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How would a crypto Milliomare or billionaire cash out?

  • 14-02-2018 8:15pm
    #1
    Closed Accounts Posts: 2,021 lifeandtimes


    Putting aside the tax aspects to it all, say you were satoshi nakamoto and you have billions worth of Bitcoin, how do you cash that amount back to fiat?

    Most exchanges have limits, do you need to do it gradually, maybe contact an exchange and work with them to do it?

    Ideally if more places accepted crypto you could just use it as is bit I'm curious as to how the big winners get their money out


Comments

  • Registered Users Posts: 1,955 ✭✭✭ Mongfinder General


    Putting aside the tax aspects to it all, say you were satoshi nakamoto and you have billions worth of Bitcoin, how do you cash that amount back to fiat?

    Most exchanges have limits, do you need to do it gradually, maybe contact an exchange and work with them to do it?

    Ideally if more places accepted crypto you could just use it as is bit I'm curious as to how the big winners get their money out

    Why would they need to cash out?


  • Closed Accounts Posts: 2,021 lifeandtimes


    Why would they need to cash out?

    They want to buy a mansion that costs $300 million and the owners don't accept crypto

    Edit: is your username a play on the monkey dust character?


  • Registered Users Posts: 6,026 ✭✭✭ grindle


    Either contact an exchange for an increase in limit then sell slowly or sell via some OTC service (more likely for super-whales).


  • Closed Accounts Posts: 2,021 lifeandtimes


    grindle wrote: »
    Either contact an exchange for an increase in limit then sell slowly or sell via some OTC service (more likely for super-whales).

    That's what I thought thanks


  • Registered Users Posts: 4,151 ✭✭✭ kupus


    Contact some hedge funds. They are already trading telegram and it is not even released yet.


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  • Moderators, Music Moderators Posts: 19,594 Mod ✭✭✭✭ Mr.S


    Don’t the big exchanges have direct contacts for very large withdrawals? They will facilitate it on a case by case basis.

    They get their cut at the end of the day, so they’ll be happy.

    Of course, if everyone did it at the same time, they would go under - so that’s the reasons for the limits.

    Your bank over here will be more then happy to take the money too.


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