Log in or sign reddit in seconds. Related communities Sorted roughly by decreasing popularity. Always using tor of course. Despite the fact that this problem mixing not of a mass character, we recommend you refrain from bitcoin until we fix it and post a notice. I wouldn't trust mixing mixers. The challenges presented by various service of caching-out have to be weighed against one another. New merchants are welcome to announce 50/50 services reddit Bitcoin, but after those have been announced bitcoin are no longer news 50/50 should not service re-posted.
The best poker players are not those that go all in and win a huge jackpot, the best are those that are consistent and know what they are risking, so that even in the blackest day, they will still stand stable. If you have enough BTC, you are millionaire already. That has no bearing on Monero. Not sure, but I don't want to over complicate things and make it look like laundering. For example, submissions like "Buying BTC" or "Selling my computer for bitcoins" do not belong here.
That is the definition of structuring. Bitcoin you have a mixing powerful computer that is almost always online, you mixing help the reddit by running Bitcoin Core. It's service discussed many times before, but a crypto-crypto exchange is definitely the most plausible kind of mixer, bitcoin the caveat is: 50/50 say you reddit 20 USD in you bank account after all this. Steps 4 and 5 assume you even want bitcoin. Though, I sure as service don't feel 50/50 one:
Don't want to know why you want to tumble. Maybe try there if no one here can help ;-. If you'd rather not trust a tumbling service you could always make a two btc-e accounts you do not have to provide personal information , send your btc to one of them, buy LTC with it, transfer the LTC to the other account and exchange back for btc, then send the btc wherever you need it to go, should be damn near untraceable.
No, just as easy. But just by involving two different blockchains it allows you to insure you get something else than what you deposited. Also Litecoin is faster confirmation time so it's quicker to mix this way. The parent comment suggest using Btc-e for both accounts which is counter intuitive, two different exchanges should be used for this. There's no point in making 2 Btc-e accounts.
You can put Bitcoin in take it out and you get different Bitcoin. If you want the Litecoin approach to be more anonymous it's a better idea to deposit Bitcoin to Btc-e then trade for Litecoin send those to other than altcoin exchange and trade for Bitcoin then withdraw. I see what you're saying, now that I think about it you are correct.
To be honest it is probably sufficient just to deposit to an exchange say BTC-E and make multiple withdraws of random amounts so that one could not match an address based off of identical transaction amounts within a short time frame.
Sure exchanging to LTC adds an extra layer but if you are sending it to the same exchange with the end goal to withdraw in Bitcoin, there's really no difference, your withdraw is going to be from the same hotwallet. Should also be noted that you can't withdraw from Btc-e account unless it is at least 3 days old.
With Bitcoin every transactions can be traced. It's not anonymous it is however pseudonymous. It's important we can trace Bitcoin because that's how I know how much Bitcoin I have. I know I have 1 Bitcoin because I can tell that someone else had it and where there's came from and so forth.
By tracing every Bitcoin back to its origin we create a currency that can not be counter fitted. What if I don't want you to know where I'm sending my Bitcoin or where I received them from. A tumble is basically trading pseudonyms. Now we take out a top hat and all put in all the money. Now my hundred was split up across various other people. With a computer it's possible to program it so I get none of my original dollars. One of the most secure, professional bitcoin tumbling services is www.
News articles that do not contain the word "Bitcoin" are usually off-topic. This subreddit is not about general financial news. Submissions that are mostly about some other cryptocurrency belong elsewhere. Promotion of client software which attempts to alter the Bitcoin protocol without overwhelming consensus is not permitted. Small price to pay on such as large amount to get cash. Pay a lawyer, pay some taxes and enjoy it. Just indeed don't tell anyone outside your direct family or buy a lambo I should get a lawyer I suppose.
However, no lambos for me. Been frugal my whole life. Someone would have to put a gun to my head to get me to buy one of those! Invest them somewhere else. Put them in a medium to low risk mutual fund portfolio. Yep, this is what I want. No Lambos, no luxury vacations, etc. Just a solid K a year to do what I want. I envy your position and the issue you have.
My goal is to get up to 1 BTC, so far have 0. I say cash a few out, and get a skilled professional and lawyer for legal advice and steps to proceed.
Most importantly, plan your future, and take time to create some amazing experiences for yourself, your family, and love ones. You got the golden ticket. Don't jump into a legal marriage without protecting your empire from being taken.
Also, don't stroll down the deep path of drugs and or gambling. If OP did mine them, then he mined them, whether he can proof it or not. If he did not get them illegally, the state cannot prove he got them illegally.
I am speaking strictly about civil forfeiture laws. I've done nothing wrong so I personally wouldn't be charged. But civil forfeiture laws would, in theory, allow the gov't to take it from me if they have "suspicion" that it's the proceeds of crime. I think this is one of those reasons that people are holding crypto.
I understand wanting to hedge a life-changing sum with USD though. USA citizens are subject to taxes wherever they live, because the USA is really the owner of Earth and can send their guns wherever they want.
Well they would have to have some sort of access to my offline encrypted luks Linux hdd, and encrypted wallet, and they are not getting it from me. Sounds like tax evasion. Not sure, but I don't want to over complicate things and make it look like laundering. This way you'll still be gradually cashing out, but you won't miss out on price rises as much. If you've already moved them from old wallets to a hardware wallet, that's good in terms of keeping the coins safe.
For spending some of them, I'd agree with some of the other posters that you should look to find places where you can spend your bitcoin as bitcoin, without bouncing it back through USD. You should still report that purchase for capital gains taxes, but it will help avoid extra wire transfer fees and potential red flags from your bank? If you have fears over things that can only happen with fiat currency e. What I'm doing myself is diversifying in altcoins but not too many, just 3, the most important ones.
BTW I'm also frugal no lambos for me either! Congrats, and let's use this wealth wisely. Let's use our wealth to invest in things that takes humanity further. Live long and prosper. Sounds like a good idea but how could i buy a house? The money isn't "dirty", which laundering would "clean. I just don't have the proof any more. It's been years and years destroyed. It wasn't worth a whole bunch when I mined them that I didn't care. I didn't even know how to sell them then.
Then after a couple years it was worth more and I took it a little more seriously and experimented with Bitcoin some more. Now we're in and it's out of control.
Sort of ridiculous that I'd have to "launder" money that wasn't illegally obtained. Not saying you're wrong but can't other evidence stand in it's place? Like my personal hobbies, what I studied in college, etc?
Things that could substantiate my claims? Given all that and more , one may be able to see it's possible I was involved in mining. I've not some silk road vendor from years ago or some ransomware author.
This isn't money laundering at all. He can explain he mined them all and that's the legitimate explanation. It's the challenges of Bitcoin that make it difficult--mining pools, old transactions, old wallets, MtGox and other old pools dying off to definitively prove the coins are clean. While I agree to assure you're not screwed by the government OP probably has to do some work, but this is far from m oney laundering.
HODL like your life depends on it. DO NOT cash out unless your life or well being depends on it. Why sell something that's growing at a scary rate for something that keeps depreciating? Because it's value could drop tomorrow?
What if a Core Dev gets hacked? What if one of them is corrupted and the integrity of BTC dies because of it? Slim chances, but I hold more money than I might save on my own in my life. I don't trust placing everything into one system. Some people here are so dumb, you really need to take alla dvice with a grain of salt.
I'll send you a PM. In the physical world I am the only person that knows I have these. I'm a private person as you might imagine. She knows I like Bitcoins and that I have some but she doesn't know how much I have. Well, she doesn't know how much we have. I never told her because first of all I had them before we met. I also never wanted it to become a "thing" in the family.
If I tell her she'll tell her family and news will spread pretty quickly to old acquaintances and distant in-laws. I also never wanted to put burden on her asking her to keep it a secret. She would if I asked, but she is so close to her family she'd eventually feel pressure to tell them.
Speak to someone professional who will help you pay fair within the law. Though, I believe I mentioned that I have no proof. The coins are long away from their original source and most, if not all, have been swapped with new coins. Some of the places I moved the coins to and back from were years ago and gave someone else's coins. I didn't use "tunblers" but that's just what happened. The BTC casinos, especially. I might put in 10 BTC and withdraw 10 to get someone else's coins.
I recommend spending a small amount of cash and unload your story on a tax lawyer. They are pros at this stuff, and they will do two things for you: I'd find a big firm that will have tax attorneys as well as criminal defense and a solid referral to a CFP.
Spend a little bit of your hoard and you will legally unlock the rest of it. Most stories I remember were cops that took money during traffic stops. However, I did hear of some other cases where the bank account was raided because the owner put deposits in like 9K a week for a few months and they thought it was "structuring. It's a little less likely today than it was in the past.
I say presumably, because it didn't matter in when I did so, maybe they care now, not sure. This was not old coin that I had mined with, however, it was LIFO last in, first out money from my arbitrage business. The IRS had no specifications at the time or well, they did, but it wasn't till like early April , they really screwed Bitcoiners over, too so I counted it all like it was business income.
Turned out later on that it was the right rate to use anyway. I did my taxes that way in and never got audited. I also sold a five figure sum in as well and that year also did not get audited. I think this time I'll probably just move the cash between accounts though, maybe use a money order. Still very long on Bitcoin but I take a few profits here and there.
I don't think you are overthinking this. I am not in a similar position, but I would be scared of the very same things you are. I don't know a good solution. Good luck and if you find a solution, please share it then. I'm curious--what's with all this lawyer advice?
Is paying taxes on this not sufficient or do you think OP is going to be seriously scrutinized over these assets? As long as he pays taxes on it he's probably fine. Yeah I mean a lawyer would be nice, but a lawyer would be nice for everything we do in the US--is it practical to have a lawyer hand hold you as you get in your car today because most likely you aren't going to stop for a full 3 seconds before making a right turn at a red?
Some have suggested that a lawyer can hire the right tax advisor to also help save me a lot of money on taxes. But also they say it would be nice to have on on hand to deal with the bank if they question the money. I am getting the sense that for the most part the government won't care that much about my money as long as I pay taxes and I am not known to have or to currently be committing any crimes.
But, the bank s could be a problem since all my bank is going to see in an electronic transfer of a large windfall. That deserves some questions. I would not try to cash out, going back to USD is asking for problems no matter how you look at it. Probably not a complete solution, but you could spend some.
After reading this, I'm in a similar situation here too. Have several hundred bitcoin from the mining days, have been hodling forever.
At some point I do need to consider the possibility of cashing some out, which could be a six digit transaction. Would love to hear what you decide to do in the end and perhaps the results. I'm ready to pay taxes so it's not like I want to dodge the authorities. In an ideal world I'd just cash them out and pay capital gains on them all, but like you I am worried the assets get seized, etc.
You haven't stated one, and it might be easier to think through this problem if you did. II believe in the idea of Bitcoin but I do not feel confident keeping more than half of my money in it. May just buy land rather than real estate because there is a finite amount and it's always in demand.
Can grow trees that I sell as lumber for some additional income. As for goals, I just want to "retire" and live off investing returns. Retiring doesn't mean never work again, travel for life, and party. But, I just want to do whatever I want on my own terms. Work if I want, quit if I want, travel if I want, or take a nap when I want. Both situations have the same outcome, but one of them makes you consider the risks of placing a large some of money into one idea.
I support Bitcoin and some alts, but it's not wise to keep a majority of your net worth into one thing. Hackers find a way when they associate a name with a large bitcoin wallet. Not saying I am not doing security properly and plenty of people let others know they have a lot of Bitcoins, but I'd rather not risk it.
What's the big issue here?! Sell a part of them and pay your taxes and you will be fine. If I were you I should have done it by now. About the civil forfeiture: In fact, donating money you'll never need might be the best, as this is a good way to feel happy. There's a lot of research in how to donate, why one should donate, etc, and assuming you're at least a bit into 'overthinking' stuff I'd be happy to provide more details.
That part, I know. But, I've read too many stories about "civil forfeiture" where money is taken without pressing charges on the individual that possessed it. I agree that taxes are not your problem - the risk of civil forfeiture is what you need to worry about.
CF is the real bitch. They will take your money and make you prove that it was earned legally. They don't need to charge you with any crime, never mind convict you. If you really have as much as you say, then you need expert advice.
Cash out enough to pay for it - it will more than pay for itself. I wonder if an offshore bank account would help with this.
Of course I'd report that I have such account but have it somewhere that would both accept my money and not comply with US laws that demand the funds be seized in the event of an attempted CF. Have you ever read of a civil forfeiture of electronic funds? All the cases I've read about it's been a person pulled over by the cops who had a large amount of cash on hand.
It's an issue because the cops can take the cash and basically say, "You have to prove this is yours in court and then you get this back. In your scenario, you have the funds in a bank. The only way the government could get that money out of your bank is if they had a court order. So they'd have to go to court and get a judge to agree that there's sufficient evidence to warrant such an action. I can do some research though.
I'll likely hire a lawyer and such, but I guess the difficult part would be convincing the banks that my money is legit rather than worrying about the gov't stealing my money? True but if it's that big of an issue, then people left and right would be getting screwed. Yes, people get hit with civil asset forfeiture but it's not as common as you may think. Cops don't pull you over and check your wallet and pull cash out.
Most of the time it's more like they pull you over, you have expired plates, they smell weed on you, pop your trunk, find a duffel bag of 10, cash and then seize it. Yeah, but at the same time that's not the same as walking down the street blending in in NYC and then getting randomly stopped and money stolen out of your wallet by the cops.
I think part of this is depending on how big of a sum you're cashing out. If you're cashing out several hundred of the total several hundred let's say out of BTC , then yeah you might want to get serious financial advice. Either way, I think it would be worth keeping this sub updated as it seems this topic gets debated from time to time with no real resolution. I have an inkling you might be overthinking these large transactions. Regular transactions between brokerage accounts and bank accounts of 6 digits happen on a daily basis.
People cash out their portfolios for large purchases homes, cars, etc. Thank you for the advice. Yea, I could be overthinking it. However, I do not have a social circle that includes people that make 6 figure transactions. Everyone around me is "average" or at least "above average" in terms of salary, assets, banking, etc. So I do not really have anyone I can look to that would help change my thoughts that 6 figure transactions are normal.
Sorry I can't offer any advice and I only hold a relatively small number of coins but good luck with whatever happens! Take his advice, which will undoubtedly be to pay your taxes on whatever you cash out. I'd bet you are looking at standard long-term capitol gains tax. A financial consultant may be able help you shelter some of your earning from the full tax. They could quite easily save you far more than you would pay them.
Yep, want to pay the taxes. Well, not really, but I am not interested in complicating things more ;. If you trade them via an exchange or in a manner where the transaction registers in the banking system and KYC, your real problems and worries begin. The stance of govt on Bitcoin is not threatening now, but that could change. If you ask Andreas Antonopolous, it will change - and for the worse. While I am a pro-privacy which should be obvious at this point, how can I sell hundreds or couple million for cash and not face more problems?
The challenges presented by various methods of caching-out have to be weighed against one another. You can mitigate the dangers of receiving large amounts of cash in a public place, but it is more difficult to mitigate the outcome of govt coming for you.
I would like to assume that if I just pay my taxes, I'd hope the gov't doesn't harass me. I just worry about so-called civil forfeiture laws. True for now, but who knows about tomorrow.
But, I am also no longer wanting to keep all my eggs in one basket. The blockchain record should back up your story, don't worry. Cash some out and enjoy. Pay taxes and be as forthcoming as possible when audited, it will be fine.
The blockchain would if the connections still existed. They have ALL been moved around between various BTC casinos, trading alts, and other systems that often exchange or otherwise obfuscate the origins. I've had fun with tumblers, JoinMarket, etc. I've done it all. Now, I realize it was a terrible idea to lose the trail. Don't worry too much though, tax agencies care more about getting paid than stuff that looks dodgy.
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Become a Redditor and subscribe to one of thousands of communities. I have no e-mails, no old wallets, etc Or, am I overthinking this? Want to add to the discussion? If so, how well is that working out so far? I hate the government sometimes I'm not a US citizen but we have similar laws. TBH that probably should have triggered some automated system.
If possible buy things in Bitcoins. A few BTC is live changing, you can build a small empire with that imho. Will have to pay capital gains. Long-term, to be exact. Don' let any buyer know that you have a large stash. Great suggestion, thoughts on joinmarket as another option? I never knew that! Definitely gives me something to think about. Pay tax, enjoy the profits instead of living the fear of tax fraud and jail.
It's a long one but I read every word of it. Why is strategy is good is for 3 reasons: Also have money under your hand case you really need it emergency situations You have your BTC, which may rise of fall, but obviously the risk can be worth it. If you however wish to stay where you are, Make sure to get a lawyer Pro tip: If everything goes smoothly, do the rest You are not required to pay any taxes on Bitcoins you have not deployed.
Forgot what a shitty country the U. It becomes a problem in instances like this. I could be wrong, IDK. But, I have to be honest about the funds. Yes, an expensive one. All of us would want to be in your position: With residual income coming; start working on something you've dreamed of.
Find out a way to live on btc. Good luck and good job. Unlikely I guess but I have heard of this happening to all sorts of random people.
Or, maybe I'm not. Bitcoin has the potential to grow much more over the years. Also, pay your taxes on capital gains. If you put it into a bank account AND pay taxes on it, you should be fine. Without revealing any personal details - why? They'll go back up. So here's my tl;dr: Then get your lawyer to hire the financial planner. Good luck, and keep us informed.
Any advice on how to find a good one? I Never hired a lawyer before. Long story short, you're overthinking this. Your money is safe. I think you could easily find enough people here who want to trade cash for btc Sell us those bits, op. But until then I am doing nothing until I can solve this.
Hodl until you can pay your bills with digit satoshis. Or sell to an OTC broker who might also be able to do a cash deal. Think big, you're holding a generous amount of the world's most valuable commodity.
6 Sep And stealth addresses in a system where others addresses are public has a weak link in those public addresses. And confirmation times with Monero are faster than bitcoin, so any bitcoin mixing service to unlink transactions will be a lot slower. Allow me to reiterate that Monero does not use mixing. Please avoid repetition — /r/bitcoin is a subreddit devoted to new information and discussion about Bitcoin and its ecosystem. New merchants are welcome to announce their services for Bitcoin, but after those have been announced they are no longer news and should not be re-posted. Aside from new. 12 Jun I have a few hundred bitcoin from mining back when it was possible with a CPU and GPU. I never told Never said much back in the day because BTC was so new no one I knew would care. Now I don't As for why I want to take out 50%? Because 50/50 is how I feel about BTC right now. I want some in.