Bitcoin Forum

I have 1600 bTC. I don’t know what to do with them. Should I take them out or should I keep them? I had the coins since 2012, I had over 5,000+ but all I can remember is this account. The best advice will get some of my coins. Please let me know what you guys think. I was thinking the following:

1 - take the coins out via MTgox or bitstamp as I have registered with them and pay the 5,000 commissions to cash my coins out
2 - set up my own site via a PHP developer and cash out
3 - use the coins I have to buy and sell, i.e. buy high and sell low in the market (could have made $300,000 today)
4 - buy items with the goods and sell them in real life
5 - make my own site like localbitcions and pose either as seller or just use localbitons services
6 - start my own bit coin gabling/betting site
7 – make my own bitcoin currency
8 – spend my money on LTC and namecoins

I have a few more ideas but I think these were the best. I live in UK and I think there a tax law comes in to place in January. But the coins usually go even higher then you can think when there is a crash.  But if the tax law comes it mean for sure BTC will not be anonymous and therefore lose one it highest traitors, maybe namecoin will be market leader one day?

Please justify what you say and I know you guys are smart are there so, tell me what you would do if you was me.  If we go with option three I will pay up to 20 people to give me advise when to buy and sell and give them all a very small cut of the profit.  I am also stable I don’t need house or anything. This is change I have that I want to use to change my family life before I die.

Whatever you do, avoid MTgox. It is one of the hardest place to get usd out.

Sell on bitstamp slowly 5-15 BTC per day because if you sell to much on one time you will not get what you want.We can talk over email if you want for any help or info.My email nikola.kutnjak2@gmail.com

1MY8JmG3Jtpx15uk28MJmwp1Ju8JNRfvPP

I am in UK, I have used them to buy the coins from them first but got very creped out when they asked for ID and I stopped buy coins after that. Since then I held on to them.

There pervious Barclays bank account has also been shutdown since then. I can ask them to pay via there Polish account. Is that a good idea?

I really don’t know what I am doing and just don’t want to regret the chances I got right now.

Here's what I woul do:

-Sell for cash (lucky you, it 's a lot of cash): 20%
(I would wait for best price, probably in vacation when people have more free time the demand and price will go up)
-Invest 10%
(stock markets, Bitcoin investing, whichever you prefer. I personally like NASDAQ, but that's just coz I'm kinda geeky...
-Trade for LTC: 10-15%
(probably going to increase value in the next few months)
-Trade for gold: 5-10%
(always a stable value)
-Maybe buy a bit of Primecoin , Peercoin etc.: 0.5% to 1% each.
-Save the rest (at least half) if you don't need the money right now.


I wouldn't mind some tipping ;)

199C1VPWK6GSsHjsHagn4Pj9zRAb5P9YWr

Additionally, if you are really wanting to start a business with your BTC's, I would go for starting a small-medium local BTC trading business. New people are interested in buying bitcoins every day, and if you can find a place with a lot of traffic (physical or online) it won't be a bad idea.

Hey buddy thanks for that and that super kind of you. To be honest if I have the money $1 mill I cant have just sitting in my bank doing nothing, I have not verified bitstamp either. Do you know how long they usually take. Plus if I am I am going to sell them should I just not do it on local bitcoin, it would be much quicker and faster and I charge a higher price. i.e. make up for the loss?

I see the line that says "I need 1600 BTC'.
I'm out of here.

I have 21 million BTC, I don't know what to do with them either.

Sell slowly at localbitcions but only after price stabilizes above 1000 USD.
Spend some coins buying things you would buy anyway with fiat.

Selling all coins at once at exchange is sure way to tax your income

You claim to have 1600 BTC, but only got 1 post. Right, I can suppose you want to stay 'hidden'.

Your from the UK? How old are you if I may ask, because indicating from your post it doesn't seem like you are from the UK at all.
If anything, you seem like your from east Europe.

So, I think this is just another troll post.

They verified me in 4 days.It was 1 month,ago.I dont know how long takes its now.Its a better option for you to sell it on localbitcoins you just need to find the best buyer with the highest price.

thank for the help buddy but, If I have to cash it out I rather buy a flat in Chelsea and leave on rent. To pay for my son wedding and to have a home when I die.

Should I just buy and sell use the Mtgox and use the feature to buy and sell the coins at certain price?

Honestly I think the reason why LTC is going up is because people are investing hoping for the same thing to happen like BTC but I think the reason why LTC wont go up is because no active drug site will use them. Atlantis was the only one and when they were in operation the price of LTC grew.  I think if was to get implemented in a site, it will increase the value.  But I don’t know it may work like magic for the LTC,  I think namecoins has a better chance if it was used alongside PGP.

Gold is a good idea. I could also keep that in a bank safe. But I could get more money just buy renting the house or even giving my money to the bank.

Do you think the BTC has reached it peek at $1,215?

Buy all alt-coins with 5-10BTC each from Btc-e and save them in paper wallet. And save rest BTC in paper wallet too.
And when you want buy something cash out for it and hold rest until BTC became worlds main currency, and BOOM you are top 100 richest man in world.

Feel free to donate, respect:
1Agy5BVCxFHi34nJxPdggyAoGh4XLAwbdP

no no buddy come back, i need your brain!!

Gold isn't stable at all. The price has been dropping for ages.

Invest 5-15 BTC in CGB. Price is going to jump with Madesparq soon

Any chance for tipping? I need a .1BTC if you're feeling generous lol

Take it and live a good life for ever. dont be greedy,and dont take them all out at once. take out 1 BTC at first,than the rest if it works out. good luck  :)

Don't cash out all of it, take a large portion of it and convert it to fiat and use it for whatever you want. I suggest starting a website if you're down to gain more BTC, as it's one of the most profitable. I have ran several BTC-related websites and I would say it's quite profitable. Good luck to your endeavors.

no offence taken matey. i am 15 going 16 strong from Poland here my wallet check it out on blockchain

1GDCa1L4Z8DBZQv8gWK8k1HZkMdFy4mbGU

I understand the way you see it.

Here are my main concerns:
.
Mtgox will literally rip you off with fees. So will bitstamp. I beleive you already know that, so here's my solution Find a local dealer and see if you can negotiate fees with him, based on the large volume of BTC you are willing to exchange. You're probably best off like that.

The flat idea sounds great, but I wouldn't do it unless I can find someone who will accept BTC's as payment. Again, passing BTC's to cash will fry you in fees, so see if you can find a dealer working with bitcoins.

You are making a good point on the durg market affecting the value of Litecoins. The way I see it, Bitcoins have reached such a high price that public is shifting towards more affordable cryptos'. Whether they do it hoping for their value to rise or for the sake of convenience, we would have to run a poll around here. But there is no doubt that, if the LTC demand rises, the early bird gets the coins.

As for the peak 1 at 1215, it depends on how much of a long term you are willing to work on: My beleif is that during vacation, and especially with Christmas sales having already started in some places, the price of the bitcoin will go up. If you want to work on a monthly basis (short term), BTC will probably reach that price again by the end of this year. If yoo want to work on a yearly basis, then certainly BTC will surpass 1215 a year from now.

Hope it helps you make up your mind!

P.S. I took the liberty to check your balance, congrats on such wise investing!

199C1VPWK6GSsHjsHagn4Pj9zRAb5P9YWr

Gold goes up in the long term, its not been great the last couple of years but Im sure most think its still one of the safest investments.

Millionaire at the age of 15. God damn.

thank you for your answer

1.  i thought so too but it just be less headache, but you are right but for 1 mill
2.  i was thinking a site like mtgox,bitstamp or localbitcoin
3.  The thing is I don’t know what I am doing so, if you tell me how much to risk. Ill pay you 2% on the profits and more deepening on how much I make
4.  I may buy thing but when I sold them on ebay I would have to pay tax so i kind of lose out
5.  How much do you think a site like this would cost to make and how long would it take?
6.  But what if I used the new site I make to sponsor it? Would that make a difference it is like a 2 in one site.
7.  I can see the risk, but how much does this cost to make.
8.  the only way I see LTC going up is if it on a drug site.

Yes you are correct, but I just want to pay the capital gain tax, so I could keep the money to buy the flat in Chleasea it for over £50,000 I think. So will be heavy tax. But in January I have to pay tax anyway right?

I can suggest you several legal ways. You can pm me with your freenode info to talk about it. Here are some ways to get you started.

a) Buy money making assets that will make you money on autopilot for months to come. Money will come via fiat, so that will be legible income. Sites such as flippa.com sell profitable websites at the right prices, but there are better options how to buy websites. I know how to do it the right way because I've been buying and selling websites since a long time. I have major online marketing background with 5+ years of experience.

b) Acquire a lot of cards (I can tell you which ones are best) and accumulate them. Then sell them slowly over years or even use them to buy stuff. Those cards will always stay the same in terms of fiat value, so no risk for you or your family.

If you are interested, let me know

as we speak i am watting to be verifed. i was going to use them as Mtgox not the same no more. but if i sell them on localbitoins, i would be making a loss right now as they could be worth more. the thing is i dont need the money but i dont want to lose it either.

If i were in your place,  i would distribute coins like this:

1/10 - Sell in some good exchange (bitstamp, BTC-E) in small amounts
1/10 - Buy LTC mining Rigs with use for mining LTC an other cryptocurencies
1/10 - Preorder KNC future 3TH miner or 10 of these. They will have great resale value and they will definetly get back BTC you invested.
1/5 - Buy LTC and hold, it will be released in several big exchanges, so value will be up soon.

Other BTC just keep for future, better on paper wallet. You can see how to do it blockchain.info, but better do it  with armory.

I hope you got the right answers you looked for.

I will appreciate if you help me with some coins, for a very good advices: 16PfoGgnoX4FJwcuPtuypVHYi9A86DWXde

I concur with this statement.  I have been waiting over 6 months to receive $1500 from them.  Their support "promises to send it soon" everytime I ask.

Keep calm, this is still a big load of money.

Since you are this young , you may encounter some problems with cashing out large sums. ( At least this is what it would be like here in germany.)
Your Bank would probably tell your parents and you may not have control anymore over this money.

So you have to be smart about it , and while its painful to see it dropping wait a bit.

Cashout a small amount that you feel comfortable with having on your bank account via bitstamp.

Like others pointed out , use localbitcoins for some additional cash.

I will not advise you on any altcoins because you probably can loose a lot of the money there.

Hold the rest until you have an age where control of this money is guaranteed yours.

so you are the 500th wealthiest wallet out there (check http://bitcoinrichlist.com/top500)?

blockchain says you have 2270 BTC


wut? have you at least tried to recover them?


if you are not trolling (which I heavily doubt) then you should take one third to enjoy your life, third to establish a business and third to keep for future.

The BS is strong in this one.

Congratulations if this story is true!

Bitcoin is a very volatile currency, and it is probably a good idea to bring in part of your investment. However, I would still recommend to save most of your coins if you do not want to use them right now. The expected return is much higher than that of gold or similar commodities.

As for the money transfer itself, you can use services like XMLGold (https://www.xmlgold.eu/). Alternatively, you can buy anonymous credit cards in this thread (https://bitcointalk.org/index.php?topic=280107.5). This way you can avoid taxes altogether, if that is your desire.

DUMP YOUR COINS here! (http://dumpyourcoins.com)

http://dumpyourcoins.com/images/DumpYourCoins_Logo.png
 (http://dumpyourcoins.com)
 ;)

So will you share some coins to people here, who helped you to decide?

yeah I really would use some help, but tipping is absolutely voluntary regardless of balance.

 ;) 199C1VPWK6GSsHjsHagn4Pj9zRAb5P9YWr ;)

I already gave some good advices, can give more if you are generous. Everything between 0.5 and 2 BTC is welcome: 16PfoGgnoX4FJwcuPtuypVHYi9A86DWXde

Don't throw to any options. Just wait.

You will get better idea. My suggestion is to just go on brainstorming yourself.

Spend or sell only little to make your life better now and keep the rest, Bitcoin has great future as online paying network

Okay the easy solution is.. donate me 800 BTC and let me  participate in your "what to to with my coins" problem ;)

Congrats on your success, but don't sell them now they will comeback to $1k+ on sunday/monday

And avoid to put all bitcoins in one online wallet, you never know how scammy they are.. also safe your encrypted wallet on a USB stick, i don't want hear a sad story again about losing all

If you invest in altcoins then pick only the good ones, not all altcoins have a future ( most of them are useless and will die )

By the way, what happened to your other 3500 coins? And how the hell did you reached that... and HOW THE HELL you can forget about your account with 3,5 million dollars on it


God i am so depressive because i missed this BTC train.. 1600 btc.. lol  :o  i would die for 0,5% of it to build up a roll with trading..  :'(

can you loan me some coins to trade? :) ( yea i know you won't because its my first post here, and i just realized that i only can post in newbie area  ;D )


feel free to donate or loan me something, cheers mate 18gVdzbtCs7Us9judWvx6RJdm3gt6F6ADU

I'm afraid you're going to have some issues if you wish to cash out.

You're considered a minor under UK law so you'll need a guardian with you to either countersign or to get an account that will accept large volumes of cash.

As others have suggested, you might want to diversify so that you don't have all your eggs in one basket.

Keep investing until you're 18, then you're old enough to do everything yourself.

Hey richforeveroneday send me an e-mail i have few suggestions for you im almost same year like you, but i have a lot of experience and im pretty smart my e-mail : netolka4@gmail.com

Send it to my BITCOIN SCRAPYARD ;) FREE yourself of burden of having property ;)

Keep them. If you are 16 then you will be amazed at how your priorities change over the next few years.

Hello richforeveroneday,

My advice to you is:
1. Sell ​​37.5% of Bitcoins, around 600 BTC. This will bring you around $400 000 - $540 000. Sell ​​them to a series of 100 BTC in different market: MTgox, Bitstamp, Bitcoin.de, Kraken etc. (Bitcoin.de will pay you very quickly)
2. Half of the money, i.e. $200 000 invest in your education! This is an expense that will bring you income and security in the future, trust me.
3. With the rest of the money, i.e. $250 000 - $300 000, open your own Exchange! Money will get you to hire professionals to do your Exchange similar BTC-E, keep it at all costs and for at least 1 year of work by this Exchange. On it you can trade in addition to basic BTC, LTC and some of the alternative coins.
If crypto coins rise - you win 0.2% of turnover.
If crypto coins fall - you still earn 0.2% of turnover

In the last 24 hours, BTC-E have a turnover of over $160 millions! At 0.2% commission they have earned $320 000 for 24 hours, not care if the rate rises or falls!

4. If you do what I suggest, You'll stay with BTC 1000. Convert 25% thereof, ie 250 BTC into LTC.
5. The most important: Enjoy your life. You are young and life is ahead of you.

Whatever you choose, I wish you luck!

If you like the suggestions can you make me a small donation, it would be a great help for me (I do not want to beg, so I will not bother the audience with my life problems) .

donate BTC: 1346bV8xbJxxenEJRWfoaTm38pa2hpqjEc      

Wait for the current price to stabilize before considering to sell. Today price movement are just crazy

I would backup my encrypted wallet to several USB sticks, memory cards and also burn it to CDs / DVDs. Keep them at secure places. Also consider renting a safe deposit box at your local bank.

Then I would just sit on them and get on with my life. 1600 BTC might be considered a fortune right now, but their value will almost certainly increase ten-fold in 5-7 years. AND, by that time, I'm sure cashing out will be infinitely easier than it is today. Yes, you might get hit with taxes, but I'm sure you won't care at that point.

Mail me you'll see ;-)

Please add me on Skype. I would love to suggest a few ideas. ryan.keenan.11 - Legit guy here. http://www.linkedin.com/in/rykeenan/

I think the best thing to do is donate 0.5 bitcoins to everyone who has replied here so they can buy a PS4 for christmas!!  ;D ;D ;D

1HhJ4NyDPss6TYm9Qu8zbo9kxUSCKNPhnM

You could use them to buy real life stock and sell them for cash but the only things that really hold their resale value are drugs and i'm not sure you want to go down that road? (unless you want me to be Saul??)  ;)

What about using them to start a portfolio investing in small businesses/ websites? That way you distribute the coins out efficiently and will get a "real-life" return from stocks and dividends?

Bardzo ładne, bracie...

dobra robota! Szkoda, że ja nie zainwestował jak tykiedy byłem 12 x)

If you're trying to sell you could consider going through coinbase. Wont get mtgox prices most likely but it's crazy convenient / secure & very minimal fees. no 5000 comissions

This, it would be best spend Bitcoins, and you could feel much better.
If not, hold tight, Bitcoin will have much higher value one day I believe

O yeah

https://blockchain.info/address/1GDCa1L4Z8DBZQv8gWK8k1HZkMdFy4mbGU
0a10f3e97dbc7d43a6404f73af790bd2a85ab58155abb85795df156212320ac7(Fee: $ 0.00 - Size: 1303 bytes) 2011-02-02 22:19:22

Ok, I have a hard time believing you were sophisticated enough to obtain 1600 BTC and really have no idea what to do with them, but here goes...

Congratulations, you're rich.

As a 16 year old Pole living in the UK I think you should probably tell your parents or legal guardian.  My guess, they will be thrilled and parents usually have the best interests of their children at heart, even if it doesn't always appear so.

I concur with all the suggestions for Local Bit Coins but I doubt you'll be able to move your horde too quickly that way.  Coinbase is good, but you'll need a bank account and since they are fairly legit, may at some point face taxation issues if you go with them.  Bitstamp is good for the EU I'm told, but have recently bumped up their documentation requirements, and I would stay away from Mt. Gox except maybe for trading.

You can liquidate a few of them at places like Gyft that will sell you gift cards or other easily tradeable items, e.g. silver or gold coins.

Longer term I could not agree more with the suggestion of investing in your education, but I would not start an exchange, or any other BTC site, until you are a competent programmer, and, no offense, if that were the case you wouldn't be legitimately asking about this in the newbie section.

Good Luck and enjoy your newfound wealth!

Try https://localbitcoins.com

I would most definitely invest as much as you feel comfortable in WDC today.  Like in the next 5.5 hours.  China is adding WDC to BTC38 Exchange today at 3:00 PM Shanghai, China time.  Whatever you do not feel comfortable putting in WDC ASAP, break into fourths;  One fourth for debt, one fourth for future, one fourth for savings and one fourth for fun.

19r39gqy2PPm4izLXLNbW72riQz4maqRgF

Thank you and good luck!  Striking it big is a great opportunity to see just exactly what kind of person you are.  You get to see the parts of you that change because of money and the parts of you that stay the same because they are what actually defines you.

With your age, you can sell Bitcoins only for cash, try look at localbitcoins for buyer

Guys aren't you ashamed of always asking for tips and butt-kissing users who have an abundance of Bitcoins?

What did this world come into  :-\

1600 BTC holy smokes, i think i def would sell 50% and use some capital to start up a business in any field that would accept BTC, also for the other 50% i would just sit on the as you are freerolling and could worth much more!

You should bet them all at http://www.betyourbits.com

:P

1600 btc?  Wow!  That's 1.12 million USD.  If I had that kind of money I would cash out for now and hope to buy back lower.  "You can never go broke taking profits" (as the saying goes).

Another saying is that if you are losing sleep at night b/c of a trade or investment then that trade is too big.

But don't take my advice.  Its your money, you need to do what you think is best for you.  GL

I checked out this site.  Can anyone tell me how much these btc numbers are in USD?  16mBTC, 14mBTC.  Much appreciated.

About $10. In general, you can substitute mBTC by $ for a good approximation.

I think you should take this (bolded) advice.

man, i only want 1/3rd of 1600 BTC. like everyone says, try localbitcoins and gradually withdraw. with 1600 BTC, you may be set for life.. as long as you use your finances wisely.

your best bet would be to cash out 1btc a month and live of that money and as bit coin rises over the next few years your monthly money will go up

I can give you what ever info / advice you need just shoot me a pm

( I do not want any money / bit coin / payment I just don't want to see you get screwed over )

1.  Talk with a CPA or the equivalent, and get a professional opinion about the tax situation coming up next year.  Don't do something because of rumor or a mistake.
2.  Read about the Winklevoss SEC filing.  In particular, see if it is possible to put a lot of the bitcoins into a fund that in turn can be put into a tax sheltered retirement account.
3.  Do something good and important with some of the coins.  This depends on your own personal interests.  Perhaps help a college, or a charitable foundation that works for some cause that you think is important.  My own cause is related to domestic violence / violence against women because my daughter was murdered by her boyfriend.  
4.  Again, talk to the CPA and find a way to withdraw the money over a period of years with careful attention to the tax situation, but enough money to pay your minimum food and shelter, but no frills.  Get a job for the frills, let the bitcoin keep growing.
5.  Don't try to do currency exchange.  If you ignore this, get a practice account and after you lose all that money then do not try to do currency exchange.
6.  Invest in something that will help the bitcoin community.  Pay to develop software that does something important, or help start a bitcoin economy in a small town.  For example, I live in an isolated town of about 5,000 people with about 1,800 students in it.  A donation of a few hundred bitcoin spread among several merchants and all the students could dramatically increase the future value of bitcoin.  Find a similar situation and support it.

sorry to hear about your daughter.. that's pretty messed up. anyways, that's solid advice.. i'd consider all of them.

the Lamborghini dealership in LA just sold a car for bitcoins so there you go. also, I've got Polish in me. in fact, funny story, when my ancestors first came to America on the boat their name was L***dinski, but the US customs people or whoever was like no fuck that, from here on out it's L***dinsky. I know you probably want to donate now, but my coinbase wallet isn't activated yet.

Gold isn't so stable, but dropping for ages uhm... maybe someday will go down but not in short-term: http://www.kitco.com/scripts/hist_charts/yearly_graphs.plx

I would take 75% out of BTC and diversify it. put some in real-estate, Altcoins, and maybe a small bisness of your own. In order to live continualy threw retiernment you will need cash flow. Do you really want to put that money in the stock market? you trust those guys? property you can rent out will generate a decent monthly income. You can even farm out the management of those properties for 5-10% rent cost per month.

Do what you feel is your dream, find something you love to do everyday and make it your carrer! you have the money to do it so live your life the way you want!

I wont past my address, I would feel like a mooch  ;)

-Crazy

Hey try to buy an apartment and rent it out. That way you have steady monthly income and you have a house to stay. Also buy windmills and solar panels for free electricity.  :D

Sell some Bitcoins and keep the rest for future. Register at localbitcoins and become seller

save as much as you can, cause we're going up to $20,000 in the next 2 years

sell them
  ;D  ;D  ;D

This. If you wait few more years, you will turn 18 so it will be much easier to sell the coins + most likely higher value

You can sell me 10 in exchange for my recognition and gratitude
    
                                              :)

INVEST!

There are some good alternate coins out there that would love you on board. I recommend stablecoin or worldcoin because I really believe in them. But there are a ton of other coins you should look in to and make your own decision.

You had the missing BTC in Bitcoin-qt wallet or online (exchange, mining pool) ? It would be worth to figure where you have the remaining BTC

It's interesting to read this story.
What I would do is pretty simple:
Withdraw 2 btc per month.
When you get 18 you can do anything u want, like buying an house for btc or so.
Invest in LTC,they will rise.
But I highly doubt you personally bought 2000+ bitcoins. you were 13 yrs old, who gave you all that money?

To be honest I think the reason BTC went up is all to do with Silkroad site. There is a good chance LTC would go up, if major BTC vendors support them i.e Mtgox etc. but alt coin? I don’t know what makes this better then BTC? sorry if i sound rude i just want to know what your thinking

This is some advice that might save you some headache: 

Contact BitPay and see if you can't open a miner's account.  This will allow you to cash out through BitPay, bypassing the exchanges entirely.  Talk to them about the amount of BTC you may cash out at any given time and see if there are any transaction limits.

This will allow you to do several things:
1) You can cash out without worrying about the clusterfuck that occurs on exchanges during massive swings.
2) You can cash out without having to hold your funds indefinitely on an exchange.
3) You can let BitPay credit your bank account via an ACH transfer rather than waiting forever for exchanges to clear a wire transfer.

WOW I am replying back to all your guys one by one. They’re some very good ideas here for sure, but I need ideas that require thinking out the box. But some of them I have issues with and I will explain why and if you could please tell me if I am wrong in what I am thinking.  

Thank you so much guys for all the love and support, keep up the good work guys xx

Yeah that true but if you have gold it will be worth something if you need hide in a park or something. They’re no telling with BTC. All I know is one day these Mafia cartels will know using BTC they can use to launder and trposrt cash to different countries without customs catching them (which is major issues and has not been perfected yet). But LTC can be used in the penny like we have in pounds, which can be used in today society for small purchases like beer or pizza.

1£ and 2£ are BTC

1p,2p,5p,10p,20p,50p are LTC

But with gold it should stay as there only a limited amount in the world.  But does gold get formed due to volcanic activity? If more occurred would that decrease the gold value rate?

No, mBTC are for that.

what is "CGB" and "Madesparq". please explain more and why you think this.

I really wish I could but all my family is poor and on befits before I help myself. I have to think of them and the charity too.

But if I take them out one by one I could easily because the price is very low right now.  It would be better if I sell them on localBTC at higher price. But being new and charge a high price will mean no sales. What do you think ?

just cash out as you need the money or cash out a few each time you think its at its peak :)

I love that idea mate, but I don’t have to cash out all my money or anything . as I have such a big amount I could just easily buy and sell (high vs low) them and use the profits to buy a flat and leave it on rent.

If we was to start a BTC site what do you have in mind. Also what kind of BTC sites have you run before? And which ones did you get the highest and quickest turnover with?

they have slovenian bank account (Unicredit) ;)
SEPA withdrawal will work for you.

I love this too,

You are right they are expensive but if I just used Bitstamp just to buy and sell my coins, when the coins are cheap and sell when they are high. Put the money aside like in a new wallet and cash that profits out to buy my parents a house or myself a new development project of flat. So the flat not ready and give them my funds as deposit and when the flat is ready I would have bought for much cheaper the flat. Then I would not have to worry paying in BTC ill pay in £. But I know the fees are a killer.

Also in regards to local dealers I don’t trust them. I would be lucky if I make alive when they see me. But LTC could be the future, If this and namecoin was to be implemented in a drug site it would make the price rocket at least to the £70 or £110 mark maybe. I  also believe that the use of namecoins would make harder for LE to obtain the money, so may be this is better to invest in?. LTC is the same as BTC it just has a different name and right now it going cheap.  I think Atlantis (ex number 2 drug site) was the only site that used LTC and now they are not here any more, so the price may be stable till then. I also believe that was the reason why LTC was worth more then a dollar. I also think that LTC is gone up only because investors believe that it shoot up just like BTC and is very likely to hold as it will stay stable and also when then biggest investor has sold their LTC they big a panic sale and other people who have paid more for them now would lose out. Am I right?  . But we all know in our hearts that BTC increase in price had allot to do with Silkroad and for the sake of LTC Atlantis could be the reason.


I really like your critical analyzing and style of smart thinking.  I could just hold on to them and just wait more. But I do agree with you that the drug users need their medication and this should increase the price of the BTC, as it does every year.  In that case I am better of buying more with the money I have left over.  But I have faith in BTC. Every time I see the market crash it always come back much stronger.  I think this like the 4th time.

What do you think mate. Am I wrong?

True but does more volcanic activity decrease the value of gold? I have been told that the BTC are worth more then apple shares, Google and gold shares. Why do you think it safe to invest in gold? Isn’t the price of gold not stable yet I thought it was decreasing? Please let me know what you think?

Only cash out what you need for your personal spendings and maybe some other values you can easily buy like gold  and build up your reputation on localbitcoins till you are 18. When you are 18+ sell a larger amount of it and buy a house for you and your family. If you want to invest in mining or try investing at the stock markets use small amounts for testing till you convinced yourself that it is something you wanna do longterm.
You also need to check out what happened to the price of LTC and BTC after silk road and atlantis were closed. ;)

Good idea mate. I am verifying with both them as we speak.
I don’t need the money but my parents are very old and have worked all their life. Even though we have like a hate and love relationship. I do love them lots and I want them to be proud of me.

The reason why the BTC were cheaper is because not allot of people knew about. You would only know about them if you was an investor and read this forum or you used Silkroad or similar site for illegal services. What do you think? I think that why the price jumped and went down when big coke and heroin vendors cashed out.

wow, i thought they were the best. are you vefired with them? or there no issue that you know of.

1. that could work
2. that sounds even better but does LTC have any real value now that atlanlts is not here?
3.  what are "KNC future 3TH miner "? sounds good but
4. why should keep in paper that how i lost the old ones.

please let me know what you are thiking

A lot of people are telling you what they "would" do if they had 1600 BTC - invest 1/5, buy mining hardware with 1/3, keep 1/29 in a paper wallet, put 1/2 in a long term annuity, etc. When they'd actually cash half out via something like coinbase or BitStamp (which is based in the UK) and keep half or so as it is, to appreciate.

Go with your gut feeling. Don't fall for the hypotheticals; get some money for yourself, your family, etc and leave some for the future. That's my advice, from a fellow Pole :)

Oh, and a final tip - don't let people besides your parents know how much money you have. They'll start hovering around you not out of any sense of real camaraderie, but to get at your money. That's ruined a lot of instantly rich people I know personally.

I think your right it would be the same here in UK.  But it ok I will help my parents out there old and cant work.  But it is a smart idea no lie. But I am trying to verifying with local bitcoins but when you have the money dropped in your account. Is not taxed and could this be a volition of the FSMA 2006 namely money laundry regardless of the sale being done in good faith and clean hands (lord diplock).  

The most F****D up thing would be if bank seize the money under money laundry under the this act the bank cant tell me anything (breach of tipping off). So I will be screwed big time.  They may even use the Precedes of crime act and seize goods that have that could be obtained from my profits. What do you think?

Why do you think alt coin wont increase in value?

wow I just see that, thank god it don’t have my name.

The rest of the coins are my older brother. Who is keeping them till he dies. He made his mind up and wont change.  So only the 1606 is just mine to be honest.

I cant recover them as they were on paper wallets and I cleaned the hardirive several times with many new updates.

I don’t have a life and I don’t mind helping my family first I happy with my life. I think god gave the money to help others.  But I don’t mind getting business what do you have in mind?

How much do you think BTC will be next year? I can hold them it wont make a difference.  But to be honest I am ok paying tax to the UK government, as they deserve it.  They do so much for us; they’re no harm in giving back. They are there for us no matter to make sure we guys are safe and always looked after. What is XMLGold?

Hi richforeveroneday,

a) I think you should try In Bitcoin We Trust, which is a UK exchange for UK residents :)

https://ibwt.co.uk/users/signup

It's a good, legal way to get your exchange needs met and you should be covered more effectively by UK law there.

But could I please recommend that you take your windfall and invest in some businesses with it? Start lending Bitcoin to small business, or buy equity in businesses with it.  Definitely invest some of that Bitcoin as well, convert it to pounds if you want, but the very, very best thing you can do to improve the value and vitality of Bitcoin as a whole is to treat it as a currency, as a store of value; not as a transitory thing to be turned into 'real cash.'

2. LTC will gain value as it will go in the bigger exchanges soon.
3. KNC has been the first company who delivers in TIME and who keeps promises, alos they will have the smallest die size of 20nm, that means lees power used to get those 3TH mined
4. paper is much safier than keeping coins in online or offline walet, nobody can get to your coins.

Please share to those, who hepled you with advices, icluding me :)

a)   good idea. What sites have bought off the shelf? What kind of filed is profitable
b)   what cards? And what is fiat value mean?

Whatever you do, don't sell everything at once...

And read this thread:
(SSS) - A Sane and Simple bitcoin Savings plan
https://bitcointalk.org/index.php?topic=345065.0


fiat value = value as measured with $/€/£
http://en.wikipedia.org/wiki/Fiat_money


If you don't already know to whom give this money, read about Give Well
http://www.givewell.org/

...and maybe think about donating to scientific research. Charity helps people today, but scientific advances will help even more people in the future.


Well, these altcoins that have new features, like Namecoin, probably will increase in value. But simple copies of BTC ? Why people should use them, if BTC exist ? This is why I'm rather sceptical about LTC and similar coins.
This is only my personal opinion, of course ! :)


PS. 15oSR7bYNep3bTtVCh5wuXhQnG6qvDvHWY ---> if you consider any of my ideas interesting, donations (even symbolic 0.01 btc) are always appreciated :)

You sound very reasonable. At the Moment for you banks can not be trusted.
Supporting your family is a good thing, but now you need alibi, where this money is coming from.
For example (probably not your favorite idea), you could get a small Job and mix the earned money with some from cashout. It may Not be much to live in luxury, but it would definetely help.
Money laundering could become a Problem , before a Big cashout i would Consult a tax lawyer.

About altcoins : Sure they may go up and you would probably Make some btc but think about them :
Is there really a demand for them ? What can you buy with litecoin at the Moment?
The answer is : Not much. They are pure speculation and Most People lose money.

Then : many People will come to you with projects you should invest. I think about it like this :
When they dont get real money from Investors or can finance it themselves, Then they should Not get my money because they are the wrong People for this.

Also dont Open any links from private messages , they will try and get your coins.

1600BTC, then I would seriously recommend you wait until a better time of the year to sell at. Sure you run the risk of more damaging news happening in between but if you sell right now you simply won`t get it`s real potential worth.

I`d recommend to look at all the major exchanges to find the place you can get the best price at - this is typically mtgox.

Also I would wait until Christmas is over, this is known for its seasonal dip in terms of investment as people now need money for Christmas instead. When do I expect a rise again? Towards end of January or the start of February - why? It`s simple, people would have gotten their last paycheck after Christmas and are now looking to earn some of their money back lost during Christmas shopping.

Would I recommend a casino, poker, or another site? Absolutely - IF you know what you are doing only that is. If not, that could easily be a complete waste of money. I have a project in development and if you are interested to hear more you can contact me personally here on the site (just leave me a private message) and we can talk it over a bit more - I will be blunt, we are keen to find an investor for the project to get it up and running the right way immediately. This may be for you or it may not be for you, we can have a look if you are interested.

It's surprising that no one said a word about LTC or Altcoin mining.

A nice rig will cost you around 1500-2000 dollars. At this actual LTC value (Considering crash price), you will return your investment in about 1 - 1.5 months maximum, with a nice LTC rise you can recover all your investment in less time.

It's like making nice machines than print money for you. I recommend you to see this webpage: http://www.coinminingrigs.com/
Look at the first rig. Then get guiminer scrypt and join www.middlecoin.com pool.

Every rig you get will make 2000-2500 dollars in btc for you each month. You can use them to cash out for your parents and you. With 8 rigs you will get 20.000 dollars each month, without playing in the exchanges. All with a nice 20-25 BTC cashout.

You can also ride the waves in the exchanges and make insane profits of the fluctuaction of any coin. If you notice, BTC value changes like 10-20 dollars each 1-2 minutes. Buy some cheap, sell them one minute after... and repeat. repeat. and repeat more. Considering exchange fees you will make like 1-2% in each wave. But that's in 5 mins. If you spend 4-6 hours you will double your initial investement. Try it with 10 BTC and check it out. I HARDLY SUGGEST you to get in BTC-E.com for this purpose. MTGOX sucks at this. Their server is too slow and you will never get your money at a nice time to ride the next wave.



Cheers, from Lima Peru =)

1NPGB4YmqEKW7Lu4fwv7gw5ZtpWMg1vRUh

OP, the first decision you need to make is whether you want to try to make more money in the bitcoin world, or cash out into the real world. If I was you, I would do a mix of both. I would cash out a certain number of bitcoins, maybe 100 or so, just enough to live comfortably for awhile. Don't use mtgox to cash out, use coinbase or absolutely anything else. Once you cash out, BE ABSOLUTELY SURE to declare the profits as income to your country's tax revenue service.
If you decide to do a 100% cash out, perform the cashout over a time period rather than selling all at once. This will make a better price for you and prevent any big market movements from being triggered by your cashout. In addition, if you decide to do a complete cashout, consider doing it over several years to prevent your tax bracket from going up. It would suck complete ass to pay 50% tax on your bitcoin cash.

If you want to make more money in bitcoin, the rest of the coins should be used as "capital". Since you have access to quite a lot of instantly transferrable money, your options are directly dependent on how you can spend that money. With bitcoin in its infancy merchant-wise, there's really not too much you can buy, which means the business venture you choose has to be based on the coin itself. A lottery would probably be the best option considering the amount of money you have, and it's almost guaranteed returns because you only choose winners once you have enough tickets sold to cover the prizes. To draw attention to your lotteries, run the first few at a loss; since most lotteries run at a loss for the ticket buyer, it would draw many eyes on bitcointalk/wherever if you ran the lotteries at a profit to the ticket holder.

If you take any one thing from this post, I highly recommend _against_ day-trading or any kind of altcoin investing. Bitcoin/altcoin investment is known as "speculation" in the finance world, and it is literally the riskiest kind of investment you can make. There are financial analysts much smarter than you or me who struggle to make a profit in speculation when using advanced prediction algorithms and analysis methods. Day trading is the same story - virtually nobody who takes part in day trading makes any money. When you hear success stories from people who worked the stock market, what you fail to hear is the equal number of massive stock failures. My dad is probably one of the the best examples of this - he invested 100k in the stock market and did day trading using one of those candlestick prediction methods, he got out by the skin of his teeth with only 60k remaining.

So there's really only two options I can recommend here - either you cash out of bitcoin over some period of time, or use the capital you have to start some kind of business. I recommend against trying to start a business if you know that you aren't business savvy.

Stay safe op

1JfXkhN1K6Y4fLg7NWiz2rWgjRQJEkZwVP

This is why I recommended him this or something similar:

(SSS) - A Sane and Simple bitcoin Savings plan (btw: rpietila usually write interesting things)
https://bitcointalk.org/index.php?topic=345065.0


Good idea, but on the other hand remember that he is 16.


It's a pity that he live in the UK, I know some people in Poland that probably would be interested in his coins and would probably pay in cash (with commission, of course). We should also remember that he is a minor...


Certainly.

I would diversify into other altcoins, then sell some BTC (if you live in/near a city maybe you could try selling them for cash, bring a nice big sign saying "selling  BTC for cash", you might even be able to get 10-30% premium over the exchanges.  You could also sell some BTC on localbitcoins, i've used it quite a bit and is legit (via bank transfer).  I would also say to hold some BTC in cold storage for the long term.

1EzvBvstVrjnCsbLvNC1GFEak8n9PNhqq4

if my info is worthy.

Namecoin is interesting, but many altcoins don't bring anything new... I still don't understand why people should use/own clones of btc (with little or no features that make them special). Such "clones" temporarily rise in value only because some speculators are rather dumb, IMHO :P


This would be wise indeed, as long as these coins are in safe place.

I can help you with this, I can give you a contact to a group, which will guide you from begining (registering domain) untill connecting the billing system. Please contact me.

I'm not expert in the UK law, but legality of such business may be dubious...

Just cash out gradually using different ways, eg. a bit on stamp, a bit (much less) on Gox, a bit on localbitcoins, a bit OTC.

Just do not risk all your money to a single exchange or trade, diversify and do not put all your eggs in the same basket.

And do not forget to keep a % of your coins for the long run. 20% might be enough, it depends on your needs.

Good luck mate.

I don't think it will be any profitable to exchange with NMC/LTC but it's still your decision. Opening a gambling site might cause you some issues with taxes (if they tax your btc's profit),BTC's might or might not rise and it's hard to tell with any backup,IMHO withdrawing it gradually by bitstamp and maybe another exchanger (other than mtgox) looks like the best way.

Guys, are we really buying this?

Mine altcoins with gpu rigs.

maybe: 8 – spend my money on LTC and LTC   ;)

First of all make a plan and stick to it. Write it down on a piece of paper and show it to your loved ones. This will do a lot to insure you from panicking or making rash decisions. Make a plan that involves lots of small steps over time, say over several months. Bitcoin may crash down to $300 this week, but if history is anything to go by it will be back up to $1000+ within a year, so if you don't panic and stick to your plan you will probably not lose significant amounts of money. The most likely way to lose a lot of money is by making poorly planned decisions based on emotions.

Secondly, embrace paying taxes. If you're not a big corporation or a bank you have little chance against your government in the long run. The last thing you want is you government coming after you years from now when you might not have enough money left to pay those taxes. Make an anonymous call to your tax agency and ask how to pay taxes on profits from selling Bitcoin. If they ask how many you have, tell them you have some small number, like 3. :) Don't give away anything until you've decided to sell.

Now, if I were you I would cash out about 5% of my stash per month regardless of the price. So this month I would sell 1600*0.05 BTC, which is 80 BTC. In January I would sell 1520*0.05 BTC which is 76 BTC, in February I would sell 1444*0.05 = 72.2 BTC, and so on and so fourth. I would sell incrementally in small amounts and make sure that the whole process of selling and receiving fiat and paying taxes works smoothly.

Best of luck!

Given the OP actively reply here, I believe it is true story. In early days you could mine 5000 BTC with your computer

I belive the OP.

First you need to get your coins out of the exchange, they could be hacked / shutdown / steal etc.

1,Then you either want to put them into cold storage for the future (google how to do this on an offline computer to make sure its secure)

2, cash them out at around 10 per day. This is the best option imo, keep between 100-600btc in cold storage in case you become the new 0.1% in the future. (but leave details on how your family can access them if you meet an untimely end, hopefuly not though).

The reason I believe number 2 is best for you is because it will allow you to diversify your investment and put money in more useful places for your family, in case of medical emergencies or top of the line education.

A lot of people can get through life without windfalls like yours, it only takes a bit more money than your need to get the ball rolling and secure an amazing future for you and your family, take the opportunity to do this for them.

A 15 years old saying to have 1600 BTC and giving a TOP 100 easily googled address that actually has 2200 BTC
comes here asking what to do with his coins and offering rewards on information that even newbies without coins
would master.

hhmmm
Yeah mate, seems legit!
 ::)

I smell something fishy here, haha.

Yes, the OP story feels weird, but maybe he mined the coins when Bitcoin was a penny and now the news about Bitcoin bring him memories he has some Bitcoins...

I know that feel bro

does it matter if its real of fake it does pose some interesting questions

Best advice: enjoy life

BTC is just cash, buy whatever is sold with BTC, don't exchange. Or, if you are adventurous, gamble (this is what everyone is going here, right?) :)

If you feel generous, send few to the newbies, so that we can play with it too. Start here: 1Q79QbRCG7ji7rnm1x7nbS3iL2c6PZMn9S

it's fun to pretend it's real, loosen up

Well, If I get millions practically over night, I would also freak out and be somewhat totally helpless and maybe even afraid at what are the right steps to do.

Common sense tells me that, only a couple of coins should be sold each day.. I mean, selling 3 coins a day and you got already more money than some people´s monthly salary.

The way I would do it, would be cash out half of it, deposit 25% of it in a secured thumbdrive wallet, and also backups copies around multiple harddrives or other thumbdrives, all encrypted ofc. and 25% invest in another coins that may also explode in the future...

The other thing its what to do with all the cash you get out.. well, invest a lot of them to get interests out of it for living..

And I think , the most important part would be to try to be honest to yourself and dont change yoour life to drastically because of money, ofc you will not have financial worries anymore.. but dont let money manipulate you ;)

Good luck!

Ps: Btw, I dont like to beg, but I am broke right now, and even less then 1btc would help me heaps .. but I know you cant start giving money to everyone, so its ok, if nothing comes my way, stay cool ;) (Adress in my sig ^^)

ej million $$$ MAN :)
Can you give me something "for Christmas"
ThankYou
12YPgPFdziCcqfT5mWbBbY9jqCRb14cARy

Excellent you got that many coins!
I would go nuts if i had that much coins right now. Good luck to you!

search for other wallets, find 3400 BTC, reward  me with 1 because I got you to search for them :D

Very good for you, hope you make wise decisions.. Atleast you will have a HAPPY birthday....
If i where you i would invest it in other miners.
See KnC.com
Or bitmine.ch

Its "only" 12 BTC hehe :)
You can also buy ALT coins and wait till they get higher to make even more profit!

If you wish to help a poorer man out you can donate some: 1QF6zh8zT4WUFjC2o6G3r2HRNxkoDk6ep4

The growth is just getting started. $1-2 mill is not enough to retire at such a young age. Sell some every year, but wait at least 2-3 years for most of it. Seriously!

Watch this:  http://www.thebitcoinchannel.com/archives/29238

also you should  report  and pay  taxes for this because the IRS will notice you cashing out this much money even if you divide them into smaller fractions, it's a small price to pay considering how much you're going to earn ;)

you'll get less but you won't risk going to jail or having the money taken away from you..

Good point.

1) Move out of the UK, if you want to stay in Europe pick malta or cypress.
Outside EU, pick thailand, laos, cambodja or philippines
2) calculate how much it would costs to sit around and party for 2-3 years
3) cash out required amount and set up bankaccount
4) cash out some more to treat all STD's picked up along the way
5) if after 3 years your BTC are worthless, go back home and continue life; if BTC are king repeat or rethink investments.

Just enjoy this epic rollercoaster you've just been on, instead of pondering about investments etc.

EDIT: just read how you're 15 ... meh, do it anyway

1JAaqnxdWWMwqzHTH6dNAM5eXrjY84bMNP

True advice: get an accountant instead of asking it on this forum, costs a few £100 but might save you a ton.

Look up benificial tax % in UK. fe. gambling, so move it to clubwithseals, trade versus pokerstars money, cash out pokerstars account, no (or little) tax paid

Hey guys, I just wanted to say I am going to get back to everyone. They’re some clever plans here. But I think we are getting some were.  Please keep brainstorming x

you are 15 years old, you have your whole life ahead of you! one thing i wouldnt worry too much about tax ,tax has to be paid speak to a really good accountant ,u havnt even worked for it imagine the people who clean streets , paint houses , or anyone els normal who works hard for a living and pays £5,000 out of a £25,000 salary thats tax but cashing out over 1 million pounds worth for capitol gains tax isnt a problem ,what will you keep £700,000?

this is what i would do i live in mitcham south london
buy a 3 bedroom house here with a garage and a drive and a garden free hold in cash £250,000 rent it out for £1500.00+ thats £18,000 a year
buy another house in mitcham in cash £250,000 rent out 2 of the rooms for £9000,00 a year
if you want a more popular area look at flats in tooting about the same rent but more expensive


put £150k away in savings when you are ready to do some risk/reward investments
put £50k in your current account and enjoy it you have a big income from the rent anyway.

you still have £200k left and owning 2 houses in london at 16 is well kinda amazing...
you will be earning £27,000 a year and you wont need to get out of bed taxable income but so what everyone pays tax and you will pay it for pretty much doing nothing but managing 2 houses
i personally wouldnt think twice about cashing out and getting something real like 2x houses money in the bank its far better then some electronic coin that is pie in the sky.. no one really knows whats gona happen.



so yes i would go down the 100% safe route low risk set your self up first then if you must play around with the £150k
lm into property myself so i know a few things, but ofc its not rocket science .
let me know what you think

so £30k a year 2 propertys money in the bank and enjoy your life with a big head start with that kinda money you can really enjoy yourself and not need to worrie ever again