DRich
DRich
Joined: Jul 6, 2012
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June 9th, 2021 at 12:13:24 PM permalink
Quote: OnceDear

Hmmmmf.... I maintain my own wallet. But to convert to and from fiat is not so easy without using either an exchange, or a fiat transfer service like paypal.



The best way is to find an individual that wants to buy for cash.
Order from chaos
DRich
DRich
Joined: Jul 6, 2012
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June 9th, 2021 at 12:16:08 PM permalink
Quote: OnceDear

Hmmmmf.... I maintain my own wallet. But to convert to and from fiat is not so easy without using either an exchange, or a fiat transfer service like paypal.



The best way is to find an individual that wants to buy for cash. You also avoid any fees.
Order from chaos
billryan
billryan
Joined: Nov 2, 2009
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June 9th, 2021 at 12:32:24 PM permalink
Quote: DRich

The best way is to find an individual that wants to buy for cash. You also avoid any fees.




Great. Now, what do you do with a few hundred grand in cash? Money laundering rules are getting ridiculous. I recently switched some accounts from tdAmeritrade to a personal advisor who uses Pershing for their holding company. Sent over five accounts. Pershing refused to accept one because it had been funded with $67,000 in cash. I have to go back six years and reconstruct where the money to open the account in 2015 came from and show it wasn't drug or terrorist-related They won't even touch the profits in the account..
billryan
billryan
Joined: Nov 2, 2009
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June 9th, 2021 at 12:39:23 PM permalink
Quote: DRich

The best way is to find an individual that wants to buy for cash. You also avoid any fees.




Great. Now, what do you do with a few hundred grand in cash? Money laundering rules are getting ridiculous. I recently switched some accounts from tdAmeritrade to a personal advisor who uses Pershing for their holding company. Sent over five accounts. Pershing refused to accept one because it had been funded with $67,000 in cash. I have to go back six years and reconstruct where the money to open the account in 2015 came from and show it wasn't drug or terrorist-related They won't even touch the profits in the account..
DRich
DRich
Joined: Jul 6, 2012
  • Threads: 76
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June 9th, 2021 at 1:16:26 PM permalink
Quote: billryan

Great. Now, what do you do with a few hundred grand in cash? Money laundering rules are getting ridiculous. I recently switched some accounts from tdAmeritrade to a personal advisor who uses Pershing for their holding company. Sent over five accounts. Pershing refused to accept one because it had been funded with $67,000 in cash. I have to go back six years and reconstruct where the money to open the account in 2015 came from and show it wasn't drug or terrorist-related They won't even touch the profits in the account..



Just hold the cash or deposit it very slowly. Obviously if it is millions it will be more difficult but if it is $100,000 it would be easy to deposit $1000 a day in various bank accounts over 100 days.
Order from chaos
billryan
billryan
Joined: Nov 2, 2009
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June 9th, 2021 at 1:32:49 PM permalink
Quote: DRich

Just hold the cash or deposit it very slowly. Obviously, if it is millions it will be more difficult but if it is $100,000 it would be easy to deposit $1000 a day in various bank accounts over 100 days.



My money works for me. Placing multiple deposits into multiple accounts simply to evade or avoid taxes is me working for the money.
There are ten thousand legitimate ways to reduce one's tax liability. Using bitcoin isn't one of them.
OnceDear
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OnceDear
Joined: Jun 1, 2014
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June 9th, 2021 at 1:33:33 PM permalink
Quote: DRich

Very true. Anyone using Coinbase or another exchange and trying to stay anonymous is an idiot. If you want to stay private you must maintain your own wallet.

Hmmmmf.... I maintain my own wallet. But to convert to and from fiat is not so easy without using either an exchange, or a fiat transfer service like paypal.
Take care out there. Spare a thought for the newly poor who were happy in their world just a few days ago, but whose whole way of life just collapsed..
darkoz
darkoz
Joined: Dec 22, 2009
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June 9th, 2021 at 1:51:21 PM permalink
Quote: billryan

Great. Now, what do you do with a few hundred grand in cash? Money laundering rules are getting ridiculous. I recently switched some accounts from tdAmeritrade to a personal advisor who uses Pershing for their holding company. Sent over five accounts. Pershing refused to accept one because it had been funded with $67,000 in cash. I have to go back six years and reconstruct where the money to open the account in 2015 came from and show it wasn't drug or terrorist-related They won't even touch the profits in the account..



So let me get this straight.

You already are being scrutinized as a possible money launderer with Pershing but you don't like Bitcoin because it might make you look like a criminal?
For Whom the bus tolls; The bus tolls for thee
OnceDear
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OnceDear
Joined: Jun 1, 2014
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June 9th, 2021 at 2:08:42 PM permalink
Quote: billryan

Great. Now, what do you do with a few hundred grand in cash? Money laundering rules are getting ridiculous. I recently switched some accounts from tdAmeritrade to a personal advisor who uses Pershing for their holding company. Sent over five accounts. Pershing refused to accept one because it had been funded with $67,000 in cash. I have to go back six years and reconstruct where the money to open the account in 2015 came from and show it wasn't drug or terrorist-related They won't even touch the profits in the account..


AML and KYC rules a PITA. If asked to explain where £Xx,xxx came from before you can spend it is no different really to having it confiscated or flushed down the toilet. If told by Coinbase or some government, to explain where my BTC or £££ came from, I'd be hard pressed to present an audit trail. So far, one can just say 'I accumulated $xxxxx over 45 years of continuous employment' and that mostly gets accepted. Less easy with BTC.
Take care out there. Spare a thought for the newly poor who were happy in their world just a few days ago, but whose whole way of life just collapsed..
billryan
billryan
Joined: Nov 2, 2009
  • Threads: 179
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June 9th, 2021 at 2:23:57 PM permalink
Quote: darkoz

So let me get this straight.

You already are being scrutinized as a possible money launderer with Pershing but you don't like Bitcoin because it might make you look like a criminal?



I'm not ignoring you. It's just that most of your posts are just non-credible. When,(IF) you post something worth a response, you'll get one.
For what must be the thirtieth time, I don't like bitcoin as an investment. It has zero to do with any of the nonsensical leaps of logic you continue to make.

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