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Author Topic: How to transfer large some of money using bitcoin  (Read 1360 times)
ariahahn
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March 24, 2013, 09:28:54 AM
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How to transfer USD$4 Million from USA to Malaysia using Bitcoin mechanism.
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Each block is stacked on top of the previous one. Adding another block to the top makes all lower blocks more difficult to remove: there is more "weight" above each block. A transaction in a block 6 blocks deep (6 confirmations) will be very difficult to remove.
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March 24, 2013, 09:31:39 AM
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How to transfer USD$4 Million from USA to Malaysia using Bitcoin mechanism.

Deposit $4million in an exchange, buy bitcoin, probably crash the market. Then take that bitcoin send it to a bitcoin address in malaysia. Your done, or you can put it on a paper wallet and send it/bring it to malaysia.

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March 24, 2013, 09:32:01 AM
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How to transfer USD$4 Million from USA to Malaysia using Bitcoin mechanism.

In small chunks only. If u try to buy 4m worth coins u'll pump the price. After u try to sell 4m worth coins u'll dump the price. Don't be surprised if u get only 2m in Malaysia.
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March 24, 2013, 09:41:02 AM
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How to transfer USD$4 Million from USA to Malaysia using Bitcoin mechanism.

Better yet.. Buy 4m worth of bitcoins, and when in malaysia.. USe the bitcoins directly!

It seemed like a good idea at the time.
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March 24, 2013, 09:49:35 AM
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Unfortunately you cannot do this during a small time fraction because of the little bitcoin market. You could take private deals, but it won't solve the problem directly.
Start with 400k and see how much arrives.

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March 24, 2013, 10:24:01 AM
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Will there be no problem with taxes when BTC is converted to fiat and withdrawn?
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March 24, 2013, 11:06:15 AM
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Will there be no problem with taxes when BTC is converted to fiat and withdrawn?

Are u kidding? The guy is obviously a drug baron or a terrorist leader. He doesn't care about taxes for sure.
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March 24, 2013, 11:13:34 AM
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Will there be no problem with taxes when BTC is converted to fiat and withdrawn?

Are u kidding? The guy is obviously a drug baron or a terrorist leader. He doesn't care about taxes for sure.
Thé cyber police should backtrace him!

Own address: 19QkqAza7BHFTuoz9N8UQkryP4E9jHo4N3 - Pywallet support: 1AQDfx22pKGgXnUZFL1e4UKos3QqvRzNh5 - Bitcointalk++ script support: 1Pxeccscj1ygseTdSV1qUqQCanp2B2NMM2
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March 24, 2013, 11:20:20 AM
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Hey don't judge him just because he appears to have access to 4m.

It seemed like a good idea at the time.
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March 24, 2013, 11:21:19 AM
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Will there be no problem with taxes when BTC is converted to fiat and withdrawn?

Are u kidding? The guy is obviously a drug baron or a terrorist leader. He doesn't care about taxes for sure.
Thé cyber police should backtrace him!

No! Bitcoin is worth so much only coz guys like him use it. Don't u want to dump the price?
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March 24, 2013, 12:33:10 PM
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Get all the local traders of bitcoin in Malaysia. Tell them you when to cash out whatever they have. It might not reach 4 million though.

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lebing
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March 24, 2013, 12:39:11 PM
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How to transfer USD$4 Million from USA to Malaysia using Bitcoin mechanism.

If you already have the bitcoins, its easy. Just send them to the right bitcoin address. If you don't, you just need to buy 4mm worth of coins (on mtgox, bitstamp, tangible cryptography, etc) and you will then need buyers of bitcoins in malaysia.

Bro, do you even blockchain?
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March 24, 2013, 01:04:35 PM
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How to transfer USD$4 Million from USA to Malaysia using Bitcoin mechanism.

In small chunks only. If u try to buy 4m worth coins u'll pump the price. After u try to sell 4m worth coins u'll dump the price. Don't be surprised if u get only 2m in Malaysia.

Actually I think that's wrong. He buys 4mn worth of BTC on market in one go, pumps price to about 80+, creates second wave of mania, starts selling in 1-300k daily chunks next week from Malaysia, gets out during the course of about a month for a net profit of 1mn minimum.

Pretty solid way to play a superbull market like BTC.

As a complete aside: putting a 5mn BTC buywall @ $200 each up in MtGox might actually be the most rational use of a billion dollars currently. You'll end up with 2-3 mn BTC and the price will be permanently in the hundreds. Profit.

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March 24, 2013, 02:06:00 PM
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Buy $4m in Avalon ASICs and have them delivered to Malaysia, mine back the Bitcoins, or sell shares in your Bitcoin farm.
If anyone asks what you're doing, you're creating a Bitcoin hedge fund. Wink

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March 24, 2013, 02:30:34 PM
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The guy may want to manipulate Bitcoin exchange too by saying that kind of things

Own address: 19QkqAza7BHFTuoz9N8UQkryP4E9jHo4N3 - Pywallet support: 1AQDfx22pKGgXnUZFL1e4UKos3QqvRzNh5 - Bitcointalk++ script support: 1Pxeccscj1ygseTdSV1qUqQCanp2B2NMM2
Pywallet: instructions. Encrypted wallet support, export/import keys/addresses, backup wallets, export/import CSV data from/into wallet, merge wallets, delete/import addresses and transactions, recover altcoins sent to bitcoin addresses, sign/verify messages and files with Bitcoin addresses, recover deleted wallets, etc.
AlexNeto
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March 24, 2013, 03:00:49 PM
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I afraid there is not enought off-exchange liquidity to cash out $4m in Malaysia yet.

You will need to find a number of "drops" in Malaysia - people/companies with bank accounts, who will receive thansfers from exchanges/buyers and cash out for you.
You just need to buy Bitcoins and sell them anywhere in the world, receiving international transfers to your Malaysian drop's accounts.

If you will be buying on main exchanges supporting uptrend and selling on off-exchange market (OTC, LocalBitcoins etc), you can reduce your loses or even get more at the end.


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niko
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March 24, 2013, 03:33:55 PM
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I afraid there is not enought off-exchange liquidity to cash out $4m in Malaysia yet.

You will need to find a number of "drops" in Malaysia - people/companies with bank accounts, who will receive thansfers from exchanges/buyers and cash out for you.
You just need to buy Bitcoins and sell them anywhere in the world, receiving international transfers to your Malaysian drop's accounts.

If you will be buying on main exchanges supporting uptrend and selling on off-exchange market (OTC, LocalBitcoins etc), you can reduce your loses or even get more at the end.



Then you don't need Bitcoin. Just transfer the money to you drop's accounts.

They're there, in their room.
Your mining rig is on fire, yet you're very calm.
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April 19, 2013, 05:57:42 AM
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now that is a big amount. I'll see if I can help..

jimmydorry
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April 19, 2013, 05:58:59 AM
 #19

*How to transfer large SUM of money using bitcoin

That is all
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