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22 Eargesplitten posted:Is this about the money limit to avoid paying taxes, or something else? No. Taxes are due even if he only made $1 on it. This is about federal reporting requirements. Transactions of $10k or more currency require a CTR to be filled out, and it's illegal to "structure" transactions to avoid this. It's largely about money laundering if I recall.
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Sep 2, 2017 19:04
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CTRs only have to be filed for cash transactions. Electronic fund transfers and automatic clearing house transactions don't need them.
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Sep 2, 2017 19:06
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22 Eargesplitten posted:Is this about the money limit to avoid paying taxes, or something else? Is it illegal to make transfers that could be used to avoid taxes if you pay the taxes anyway? It seems like getting paid in cash at work but reporting it on your taxes anyway. Or is it that there's some sort of requirement on the exchange's side that you the customer could be held responsible for them failing to meet? Any transfer of $10k or more requires reporting simply to say, "Hey I'm moving $10k and it's not going to terrorists, look at this legit income stream." You're committing a crime if you move $10k of your own cash through an airport without filling out that form and you're committing a bigger crime if you do $5k on one day and $5k on another day because that's a structured transaction meant to circumvent AML. e:f;b e2: Solice Kirsk posted:CTRs only have to be filed for cash transactions. Electronic fund transfers and automatic clearing house transactions don't need them. Right, and if the exchanges are limiting how much can be withdrawn in cash, guess what they're doing. BonerGhost fucked around with this message at 19:12 on Sep 2, 2017 |
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Sep 2, 2017 19:09
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You're mistaking a cash position for currency. edit: I worded that first response poorly. CTR's are only used for currency, so paper or coin money. Solice Kirsk fucked around with this message at 19:24 on Sep 2, 2017 |
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Sep 2, 2017 19:15
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Solice Kirsk posted:You're mistaking a cash position for currency. So is literally everyone else.
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Sep 2, 2017 19:24
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Yup, and I used "cash" incorrectly so added to the confusion. Point being, there is no such AML reporting for $10k+ electronic money movements. I think that:Motronic posted:More likely they need time to refresh their "actual money" coffers with the money of larger fools in between cash outs. is probably the reason they have the daily limit.
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Sep 2, 2017 19:28
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Solice Kirsk posted:Yup, and I used "cash" incorrectly so added to the confusion. Which is why I said "CTR" and "currency." In any case, we're on the same page here. It's not like they're a bank that knows how much they have on deposit and can (or are regulated to) have a specific cash reserve when anyone can literally just throw the "asset" they are supposed to be covering into their exchange from another exchange or any drat wallet at all in minutes.
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Sep 2, 2017 19:42
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ohgodwhat posted:It's not a $9,999 limit I hope. That's for cash transactions, not electronic ones. I am guessing though that these are being sent as wire transfers and that will raise eyebrows. But it doesn't matter if he reports it on his taxes and is honest about it.. His bank is aware of what is happening, and there is a plausible story. As long as he reports the income he should be fine. Structuring is illegal, but the customer is not the person setting the limits and as long as he does not try to conceal the funds or their source he is in the clear.
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Sep 2, 2017 21:04
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Risky Bisquick posted:Was this even with improved daily withdrawal limits? Yes. We eventually got to the point where we were authorized for $15k per week cash withdrawals, but it took months to get there. At the beginning, every step in the process resulted in a new insufficinet identification or limit error, and the automated systems to move you past that were more often than not broken. So you'd submit a ticket and the only reply you'd get was the automated response that the help desk was swamped and it would take weeks to get to you. In the meantime would you like some unhelpful FAQ? And you'd never get an actual response, but if you tried again in a couple of weeks, the system would work and you could move on to the next undocumented hurdle. I think if we ever got a second donation of that size, i could digest it in about one month now. But dear god, mailing me a check is about 1000x easier.
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Sep 2, 2017 21:19
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Devian666 posted:Saying something reasonable like that is the same as being a neo-nazi apparently I assume she lives in LA and I can say that 8% home price increases YoY can make any discussion of homes a triggering event. I'm just 9 years away from my down payment =/
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Sep 2, 2017 21:31
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Denver's gotten to the point where you need to make 80k+ to afford a median price home, assuming 20% down payment. 90k+ if you're putting only 10% down.
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Sep 2, 2017 21:46
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Blinkman987 posted:I assume she lives in LA and I can say that 8% home price increases YoY can make any discussion of homes a triggering event. I'm just 9 years away from my down payment =/ Lol 8%. Come to Canada where we've had 30%+ for four in a row. The good news is we're finally turning the corner, hopefully.
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Sep 2, 2017 21:47
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Noctone posted:Denver's gotten to the point where you need to make 80k+ to afford a median price home, assuming 20% down payment. 90k+ if you're putting only 10% down. My sister just bought a home in Denver and her loan to income ratio is something obscene like 6x. It's not quiet as bad as it may seem since her husband works, but his income couldn't be counted towards the loan documentation he sells weed. Still, they're seriously house poor now.
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Sep 2, 2017 21:52
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Yeah the market here has been hosed for a few years now with no end in sight.
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Sep 2, 2017 21:54
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Solice Kirsk posted:
Which **** wallet is it, because there really aren't very many that have continued to exist since 2012 that haven't had all the bitcoins disappear or w/e
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Sep 2, 2017 22:39
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BITCOIN SITUATION INCOMING!
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Krispy Kareem posted:My sister just bought a home in Denver and her loan to income ratio is something obscene like 6x. Loan amount vs income makes far less of a difference than debt to income ratio and net cashflow. Loan amount vs income is pretty abstract and its impact on your budget will vary based on interest rates.
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Sep 2, 2017 22:46
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ate all the Oreos posted:Which **** wallet is it, because there really aren't very many that have continued to exist since 2012 that haven't had all the bitcoins disappear or w/e He can't and shouldn't share that.
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Sep 2, 2017 22:47
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Solice Kirsk posted:So I guess there's no such thing as a weekend for the BTC market because I just met with him again a few minutes ago. Trade was stopped as it exceeded his daily limit. Looks like we're gonna be doing this in $10k chunks (he has a 10k daily limit on all activity in the account). So we have to do a sell for 10k a day and then set a day aside to transfer the cash out. Eventually he'll just be placing a sell one day and a transfer the next. Gonna take a long time to get his cash out. The stories of it being a pain in the rear end are starting to make more sense. Take two! I'm confused. What is your role in this? I understand that you're helping him to withdraw, but has he given the wallet to you, or are you just providing tech support for him doing it himself?
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Sep 2, 2017 22:59
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ate all the Oreos posted:Which **** wallet is it, because there really aren't very many that have continued to exist since 2012 that haven't had all the bitcoins disappear or w/e Why would you even ask this
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Sep 2, 2017 23:14
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What is the bank account and pin? Just want to check the security out, make sure it's safe.
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Sep 2, 2017 23:16
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This guy sounds like someone I knew in High School. What was his mother's maiden name again? And his first dog...starts with a Sssssssomething....Sppppaniel?
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Sep 2, 2017 23:34
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Senor Dog posted:Why would you even ask this Unlike banks where there's thousands of possibilities, the number of bitcoin wallet companies that have been in continuous existence since 2012 amounts to like... three. That didn't particularly strike me as "sensitive information" but okay, it's fine. You should at least verify it yourself because if the emails aren't particularly recent it's very likely to be one of the ones that collapsed and stole all the money.
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Sep 2, 2017 23:43
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Volmarias posted:I'm confused. What is your role in this? I understand that you're helping him to withdraw, but has he given the wallet to you, or are you just providing tech support for him doing it himself? I just happen to be the banker he got a hold of when he called and asked if anyone here knew about Bitcoin. Can't go into it much more than I have already, and there won't be much more about it since I'm off until Tuesday.
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Sep 2, 2017 23:52
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Solice Kirsk posted:I just happen to be the banker he got a hold of when he called and asked if anyone here knew about Bitcoin. Can't go into it much more than I have already, and there won't be much more about it since I'm off until Tuesday. Are you sure he's not scamming you
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Sep 3, 2017 00:03
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Yeah, I'm almost positive that there is some illegal activity going on here. At the very least, you should document everything, comply with all relevant regulations, and assume that everyone involved will attempt to screw your company. I worked in financial fraud and there are huge red flags all over the place with this situation, I would refuse this customer's business in your situation. Cover your rear end.
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Sep 3, 2017 00:30
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Konstantin posted:Yeah, I'm almost positive that there is some illegal activity going on here. At the very least, you should document everything, comply with all relevant regulations, and assume that everyone involved will attempt to screw your company. I worked in financial fraud and there are huge red flags all over the place with this situation, I would refuse this customer's business in your situation. Cover your rear end. lol
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Sep 3, 2017 00:45
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There's literally no way he could "scam" me besides wasting a little bit of my time. edit: I guess not "literally." I mean, he could be doing all this just to steal lollipops or sit in air conditioning for an hour. Solice Kirsk fucked around with this message at 01:08 on Sep 3, 2017 |
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Sep 3, 2017 01:05
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ate all the Oreos posted:Unlike banks where there's thousands of possibilities, the number of bitcoin wallet companies that have been in continuous existence since 2012 amounts to like... three. That didn't particularly strike me as "sensitive information" but okay, it's fine. If there were like three of them, couldn't you just, you know, check and look for the one where transactions just started being made recently? If it's super public knowledge it should be easy to find with the information on hand. If it's not why are you asking.
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Sep 3, 2017 01:26
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ranbo das posted:If there were like three of them, couldn't you just, you know, check and look for the one where transactions just started being made recently? I'm asking because this thread was giving lots of advice but unless i missed it nobody said "make sure it actually still exists" and I was curious 
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Sep 3, 2017 01:48
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ate all the Oreos posted:Unlike banks where there's thousands of possibilities, the number of bitcoin wallet companies that have been in continuous existence since 2012 amounts to like... three. That didn't particularly strike me as "sensitive information" but okay, it's fine. A bitcoin wallet is just a cryptographic private key that lets you control the coins assigned to a certain bitcoin address. You're thinking bitcoin exchanges.
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Sep 3, 2017 01:59
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pr0zac posted:A bitcoin wallet is just a cryptographic private key that lets you control the coins assigned to a certain bitcoin address. You're thinking bitcoin exchanges. He's getting emails from somewhere. It's not just "a wallet". e: I mean tbf it could be a third party wallet but my "most of those got owned since 2012" statement applies to them as well 
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Sep 3, 2017 02:09
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I think you need to ask the buttcoin thread in YOSPOS rather than here OP
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Sep 3, 2017 02:18
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The Juicero founder just posted a video of himself at Burning Man: https://sf.eater.com/2017/9/1/16244004/juicer-juicer-burning-man-founder-shut-down quote:Fire breathing bike dragon. . . . . . . . #vegan #raw #juice #coldpressed #coldpressedjuice #organic #technology #juicing #rawvegan #rawvegansofig #rawvegansfoodshare #plantfood #plantpower #plantbased #veganfood #love #entrepreneur #juicero #fresh #produce #sunset #burningman #fire #firebreathingdragon
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Sep 3, 2017 02:27
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ate all the Oreos posted:He's getting emails from somewhere. It's not just "a wallet". Yeah he's getting emails from an exchange like coinbase where he has the wallet for the bitcoin he owns. Your question asking for info on the wallet got the reaction it did cause you pretty much asked for identifiers that can be easily used to track the person's bitcoin related financial transactions without realizing it.  It sorta confuses me how most of the blockchain drama fans here don't actually understand the technology behind the community they like to make fun of. I guess it makes sense since most blockchain proponents don't understand the technology either so why bother, but its so much funnier following that stuff when you actually know what's going on.
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Sep 3, 2017 02:35
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pr0zac posted:Yeah he's getting emails from an exchange like coinbase where he has the wallet for the bitcoin he owns. Your question asking for info on the wallet got the reaction it did cause you pretty much asked for identifiers that can be easily used to track the person's bitcoin related financial transactions without realizing it.
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Sep 3, 2017 02:42
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Use multiple exchanges if you want to expedite the process. It's still going to take quite a while
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Sep 3, 2017 02:45
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There are other avenues than exchanges like those. LedgerX is coming online soon and if the client can find a broker who is on there, he might be able to get out of his position quickly and safely.
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Sep 3, 2017 02:54
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pr0zac posted:Yeah he's getting emails from an exchange like coinbase where he has the wallet for the bitcoin he owns. Your question asking for info on the wallet got the reaction it did cause you pretty much asked for identifiers that can be easily used to track the person's bitcoin related financial transactions without realizing it. I probably should have put "**** wallet" in quotes because I was just mirroring the original phrasing, I didn't actually mean to ask for details on the wallet other than where it is. pr0zac posted:It sorta confuses me how most of the blockchain drama fans here don't actually understand the technology behind the community they like to make fun of. I guess it makes sense since most blockchain proponents don't understand the technology either so why bother, but its so much funnier following that stuff when you actually know what's going on. Are you talking about me or someone else? Because I'd say I have a pretty good understanding of it, I've read the bitcoin whitepaper and laffed at the bitcoin thread for like, geez, 4 years now?
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Sep 3, 2017 03:15
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Hoodwinker posted:I don't know a lot about ICP but that's not gonna stop me from laughing at weirdos in clown makeup. ICP actually has pretty good opinions on a lot of things and while I'm not gonna stop laffing at weirdos in clown makeup their heart seems to be in the right place I remember someone linked me some ICP lyrics back when they declared their march on washington to protest trump and they were like, bizarrely woke??
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Sep 3, 2017 03:22
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ate all the Oreos posted:ICP actually has pretty good opinions on a lot of things and while I'm not gonna stop laffing at weirdos in clown makeup their heart seems to be in the right place
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Sep 3, 2017 03:47
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