[GeneralQuestions] [EU] Cashing out large amount of BTC

Good day everybody,

just registered here, read a lot, searched for this topic, but the information I found was not sufficient for me, so maybe we can discuss this issue a bit more over here..

As with many people, my ultimate goal is to reach a few millions to live the rest of my life on some spacious island. Currently I am at around 300 BTC from different fraudulent activities, I might 'work' for a few more months to make the 500 complete and let it rest then. I am positive on the Bitcoin price over the next years, and if anything, luck can get me forward my goal. If it doesn't work out, it's fine aswell, but I rather do it 'go big or go home'-style..

Since this might result in a larger amount of cash, I don't really want to cash it out over LBC (or any other shady BTC exchange). Sure, it can work for even larger amounts of money, but with cash transactions larger than 1000€ being prohibited in some European countries already, this is not the road I'm heading. I want to have that money officially, in my bank account, with no questions asked afterwards. (Yes, it's the dream..)

No I am thinking about doing some kind of lottery-style-cash out.

'Hey, guess what I found, hiding for years in my cabin, some BTC I bought over in 2009 from some stranger at a party..'

With my current stash aging for a few years aswell, this might just turn out to be working. This is different than most of the other (drug-)vendors, that try to cash out their drug money, as they get BTC as a regular income. (I guess my trick might only work once, if at all..)

There has been people pulling this up (legit guys), like this Sweden guy from like 2 years ago, that found 2,000 BTC in some old wallet.dat. I reckon with such a high amount, exchangers and tax agencies will take a deeper look into it, looking for evidence on the blockchain aswell.

I would like to elaborate with someone on this. Biggest help of course would be some way to exchange my coins with someone who still has untouched coins from 2009/2010. I looked for something like this, but failed to find anything. And asking in bitcointalk will likely rise questions, since there is no real reason to pay for older coins (except tax-fraud).

In the end I can always just keep my coins. If Bitcoin is still a thing in 10 years, you can probably pay for most things with it, and no one will question 10 year old coins. Depending on the exchange rate though, I might want to exit earlier..

TL;DL: How can I cash out 500 BTC, to have the money in the bank account and have it legit.


Comments


[12 Points] None:

[deleted]


[11 Points] Balloon_penguin:

send it to my wallet and i will send you it all plus 1.2million extra from my nigerian lottery fund via western union


[8 Points] None:

Look if you really acquired 500btc through fraud than cashing it out should be a piece of cake for you.


[5 Points] Str8b8m8ey:

Oh I'm sure this sub is just dying to help someone who acquired their coin from "different fraudulent activities" hide and turn it into cash. That isn't a sore point at all, nope, nosirree!


[4 Points] SpreadItMore:

Yea, I guess everyone cashing out money over here is Kimble/Verto these days...

However, "different fraudulent activities" does not include stealing it from any DNM, but rather from some big companies, that probably don't even care..


[3 Points] meantocows:

I hate to burst your bubble but $120000 is nowhere near enough to retire on unless you're 70. Not to mention if you claim that you "remembered having them" or any legitimate excuse, you will lose a substantial amount to income/capital gains tax (not sure how bitcoin is taxed). Currently you just have a decent starting place to invest or invest in yourself and pay for your own education.


[2 Points] None:

Create a lot of Amazon accounts, and buy $2000 Amazon gift cards from gyft.com for each account. Buy Xbox ones/PS4's/Macbooks, etc. Then sell everything on eBay or Craig's list etc.


[2 Points] pecrophilyak:

you dont cash it out at once. the only way is peu a peu / step by step. anything else is not just likely to raise suspicion -you probably will loose a LOT cuz every1 who could cash out such amount (and wont just take the coins and leave you broke n fucked) will demand a huge fee for this service. and a huge fee is justified cuz it would be a shitload of work to do. bottom line: you should have started way earlier, with every raise of your total coin amount your problem gets bigger too. kinda obvious I'd say.


[1 Points] None:

How can I cash out 500 BTC, to have the money in the bank account and have it legit.

You don't, cash baby or maybe pre-paid cards like those vanilla ones or whatever.


[1 Points] DOGECOINSHOP:

You won at the casino people buy cashout slips all the time


[1 Points] ShulginsCat:

Off the top of my head: Start a business online that buys and sells - let's say - gold bars for bitcoin. This sort of business is perfect for various darknet folks who want to cash out (as in cash) so you might make some legitimate profit here. However, the important part is now you have a good reason to be holding large amounts of BTC and exchanging them for fiat in the bank.

The books would have to balance out, of course. This sort of business is rare online and already smells "funny" even though everything it does is legal, so you can almost expect some degree of auditing to hit you at some point. There is a lot of thinking to do on how to make those books look nice without spending too much % of your actual money on it, and I haven't completely thought of every aspect of it, but hopefully this is enough to get your gears turning.

Good luck and stay safe.


[1 Points] Litico:

Not sure why you're getting so much hate.
But I'll give you my ideas for 1 BTC


[1 Points] motsanciens:

It may take a year, but at the end of cashing out using LBC, you'd have no worries. Some people on there operate by cash through the mail.


[-1 Points] SpreadItMore:

Wow, what is wrong with this sub, I thought I would face some more respect over here, but well, being anonymous takes the better of most of us I guess.......