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Bitcoins (and other crypto currencies)



Stay Puft

Stay Puft

ClioSport Club Member
  Clio 172
Has anyone looked at what your crypto can buy on the darknet? It's mental.

It's legal to access/browse btw.. iirc.
 
Martin.

Martin.

cat171 said:
Say he wants to sell ? Can he get someone to give him actual real monies that he can put into his bank ?
(I know nothing about this stuff)
Click to expand...

R3k1355 said:
Tax authorities of various countries are looking to crack down hard on crypto money, mainly because some people are making a killing and then paying bob-all tax.
Right now it seems easier to trade one coin for another, than go straight to currency.
but he could probably trade everything back to Bitcoin then cash that in?
Click to expand...

If he or anyone wants to sell, you just need to sell it out literally, most likely it'll be a bitcoin market so it'll give you bitcoins rather than a normal currency. Some markets are listed as a FIAT market so you would get a FIAT currency back for anything you sell in these markets. In my case on Bittrex it would most likely give me BTC or possibly USDT.

Then once you have your bitcoins, you have to main options:

1) Send them to the account linked to your bank (if they aren't already). Sell them out for a currency and withdraw that to your bank. In his example it's Kraken, so he'd transfer his BTC to Kraken from Bittrex/Bitfinex then sell BTC into EUROS then withdraw to bank. The exact reverse of how he got in in the first place.

2) Or you could buy LTC or ETH (might be a bit more stable whilst you sort it all out). Then send them to the account linked to your bank. Sell them out into the FIAT currency then withdraw to bank.

One thing to note is daily/weekly/monthly trancastion and withdrawal limits. Small accounts with minmal funds wont need to worry. But to move huge sums you would need to be verified to the highest level. Sending passport and utility bills etc to the company. I've got my accounts to top tier verification level, just incase it helps me get out quicker in an emergency, or in the hope that something booms and I made lots (fingers crossed lol)

It would basically just be a reverse of how you got them in the first place.
 
boultonn

boultonn

ClioSport Club Member
  Macan S
Davyy said:
Has anyone looked at what your crypto can buy on the darknet? It's mental.

It's legal to access/browse btw.. iirc.
Click to expand...
Yeh there's some weird stuff on there for sure.
Only caveat I will say is that while it's fine to look at how much drugs/guns etc cost on there (you're using TOR anyway), don't get curious on how to make any form of explosive because I believe it is a crime to be in possession of that information.
 
M

mace¬

  Clio
Martin. said:
If he or anyone wants to sell, you just need to sell it out literally, most likely it'll be a bitcoin market so it'll give you bitcoins rather than a normal currency. Some markets are listed as a FIAT market so you would get a FIAT currency back for anything you sell in these markets. In my case on Bittrex it would most likely give me BTC or possibly USDT.

Then once you have your bitcoins, you have to main options:

1) Send them to the account linked to your bank (if they aren't already). Sell them out for a currency and withdraw that to your bank. In his example it's Kraken, so he'd transfer his BTC to Kraken from Bittrex/Bitfinex then sell BTC into EUROS then withdraw to bank. The exact reverse of how he got in in the first place.

2) Or you could buy LTC or ETH (might be a bit more stable whilst you sort it all out). Then send them to the account linked to your bank. Sell them out into the FIAT currency then withdraw to bank.

One thing to note is daily/weekly/monthly trancastion and withdrawal limits. Small accounts with minmal funds wont need to worry. But to move huge sums you would need to be verified to the highest level. Sending passport and utility bills etc to the company. I've got my accounts to top tier verification level, just incase it helps me get out quicker in an emergency, or in the hope that something booms and I made lots (fingers crossed lol)

It would basically just be a reverse of how you got them in the first place.
Click to expand...
Surely withdrawing £3 million into a bank account is going to raise some pretty big suspicions and questions?
 
M

mace¬

  Clio
Martin. said:
He would have to pay tax on it obviously.

But other than that no concerns at all. It's just the same as making money on stocks.
Click to expand...
Thats not true though is it? The stock market is fully regulated. Cryptocurrency isn't.
~Who is to say he didn't get his bitcoins from running heroin for the Turkish Mafia? Pretty sure they'd have a look to make sure it wasn't generated from the proceeds of crime etc.
 
Martin.

Martin.

mace¬ said:
Thats not true though is it? The stock market is fully regulated. Cryptocurrency isn't.
~Who is to say he didn't get his bitcoins from running heroin for the Turkish Mafia? Pretty sure they'd have a look to make sure it wasn't generated from the proceeds of crime etc.
Click to expand...

Ok yeah, but there's no one to say you can't put your money into whatever you want and make money from it.

Worst case he'd just have to let auditors access his accounts. Or even a few trades and they'd see the value.

I'm sure there are thousands of people who have made multi millions even hundreds of millions from the last 6months in crypto. So maybe after it starts happening more often more checks will start appearing via the banks.
 
M

mace¬

  Clio
Martin. said:
Ok yeah, but there's no one to say you can't put your money into whatever you want and make money from it.

Worst case he'd just have to let auditors access his accounts. Or even a few trades and they'd see the value.

I'm sure there are thousands of people who have made multi millions even hundreds of millions from the last 6months in crypto. So maybe after it starts happening more often more checks will start appearing via the banks.
Click to expand...
Yeah, I don't agree they won't let him keep his money but I don't think it would be just as easy as the reverse of how you put it in lol.
I imagine hoop jumping will become a specialty of his.
 
R3k1355

R3k1355

Absolute wetter.
ClioSport Club Member
I'd imagine if you've earnt millions you'd just pay some accountant and/or legal firm to sort the whole thing out for you.
They'll pay/dodge whatever taxes for you.
 
C

clio007

  RS4
So to buy some coins - I first need to sign up to to buy some BTC or Etherium from Coinbase for example.

Then I need to register on an exchange and buy the other cryptos by transferring my BTC/Etherium into the new currency.

To sell it its the same process right? Would it be better to buy BTC/Etherium when its low? and really try to sell the currency when BTC/Etherium is high also right
 
H

Herr Flick

aka Herman Ze German
f**king missed it. Was looking at BCD this morning. Hour later it was $100 and thought its just a pump and dump then I've just checked now and it's at $220. f**k sake.
2 pump and dumps in 1 day. 😧
Screenshot_20180113-155457.png
 
Last edited:
Pep

Pep

ClioSport Club Member
  M2,XJS,S1000RR
How do we find out about the pump coin?
I'm fuming, sold a few bits to throw onto BCD earlier when it was at about 200%, then fell asleep waiting for the transfers to go through and just woke up at 550%!
 
Breamy

Breamy

ClioSport Club Member
So chances of fun going up anytime soon . It's gone down a little since I bought some but I'm really tempted to buy more!
 
R3k1355

R3k1355

Absolute wetter.
ClioSport Club Member
eugegall said:
So I've got a bundle of cash burning a hole in my pocket. Where shall I put it?
Click to expand...

Lot of noise about Funfair coin, unless the winds have changed this week and something else is in-vogue?

Seems like alot of alt-coins are best exchanged for Ethereum coins, so maybe buy Ethereum and then pick which other ones to buy??
 
welshname

welshname

ClioSport Club Member
They are announcing in Feb so I'm holding onto my 250ish FUN for then. Hopefully it'll be a decent surge. It seems to be sat at a very consistent value recently which shows it's a stable currency for the industry. Hopefully it'll get some serious investment after the announcement they are making.
 
Pistachio

Pistachio

All this trading around different coins is leaving me with money in accounts that is too small to transfer. I've got £8.50 in litecoin but it is below the minimum amount you can transfer or withdraw. Any way around this?
 
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