[re-closed] WTS: BTC in $10k-ish batches - Oregon

[tvbcof]

I did half of my former transaction through Bitcoin-Brokers and half the Mt. Gox.  Bitcoin-Brokers worked fine and I'll use them again if I get no bites here and if they are still taking sellers.  Mt. Gox USD cash-outs seem to be simply not possible in any form at this time so I want to fill my cash-flow needs.  I've got a $5k wire in process, but I don't expect to get it for a long time.  If ever.  This offer is for between $5,000 and $10,000 if prices remain in the $150/BTC range.

New pricing:  The mean between spot at Mt. Gox, Bitstamp, and BTCChina at the time of the transaction.

New escrow idea:

 - Each party escrows 10 BTC.
 - Buyer (of BTC) proves to escrow agent that he/she has met their commitment by taking a series of pictures of {n} USD bills near the seller's hand.
 - Seller (of BTC) proves that they have transferred BTC by sending the total and signing a message from the sending account.
 - Escrow agent (I prefer John K if he'll do it for a reasonable fee) decides how to resolve any dispute.  Escrow fee split 50/50.

I'll probably be in the Portland Metro area (or at least a few hours from it) in the next week timeframe.

If I don't get any bites within a few days I'll close this thread again.

The rest of the details are outlined below and are still more or less valid.


=== OLD ===

Mt Gox rejected my AML because my documentation includes a P.O. Box in addition to a physical address.  Mail theft and vandalism is common in my rural area so many of us use the community post office for snail mail.  That is hard for organizations to conceptualize.

Anyway, this is how I want things to go down:

  1)  I and a buying party decide on a location in the Pacific Northwest where there is either a US Bank or Wells Fargo.  The closer to SW Oregon, the better for me, but $10k is enough to warrant some time and travel and doing a person-to-person transaction saves the transaction and wire fees.

  2)  We meet in the bank lobby and the transaction occurs there.  I prefer Wells Fargo where I have a PMA account and am thus treated as a VIP to some extent.

  3)  The transaction may occur in parts.  That is, we make a partial trade and I deposit funds, then rinse and repeat.  I will not subject myself to significant losses should the buyer take off mid-way through the process.  Nor will I be exiting the bank with a lot of money.

Price would be spot at Mt. Gox at the time of the transfer(s).  If a buyer wants to sweeten the deal for me that would be fine.

All of my coins came through Tradehill in mid to late 2011.  I can produce an entire wallet file containing 100 BTC if that is desirable, though I think it more likely that I would use bitcoin.info in order to perform a transfer in parts.  Again, I will not be going highly negative without backing.  I have 100 BTC sitting at Mt. Gox, and it is from this pool that my first sale would occur.  These coins were transferred into Mt. Gox rather than having been traded there.

I don't have a history of transactions for the simple reason that I have made very few.  Bitcoin has always been a highly speculative opportunity for me.  I do have a long history on this forum however.

I intend to repeat the process in the coming years as I wish cash flow.  It would be worthwhile to me to form a relationship with a trustworthy buyer.  I doubt that I will myself be a purchaser of Bitcoin in the future as I obtained many more than I ever thought I would during my buying phase.

I would just use Mt. Gox and probably will if/when the verify me.  They were pretty quick to send out a rejection on the basis of my drivers licence containing a P.O. box in addition to a physical address (which they may not have noticed), but I anticipate a protracted period of reconciling the issues.  I'm not in a big hurry on this.

I've found it relatively easy to purchase BTC through exchanges (at least it was several years ago) so I assume that a counter-party in this transaction would have a reason for wishing to partake in such a transaction.  For this reason I must assume a highly defensive posture.

I am open to using a form of escrow if an agent can be retained.  Here's an idea:  The buyer and I each supply, say, 10BTC to an escrow agent.  If both parties do not supply information of success to the escrow agent, then both parties funds are forfeited to the agent (or a charity or some such.)  In this case, the transaction would proceed in parts of 10 BTC.

All details of the anticipated transaction would be documented and signed so there are no misunderstandings.  No non-business correspondence is desired until after the transaction is complete if at all.

I do not believe that legacy hoard sell-only operations will subject me to MSB issues, but I will want to research this if I find a serious counter-party.  I would entertain the thought of trading for other items I appreciate having (especially precious metals) but my immediate goal is to float my fiat bank accounts at a desired level so I do not wish to incur the spread and other fees associated with such transactions and I have no need to launder funds since nothing I've done is legally questionable and intend to pay capital gains tax.  So, for this transaction a non-USD intermediate will require a good deal on my part and appropriate adjustment in the mechanism by which I protect myself from fraud or theft.

[tvbcof]

Closed for the time being as the first batch is underway.

[tvbcof]

Re-opened briefly.  See new data at the top of the OP.

[EPiSKiNG]

I'm in California, but I think we can work something out.  Send me a PM with how many coins you're selling, and I'll give you a quote.

Thanks!
-EP

[tvbcof]

Closing for now.  Communicating with parties about this transaction at this time.

[tvbcof]

Follow-up notes for anyone who is interested in attempting such a transaction:

 - There are large buyers, but the going rate seems to be in the 5% to 7% range below Bitstamp.  I happen to feel that just as frustrated sellers are moving from Mt. Gox due to fiat-out issues, they are moving to Bitstamp and depressing the spot price there.  BTCChina seems to me the best base-line indication of the market at this time, but recent news out of China could be distorting that exchange as well.

 - As I mentioned, quality identity docs are important to me.  How important?  Probably 10's of thousands of $ since I estimate that that is what it will cost me in some combination of time, hassle, and money if they are sold onto the market and exploited.  If this were not a factor, I'd happily try out all kinds of exchanges.  Certain offers were made with both the disadvantageous premium and also the need to send document scans.  Generally I have no problem identifying myself, and there is plenty of info on the bitcointalk.org archives alone to dox me if someone wished to do so.  It's a custom made identity theft kit which I wish to avoid setting free into the wild, and even reputable companies get hacked and suffer data thefts with dismal regularity.  Often enough they don't even know they got hacked when it's the work of a professional.

 - In one case I got to the point of discussing the mechanics of a transaction.  The proposal was without escrow and would have had me taking the naked risk.  I believe that nobody should take a naked risk in any Bitcoin transaction, and the fact that people are willing to do so has had a very detrimental impact on the ecosystem over the years.

As I was mulling things over and communicating with people who were some distance away, I had an idea which seems to me like it would be fair and serve an 'earnest' function.  It is that one party buys at least plane fare for the other.  There would be not much reason to reach and agreement then weasel out of it for the person doing the travel if there was a component of feedback, and the party paying for the fare would lose his investment if he welched.  I know from experience that I can fly from PDX to SFO, conduct a series of inteviews, then get back to Portland while the sun is still high.  It's not fun, but it's not that bad either.

Anyway, I'm planning to peruse my fall-back strategy for this batch of BTC liquidations.  Perhaps I'll open the thread again to see how things have evolved if/when I do some future batch.