Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[HairyMaclairy]

BTG is 0.018

Superbitcoin currently 0.019

Edit:  I can’t zero.

[orpington]

BTG is 0.018

Superbitcoin currently 0.019

Edit:  I can’t zero.

SuperSmartBitcoin

[Searing]

sigh....it seemed almost like yesterday...not a whole 11 months ago (gasp...the history) that this seemed unlikely as hell!




http://bitcoinromania.ro/wp-content/uploads/2017/05/l4FGCYu1xKXZAoBwc.gif


The thing to do grasshopper...is 1) Do meme #1 above

and then                                2) watch #2 above

                                            3) grin!

[Logic-Elliven]

I hope you experienced guys can advise:

Which exchange is best to use to change a LARGE amount of BTC into USD and deposit it into a bank acc in the UK plz.
ie:  
It's important to try and keep the whole transaction  immune to the volatility of BTC so the the deposited USD amount is as close to the initial amount as possible.

[mymenace]

I hope you experienced guys can advise:

Which exchange is best to use to change a LARGE amount of BTC into USD and deposit it into a bank acc in the UK plz.
ie:  
It's important to try and keep the whole transaction  immune to the volatility of BTC so the the deposited USD amount is as close to the initial amount as possible.

none, risk wise

the risk is difficult to undertake

now depending on the size and your take on LARGE.....most large exchanges could do it and or if not arrange it for a fee, again risk

[bitserve]

I hope you experienced guys can advise:

Which exchange is best to use to change a LARGE amount of BTC into USD and deposit it into a bank acc in the UK plz.
ie:  
It's important to try and keep the whole transaction  immune to the volatility of BTC so the the deposited USD amount is as close to the initial amount as possible.

It would help if you would define aproximately what is a LARGE amount of BTC. 50? 100? 500? 1000? 10000?

Also, I supposse you do have a USD denominated account in the UK, don't you?

[criptix]

I hope you experienced guys can advise:

Which exchange is best to use to change a LARGE amount of BTC into USD and deposit it into a bank acc in the UK plz.
ie:  
It's important to try and keep the whole transaction  immune to the volatility of BTC so the the deposited USD amount is as close to the initial amount as possible.

It would help if you would define aproximately what is a LARGE amount of BTC. 50? 100? 500? 1000? 10000?

When i started 10.000 btc was big. Nowadays 1000 is big

[bitserve]

I hope you experienced guys can advise:

Which exchange is best to use to change a LARGE amount of BTC into USD and deposit it into a bank acc in the UK plz.
ie:  
It's important to try and keep the whole transaction  immune to the volatility of BTC so the the deposited USD amount is as close to the initial amount as possible.

It would help if you would define aproximately what is a LARGE amount of BTC. 50? 100? 500? 1000? 10000?

When i started 10.000 btc was big. Nowadays 1000 is big

I don't expect noone with 10.000+ asking that question here....

50 BTC if you want to do it in one a single blow starts to become a bit troublesome as we can learn from Bob's current experience. Of course I would advice against doing it all at once (any quantity) but better yet in smaller batches diversified among several exchanges. Wouldn't be funny to have all your stash amount locked somewhere because of triggering some alerts or whatever bullshit/policy.

Also for 100+ batches it is probably better to resort to OTC brokers. I have heard buyers even pay a premium over spot exchange price.

[mymenace]

I hope you experienced guys can advise:

Which exchange is best to use to change a LARGE amount of BTC into USD and deposit it into a bank acc in the UK plz.
ie:  
It's important to try and keep the whole transaction  immune to the volatility of BTC so the the deposited USD amount is as close to the initial amount as possible.

none, risk wise

the risk is difficult to undertake

now depending on the size and your take on LARGE.....most large exchanges could do it and or if not arrange it for a fee, again risk

try escrow users on this board or

currency exchange boards and post here
https://bitcointalk.org/index.php?board=53.0

[fabiorem]

I was on the bus tuesday, going to a doctor, when I thought on Jeff Garzik and the S2X FUD in November.

I asked myself, what had happened to that guy.

Now I come here and read he is behind a new fork, and right that one where Satoshi is quoted as having said that we have to trust central banks.

The world keeps turning.

[kurious]

I hope you experienced guys can advise:

Which exchange is best to use to change a LARGE amount of BTC into USD and deposit it into a bank acc in the UK plz.
ie:  
It's important to try and keep the whole transaction  immune to the volatility of BTC so the the deposited USD amount is as close to the initial amount as possible.

I would have said Bitstamp.  BUT:

1. They can ask you to prove where the BTC came from at the point you try to withdraw cash.  I managed to satisfy them, but it took time and if they had not been satisfied I suspect they might have refused.  Scary while it was held in suspense, which it was.

2. They are now getting very slow for withdrawals - over a week now to even confirm (USD) withdrawal - let alone see it in your bank.  I don't know about SEPA, as I no longer use this method (see 3 below).

3. When you sell for USD and they withdraw USD for you, they change it into Euros via a Slovenian bank, then send it as Euros (via SEPA) to your UK bank (as Euros), who will then convert to GBP.  This friction is expensive.  In the end I found the best thing to do is set up a UK USD account and use 'International wire transfer' to transfer USD.  You can then use a Forex broker to give you a good rate for USD to GBP.

Not very helpful, but I think very few exchanges are easy right now for UK BTC - cash.  generally I trust Bitstamp - but the slowness is now concerning.

[bitserve]

I hope you experienced guys can advise:

Which exchange is best to use to change a LARGE amount of BTC into USD and deposit it into a bank acc in the UK plz.
ie:  
It's important to try and keep the whole transaction  immune to the volatility of BTC so the the deposited USD amount is as close to the initial amount as possible.

I would have said Bitstamp.  BUT:

1. They can ask you to prove where the BTC came from at the point you try to withdraw cash.  I managed to satisfy them, but it took time and if they had not been satisfied I suspect they might have refused.  Scary while it was held in suspense, which it was.

2. They are now getting very slow for withdrawals - over a week now to even confirm (USD) withdrawal - let alone see it in your bank.  I don't know about SEPA, as I no longer use this method (see 3 below).

3. When you sell for USD and they withdraw USD for you, they change it into Euros via a Slovenian bank, then send it as Euros (via SEPA) to your UK bank (as Euros), who will then convert to GBP.  This friction is expensive.  In the end I found the best thing to do is set up a UK USD account and use 'International wire transfer' to transfer USD.  You can then use a Forex broker to give you a good rate for USD to GBP.

Not very helpful, but I think very few exchanges are easy right now for UK BTC - Cash.  generally I trust Bitstamp - but the slowness is now concerning.

Hey kurious, can you elaborate more on the subject of proving where the BTC came from?

[kurious]

I hope you experienced guys can advise:

Which exchange is best to use to change a LARGE amount of BTC into USD and deposit it into a bank acc in the UK plz.
ie:  
It's important to try and keep the whole transaction  immune to the volatility of BTC so the the deposited USD amount is as close to the initial amount as possible.

I would have said Bitstamp.  BUT:

1. They can ask you to prove where the BTC came from at the point you try to withdraw cash.  I managed to satisfy them, but it took time and if they had not been satisfied I suspect they might have refused.  Scary while it was held in suspense, which it was.

2. They are now getting very slow for withdrawals - over a week now to even confirm (USD) withdrawal - let alone see it in your bank.  I don't know about SEPA, as I no longer use this method (see 3 below).

3. When you sell for USD and they withdraw USD for you, they change it into Euros via a Slovenian bank, then send it as Euros (via SEPA) to your UK bank (as Euros), who will then convert to GBP.  This friction is expensive.  In the end I found the best thing to do is set up a UK USD account and use 'International wire transfer' to transfer USD.  You can then use a Forex broker to give you a good rate for USD to GBP.

Not very helpful, but I think very few exchanges are easy right now for UK BTC - Cash.  generally I trust Bitstamp - but the slowness is now concerning.

Hey kurious, can you elaborate more on the subject of proving where the BTC came from?

They could tell a lot of it was direct from Polo (which I guess is easy enough for them to do).   I sent some evidence of my trading alts there - more than I would like to have done - but my money was locked in while they 'considered my withdrawal'.  I have been registered on Bitstamp since 2012, so I was concerned to be asked, but of course I was suddenly sending BTC in and selling it in fairly large amounts.  I am not sure everyone will be treated this way, but I was.  I am declaring profits for tax purposes and doing my best to stay legit, too. 

They were polite at all times (and I made sure I was, too) and I had a couple of small withdrawals first before I tried a larger one, which was the point at which they started to ask.

[aesma]

I hope you experienced guys can advise:

Which exchange is best to use to change a LARGE amount of BTC into USD and deposit it into a bank acc in the UK plz.
ie: 
It's important to try and keep the whole transaction  immune to the volatility of BTC so the the deposited USD amount is as close to the initial amount as possible.

I don't understand your question. Initially it seems you're talking about selling BTC, then by the end I get the impression you want to move USD around, using BTC. If the latter, I wouldn't use BTC right now !

If you're talking about selling, well, you sell at the price you're comfortable with, nobody can predict the price 10 minutes from now !

With such a transaction I would be more worried about KYC, anti-laundering regulations, what the bank will say when the large amount of money will arrive, what taxes might have to be paid, etc.

[Logic-Elliven]

Thx for the replies and advice guys.

I was phoned by a friend who does gold mining.  Plant setup etc.
He has an investor who wants to put in 700 BTC in a hurry. (Probably due to the ever present, almost universal price correction concerns)

He is worried about the volatility of BTC and wants to get it changed into USD and into a company acc (HSBC) in the UK asap.
(Personally I think he might be surprised at just how many businesses would be happy to accept BTC for the required equipment, but he does not think that way)

I found this:
https://news.bitcoin.com/otc-trading-whales-bitcoin/

And have contacted
https://www.itbit.com/
and
https://binaryfin.com

It goes without saying that these institutions need to properly checked out and be legit.
Does anyone have any experience here?

I am way out of my depth here and would not have asked so publicly had time not been of the essence.

[bitserve]

I hope you experienced guys can advise:

Which exchange is best to use to change a LARGE amount of BTC into USD and deposit it into a bank acc in the UK plz.
ie:  
It's important to try and keep the whole transaction  immune to the volatility of BTC so the the deposited USD amount is as close to the initial amount as possible.

I would have said Bitstamp.  BUT:

1. They can ask you to prove where the BTC came from at the point you try to withdraw cash.  I managed to satisfy them, but it took time and if they had not been satisfied I suspect they might have refused.  Scary while it was held in suspense, which it was.

2. They are now getting very slow for withdrawals - over a week now to even confirm (USD) withdrawal - let alone see it in your bank.  I don't know about SEPA, as I no longer use this method (see 3 below).

3. When you sell for USD and they withdraw USD for you, they change it into Euros via a Slovenian bank, then send it as Euros (via SEPA) to your UK bank (as Euros), who will then convert to GBP.  This friction is expensive.  In the end I found the best thing to do is set up a UK USD account and use 'International wire transfer' to transfer USD.  You can then use a Forex broker to give you a good rate for USD to GBP.

Not very helpful, but I think very few exchanges are easy right now for UK BTC - Cash.  generally I trust Bitstamp - but the slowness is now concerning.

Hey kurious, can you elaborate more on the subject of proving where the BTC came from?

They could tell a lot of it was direct from Polo (which I guess is easy enough for them to do).   I sent some evidence of my trading alts there - more than I would like to have done - but my money was locked in while they 'considered my withdrawal'.  I have been registered on Bitstamp since 2012, so I was concerned to be asked, but of course I was suddenly sending BTC in and selling it in fairly large amounts.  I am not sure everyone will be treated this way, but I was.  I am declaring profits for tax purposes and doing my best to stay legit, too.  

They were polite at all times (and I made sure I was, too) and I had a couple of small withdrawals first before I tried a larger one, which was the point at which they started to ask.

I see, I was thinking about something more on the line such as send me your previous years tax reports so that I can see you declare you have XXXX bitcoins. Or... send me a certificate issued from the exchange your bought it from and another one issued by your bank for each of your transfers to buy those BTC.....

What you are saying bassically looks like someone could just "launder" whatever passing it before through another exchange or something like that.... But my concern is... what happens if what I am trying to withdraw is some of the first Bitcoins I bought using localbitcoins? What if they have been in some paper wallets since 2013 and after sitting on a hardware wallet since just before sending it to Bitstamp?

Can I ask what was the quantity that passed and/or when it triggered their threshold? Of course, I would understand if you don't feel like sharing that info

[bitserve]

Thx for the replies and advice guys.

I was phoned by a friend who does gold mining.  Plant setup etc.
He has an investor who wants to put in 700 BTC in a hurry. (Probably due to the ever present, almost universal price correction concerns)

He is worried about the volatility of BTC and wants to get it changed into USD and into a company acc (HSBC) in the UK asap.
(Personally I think he might be surprised at just how many businesses would be happy to accept BTC for the required equipment, but he does not think that way)

I found this:
https://news.bitcoin.com/otc-trading-whales-bitcoin/

And have contacted
https://www.itbit.com/
and
https://binaryfin.com

It goes without saying that these institutions need to properly checked out and be legit.
Does anyone have any experience here?

I am way out of my depth here and would not have asked so publicly had time not been of the essence.

Let's see if I get it correctly... Your friend does not have the BTC, but someone wants to invest in his business using BTC and he wants to convert it to USD inmediately?

If that is correct, your friend better do the deal with a broker that could also carry on the due diligence over those Bitcoins or he could end up with some sort of "tainted" ones and be in big trouble. Maybe Gemini or any other of the big ones with dedicated OTC desks who will also be able guide him through all the steps of the transaction.

[HairyMaclairy]

is your friend a Nigerian prince?

[svdleer]

https://www.reddit.com/r/Bitcoin/comments/7jpkpx/well_boys_hes_back_the_great_17250_wall_and_its/

[orpington]

is your friend a Nigerian prince?

thats what I was thinking. lol