Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

Sold my house this week. My mortgage was the last thing requiring me to have a bank account. Last mont my landlord started taking bitcoins for rent. He is happy.

Now to get all of that equity into bitcoins quickly.

I think I found a buyer for you...

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In a period of time, I have been buying bitcoins only in cash and amassed over 800 btc, I keep them in several wallets. Now, I'm in a need of buying some stuff unfortunately you still cant buy with btc nowadays - car, wedding ceremony, paying for some travel trips, general spending in life etc. So I need to cash out at least 250 btc, but the problem is the taxes. Im willing to pay them, no issues, but I think they'll cause me some troubles as people may think this money comes from illegal operations, which is not true but I have no way to prove it.

https://np.reddit.com/r/Bitcoin/comments/4n1680/cashing_out_a_big_sum_of_btc_without_getting_in/

You need some reading comprehension lessons, StraightAArdvark, I mean Lambie....

Explained it to us how a house that has already been sold (Elwar's house)... is going to be sold again by Elwar? There is a considerable level of logical incoherence in the content of your post.

Oh? It appears that the purpose of your post was to bring up some anecdotal evidence that is somehow related to bitcoin and the holding of a large amount of bitcoin (O.k. I am stretching to help you out here in order to identify some kind of a stretch of a connection in your post Tongue

) in order to attempt to make some kind of parody concerning the behaviors of bitcoin users based on your described example of some kind of crazy person, no?

Back to Elwar's situation for a moment. Isn't Elwar facing a different issue, and that is figuring out means in which to convert a large portion of his soon to be in-hand cash proceeds to bitcoin? Not necessarily a bad problem to have, but not answered by your response.

I personally don't buy into an all or nothing approach to investing into BTC, but I understand the dilemma and temptation in holding so much cash all at once and then wanting to get that likely depreciating cash into an appreciation status, which bitcoin is in a very decent position and good upward odds at the moment (even though there is no guarantee from this current price point).

Let's say Elwar's proceeds from his house are anywhere between $10K and $100k? how much to invest into BTC?
Surely, he has got to account for his own particular circumstances in terms of how much BTC he already holds and his cash flow and his other investments and time line.

Maybe invest 80% of the proceeds within a short period of time in increments of $5k to $10k? In recent months, I have found it to be quite useful to maintain a BTC portfolio that maintains both BTC and fiat, and I find a lot of stress relief and flexibility in that kind of approach, especially given the volatile nature of BTC, even though maintaining proportions in both BTC and fiat seems to cause some additional needs to pay attention to BTC prices in order to take advantage of price fluctuation opportunities.. which are likely going to continue to take place for years to come in bitcoinlandia.

Yep, looking at the guy's issue he has a lot of bitcoins but wants to get them converted to fiat without throwing up red flags of money laundering (aka, the government doesn't know every detail of where the money came from). In theory it would work out for us if I cashed out my house proceeds and gave him cash for the bitcoins. But a wire transfer from my government bank to his would throw up red flags.

I spoke with BitPay to see about an OTC trade but they recommended I use itbit. I've looked at their OTC platform and they only charge .1% which is reasonable.

I will have to tell my government bank to make sure to note that this large deposit is coming from a home sale so they can report to their masters about why I am moving so much money. I will have to inform them that my wire transfer is for the purchase of bitcoins so they can also report that as well. Wouldn't want the government to be uninformed about money flow.

I'll be converting 100% (about $150k) to bitcoins. I see no need to hang on to that much money in dollars. I have no near term plans to purchase a home or anything like that with it and I don't live in the US anyway so dollars are useless to me (other than the occasional visit to the Commissary).