Quote from: richforeveroneday on December 08, 2013, 07:55:28 PM

Quote from: phantastisch on December 07, 2013, 04:34:10 PM

Keep calm, this is still a big load of money.

Since you are this young , you may encounter some problems with cashing out large sums. ( At least this is what it would be like here in germany.)
Your Bank would probably tell your parents and you may not have control anymore over this money.

So you have to be smart about it , and while its painful to see it dropping wait a bit.

Cashout a small amount that you feel comfortable with having on your bank account via bitstamp.

Like others pointed out , use localbitcoins for some additional cash.

I will not advise you on any altcoins because you probably can loose a lot of the money there.

Hold the rest until you have an age where control of this money is guaranteed yours.

I think your right it would be the same here in UK. But it ok I will help my parents out there old and cant work. But it is a smart idea no lie. But I am trying to verifying with local bitcoins but when you have the money dropped in your account. Is not taxed and could this be a volition of the FSMA 2006 namely money laundry regardless of the sale being done in good faith and clean hands (lord diplock).

The most F****D up thing would be if bank seize the money under money laundry under the this act the bank cant tell me anything (breach of tipping off). So I will be screwed big time. They may even use the Precedes of crime act and seize goods that have that could be obtained from my profits. What do you think?

Why do you think alt coin wont increase in value?

You sound very reasonable. At the Moment for you banks can not be trusted.
Supporting your family is a good thing, but now you need alibi, where this money is coming from.
For example (probably not your favorite idea), you could get a small Job and mix the earned money with some from cashout. It may Not be much to live in luxury, but it would definetely help.
Money laundering could become a Problem , before a Big cashout i would Consult a tax lawyer.

About altcoins : Sure they may go up and you would probably Make some btc but think about them :
Is there really a demand for them ? What can you buy with litecoin at the Moment?
The answer is : Not much. They are pure speculation and Most People lose money.

Then : many People will come to you with projects you should invest. I think about it like this :
When they dont get real money from Investors or can finance it themselves, Then they should Not get my money because they are the wrong People for this.

Also dont Open any links from private messages , they will try and get your coins.