ASIC Owners (or anyone with lots of FPGA): Cashing out BTC

[dtmcnamara]

This question is to the owners of ASIC setups, or anyone with a large hashrate. How do you plan to withdraw your money into your bank accounts without it being seen by the big boys, government? This has been a questions I have been wondering for some time.

Theoretically speaking, if I had 2 Avalon units hashing at 66,000 each I would be pulling in on average 7.7 coins at the current difficulty, $1,900 a day. If I were to wait a week and want to transfer the funds to my account I would be looking at upwards of $9,500. If I were to deposit this every week into my account I am sure someone would notice something and start to ask questions.

I know I could purchase items with BTC, but this is more a questions about cashing out and making sure it goes unnoticed.

I cannot be the only one thinking about this.

[cedivad]

If you want to cash out from the bitcoin economy silently, you buy items with bitcoin.
Such as gold.

[Wayne_Chang]

Luckily, I do not have the problem because I don't have an Avalon.
I prefer to worry about it after I get my Avalon. It's no need to worry about thing which is not exist.

[koin]

I cannot be the only one thinking about this.

there is a fantastic number of buyers who would love to meet you.  probably a few minutes on localbitcoins will help you find them.  they might not share their buy interest at spot but if you contact a few buyers with large amounts showing you'll probably find some who will pay right near spot to get access to larger sized trades.   if you need to, sell a little below spot -- that'll attract buyers like ants to honey.

also the #bitcoin-otc marketplace is a good place to advertise your supply, especially with its web of trust (wot).

[greyhawk]

this is more a questions about cashing out and making sure it goes unnoticed.

One sure-fire way not to go unnoticed is to ask a question like that in a public forum with a username that is extremely easy to link to real life information such as name and adress.

[alberthendriks]

You might also check this dude

https://bitcointalk.org/index.php?topic=172356

[Timzim103]

I know I could purchase items with BTC, but this is more a questions about cashing out and making sure it goes unnoticed.

I'd rather not go that route if I understand what you're getting to. As far as I know, I'll have to pay taxes on a Bitcoin income. I haven't looked into this much yet, but I keep track of every transaction. My concern is making sure I'm not inviting trouble for myself from incorrect filings. I found out about the FBAR law last year, after becoming a signing authority for my mother who lives in another country. I've had enough headaches with that.

[Syke]

This question is to the owners of ASIC setups, or anyone with a large hashrate. How do you plan to withdraw your money into your bank accounts without it being seen by the big boys, government? This has been a questions I have been wondering for some time.

Theoretically speaking, if I had 2 Avalon units hashing at 66,000 each I would be pulling in on average 7.7 coins at the current difficulty, $1,900 a day. If I were to wait a week and want to transfer the funds to my account I would be looking at upwards of $9,500. If I were to deposit this every week into my account I am sure someone would notice something and start to ask questions.

I know I could purchase items with BTC, but this is more a questions about cashing out and making sure it goes unnoticed.

I cannot be the only one thinking about this.

You can transfer up to $10,000 per month via bank wire anonymously at MtGox.

[dtmcnamara]

this is more a questions about cashing out and making sure it goes unnoticed.

One sure-fire way not to go unnoticed is to ask a question like that in a public forum with a username that is extremely easy to link to real life information such as name and adress.

lol...this is true, but unfortunately I have nothing to worry about. Come to my house, I have a few 7970 video cards and thats it, nothing worth trying to take from me

[ninjaboon]

This site = https://36rt4evqyuwovhgl.tor2web.org/
allows you to trade BTC for cash in the mail.

[StringTheory]

That tor2web site looks so shady... Has anyone actually done work with them yet?

[Dabs]

Sell your bitcoins cheaper, I'll buy it from you.

Oh, your problem was how to NOT get noticed... don't deposit it into any bank. Store it in your vault at home. Or under the mattress. But sell the coins to me first, so I can give you unmarked cold cash.

[witherworth]

That tor2web site looks so shady... Has anyone actually done work with them yet?

Tor2Web just shows the content of the onion site. Which means it's the onion site that looks sketchy, but it seems to me to be pretty close to bitcoin-OTC or whatever it's called. The only difference is the onion site offers a built in escrow feature. Personally, if I were workin on getting cash out, I wouldn't be against doin a couple hundred dollars. As long as it worked, I'd put a couple hundred back in. You obviously couldn't get all your BTC cashed out in this manner, but it'd offer a chunk as long as it still worked.

[gmaxwell]

This question is to the owners of ASIC setups, or anyone with a large hashrate. How do you plan to withdraw your money into your bank accounts without it being seen by the big boys, government? This has been a questions I have been wondering for some time.

There is a name for someone who makes a boatload of money and doesn't pay their taxes: An idiot.

Seriously— you're making a fortune! congrats! be happy!  ... so you have to pay a bunch of taxes? Who cares! you're making a triple bunch. Pay your taxes like a man, and avoid the risk of severe consequences down the road that shit all over your life.

[Dabs]

I remember an inspirational speaker who said once: (or a few times)

Speaker: You have to feed the goose.
Audience: But the goose is too fat.
Speaker: Better a fat goose, than no goose at all.

You pay taxes so the government can do the things through it's agents that you are not willing to do, such as render military service to keep the rest of the country safe. You can just go make money.

Of course, if you are making a boat load of money, you better take steps to secure yourself as well, (bodyguards, weapons, food, etc.)

When you're rich enough, you can buy your own country (or as the speaker likes to say, get your own planet and you can rearrange the seasons as you want). But until then, you live by the rules of where you are.

[sgravina]

I just cashed out all my bitcoins.  I live in the United States and I'm going to pay taxes on them.  This is way easier than trying to hide the income.  I've been doing this for 2 years and paid taxes both years.  Because I run this as a business I get to deduct all my expenses.  So the tax hit is not as high as my personal tax rate.

I have relatives in jail and have seen how defending your self against prosecution can be very expensive.  Paying your taxes will probably give you the highest return.

[witherworth]

I just cashed out all my bitcoins.  I live in the United States and I'm going to pay taxes on them.  This is way easier than trying to hide the income.  I've been doing this for 2 years and paid taxes both years.  Because I run this as a business I get to deduct all my expenses.  So the tax hit is not as high as my personal tax rate.

I have relatives in jail and have seen how defending your self against prosecution can be very expensive.  Paying your taxes will probably give you the highest return.

How much do you pay in taxes? Also, if the money you mineis going to the business, how do you get to spend it on yourself?

[sgravina]

I just cashed out all my bitcoins.  I live in the United States and I'm going to pay taxes on them.  This is way easier than trying to hide the income.  I've been doing this for 2 years and paid taxes both years.  Because I run this as a business I get to deduct all my expenses.  So the tax hit is not as high as my personal tax rate.

I have relatives in jail and have seen how defending your self against prosecution can be very expensive.  Paying your taxes will probably give you the highest return.

How much do you pay in taxes? Also, if the money you mineis going to the business, how do you get to spend it on yourself?

I pay a 28% tax on income.  I'm in the United States.  I file a schedule C which is where you report self employment income.  I also report there my expenses.  When I subtract my expenses from my income I pay 28% on what is left over.  The other 72% I keep.

This hasn't happened yet.  I had a loss in 2011 and 2012.  I will have a gain in 2013 and have to write the IRS a check next April.

[Big Time Coin]

This thread belongs in Bitcoin Discussion - Legal.

[loshia]

I just cashed out all my bitcoins.  I live in the United States and I'm going to pay taxes on them.  This is way easier than trying to hide the income.  I've been doing this for 2 years and paid taxes both years.  Because I run this as a business I get to deduct all my expenses.  So the tax hit is not as high as my personal tax rate.

I have relatives in jail and have seen how defending your self against prosecution can be very expensive.  Paying your taxes will probably give you the highest return.

Dude,
IJust a side question.
Why did you cached allof them?
Are you in panic or?
You do not have to answer me of course. I am just tring to figure out why so many folks get obssed and are caching out no matter of the price?