Need major help - PLEASE 1600 BTC

[richforeveroneday]

Congratulations if this story is true!

Bitcoin is a very volatile currency, and it is probably a good idea to bring in part of your investment. However, I would still recommend to save most of your coins if you do not want to use them right now. The expected return is much higher than that of gold or similar commodities.

As for the money transfer itself, you can use services like XMLGold. Alternatively, you can buy anonymous credit cards in this thread. This way you can avoid taxes altogether, if that is your desire.

How much do you think BTC will be next year? I can hold them it wont make a difference.  But to be honest I am ok paying tax to the UK government, as they deserve it.  They do so much for us; they’re no harm in giving back. They are there for us no matter to make sure we guys are safe and always looked after. What is XMLGold?

[mistress_magpie]

Hi richforeveroneday,

a) I think you should try In Bitcoin We Trust, which is a UK exchange for UK residents

https://ibwt.co.uk/users/signup

It's a good, legal way to get your exchange needs met and you should be covered more effectively by UK law there.

But could I please recommend that you take your windfall and invest in some businesses with it? Start lending Bitcoin to small business, or buy equity in businesses with it.  Definitely invest some of that Bitcoin as well, convert it to pounds if you want, but the very, very best thing you can do to improve the value and vitality of Bitcoin as a whole is to treat it as a currency, as a store of value; not as a transitory thing to be turned into 'real cash.'

[BitcoinDenvini]

If i were in your place,  i would distribute coins like this:

1/10 - Sell in some good exchange (bitstamp, BTC-E) in small amounts
1/10 - Buy LTC mining Rigs with use for mining LTC an other cryptocurencies
1/10 - Preorder KNC future 3TH miner or 10 of these. They will have great resale value and they will definetly get back BTC you invested.
1/5 - Buy LTC and hold, it will be released in several big exchanges, so value will be up soon.

Other BTC just keep for future, better on paper wallet. You can see how to do it blockchain.info, but better do it  with armory.

I hope you got the right answers you looked for.

I will appreciate if you help me with some coins, for a very good advices: 16PfoGgnoX4FJwcuPtuypVHYi9A86DWXde

1. that could work
2. that sounds even better but does LTC have any real value now that atlanlts is not here?
3.  what are "KNC future 3TH miner "? sounds good but
4. why should keep in paper that how i lost the old ones.

please let me know what you are thiking

2. LTC will gain value as it will go in the bigger exchanges soon.
3. KNC has been the first company who delivers in TIME and who keeps promises, alos they will have the smallest die size of 20nm, that means lees power used to get those 3TH mined
4. paper is much safier than keeping coins in online or offline walet, nobody can get to your coins.

Please share to those, who hepled you with advices, icluding me

[richforeveroneday]

I have 1600 bTC. I don’t know what to do with them. Should I take them out or should I keep them? I had the coins since 2012, I had over 5,000+ but all I can remember is this account. The best advice will get some of my coins. Please let me know what you guys think. I was thinking the following:

1 - take the coins out via MTgox or bitstamp as I have registered with them and pay the 5,000 commissions to cash my coins out
2 - set up my own site via a PHP developer and cash out
3 - use the coins I have to buy and sell, i.e. buy high and sell low in the market (could have made $300,000 today)
4 - buy items with the goods and sell them in real life
5 - make my own site like localbitcions and pose either as seller or just use localbitons services
6 - start my own bit coin gabling/betting site
7 – make my own bitcoin currency
8 – spend my money on LTC and namecoins

I have a few more ideas but I think these were the best. I live in UK and I think there a tax law comes in to place in January. But the coins usually go even higher then you can think when there is a crash.  But if the tax law comes it mean for sure BTC will not be anonymous and therefore lose one it highest traitors, maybe namecoin will be market leader one day?

Please justify what you say and I know you guys are smart are there so, tell me what you would do if you was me.  If we go with option three I will pay up to 20 people to give me advise when to buy and sell and give them all a very small cut of the profit.  I am also stable I don’t need house or anything. This is change I have that I want to use to change my family life before I die.

I can suggest you several legal ways. You can pm me with your freenode info to talk about it. Here are some ways to get you started.

a) Buy money making assets that will make you money on autopilot for months to come. Money will come via fiat, so that will be legible income. Sites such as flippa.com sell profitable websites at the right prices, but there are better options how to buy websites. I know how to do it the right way because I've been buying and selling websites since a long time. I have major online marketing background with 5+ years of experience.

b) Acquire a lot of cards (I can tell you which ones are best) and accumulate them. Then sell them slowly over years or even use them to buy stuff. Those cards will always stay the same in terms of fiat value, so no risk for you or your family.

If you are interested, let me know

a)   good idea. What sites have bought off the shelf? What kind of filed is profitable
b)   what cards? And what is fiat value mean?

[liberty90]

How much do you think BTC will be next year? I can hold them it wont make a difference.

Whatever you do, don't sell everything at once...

And read this thread:
(SSS) - A Sane and Simple bitcoin Savings plan
https://bitcointalk.org/index.php?topic=345065.0

b)   what cards? And what is fiat value mean?

fiat value = value as measured with $/€/£
http://en.wikipedia.org/wiki/Fiat_money

I have to think of them and the charity too.

If you don't already know to whom give this money, read about Give Well
http://www.givewell.org/

...and maybe think about donating to scientific research. Charity helps people today, but scientific advances will help even more people in the future.

Why do you think alt coin wont increase in value?

Well, these altcoins that have new features, like Namecoin, probably will increase in value. But simple copies of BTC ? Why people should use them, if BTC exist ? This is why I'm rather sceptical about LTC and similar coins.
This is only my personal opinion, of course !


PS. 15oSR7bYNep3bTtVCh5wuXhQnG6qvDvHWY ---> if you consider any of my ideas interesting, donations (even symbolic 0.01 btc) are always appreciated

[phantastisch]

Keep calm, this is still a big load of money.

Since you are this young , you may encounter some problems with cashing out large sums. ( At least this is what it would be like here in germany.)
Your Bank would probably tell your parents and you may not have control anymore over this money.

So you have to be smart about it , and while its painful to see it dropping wait a bit.

Cashout a small amount that you feel comfortable with having on your bank account via bitstamp.

Like others pointed out , use localbitcoins for some additional cash.

I will not advise you on any altcoins because you probably can loose a lot of the money there.

Hold the rest until you have an age where control of this money is guaranteed yours.

I think your right it would be the same here in UK.  But it ok I will help my parents out there old and cant work.  But it is a smart idea no lie. But I am trying to verifying with local bitcoins but when you have the money dropped in your account. Is not taxed and could this be a volition of the FSMA 2006 namely money laundry regardless of the sale being done in good faith and clean hands (lord diplock).  

The most F****D up thing would be if bank seize the money under money laundry under the this act the bank cant tell me anything (breach of tipping off). So I will be screwed big time.  They may even use the Precedes of crime act and seize goods that have that could be obtained from my profits. What do you think?

Why do you think alt coin wont increase in value?

You sound very reasonable. At the Moment for you banks can not be trusted.
Supporting your family is a good thing, but now you need alibi, where this money is coming from.
For example (probably not your favorite idea), you could get a small Job and mix the earned money with some from cashout. It may Not be much to live in luxury, but it would definetely help.
Money laundering could become a Problem , before a Big cashout i would Consult a tax lawyer.

About altcoins : Sure they may go up and you would probably Make some btc but think about them :
Is there really a demand for them ? What can you buy with litecoin at the Moment?
The answer is : Not much. They are pure speculation and Most People lose money.

Then : many People will come to you with projects you should invest. I think about it like this :
When they dont get real money from Investors or can finance it themselves, Then they should Not get my money because they are the wrong People for this.

Also dont Open any links from private messages , they will try and get your coins.

[vikingchild]

1600BTC, then I would seriously recommend you wait until a better time of the year to sell at. Sure you run the risk of more damaging news happening in between but if you sell right now you simply won`t get it`s real potential worth.

I`d recommend to look at all the major exchanges to find the place you can get the best price at - this is typically mtgox.

Also I would wait until Christmas is over, this is known for its seasonal dip in terms of investment as people now need money for Christmas instead. When do I expect a rise again? Towards end of January or the start of February - why? It`s simple, people would have gotten their last paycheck after Christmas and are now looking to earn some of their money back lost during Christmas shopping.

Would I recommend a casino, poker, or another site? Absolutely - IF you know what you are doing only that is. If not, that could easily be a complete waste of money. I have a project in development and if you are interested to hear more you can contact me personally here on the site (just leave me a private message) and we can talk it over a bit more - I will be blunt, we are keen to find an investor for the project to get it up and running the right way immediately. This may be for you or it may not be for you, we can have a look if you are interested.

[Dpack]

It's surprising that no one said a word about LTC or Altcoin mining.

A nice rig will cost you around 1500-2000 dollars. At this actual LTC value (Considering crash price), you will return your investment in about 1 - 1.5 months maximum, with a nice LTC rise you can recover all your investment in less time.

It's like making nice machines than print money for you. I recommend you to see this webpage: http://www.coinminingrigs.com/
Look at the first rig. Then get guiminer scrypt and join www.middlecoin.com pool.

Every rig you get will make 2000-2500 dollars in btc for you each month. You can use them to cash out for your parents and you. With 8 rigs you will get 20.000 dollars each month, without playing in the exchanges. All with a nice 20-25 BTC cashout.

You can also ride the waves in the exchanges and make insane profits of the fluctuaction of any coin. If you notice, BTC value changes like 10-20 dollars each 1-2 minutes. Buy some cheap, sell them one minute after... and repeat. repeat. and repeat more. Considering exchange fees you will make like 1-2% in each wave. But that's in 5 mins. If you spend 4-6 hours you will double your initial investement. Try it with 10 BTC and check it out. I HARDLY SUGGEST you to get in BTC-E.com for this purpose. MTGOX sucks at this. Their server is too slow and you will never get your money at a nice time to ride the next wave.



Cheers, from Lima Peru =)

1NPGB4YmqEKW7Lu4fwv7gw5ZtpWMg1vRUh

[zalzane]

OP, the first decision you need to make is whether you want to try to make more money in the bitcoin world, or cash out into the real world. If I was you, I would do a mix of both. I would cash out a certain number of bitcoins, maybe 100 or so, just enough to live comfortably for awhile. Don't use mtgox to cash out, use coinbase or absolutely anything else. Once you cash out, BE ABSOLUTELY SURE to declare the profits as income to your country's tax revenue service.
If you decide to do a 100% cash out, perform the cashout over a time period rather than selling all at once. This will make a better price for you and prevent any big market movements from being triggered by your cashout. In addition, if you decide to do a complete cashout, consider doing it over several years to prevent your tax bracket from going up. It would suck complete ass to pay 50% tax on your bitcoin cash.

If you want to make more money in bitcoin, the rest of the coins should be used as "capital". Since you have access to quite a lot of instantly transferrable money, your options are directly dependent on how you can spend that money. With bitcoin in its infancy merchant-wise, there's really not too much you can buy, which means the business venture you choose has to be based on the coin itself. A lottery would probably be the best option considering the amount of money you have, and it's almost guaranteed returns because you only choose winners once you have enough tickets sold to cover the prizes. To draw attention to your lotteries, run the first few at a loss; since most lotteries run at a loss for the ticket buyer, it would draw many eyes on bitcointalk/wherever if you ran the lotteries at a profit to the ticket holder.

If you take any one thing from this post, I highly recommend _against_ day-trading or any kind of altcoin investing. Bitcoin/altcoin investment is known as "speculation" in the finance world, and it is literally the riskiest kind of investment you can make. There are financial analysts much smarter than you or me who struggle to make a profit in speculation when using advanced prediction algorithms and analysis methods. Day trading is the same story - virtually nobody who takes part in day trading makes any money. When you hear success stories from people who worked the stock market, what you fail to hear is the equal number of massive stock failures. My dad is probably one of the the best examples of this - he invested 100k in the stock market and did day trading using one of those candlestick prediction methods, he got out by the skin of his teeth with only 60k remaining.

So there's really only two options I can recommend here - either you cash out of bitcoin over some period of time, or use the capital you have to start some kind of business. I recommend against trying to start a business if you know that you aren't business savvy.

Stay safe op

1JfXkhN1K6Y4fLg7NWiz2rWgjRQJEkZwVP

[liberty90]

OP, the first decision you need to make is whether you want to try to make more money in the bitcoin world, or cash out into the real world. If I was you, I would do a mix of both.

This is why I recommended him this or something similar:

(SSS) - A Sane and Simple bitcoin Savings plan (btw: rpietila usually write interesting things)
https://bitcointalk.org/index.php?topic=345065.0

I would cash out a certain number of bitcoins, maybe 100 or so, just enough to live comfortably for awhile.

Good idea, but on the other hand remember that he is 16.

Don't use mtgox to cash out, use coinbase or absolutely anything else. Once you cash out, BE ABSOLUTELY SURE to declare the profits as income to your country's tax revenue service.

It's a pity that he live in the UK, I know some people in Poland that probably would be interested in his coins and would probably pay in cash (with commission, of course). We should also remember that he is a minor...

If you decide to do a 100% cash out, perform the cashout over a time period rather than selling all at once.

Certainly.

[Connact]

I would diversify into other altcoins, then sell some BTC (if you live in/near a city maybe you could try selling them for cash, bring a nice big sign saying "selling  BTC for cash", you might even be able to get 10-30% premium over the exchanges.  You could also sell some BTC on localbitcoins, i've used it quite a bit and is legit (via bank transfer).  I would also say to hold some BTC in cold storage for the long term.

1EzvBvstVrjnCsbLvNC1GFEak8n9PNhqq4

if my info is worthy.

[liberty90]

I would diversify into other altcoins

Namecoin is interesting, but many altcoins don't bring anything new... I still don't understand why people should use/own clones of btc (with little or no features that make them special). Such "clones" temporarily rise in value only because some speculators are rather dumb, IMHO

I would also say to hold some BTC in cold storage for the long term.

This would be wise indeed, as long as these coins are in safe place.

[Menahem]

6 - start my own bit coin gabling/betting site

I can help you with this, I can give you a contact to a group, which will guide you from begining (registering domain) untill connecting the billing system. Please contact me.

[liberty90]

I'm not expert in the UK law, but legality of such business may be dubious...

[Rampion]

Just cash out gradually using different ways, eg. a bit on stamp, a bit (much less) on Gox, a bit on localbitcoins, a bit OTC.

Just do not risk all your money to a single exchange or trade, diversify and do not put all your eggs in the same basket.

And do not forget to keep a % of your coins for the long run. 20% might be enough, it depends on your needs.

Good luck mate.

[Faince1985]

I don't think it will be any profitable to exchange with NMC/LTC but it's still your decision. Opening a gambling site might cause you some issues with taxes (if they tax your btc's profit),BTC's might or might not rise and it's hard to tell with any backup,IMHO withdrawing it gradually by bitstamp and maybe another exchanger (other than mtgox) looks like the best way.

[raskolnikovx]

Guys, are we really buying this?

[Agsic]

Mine altcoins with gpu rigs.

[LiteCoinGuy]

maybe: 8 – spend my money on LTC and LTC   

[owlbear]

First of all make a plan and stick to it. Write it down on a piece of paper and show it to your loved ones. This will do a lot to insure you from panicking or making rash decisions. Make a plan that involves lots of small steps over time, say over several months. Bitcoin may crash down to $300 this week, but if history is anything to go by it will be back up to $1000+ within a year, so if you don't panic and stick to your plan you will probably not lose significant amounts of money. The most likely way to lose a lot of money is by making poorly planned decisions based on emotions.

Secondly, embrace paying taxes. If you're not a big corporation or a bank you have little chance against your government in the long run. The last thing you want is you government coming after you years from now when you might not have enough money left to pay those taxes. Make an anonymous call to your tax agency and ask how to pay taxes on profits from selling Bitcoin. If they ask how many you have, tell them you have some small number, like 3. Don't give away anything until you've decided to sell.

Now, if I were you I would cash out about 5% of my stash per month regardless of the price. So this month I would sell 1600*0.05 BTC, which is 80 BTC. In January I would sell 1520*0.05 BTC which is 76 BTC, in February I would sell 1444*0.05 = 72.2 BTC, and so on and so fourth. I would sell incrementally in small amounts and make sure that the whole process of selling and receiving fiat and paying taxes works smoothly.

Best of luck!