I can have connections to trustworthy security detail. If this fails, I can just go there myself, still armed. Or bring some friends along.

e) I have collected all trade and fiat-to-exchange data and all source of funds is documented.

 

In any case: The critical points are:

1. the csc to btc or fiat trade. Wathc the order book, to not fuck it up and get a horrible average price

2. exchange to bank account

3. cash hits your bank account. "Sir, please explain where USD 15mio come from, when you poor son of a gun only make $1800 per month"

4. Tax matters

 

Finally: You must be an idiot to keep the cash at your bank. It needs to be invested. And here a totally new journey starts. Happy to write about that. I have done so at xrpchat, but it never turns out to be a healthy debate.

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I had first planned to use Coinbase but I heard they freeze and play games with your account . I don’t need any of those problems. I might check out Uphold and see how their sites looks. Maybe it’ll try a small amount at Coinbase like $3,000 

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8 hours ago, NikkoPBG said:

I had first planned to use Coinbase but I heard they freeze and play games with your account . I don’t need any of those problems. I might check out Uphold and see how their sites looks. Maybe it’ll try a small amount at Coinbase like $3,000 

That is my worry. Are exchanges really going to be willing to release hundreds of millions of dollars all at once when people start cashing out?

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12 hours ago, dabiggapicta said:

1. the csc to btc or fiat trade. Wathc the order book, to not fuck it up and get a horrible average price

 

What do you mean?

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10 minutes ago, MegaNerd said:

What do you mean?

if you place a fat market order you might move the price.

happened to me in Sep 17 when I bought quite a lot of XRP at once.

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48 minutes ago, dabiggapicta said:

if you place a fat market order you might move the price.

happened to me in Sep 17 when I bought quite a lot of XRP at once.

Youre saying you bought so much XRP you moved the price? I dont believe this. 

I am quite confident if people in here actually do make large sums of money, the last thing on their mind will be, "Better not sell too much so that I dont mess it up for others."

Edited by MegaNerd

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5 minutes ago, MegaNerd said:

Youre saying you bought so much XRP you moved the price? I dont believe this. 

I am quite confident if people in here actually do make large sums of money, the last thing on their mind will be, "Better not sell too much so that I dont mess it up for others."

I did move the XRP/EUR market on Bitstamp with a 5figure EUR amount.

I have a screenshot how I spike up the price. I bought through I believe 5-6 levels of 10k XRP batches.

That market isn't that thick.

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7 minutes ago, MegaNerd said:

I am quite confident if people in here actually do make large sums of money, the last thing on their mind will be, "Better not sell too much so that I dont mess it up for others."

I think there's a miaunderstanding here.

You do screw up YOUR average execution price.

Ask the folks on xrpchat how hard it was to buy XRP for 2000 USD in early 2016. they had to do it very slowly. Accumulate. Well you have to do the same when selling. Quietly distribute.

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Just now, dabiggapicta said:

I did move the XRP/EUR market on Bitstamp with a 5figure EUR amount.

I have a screenshot how I spike up the price. I bought through I believe 5-6 levels of 10k XRP batches.

That market isn't that thick.

I thought you were joking... :classic_ohmy::sarcastic:

Just now, dabiggapicta said:

I think there's a miaunderstanding here.

You do screw up YOUR average execution price.

Ask the folks on xrpchat how hard it was to buy XRP for 2000 USD in early 2016. they had to do it very slowly. Accumulate. Well you have to do the same when selling. Quietly distribute.

giphy.gif

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5 minutes ago, dabiggapicta said:

I think there's a miaunderstanding here.

You do screw up YOUR average execution price.

Ask the folks on xrpchat how hard it was to buy XRP for 2000 USD in early 2016. they had to do it very slowly. Accumulate. Well you have to do the same when selling. Quietly distribute.

You dont 'have to'.

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14 hours ago, MegaNerd said:

You dont 'have to'.

of course not. But it makes sense to try and get the best possible price 😉

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I would look at different options now regarding the answer to this question than I did in 2017-2018.

The rate at which solutions are developing is pretty staggering. I've pulled a credit line on a small piece of my portfolio and on this last run was practically able to pay it back by returns.

I do think we may run into a pretty clear situation where cashing out will be unnecessary because what we hold is already accepted as a payment method. I don't really anticipate ever cashing out of XRP, for example, before it is widely accepted by the businesses and people that matter most.

Based on the returns and backing I'm seeing in the crypto collateral credit line industry, conventional banking will either adopt the model or fall away - because the bank in your phone model that you can reload from your cold reserves for incidental spending is pretty amazing.

EDIT: Not disparaging the need to convert to fiat now, BTW... I'd just advise folks to look carefully at the different instruments being developed and in particular the big names that are underwriting or backing these instruments and see if, for example, pulling a credit line collateralized by your crypto and delaying/simplifying the tax piece makes more sense.

The options are changing on a quarterly if not monthly basis it seems. Far faster than I ever expected.

Edited by jag216
clarity

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1 hour ago, jag216 said:

I would look at different options now regarding the answer to this question than I did in 2017-2018.

The rate at which solutions are developing is pretty staggering. I've pulled a credit line on a small piece of my portfolio and on this last run was practically able to pay it back by returns.

I do think we may run into a pretty clear situation where cashing out will be unnecessary because what we hold is already accepted as a payment method. I don't really anticipate ever cashing out of XRP, for example, before it is widely accepted by the businesses and people that matter most.

Based on the returns and backing I'm seeing in the crypto collateral credit line industry, conventional banking will either adopt the model or fall away - because the bank in your phone model that you can reload from your cold reserves for incidental spending is pretty amazing.

EDIT: Not disparaging the need to convert to fiat now, BTW... I'd just advise folks to look carefully at the different instruments being developed and in particular the big names that are underwriting or backing these instruments and see if, for example, pulling a credit line collateralized by your crypto and delaying/simplifying the tax piece makes more sense.

The options are changing on a quarterly if not monthly basis it seems. Far faster than I ever expected.

you think we'll be able to buy a house in XRP one day?

or have your investments denominated in XRP at some point?

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3 hours ago, dabiggapicta said:

you think we'll be able to buy a house in XRP one day?

or have your investments denominated in XRP at some point?

you may be able to convert xrp directly to cash using standard methods, such as at a bank, or actually having options on websites to pay with either credit card or XRP. this will be many years from now if ever

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