Millions in bitcoin

NeghVar

NeghVar

2[H]4U
Joined
May 1, 2003
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If you had millions of dollars worth of bitcoins and no way to directly cash out, how would you go about getting cash from your bitcoins?

For me, I'd buy large quantities of hardware from a place that accepts bitcoins and resell at a loss. If I have $100 million in bitcoin and get $75 million via buy and resell, I'm not complaining.
Newegg, Tiger Direct and Dell accept bitcoin. https://99bitcoins.com/who-accepts-bitcoins-payment-companies-stores-take-bitcoins/
 
I'd figure out a way to cash out quicker than transferring $75 million through ebay reselling, $299 at a time.
 
If there are stock brokers that are willing to work with bitcoin, that could get you some cash relatively quickly. Plus there would be less of a loss. Or you could pick a stock with dividends. As of now, $100 million in nvda stock could net you $87,000 quarterly on dividends alone.
 
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You can cash out $85K/week via GDAX+Coinbase. I'm assuming Gemini would be comparable, so lets say $150K/week using those exchanges. This is with basic levels of verification (can likely go multiples higher of this if you really wanted to). You can even set them up to do it automatically.

Now, I'll take my 1% convenience fee for this information. ;)
 
TordanGow said:
I'd figure out a way to cash out quicker than transferring $75 million through ebay reselling, $299 at a time.
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Not necessarily $299 at a time. Since Dell accepts bitcoin, work with a business or school district to do a campus-wide upgrade or installation. You pay Dell in bitcoins, the business or school district pays you in dollars with a discount. Say a school district is buying 1000 new Dell OptiPlex 24 All-in-One (7440) Desktops plus an overhaul of their old servers running Windows 2000 Server.
 
I don't understand. Are you just trying to get around paying taxes?

Because what you're talking about is stupid and a massive headache.
 
NeghVar said:
If there are stock brokers that are willing to work with bitcoin, that could get you some cash relatively quickly. Plus there would be less of a loss. Or you could pick a stock with dividends. As of now, $100 million in nvda stock could net you $87,000 quarterly on dividends alone.
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Nvidia is inflated price right now.

Better off buying a health care index or fuel/oil index and rising that safer play's dividends into the sunset.
 
You can use something like gyft to buy giftcards and sell at a loss too. I see people selling amazon cards on the forums here for like 93% of their value, im sure theres some of that going on.
 
NeghVar said:
Not necessarily $299 at a time. Since Dell accepts bitcoin, work with a business or school district to do a campus-wide upgrade or installation. You pay Dell in bitcoins, the business or school district pays you in dollars with a discount. Say a school district is buying 1000 new Dell OptiPlex 24 All-in-One (7440) Desktops plus an overhaul of their old servers running Windows 2000 Server.
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So your idea is to get government bureaucracy and public officials involved so you can transfer money out of bitcoin and convert it into USD?

That will end well.
 
TordanGow said:
So your idea is to get government bureaucracy and public officials involved so you can transfer money out of bitcoin and convert it into USD?

That will end well.
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I'm not an expert or even novice in all the bureaucracy. It was something that came to mind which in a free and open market makes sense.
 
The most practical way would probably be to approach some of the investment funds that are starting to look at cryptocurrency. Offer them $500 million bitcoin for 50% discount. I'd happily take that deal to walk away with $250 mil in liquid currency, given the volatility of bitcoin. Bird in hand... Though, I don't know if any of the funds out there are buying in those quantities yet. You'd probably have to do a few deals.
 
NeghVar said:
If you had millions of dollars worth of bitcoins and no way to directly cash out, how would you go about getting cash from your bitcoins?
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Retire, spend it slowly, like 1k a day.

Reason: Name me an investment that grows faster than bitcoin. If you can't, then why do you wanna cash it out all at once? Trying to cash things like that at one shot is not wise no matter if it is stock or a simple cash withdraw from the bank. Government will be at your back trying to get a dip on that cash, which you can't avoid as there will be paper trails.
 
serious said:
Retire, spend it slowly, like 1k a day.

Reason: Name me an investment that grows faster than bitcoin. If you can't, then why do you wanna cash it out all at once? Trying to cash things like that at one shot is not wise no matter if it is stock or a simple cash withdraw from the bank. Government will be at your back trying to get a dip on that cash, which you can't avoid as there will be paper trails.
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It is volatile though, as are many other fiat currencies. Economic stability is what matters. Whose to say there will or will not be a cryptocurrency bubble like the .com or the subprime loans. I'd prefer the USD, or better yet precious metals.
 
The long term prospects on bitcoin do not look good to me. Instead of becoming more common as an accepted payment type, retailers are turning away from it. Now only 3 of the top 500 online retailers accept bitcoin. Combine the low acceptance with relatively high, and increasing, transaction costs and it becomes apparent that bitcoin will never truly become the currency of the future it was dreamt to be. When you look at how it is used, there are three scenarios right now:

1. Using BTC to trade in other crypto currencies
2. Use as a currency where being anonymous is important - ie payoffs, hiding assets and gray & black market purchases.
3. Using BTC as an investment


Number 3 is only sound if there is a basis upon which to build value, and numbers 1 and 2 do not provide it. So yeah, I know it has gone up an ungodly percentage, but the fundamentals to support that increase are simply not there. I'm not saying it won't continue to increase in value, either. It very well could because humans tend to be rather irrational. I think it is only a matter of time before bitcoin loses the mantle as the top crypto. It was first, but it is by no means the best of breed.

I don't own millions of USD in bitcoin (truth be told, while I do hold more than one crypto I presently have no bitcoin at all) but if I did have that much in BTC I'd be diversifying. I'd be OK with risking some percentage of a hypothetical fortune by holding BTC on pure speculation, but no more than 20%. The rest I'd move into something more stable, or cryptos that I feel have way more upside. Ethereum is hot now, and I think there are a few more with real breakthrough potential.
 
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