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Midjack posted:Surprised it's not 6900 and 420 per day. He absolutely had to be talked out of this.
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Jul 1, 2023 21:20
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PurpleXVI posted:As in people who have actually turned their bitcoin into billions of fiat currency or as in people whose bitcoins are worth theoretical billions of fiat currency? Because I'm going to call bullshit on there even being billions of actual liquidity to extract from the bitcoin ecosystem or that any exchange wouldn't find some way to shut you down for KYC/AML or other reasons before you even got a fraction of that out. Hell, even a million sounds extremely suspect. Oh yeah, pretty much all of these guys I was talking abut got actual money out of the whole thing. I know plenty more who were in early and cashed out for a few hundred dollars' worth of Amazon gift cards back when that was a thing. Super-early dude has a mansion in Puerto Rico now, started his own venture capital firm, and was throwing a few big annual conferences for a while there before covid made him decide to give those up. The vast majority of people have lost money with crypto, but the goon line about "everyone who touched crypto early lost all their money to scams or tech blunders or their banks shut down all their accounts for money laundering" is kinda cope. Cryptocurrency is extremely stupid and a fundamentally flawed idea, but it also made a whole shitload of money for some people.
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Jul 1, 2023 22:03
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LanceHunter posted:The vast majority of people have lost money with crypto, but the goon line about "everyone who touched crypto early lost all their money to scams or tech blunders or their banks shut down all their accounts for money laundering" is kinda cope. Cryptocurrency is extremely stupid and a fundamentally flawed idea, but it also made a whole shitload of money for some people. It's pretty close to accurate, because it is a very small number of people who actually made any real money on it, just like most scams and especially most ponzis.
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Jul 1, 2023 22:37
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LanceHunter posted:Oh yeah, pretty much all of these guys I was talking abut got actual money out of the whole thing. I know plenty more who were in early and cashed out for a few hundred dollars' worth of Amazon gift cards back when that was a thing. Super-early dude has a mansion in Puerto Rico now, started his own venture capital firm, and was throwing a few big annual conferences for a while there before covid made him decide to give those up. 99.99% of people to have touched crypto have lost their money is quite a cope I guess.
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Jul 1, 2023 22:44
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LanceHunter posted:Oh yeah, pretty much all of these guys I was talking abut got actual money out of the whole thing. I know plenty more who were in early and cashed out for a few hundred dollars' worth of Amazon gift cards back when that was a thing. Super-early dude has a mansion in Puerto Rico now, started his own venture capital firm, and was throwing a few big annual conferences for a while there before covid made him decide to give those up. Yeah, see, I will absolutely believe some few people(who weren't scammers, running crypto exchanges, or both) managed to make money out of crypto, but lmao at the idea that anyone managed to get out billions or even millions of dollars considering that even getting a five-digit amount out of an exchange results in them stalling, screwing you over and otherwise doing their level best to prevent you from managing it. Literal billions of dollars' worth of liquidity in the system also sounds absolutely what the marketing material and official crypto reports will say, but lmao at the idea of actually believing any of that poo poo considering what we've seen of [gestures at every crypto exchange ever] and their very loose relationship with truth, regulations and actual money backing that hasn't been siphoned out or gambled away by the owners.
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Jul 1, 2023 23:10
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Baxate posted:99.99% of people to have touched crypto have lost their money is quite a cope I guess. More like 90%. Which is still a lot, but everybody here acts like it never happens despite the fact Something Awful is literally still running today because of a guy who made a lot of money in bitcoin. Those type of posts (like the one I was replying to) read a lot more like people who are upset that they didn't take their chance back when we were posting the first threads mocking bitcoin mock thread back in 2010 and are now calling sour grapes. EDIT: PurpleXVI posted:Yeah, see, I will absolutely believe some few people(who weren't scammers, running crypto exchanges, or both) managed to make money out of crypto, but lmao at the idea that anyone managed to get out billions or even millions of dollars considering that even getting a five-digit amount out of an exchange results in them stalling, screwing you over and otherwise doing their level best to prevent you from managing it. Okay, keep telling yourself that buddy.
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Jul 1, 2023 23:13
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LanceHunter posted:Cryptocurrency is extremely stupid and a fundamentally flawed idea, but it also made a whole shitload of money for some people. You can say the same thing about casinos.
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Jul 1, 2023 23:16
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yeah it's exactly like casinos saying "nobody ever made money by putting it all on #00 at the roulette wheel" is self evidently wrong. but for decision-making and risk evaluation purposes, you ought to treat it as if it were true anyways
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Jul 1, 2023 23:22
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RPATDO_LAMD posted:yeah it's exactly like casinos True. When someone mentions they know some folks who won some jackpots, replying with “that’s a lie and the casino doesn’t ever actually pay out any real money!” is weird.
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Jul 1, 2023 23:25
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LanceHunter posted:True. When someone mentions they know some folks who won some jackpots, replying with “that’s a lie and the casino doesn’t ever actually pay out any real money!” is weird. Casinos are actually regulated, though, and there hasn't been a never-ending cavalcade of news stories about every major casino getting investigated by the SEC and shut down, or deciding to pack up all the poker chips in the middle of someone's game before running off to try and sell them in Indonesia.
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Jul 1, 2023 23:27
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LanceHunter posted:True. When someone mentions they know some folks who won some jackpots, replying with “that’s a lie and the casino doesn’t ever actually pay out any real money!” is weird. It's not clear exactly why you're trying to defend this position, but it's certainly entertaining. Are you a temporarily embarrassed bitcoin millionaire?
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Jul 1, 2023 23:30
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I think crypto is fundamentally stupid and morally corrupt but I also think you guys are very wrong if you don't think some people were able to pull millions out at the height of the boom. Could someone easily liquidate millions now? Ehhh... But a few years ago could they? Oh yeah.
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Jul 2, 2023 00:15
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Kenshin posted:I think crypto is fundamentally stupid and morally corrupt but I also think you guys are very wrong if you don't think some people were able to pull millions out at the height of the boom. gently caress a few years ago we had people posting in real time about pulling six - seven figures out and how that worked. One guy in particular I’m thinking of was a financial advisor or something coming here to ask wtf because a client had a bunch they found and needed to liquidate or something. I want to say ca 2020 or 2019 or so.
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Jul 2, 2023 00:20
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You can tell that some people actually made money from crypto because now the IRS asks every taxpayer in the country if they touched crypto every year, in a specific question that other categories of income don't have.
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Jul 2, 2023 00:35
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Heffer posted:For an armed insurrection, that's pretty light. This is a guy pointing a rifle at FBI agents. The jury found him not guilty of what he's doing in the picture. 
MisterOblivious fucked around with this message at 00:54 on Jul 2, 2023 |
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Jul 2, 2023 00:43
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MisterOblivious posted:This is a guy pointing a rifle at FBI agents. Lmao that he’s full prone and the lady next to him is just fully peaking over the Jersey barrier
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Jul 2, 2023 00:48
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Cyrano4747 posted:gently caress a few years ago we had people posting in real time about pulling six - seven figures out and how that worked. One guy in particular I’m thinking of was a financial advisor or something coming here to ask wtf because a client had a bunch they found and needed to liquidate or something. I want to say ca 2020 or 2019 or so. Yeah eventually they were able to find an exchange that let them pull out $10k a day. Lol filling out IRS form 8300 daily.
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Jul 2, 2023 00:52
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Not a Children posted:Lmao that he’s full prone and the lady next to him is just fully peaking over the Jersey barrier
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Jul 2, 2023 00:55
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Lol, all that and no optics.
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Jul 2, 2023 01:07
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awkward_turtle posted:Lol, all that and no optics. If your eyesight is anywhere near normal you don't need optics for that range. Not sure what the lol is other than "it's not a tacticlol rifle".
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Jul 2, 2023 01:15
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If it wasn't white people they would have been carpet bombed a la MOVE
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Jul 2, 2023 02:54
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Ehh I made money on bitcoin. I also make money at the casino tho, which is probably rarer! Btc was the only way we could play poker online for awhile there, which convinced me it has value/use cases. Prolly a number of poker pros made more money from getting BTC to play, than they ever did from playing poker.
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Jul 2, 2023 03:07
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Baddog posted:Ehh I made money on bitcoin. I also make money at the casino tho, which is probably rarer! Btc was the only way we could play poker online for awhile there, which convinced me it has value/use cases. Prolly a number of poker pros made more money from getting BTC to play, than they ever did from playing poker. Yeah, there's a poker podcast I listen to that was sponsored by a bitcoin casino for a while, and the prize pool for the free tournaments they ran with the two guys presenting started out at 1 BTC and gradually shrank through .1, .01 as Bitcoin rose. Folks didn't make buy a yacht money, but I bet there's a few people that had 10, 20 Bitcoin in there or similar places that made buy a house money.
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Jul 2, 2023 07:29
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Baddog posted:Btc was the only way we could play poker online for awhile there, which convinced me it has value/use cases. lmao, yeah, congrats, you were convinced of the one value/use case for Bitcoin, which is circumventing when the government reasonably bans you from spending money on something. MisterOblivious posted:Yeah eventually they were able to find an exchange that let them pull out $10k a day. Lol filling out IRS form 8300 daily. For how long, though? That would take a literal hundred days to get to a million. Also considering the very loose relationship bitcoiners have with the truth and insisting that things that might happen in the future are actually happening right now, I would propose considering that "maybe they lied to make bitcoin sound like the AMAZING CURRENCY OF THE FUTURE" when they claimed it made them into millionaires.
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Jul 2, 2023 09:38
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100 days to fully liquidate a million bucks doesn't sound that bad for the real world financial system. if you're somehow spending it faster than that you're doing something really BWM anyway of course in crypto the main risk is that the exchange you're using to cash out suddenly goes bankrupt, has the founder flee with the private keys and all the money, gets hacked and cancels withdrawals indefinitely, etc
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Jul 2, 2023 09:57
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wilderthanmild posted:There is no requirement to be smart, fiscally or otherwise, to have any amount of money. This guy is probably about to burn his whole life savings, inheritance, or take a 2nd mortgage on his house for this sure bet. "Where's the ring?" "pawned it already"
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Jul 2, 2023 10:40
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https://twitter.com/AuxGod_/status/1675162885767700480?s=20 https://twitter.com/aaaaandreeeeew/status/1675107729826881538?s=20 FOH if you think im gonna have fomo over nerd tokens me? I wish I was Bobby Bonilla
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Jul 2, 2023 11:55
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RPATDO_LAMD posted:100 days to fully liquidate a million bucks doesn't sound that bad for the real world financial system. if you're somehow spending it faster than that you're doing something really BWM anyway I’m trying to think of other financial products that take 100 days to liquidate in tranches of 10k and am really struggling. If you have a million dollars in debt instruments or equities you can sell it in days. Hell, if you have a million dollars in property you can probably liquidate faster than that.
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Jul 2, 2023 13:15
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That one dude who was doing it 10k at a time had their own weird reasons for that iirc. It wasn’t some kind of system limit. Like for all the reasons it sucks and is bad there are a lot of people itt who are exaggerating some aspects.
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Jul 2, 2023 13:26
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The 10k was probably because that's when a suspicious activity report needs to be filed by law so that people withdraw $9,999 instead. Failing to realize that gets a Very Suspicious Activity Report filed about an obvious federal crime.
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Jul 2, 2023 13:35
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KYOON GRIFFEY JR posted:I’m trying to think of other financial products that take 100 days to liquidate in tranches of 10k and am really struggling. If you have a million dollars in debt instruments or equities you can sell it in days. Hell, if you have a million dollars in property you can probably liquidate faster than that. Low volume penny stocks, you'll tank the price if you sell too fast.
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Jul 2, 2023 16:18
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evilweasel posted:The 10k was probably because that's when a suspicious activity report needs to be filed by law so that people withdraw $9,999 instead. Failing to realize that gets a Very Suspicious Activity Report filed about an obvious federal crime. I've come across multiple people in the cryptocurrency space who believe that it's literally impossible to transfer >$10k at once using the banking system, for any purpose. I don't know if it's because they can't imagine having a legitimate source for their money or because they picked it up by telephone from such people.
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Jul 2, 2023 18:18
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evilweasel posted:The 10k was probably because that's when a suspicious activity report needs to be filed by law so that people withdraw $9,999 instead. Failing to realize that gets a Very Suspicious Activity Report filed about an obvious federal crime. This is for cash transactions by the way, not bank to bank, ach, or wires. You can transfer as much as your bank allows without needing to file a form. They may hold the funds until they’re absolutely sure they will clear, though. E: Also, it’s worse to do those sub $10k amounts as then it triggers concerns that you are ‘structuring’, which is worse than filing a report that’ll summarily get ignored.
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Jul 2, 2023 18:42
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Qwertycoatl posted:I've come across multiple people in the cryptocurrency space who believe that it's literally impossible to transfer >$10k at once using the banking system, for any purpose. I don't know if it's because they can't imagine having a legitimate source for their money or because they picked it up by telephone from such people. Do they actually believe its impossible to do a electronic payment of more than $10k? They must realize there are things more expensive than that are routinely purchased. More likely they are getting confused about the rules around cash which mostly amount to: dont show up at the bank with a bag full of loose cash over $10k, especially if it is the proceeds of crimes. In crypto, proceeds of crimes are generally acceptable in any amount at many places
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Jul 2, 2023 19:07
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drk posted:Do they actually believe its impossible to do a electronic payment of more than $10k? They must realize there are things more expensive than that are routinely purchased. I've had an "oh yeah I guess you're right" after pointing that out
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Jul 2, 2023 19:15
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drk posted:Do they actually believe its impossible to do a electronic payment of more than $10k? They must realize there are things more expensive than that are routinely purchased. The hilarious thing is that they're not evading anything in many cases. 10K triggers a compulsory cash transaction report by the bank but if you're legit who cares, the bank has a whole department to handle stuff like that and if anyone asks you have invoices or can get a statement that it was a gift or gambling winnings or whatever. Suspicious activity reports can be filed for a transaction of any amount with a 30-day lookback window if the bank thinks it's weird and Treasury encourages banks to file them for just about everything. So yeah, you may miss the CTR with your $9,543 deposit but if they don't like you or you do it three days in a row you are absolutely getting a SAR.
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Jul 2, 2023 19:16
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Here in glorious Switzerland cash transactions are A-OK up to 100k CHF ($110K US). Compared to the UK where trying to pay for anything with a £50 is met with extreme suspicion, the existence of the 1000Fr bank note is pretty wild. Also even UBS will offer a numbered bank account if you're a Swiss resident.
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Jul 2, 2023 19:29
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Given how much of the UK economy exists for the purpose of laundering oligarchs’ money, you’d think they would be more chill about large cash transactions.
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Jul 2, 2023 19:53
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Sophisticated international money laundering doesn’t really involve cash transactions
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Jul 2, 2023 20:03
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LanceHunter posted:Given how much of the UK economy exists for the purpose of laundering oligarchs’ money, you’d think they would be more chill about large cash transactions. If you're an oligarch rules don't apply to you, your pallet of money covered in white powder will make it into your account regardless.
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Jul 2, 2023 20:03
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