Bitcoin Forum

if I had a briefcase with $250k in it and I wanted to buy bitcoins who would I talk to? or is that not even possible these days?

Localbitcoins buying smaller amounts since I doubt anyone would do that much at once. Depending on your location you might have to contend with their laws on money transmitting. An attorney might help there.

Beware of advice on here of course because the law varies and I dobt anyone knows them all.  I'd also make clear this might be hypothetical.

 :)

Well apparently you can get your ass wooped in LocalBitcoins.
What I would do is buy small amounts of Bitcoins in a long period of time to not raise any eyebrows.

Of course its possible.. You just need to have the right connections.

You contact Roger Ver. He would give rat shit about US regulation.

You would talk to me.

Don't spend it all at one exchange. And make sure you use at least a dozen Bitcoin addresses when transferring it to cold storage. :P

Briefcases are not big enough, if you can fill a closet w/ clean cash then we should talk.   :D
http://cdn29.elitedaily.com/wp-content/uploads/2014/02/jhhigsQ.jpg


Seriously, the advice to aim for smaller trades is a good idea.

You could probably do 250k with the right connects but easier to break it up as other people have said. Pushing 5 sets of 50k wouldn't be crazy difficult through localbtc

A briefcase with $250k is a big amount to buy bitcoins. People are mainly spend small amount of cash for bitcoin, but for big amount you should have to go in the right connection, right place and right dealer.

Try BurtW, I hear he performs large cash trades with strangers.

Oops, too soon?

Let me know when you are buying the coins as i expect market price to go up a little when you do that.

The market price would probably be unaffected by a cash transaction not done on an exchange.

Buy the BTC in Denmark.

There is no regulation or any tax to pay or state.

So Denmark is a good place :)

Hypothetically, you would be arrested cause of regulations. But, if you're not a stickler of rules and what-not, you could try splitting amounts and buying bit by bit off localbitcoins.com. If.

In the United States, making frequent transactions under reporting thresholds is considered "structuring", and illegal.

Your bank account can be seized just for spending less than you earn over 10 years.
Luckily, not all countries are that insane.

In Canada, it is merely suspicious (but not illegal).

Since the OP didn't say the cash is from illegal activities, he could just deposit to the bank account (providing proof of cash being legit) and then buy BTC anywhere (exchange, local bitcoins etc).


That doesn't make sense. Did you mean 'spending more'?

I wouldn't risk to make such a large transaction with cash. For that kind f money, some people could try to set up a fake wallet...

Ryan Kennedy, sorry some dark humor there
It would be possible if you contacted all the local bitcoin merchants and purchase from them separately but you would need to do transactions with a lot of different individuals if you were not interested in using an exchange.

Donators board.

Where are you?

Buy the seized/stolen coins in the possession of the US government.

how would a fake wallet work then assuming the deal is done in person at a police station
 or in a bank etc to negate the risk of robbery by either party ?

If you have more than $10,000 in your account from smaller payments, that is considered structuring. I don't understand how you can accumulate such a sum by spending more than you earn.

Contact Mark Karpeles

OK, I just didn't get how this sentence is in any way related to structuring:

"Your bank account can be seized just for spending less than you earn over 10 years."

Doesn't make sense on its own...

Anyway, I see your point now, so never mind.

I think you should talk to Mark Karpeles about the briefcase full of cash  ;D

Briefcases are for small-time hustlers.

That's how Marky transports his stash:

https://www.youtube.com/watch?v=lWuEE2T8qYM (https://www.youtube.com/watch?v=lWuEE2T8qYM)

This only applies to cash deposits. Direct deposits of $9,999 every two weeks from ADP is fine.

I would have done this for you if you are from india

When you have a briefcase full of cash, a police station is the last place you want to go. There's a 100% probability your money would be seized. Even a bank isn't safe. In most countries nowadays, banks aren't comfortable handling large sums of cash. Only Switzerland remains safe.

maybe they do  that where you live but in my country you are free to bring bundles of cash into a bank ,use the automatic counting machines and then give it to someone else etc and the police dont steal your money unless you have done something wrong and they can prove that  :D

Wrong. If you have a large amount in cash, that's a proof on itself (for authorities) that it may come from illegal activities. It can be seized and you'll have to prove it was legit to get it back.

'Innocent until proven guilty' doesn't work in this case.

Here's some random article about the subject:

http://edition.cnn.com/2015/01/21/us/asset-seizures/ (http://edition.cnn.com/2015/01/21/us/asset-seizures/)

we dont all live in murica ...........;)

Sure, but it's similar in the UK and in other 'western' countries.

I heard he was caught by the Police (https://bitcointalk.org/index.php?topic=934268.0) just because of this habit.  ;)

That looks suspicious. Why do you want to know? To hijack that user?

The best advice as we have already heard is to buy your Bitcoins outside of the US & Europe.

I would say it`s hardly possible and in some countries even against a law of money-laundering.

Even direct deposits of over $10k are fine. It is only cash deposits that are closely scrutinized

In some countries, you will get a percentage of the "unclaimed" money, if you hand it in at the police station. It is sort of like a finders fee.

I would phone a local police station and ask them about that option, you have nothing to loose.

When you do it that way, you will most probably be taxed and it would be perfectly legal. Then you just go onto a exchange and buy some BTC.

But, that is just me.... I would rather do it the right way, than to constantly have to look over my shoulder, for whoever owned it or if I will be arrested for being in possesion of stolen "goods"

I think doing this with one person might be a problem, however approaching multiple people in denominations could work out.

What I describe is the actual situation in the US, the UK, France, Italy... In several European Union countries, it's illegal to carry more than €10,000... sadly, that's the world we're living in. Most often, you see panels warning you about it at the airport. If you have more than €10,000 in your pocket, they must be declared upon arrival, meaning that if you get caught with a lot of "undeclared" cash, you'll be f*cked.

if it wasnt prevented wouldnt it lead to sending money nonstop from one country to the other to get rich fast?

Yes - definitely too soon. You, sir, are a cad.

Another option is to slowly sell it off using escrow / darknet markets. 

Isn't it a trick to promote BitPlastic.com?  ;)

oh yeah just saw that he has its link in the sig. i think it would be bigger and more colorful if he tried to advertise it though

What do you mean?
Moving money from one country to another does not make anyone rich.

i mean buying currency in one country and then selling it for higher price in another wouldnt it be possible then to get some money?

do you realize that bitcoin has a market cap of 5 billion and even if you buy 1 million in btc the price would do nothing?


just go on coinbase and circle and buy.

Undoubtedly, but I like to see it as finding the hidden humor in anything.

Slapstick works because we all know the victim of the pratfall is not truly hurt. Pointing and laughing at the injured is not funny.

Frankly, I was surprised to read that from you.

You would want to get in contact with either someone from LBC and/or a known big time vendor.

But who hurt him? Someone here? His friends and family? When Jim Carrey shoots himself in the foot it's funny because he did it in a moment of stupidity. If someone else shot him it wouldn't be so funny. That's the nature of slapstick. Burt definately shot himself in the foot. He knew what he was doing, preached about doing it right and then he did it wrong. Pure slapstick.

Have you bought Bitcoins yet or are you doing a research for future purposes?

Difficult.

It's certainly possible to go to China with US dollars, to sell them above market rate, but you'll get Chinese Yuans which nobody wants outside China. So you may want to exchange that Chinese cash for BTC before you leave, but that doesn't easy. It's probably worth trying, though I wouldn't do it myself.

BUy it from different exchange and different people , if possible from different country's

In many countries doing so could be represented as money smuggling due to being illegal to contraband currencies. How much premium could you be able to extract from partners to be worth the risks?

I would absolutely return a briefcase full of cash to the owner/police, but a briefcase full of usbs with bitcoin wallets full of bitcoins? then my friend i would be more tempted to hold that briefcase.

Ofcourse you should do smaller amounts as others have said before however I believe a good way to do it is hit a bitcoin atm a few times with what you have as whilst they may be recorded or w/e they don't have to know who you are.

Some of them record your fingerprints via touchscreen so they will certainly red flag you if you are doing unusually high volumes
Split it up into smaller chunks is the best way and if  possible buy them directly from a mining pools of the owners agree  and avoid the exchanges imo

It would be affected the same way that any other transaction takes place, at least in the long run. If someone makes a large trade in cash, then the someone else will certainly not make the same (but opposite) trade on any exchange as they sold their bitcoin to the person in cash. This will result, over the long term in higher prices

yes buy bitcoin when the price down or below $100, and when it reaches $1000 I am very wealthy :)