People talk about buying lambos, quitting their jobs, buying 15 houses to live on 150k yearly on rental fees, and I talk about paying off my father's current mortgage (7 more years to go to finish that up under normal circumstances), and possibly buy a house for myself, etc and etc. But I ask the following questions specially for those that live in the USA, HOW, just HOW are you going to withdraw enough of these in order to make your dreams come true without facing the most probable risk of getting your bank account closed?
I know all about using Credit Unions instead of regular banks such as Chase, BoA, Wells Fargo, etc... But there are more problems:
I have been researching online and have discovered people complaining that Coinbase has been closing their account the minute the user deposits a large balance of Bitcoin in it, and by large I am referring over $10,000 worth of Bitcoins but not precisely exactly, can be more or less than this amount depending on the luck of the user and Coinbase is the only highly verified method that I have in order to sell Bitcoins to USD and send it to my bank which is a Credit Union by the way. Last year I did a test to make sure Coinbase did honor their withdrawal, I bought 1 BTC for like $500 and then a week later or two I sold the same BTC back to my bank account, sure I incurred some loss, the price had gone to $450 but I was interested in making sure Coinbase "payed" and sure about 4 days or so later those $450 made it to my bank checking account. But that was a $450 withdrawal, I have yet to perform the maximum daily $10,000 withdrawal.
So with all that said, I would like to hear your review of Coinbase, have you as a US user, been able to withdraw a large amount into your bank account without any problems? maybe those users that I read about attempted to cash out Bitcoins that were 'tainted' up to a certain degree? Meaning Bitcoins sent to them by other users such as selling stuff publicly online and accepting Bitcoins as payment from random online strangers, but I do none of that, my Bitcoins in my CB account always come from my own pockets or from the exchanges when I trade my own Bitcoins to partake into ICO's such as this one.
The other problem I have been reading is that some users are getting their Credit Unions closed for dealing with Bitcoins, so it looks like that not even the use of a Credit Union can give you the assurance to be able to withdraw your Bitcoins trouble free. So the day that I decide to withdraw enough to start making my dreams and objectives a reality, what options do I have? I feel like I am trapped in my choices, specially as a New Yorker, I am further limited to exchanges that do have a bit license such as Coinbase, bitstamp, possibly Gemini, bitrrex (can't sell to bank account there, just alts), etc and if push comes to shove I have contemplated moving to New Jersey,just 10 miles away from my current residence (my parents house) to become a permanent NJ resident that way all Ney York restrictions are gone but that would take time over 7 mo the of living in NJ before I can qualify as a "permanent ent resident" on that state other options: Pennsylvania.
So let's say you were to decide to buy a lambo when the price hits like $30+ ICN, how exactly you will get enough of the money out without getting something frozen or closed?
By the way I have a little bit more than 50,000 ICN got in with over $68xx worth of Bitcoins and now it's worth approx a little bit more than $250,000 enough to max out a single checking account in terms of FDIC insurance not saying that I plan to cash out anytime soon, I plan to HOLD until price reaches way higher, I believe that price can go higher that $50+ that burn program in combination with FOMO can make that a reality, don't be surprised if we see ICN tying ETH $ wise. For me, for every $20 ICN goes up in price, it's a million dollars, so if ICN gets to $350 I would have 18 million dollars.
And finally, the last problem I would like to take: some people are having issues sending ICN to exchanges or a different wallet because of some problem with Ethereum? It's being a hit or miss for them. What exactly is going on with Ethereum? You know that a price of $350, or even a price of $1000 is meaningless if we cannot move our tokens from our Ethereum wallets, that is the problem and what's been done as a resolution to fix this?
I know all about using Credit Unions instead of regular banks such as Chase, BoA, Wells Fargo, etc... But there are more problems:
I have been researching online and have discovered people complaining that Coinbase has been closing their account the minute the user deposits a large balance of Bitcoin in it, and by large I am referring over $10,000 worth of Bitcoins but not precisely exactly, can be more or less than this amount depending on the luck of the user and Coinbase is the only highly verified method that I have in order to sell Bitcoins to USD and send it to my bank which is a Credit Union by the way. Last year I did a test to make sure Coinbase did honor their withdrawal, I bought 1 BTC for like $500 and then a week later or two I sold the same BTC back to my bank account, sure I incurred some loss, the price had gone to $450 but I was interested in making sure Coinbase "payed" and sure about 4 days or so later those $450 made it to my bank checking account. But that was a $450 withdrawal, I have yet to perform the maximum daily $10,000 withdrawal.
So with all that said, I would like to hear your review of Coinbase, have you as a US user, been able to withdraw a large amount into your bank account without any problems? maybe those users that I read about attempted to cash out Bitcoins that were 'tainted' up to a certain degree? Meaning Bitcoins sent to them by other users such as selling stuff publicly online and accepting Bitcoins as payment from random online strangers, but I do none of that, my Bitcoins in my CB account always come from my own pockets or from the exchanges when I trade my own Bitcoins to partake into ICO's such as this one.
The other problem I have been reading is that some users are getting their Credit Unions closed for dealing with Bitcoins, so it looks like that not even the use of a Credit Union can give you the assurance to be able to withdraw your Bitcoins trouble free. So the day that I decide to withdraw enough to start making my dreams and objectives a reality, what options do I have? I feel like I am trapped in my choices, specially as a New Yorker, I am further limited to exchanges that do have a bit license such as Coinbase, bitstamp, possibly Gemini, bitrrex (can't sell to bank account there, just alts), etc and if push comes to shove I have contemplated moving to New Jersey,just 10 miles away from my current residence (my parents house) to become a permanent NJ resident that way all Ney York restrictions are gone but that would take time over 7 mo the of living in NJ before I can qualify as a "permanent ent resident" on that state other options: Pennsylvania.
So let's say you were to decide to buy a lambo when the price hits like $30+ ICN, how exactly you will get enough of the money out without getting something frozen or closed?
By the way I have a little bit more than 50,000 ICN got in with over $68xx worth of Bitcoins and now it's worth approx a little bit more than $250,000 enough to max out a single checking account in terms of FDIC insurance not saying that I plan to cash out anytime soon, I plan to HOLD until price reaches way higher, I believe that price can go higher that $50+ that burn program in combination with FOMO can make that a reality, don't be surprised if we see ICN tying ETH $ wise. For me, for every $20 ICN goes up in price, it's a million dollars, so if ICN gets to $350 I would have 18 million dollars.
And finally, the last problem I would like to take: some people are having issues sending ICN to exchanges or a different wallet because of some problem with Ethereum? It's being a hit or miss for them. What exactly is going on with Ethereum? You know that a price of $350, or even a price of $1000 is meaningless if we cannot move our tokens from our Ethereum wallets, that is the problem and what's been done as a resolution to fix this?
That's a really good question. Would love to see some thoughts and discussion on this. I'm not from US, neither have any experience with Coinbase. However the issue applies to many jurisdictions and banks.
As I see this, to unfreeze you b/a you have to provide some proof of origin of funds. But when this is done you are charged with tax by IRS in full. Not really an option to give away a hefty share of your profit. One way around this could be setting up an entity somewhere in Isle of Man, for example, a jurisdiction that has no CGT. Then you just open a business account with a crypto-exchange and you're good to go.
If the amount isn't worth the effort - there are some options like bitcoin debit cards etc. Token card, for example, when launched, could become a good solution - you could store all you funds in smart contracts (probably even a token tied to USD to avoid exchange risks) and never disclose all your holdings to a third party. It might be restricted to US citizens, however... but there should be some ways around this too
