Legit conversion from BTC to USD?

[mwarrior]

Hi All.  

I am sure that what I am about to ask has been covered once or 30 times before... but I have looked for a long time and don't have the answers I'm looking for. I have invested almost 7 grand into a new ASIC bitcoin miner that will be coming from KNCMiner.  I am on the first 500 list so I've been really excited about things to come.  The closer it gets to ship date.. the more worried I am getting because the United States government [ A PRIME EXAMPLE OF SHADY ] seems to be doing everything in their power to make Bitcoin impossible to work with.  I am concerned about having tons of bitcoins and not being able to turn them into cash... which I HAVE to do to pay back investment money.  And with MtGox not allowing USD withdraws even more so.  They claim it to be temporary.. but how long will it last and will it happen again soon?  What is the best way to convert bitcoin to USD?  I'm perfectly willing to give the US government 20% in capital gains tax which they did nothing to earn... but is that even going to be possible?  As for using localbitcoins.com .... the amount of money I hope to generate with a 400 Gh/s miner will make that tough to work with.  Hoping someone can give me some pointers.  Any help would be greatly appreciated.


-MW

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[AliceWonder]

I believe CampBX has the necessary federal paperwork and the necessary paperwork with the state of Georgia.
I don't know what (if any) other states they have the appropriate paperwork with.

You should ask them, though - I can't speak for them obviously.

[tacoman71]

Sell on ebay. Tack on an extra 25% to market value to set the price. People are willing to pay a premium if they can use paypal or credit/debit card to pay for bitcoin.

[DeathAndTaxes]

Sell on ebay. Tack on an extra 25% to market value to set the price. People are willing to pay a premium if they can use paypal or credit/debit card to pay for bitcoin.... and later do a chargeback leaving you holding nothing.

FYPFY

[polarhei]

There are some points to follow up as the being is only based on trust or no trust.

I think, selecting which exchanges has approved by FinCEN, is the legitimate way for.

[btceic]

Coinbase is really good, I use them and have had no problems at all.

[tacoman71]

Sell on ebay. Tack on an extra 25% to market value to set the price. People are willing to pay a premium if they can use paypal or credit/debit card to pay for bitcoin.... and later do a chargeback leaving you holding nothing.

FYPFY

That's why you sell to people with verified PayPal accounts. It's a risk you have to take if you want to maximize your profits. I've been doing this for a while now without any problems.

[TheButterZone]

Sell on ebay. Tack on an extra 25% to market value to set the price. People are willing to pay a premium if they can use paypal or credit/debit card to pay for bitcoin.... and later do a chargeback leaving you holding nothing.

FYPFY

That's why you sell to people with verified PayPal accounts. It's a risk you have to take if you want to maximize your profits. I've been doing this for a while now without any problems.

"Verified" means absolutely nothing when it comes to frauds. Countless "Verified" PayPal accounts have charged back regardless of your personal experience. Until "Verified" means "2 factor authenticated via Yubikey or Google Authenticator, implanted RFID chip, or DNA sample", then PayPal will continue to be the #1 choice of financial criminals on the world wide web.