I started in 2014 and now have $4m total (LARP LARP LARP, idgaf)
I managed to cash out $1m to the bank, and it was an awful process but it is now behind me, I can't cash out the rest as I have no trail for it (yea it is stupid af, I don't even want to get into it)
Currently I have 2.5m in ETH, 200k in BTC and 300k in Tether
How do I go about making sure I have 1 more million safe from volatility? I don't want it in Tether and if it was up to me I wouldn't even want it on exchanges
1. I can't cash out 1m in my country it is too difficult at the moment 2. I can't put it in my bank
should I put it in USD in Bitstamp/Kraken/Bitfinex or am I at risk of them holding my funds since I have no proof that I didn't steal them or whatever?
If it's in a stablecoin on a decentralised exchange then your funds are long as your private key remains safe. Your funds are still in essence tied to your private key and places like IDEX and Forkdelta have escape hatches wherein you can withdraw directly from the Smart contract, so even if the exchange site itself goes down for whatever reason then you can still get your funds out, it does take a while though. But yeah in theory no one can touch your money, the issue is liquidity I guess.
Josiah Collins
That is when you suppose tether or trueusd or all that shit is completely safe and backed up by real $ which is not 100% true
Andrew Stewart
anyone?
Daniel Wilson
Long term, MUFG, 5th largest bank in the world, is going to issue a token backed 1 to 1 by the Yen. Stable coin backed by a global financial institution, doesn’t get safer than that in crypto
Dominic Green
Look into Dai and TrueUSD. Consider spreading your pegged fiat crypto amongst the three—Tether, Dai, and TUSD.
Adrian Perry
TUSD is literally more volatile than bitcoin, am I missing something?
liquidity is bad but if you move small amounts every day it's fine
Colton Stewart
Cool, but traded on shit markets and I see it dropped on feb to 0.8, how come?
also, it is not backed up by any company in terms of 1:1 like usdt so how can it be trusted to keep its value?
Evan Thomas
>Cool, but traded on shit markets and I see it dropped on feb to 0.8, how come? > >also, it is not backed up by any company in terms of 1:1 like usdt so how can it be trusted to keep its value? read this:
Oh, I just realized I missed this part of your post >I can't cash out the rest as I have no trail for it (yea it is stupid af, I don't even want to get into it) Can you elaborate on this? I think I may be in a similar situation and I'd like to know what your plan is.
Nathaniel Perry
Contact me. I could cash out 200 eth worth on coinbase for a fee. As i have a trail for this much. 25% i will have to pay taxes on it.
Juan Fisher
I'm proud of you user.
How much did you start out with?
Hudson Collins
my plan is to buy an old ethereum wallet that had approximately 3000 ETH since the ICO (and moved it) and some how convince the IRS that it is my investment and that I moved it through exchanges and mixers or some shit
Grayson Anderson
>enjoy paying 20% of your profit in fees
Nolan Brown
IMO put it on Kraken, they have the most security features and haven't been hacked thus far. They also haven't bowed down to handing out information about their clients yet. Also if you're based in the US or Europe its pretty easy to withdraw.
Hudson Myers
Why not go visit the shithole that is Belarus and cash out tax free?
Levi Carter
Do you think they actually do chain analysis? If you cashed out 1M you must have some experience with this already. I'm willing to bet that they won't even begin to do proper analysis and will basically have to take you at your word for it, and that the worst case scenario is that you can't claim a cost basis, but other than that what is the point? If you're buying an old ETH ICO wallet then your cost basis is so low that it basically doesn't matter anyway. Or are you just worried about capital gains rate--short- vs. long-term?
Julian Gutierrez
Amerifats like us are taxed abroad
Nicholas Gray
Go to Onchainfx
Sort by -% from ath
Probably your best bet if u can't cash out or tether
Leo Smith
Buy gold with Bitcoin
Owen Cooper
How about trying DAO and their gold token? From my research it looks like they are legit but please DYOR. You can ask for delivery and treat the fee as tax. Also there are other gold funds that take BTC and where you can buy gold without a trail. That's just one of the ideas. Another one is open 20 Abra wallets and connect them to 20 different bank accounts, but that's cumbersome. Another one is whitewash through business. Payfair in 3 years....maybe.
Isaiah Murphy
>Also there are other gold funds that take BTC and where you can buy gold without a trail. resources pls?
Nicholas Jackson
Cash out into gold/silver. Websites that do this. Peter shiff I believe.
Robert Watson
First off I'd put some into LINK. If you are computer literate. You can also buy homes and land with bitcoin. Then flip it.
Matthew Wood
put it all in bitcoin, transfer to bitmex, short with 1x leverage. while you find out what to do, you can make more money while bitcoin dies
Matthew Campbell
To clarify I'm saying buy link if you are able to set up a node etc. becoming a third party API provider will be huge. Just don't buy link and then hold it that would be a waste of capital.
Isaiah Adams
are you in the US? It's not hard to cash out 10k every 24hrs.
