so practically, if someone cashes out 100 BTC to his bank account, what happens?
It would start with what country you reside in and and where it's sent and what the laws are in those places.
Most places have strict AML / KYC laws so you'd be breaking the law with just a few BTC potentially.
I am not a lawyer or an expert on various countries laws.
But i have been the only one warning you all along about the FBI arrest over BTC in 2013 in Florida.. or KAT etc.
Seek professional help and maybe care.
Caring about the implications would be the
first step.
So far there is no talk about the important issues.
Nothing but 90% topics on page 1 here titled "
What ICO coin on teh exchangerz should buy to make me profitz?"
The top major countries i think want you to declare your profits on your tax returns.. when tax time comes.
But there is also a secondary matter going on as well.
Take for example the defunct exchange CRYPTSY..
They told us they would lie to customers about network problems and freeze users accounts and then hand off their info to US Federal authorities for investigative purposes.. which could be wide ranging.
Coinbase did that to Artem from KickAssTorrents and the showed up at his door and put him in jail.
He's still there !
Make no mistake people.. if they collect your info they are all doing it.
Whether it's Bittrex or Coinbase or Poloniex.. all of them are 100% government compliant.
Which makes your "coins" 100% government compliant now doesn't it ?
Oh well, never mind the "FUD" ..just head over to Polo and buy some "anon" coins with your picture ID.
You are safe as long as you chant free market and no laws / regulations.
You may have to yell louder to be heard when you are in a noisy jail cell with Artem from KAT though.
..it would behoove you all to cover your ass.