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pending court approval, kraken will takeover mtgox, possibly payout bitcoin as bitcoin to creditors

pending court approval, kraken will takeover mtgox, possibly payout bitcoin as bitcoin to creditors submitted by jasonmaurice to Bitcoin [link] [comments]

Can't withdraw cryptos from Kraken and I'm tier3, is this a mtgox replay? /r/Bitcoin

Can't withdraw cryptos from Kraken and I'm tier3, is this a mtgox replay? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

"MTGox will only payout FIAT and not Bitcoin. Only Kraken will payout Bitcoin." Is that true???

submitted by Gunni2000 to mtgoxinsolvency [link] [comments]

Can Kraken / MTGOX reimburse creditors, now that MTGOX has enough BTC value ? /r/Bitcoin

Can Kraken / MTGOX reimburse creditors, now that MTGOX has enough BTC value ? /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Lost your shirt in the MtGox Bitcoin mess? Release the Kraken! • The Register

Lost your shirt in the MtGox Bitcoin mess? Release the Kraken! • The Register submitted by HiroJa to DogeNews [link] [comments]

Lost your shirt in the MtGox Bitcoin mess? Release the Kraken!

Lost your shirt in the MtGox Bitcoin mess? Release the Kraken! submitted by Redditcoin to mtgoxinsolvency [link] [comments]

Lost your shirt in the MtGox Bitcoin mess? Release the Kraken!

Lost your shirt in the MtGox Bitcoin mess? Release the Kraken! submitted by vlarocca to Bitcoin [link] [comments]

Lost your shirt in the MtGox Bitcoin mess? Release the Kraken!

Lost your shirt in the MtGox Bitcoin mess? Release the Kraken! submitted by BitcoinAllBot to BitcoinAll [link] [comments]

pending court approval, kraken will takeover mtgox, possibly payout bitcoin as bitcoin to creditors • /r/Bitcoin

submitted by themusicgod1 to ripplers [link] [comments]

Bitcoin mentioned around Reddit: Kraken Announces Significant Progress In MtGox Claims Investigation /r/mtgoxinsolvency

Bitcoin mentioned around Reddit: Kraken Announces Significant Progress In MtGox Claims Investigation /mtgoxinsolvency submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Made a claim via Kraken for my MTGOX account /r/Bitcoin

Made a claim via Kraken for my MTGOX account /Bitcoin submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Bitcoin Knowledge Podcast interview with Kraken CEO Jesse Powell discussing exchange business, MtGox receivership and best security practices.

Bitcoin Knowledge Podcast interview with Kraken CEO Jesse Powell discusses exchange business, MtGox receivership and best security practices.
Coin Telegraph May 2014 comprehensive crypto-currency exchange review ranked Kraken #1.
submitted by bitcoinknowledge to Bitcoin [link] [comments]

Kraken Bitcoin exchange selected help with MtGox |Global Bitcoin News

Kraken Bitcoin exchange selected help with MtGox |Global Bitcoin News submitted by btcrack to Bitcoin [link] [comments]

Kraken to help probe missing bitcoins in MtGox liquidation

Kraken to help probe missing bitcoins in MtGox liquidation submitted by 0xFR to Aggregat0r [link] [comments]

Notice of Commencement of Filing Proofs of Rehabilitation Claim

(English follows Japanese)
関係人各位
2018年8月23日より、株式会社MTGOX(以下「MTGOX」といいます。)のウェブサイト(https://claims.mtgox.com/assets/index.html#/) において、MTGOXのユーザー(以下「ユーザー」といいます。)が、MTGOXの民事再生手続(東京地方裁判所平成29年(再)第35号。以下「本民事再生手続」といいます。)において、再生債権の届出等をオンライン上で行うことができるシステム(以下「本システム」といいます。)を公開しています。同時に、本システムを通じた再生債権の届出ができない再生債権者のために、オフラインの方法による再生債権の届出等の方法のご案内も開始しました。
同ウェブサイトをご確認いただき、債権届出期間内(2018年10月22日まで)に再生債権の届出を行うようお願いいたします。
本システム及びオフラインの方法による再生債権の届出方法を含めた、再生債権届出に関する一般的な説明及びFAQは、MTGOXのウェブサイト(https://www.mtgox.com/) に公開されておりますので、こちらも合わせてご確認ください。また、本民事再生手続の今後の進行等については、引き続きMTGOXのウェブサイト(https://www.mtgox.com/) で情報提供をする予定ですので、当該ウェブサイトをご確認ください。
なお、このメールアドレス([email protected]) は管財人からの送信専用であり、貴殿/貴社が本メールアドレス宛の返信等をされても内容確認及び回答などの対応はできません。
最後に、本メールは、管財人がメールアドレスを認識する方でかつ再生債権を有する可能性のある方に対し、情報提供のためにお送りしているものです。このメールを受信したことで、再生債権者であることが当然に認められるものではありません。管財人は、このメールの送信により、何人に対してもいかなる法的責任も負うものではありません。
再生債務者株式会社MTGOX 管財人 弁護士小林信明
To whom it may concern:
We hereby announce that we made available, on August 23, 2018, an online rehabilitation claim filing system (the “System”) on MTGOX’s website (https://claims.mtgox.com/assets/index.html#/) that enables users (“Users”) of MTGOX Co., Ltd (“MTGOX”) to, among others, make online filings of their rehabilitation claims in relation to MTGOX’s rehabilitation proceedings (Tokyo District Court 2017 (sai) No. 35; the “Civil Rehabilitation Proceedings”). Also, we announce the commencement of, among others, accepting filing of proofs of rehabilitation claims by offline method to rehabilitation creditors who are unable to file proofs of rehabilitation claims through the System.
Please visit the website and file your rehabilitation claim by the end of the period for filing of rehabilitation claims (i.e., October 22, 2018).
General instructions and FAQs concerning proofs of rehabilitation claims, including the methods for filing proofs of claims through the System and by offline method, are available on the MTGOX website (https://www.mtgox.com/). Please refer to these as well. We plan to provide further information on the civil rehabilitation proceedings by posting it on MTGOX’s website (https://www.mtgox.com/). We kindly ask you to check the website.
This email address ([email protected]) is used only for the purpose of the Trustee sending messages, and we cannot check and respond to any replies to this email address.
Finally, this email is sent for the purpose of providing information to those whose email addresses are known to the Trustee and those who may have rehabilitation claims. Receipt of this email does not mean that you have been certified as a rehabilitation creditor. The Trustee owes no legal liability to anyone due to the transmission of this document.
Civil Rehabilitation Debtor: MtGox Co., Ltd. Trustee: Nobuaki Kobayashi, Attorney-at-law
submitted by MagicalTux to mtgoxinsolvency [link] [comments]

Call for Japanese Lawyer recommendations to fight for 'surplus' via unjust enrichment or other means.

Hi All, So it looks very likely that there will be a 'surplus' above current claims, set via ~$480/BTC, when the case is finally settled. If the 'surplus', possibly in the hundreds of millions, is returned to Mark/Tibanne, creditors will get far less than the 0.24 BTC / goxBTC they are fairly entitled to, possibly far less (If 1 BTC = 10K then we would get 0.06 BTC / gox BTC.
There are a number of ways to attack this unfair distribution to shareholders of proceeds from creditors BTCs. The primary direction would likely be unjust enrichment. It is likely that Mr. Wada and whale lawyers will be attacking on these lines but it cannot be assumed to be the case. Whale lawyers may file lawsuits on this line that are not obvious so that the trustee can deal with them without raising too much notice. This would leave whales getting 0.24BTC/goxBTC while the majority get 0.06BTC/goxBTC for example.
This would violate fair treatment of creditors and would fall apart under scrutiny but these things can happen.
Mark himself, in a moment of wisdom points out the need for creditors to get representation on the surplus issue to avoid being left holding the bag.
https://www.reddit.com/mtgoxinsolvency/comments/6s3xwg/in_case_i_understood_this_correctly/dlay60o/
One option is Mr. Wada. He seems to be quite competent and handled the MtGoxPoland deposits issue well. He still represents his group and might take on more creditors to represent on the surplus issue as well. Perhaps he can comment here.
But it might be useful to have another group solely defined on the unjust enrichment issue, hopefully with a Japanese legal team that specialises in this type of legal action. It would add legal force on the issue and if the group was public enough it would force the issue to apply to all creditors.
Can anyone on this suggest Legal offices or lawyers to contact to try to set up a group action on this front? Does anyone have ideas about how to best investigate finding an appropriate lawyer?
EDIT: Misspoke here. Not hundreds of millions surplus. could be in the billions. e.g. if 1BTC = 10k then surplus will be ~$1.5 Billion since (202k * (10k-$2500)) = $1.5B
submitted by kavabean2 to mtgoxinsolvency [link] [comments]

Mtgox reached around 78.5% of the claims value today. Mark, what you doing to get our money back if it reaches 100%?

As titled. We need a plan in place right now.
submitted by singularity87 to mtgoxinsolvency [link] [comments]

Kraken Accepting MtGox Creditor Claims and Offering Free Trades

Kraken Accepting MtGox Creditor Claims and Offering Free Trades submitted by jespow to Bitcoin [link] [comments]

Kraken CEO with best theory yet on what happened to Gox - and just won my business

Kraken CEO with best theory yet on what happened to Gox - and just won my business submitted by devlspawn to Bitcoin [link] [comments]

An extensive guide for cashing out bitcoin and cryptocurrencies into private banks

Hey guys.
Merry Xmas !
I am coming back to you with a follow up post, as I have helped many people cash out this year and I have streamlined the process. After my original post, I received many requests to be more specific and provide more details. I thought that after the amazing rally we have been attending over the last few months, and the volatility of the last few days, it would be interesting to revisit more extensively.
The attitude of banks around crypto is changing slowly, but it is still a tough stance. For the first partial cash out I operated around a year ago for a client, it took me months to find a bank. They wouldn’t want to even consider the case and we had to knock at each and every door. Despite all my contacts it was very difficult back in the days. This has changed now, and banks have started to open their doors, but there is a process, a set of best practices and codes one has to follow.
I often get requests from crypto guys who are very privacy-oriented, and it takes me months to have them understand that I am bound by Swiss law on banking secrecy, and I am their ally in this onboarding process. It’s funny how I have to convince people that banks are legit, while on the other side, banks ask me to show that crypto millionaires are legit. I have a solid background in both banking and in crypto so I manage to make the bridge, but yeah sometimes it is tough to reconcile the two worlds. I am a crypto enthusiast myself and I can say that after years of work in the banking industry I have grown disillusioned towards banks as well, like many of you. Still an account in a Private bank is convenient and powerful. So let’s get started.
There are two different aspects to your onboarding in a Swiss Private bank, compliance-wise.
*The origin of your crypto wealth
*Your background (residence, citizenship and probity)
These two aspects must be documented in-depth.
How to document your crypto wealth. Each new crypto millionaire has a different story. I may detail a few fun stories later in this post, but at the end of the day, most of crypto rich I have met can be categorized within the following profiles: the miner, the early adopter, the trader, the corporate entity, the black market, the libertarian/OTC buyer. The real question is how you prove your wealth is legit.
1. Context around the original amount/investment Generally speaking, your first crypto purchase may not be documented. But the context around this acquisition can be. I have had many cases where the original amount was bought through Mtgox, and no proof of purchase could be provided, nor could be documented any Mtgox claim. That’s perfectly fine. At some point Mtgox amounted 70% of the bitcoin transactions globally, and people who bought there and managed to withdraw and keep hold of their bitcoins do not have any Mtgox claim. This is absolutely fine. However, if you can show me the record of a wire from your bank to Tisbane (Mtgox's parent company) it's a great way to start.
Otherwise, what I am trying to document here is the following: I need context. If you made your first purchase by saving from summer jobs, show me a payroll. Even if it was USD 2k. If you acquired your first bitcoins from mining, show me the bills of your mining equipment from 2012 or if it was through a pool mine, give me your slushpool account ref for instance. If you were given bitcoin against a service you charged, show me an invoice.
2. Tracking your wealth until today and making sense of it. What I have been doing over the last few months was basically educating compliance officers. Thanks God, the blockchain is a global digital ledger! I have been telling my auditors and compliance officers they have the best tool at their disposal to lead a proper investigation. Whether you like it or not, your wealth can be tracked, from address to address. You may have thought all along this was a bad feature, but I am telling you, if you want to cash out, in the context of Private Banking onboarding, tracking your wealth through the block explorer is a boon. We can see the inflows, outflows. We can see the age behind an address. An early adopter who bought 1000 BTC in 2010, and let his bitcoin behind one address and held thus far is legit, whether or not he has a proof of purchase to show. That’s just common sense. My job is to explain that to the banks in a language they understand.
Let’s have a look at a few examples and how to document the few profiles I mentioned earlier.
The trader. I love traders. These are easy cases. I have a ton of respect for them. Being a trader myself in investment banks for a decade earlier in my career has taught me that controlling one’s emotions and having the discipline to impose oneself some proper risk management system is really really hard. Further, being able to avoid the exchange bankruptcy and hacks throughout crypto history is outstanding. It shows real survival instinct, or just plain blissed ignorance. In any cases traders at exchange are easy cases to corroborate since their whole track record is potentially available. Some traders I have met have automated their trading and have shown me more than 500k trades done over the span of 4 years. Obviously in this kind of scenario I don’t show everything to the bank to avoid information overload, and prefer to do some snacking here and there. My strategy is to show the early trades, the most profitable ones, explain the trading strategy and (partially expose) the situation as of now with id pages of the exchanges and current balance. Many traders have become insensitive to the risk of parking their crypto at exchange as they want to be able to trade or to grasp an occasion any minute, so they generally do not secure a substantial portion on the blockchain which tends to make me very nervous.
The early adopter. Provided that he has not mixed his coin, the early adopter or “hodler” is not a difficult case either. Who cares how you bought your first 10k btc if you bought them below 3$ ? Even if you do not have a purchase proof, I would generally manage to find ways. We just have to corroborate the original 30’000 USD investment in this case. I mainly focus on three things here:
*proof of early adoption I have managed to educate some banks on a few evidences specifically related to crypto markets. For instance with me, an old bitcointalk account can serve as a proof of early adoption. Even an old reddit post from a few years ago where you say how much you despise this Ripple premined scam can prove to be a treasure readily available to show you were early.
*story telling Compliance officers like to know when, why and how. They are human being looking for simple answers to simple questions and they don’t want like to be played fool. Telling the truth, even without a proof can do wonders, and even though bluffing might still work because banks don’t fully understand bitcoin yet, it is a risky strategy that is less and less likely to pay off as they are getting more sophisticated by the day.
*micro transaction from an old address you control This is the killer feature. Send a $20 worth transaction from an old address to my company wallet and to one of my partner bank’s wallet and you are all set ! This is gold and considered a very solid piece of evidence. You can also do a microtransaction to your own wallet, but banks generally prefer transfer to their own wallet. Patience with them please. they are still learning.
*signature message Why do a micro transaction when you can sign a message and avoid potentially tainting your coins ?
*ICO millionaire Some clients made their wealth participating in ETH crowdsale or IOTA ICO. They were very easy to deal with obviously and the account opening was very smooth since we could evidence the GENESIS TxHash flow.
The miner Not so easy to proof the wealth is legit in that case. Most early miners never took screenshot of the blocks on bitcoin core, nor did they note down the block number of each block they mined. Until the the Slashdot article from August 2010 anyone could mine on his laptop, let his computer run overnight and wake up to a freshly minted block containing 50 bitcoins back in the days. Not many people were structured enough to store and secure these coins, avoid malwares while syncing the blockchain continuously, let alone document the mined blocks in the process. What was 50 BTC worth really for the early miners ? dust of dollars, games and magic cards… Even miners post 2010 are generally difficult to deal with in terms of compliance onboarding. Many pool mining are long dead. Deepbit is down for instance and the founders are MIA. So my strategy to proof mining activity is as follow:
*Focusing on IT background whenever possible. An IT background does help a lot to bring some substance to the fact you had the technical ability to operate a mining rig.
*Showing mining equipment receipts. If you mined on your own you must have bought the hardware to do so. For instance mining equipment receipts from butterfly lab from 2012-2013 could help document your case. Similarly, high electricity bill from your household on a consistent basis back in the day could help. I have already unlocked a tricky case in the past with such documents when the bank was doubtful.
*Wallet.dat files with block mining transactions from 2011 thereafter This obviously is a fantastic piece of evidence for both you and me if you have an old wallet and if you control an address that received original mined blocks, (even if the wallet is now empty). I will make sure compliance officers understand what it means, and as for the early adopter, you can prove your control over these wallet through a microtransaction. With these kind of addresses, I can show on the block explorer the mined block rewards hitting at regular time interval, and I can even spot when difficulty level increased or when halvening process happened.
*Poolmining account. Here again I have educated my partner bank to understand that a slush account opened in 2013 or an OnionTip presence was enough to corroborate mining activity. The block explorer then helps me to do the bridge with your current wallet.
*Describing your set up and putting it in context In the history of mining we had CPU, GPU, FPG and ASICs mining. I will describe your technical set up and explain why and how your set up was competitive at that time.
The corporate entity Remember 2012 when we were all convinced bitcoin would take over the world, and soon everyone would pay his coffee in bitcoin? How naïve we were to think transaction fees would remain low forever. I don’t blame bitcoin cash supporters; I once shared this dream as well. Remember when we thought global adoption was right around the corner and some brick and mortar would soon accept bitcoin transaction as a common mean of payment? Well, some shop actually did accept payment and held. I had a few cases as such of shops holders, who made it to the multi million mark holding and had invoices or receipts to proof the transactions. If you are organized enough to keep a record for these trades and are willing to cooperate for the documentation, you are making your life easy. The digital advertising business is also a big market for the bitcoin industry, and affiliates partner compensated in btc are common. It is good to show an invoice, it is better to show a contract. If you do not have a contract (which is common since all advertising deals are about ticking a check box on the website to accept terms and conditions), there are ways around that. If you are in that case, pm me.
The black market Sorry guys, I can’t do much for you officially. Not that I am judging you. I am a libertarian myself. It’s just already very difficult to onboard legit btc adopters, so the black market is a market I cannot afford to consider. My company is regulated so KYC and compliance are key for me if I want to stay in business. Behind each case I push forward I am risking the credibility and reputation I have built over the years. So I am sorry guys I am not risking it to make an extra buck. Your best hope is that crypto will eventually take over the world and you won’t need to cash out anyway. Or go find a Lithuanian bank that is light on compliance and cooperative.
The OTC buyer and the libertarian. Generally a very difficult case. If you bought your stack during your journey in Japan 5 years ago to a guy you never met again; or if you accumulated on https://localbitcoins.com/ and kept no record or lost your account, it is going to be difficult. Not impossible but difficult. We will try to build a case with everything else we have, and I may be able to onboard you. However I am risking a lot here so I need to be 100% confident you are legit, before I defend you. Come & see me in Geneva, and we will talk. I will run forensic services like elliptic, chainalysis, or scorechain on an extract of your wallet. If this scan does not raise too many red flags, then maybe we can work together ! If you mixed your coins all along your crypto history, and shredded your seeds because you were paranoid, or if you made your wealth mining professionally monero over the last 3 years but never opened an account at an exchange. ¯_(ツ)_/¯ I am not a magician and don’t get me wrong, I love monero, it’s not the point.
Cashing out ICOs Private companies or foundations who have ran an ICO generally have a very hard time opening a bank account. The few banks that accept such projects would generally look at 4 criteria:
*Seriousness of the project Extensive study of the whitepaper to limit the reputation risk
*AML of the onboarding process ICOs 1.0 have no chance basically if a background check of the investors has not been conducted
*Structure of the moral entity List of signatories, certificate of incumbency, work contract, premises...
*Fiscal conformity Did the company informed the authorities and seek a fiscal ruling.
For the record, I am not into the tax avoidance business, so people come to me with a set up and I see if I can make it work within the legal framework imposed to me.
First, stop thinking Switzerland is a “offshore heaven” Swiss banks have made deals with many governments for the exchange of fiscal information. If you are a French citizen, resident in France and want to open an account in a Private Bank in Switzerland to cash out your bitcoins, you will get slaughtered (>60%). There are ways around that, and I could refer you to good tax specialists for fiscal optimization, but I cannot organize it myself. It would be illegal for me. Swiss private banks makes it easy for you to keep a good your relation with your retail bank and continue paying your bills without headaches. They are integrated to SEPA, provide ebanking and credit cards.
For information, these are the kind of set up some of my clients came up with. It’s all legal; obviously I do not onboard clients that are not tax compliant. Further disclaimer: I did not contribute myself to these set up. Do not ask me to organize it for you. I won’t.
EU tricks
Swiss lump sum taxation Foreign nationals resident in Switzerland can be taxed on a lump-sum basis if they are not gainfully employed in our country. Under the lump-sum tax regime, foreign nationals taking residence in Switzerland may choose to pay an expense-based tax instead of ordinary income and wealth tax. Attractive cantons for the lump sum taxation are Zug, Vaud, Valais, Grisons, Lucerne and Berne. To make it short, you will be paying somewhere between 200 and 400k a year and all expenses will be deductible.
Switzerland has adopted a very friendly attitude towards crypto currency in general. There is a whole crypto valley in Zug now. 30% of ICOs are operated in Switzerland. The reason is that Switzerland has thrived for centuries on banking secrecy, and today with FATCA and exchange of fiscal info with EU, banking secrecy is dead. Regulators in Switzerland have understood that digital ledger technologies were a way to roll over this competitive advantage for the generations to come. Switzerland does not tax capital gains on crypto profits. The Finma has a very pragmatic approach. They have issued guidance- updated guidelines here. They let the business get organized and operate their analysis on a case per case basis. Only after getting a deep understanding of the market will they issue a global fintech license in 2019. This approach is much more realistic than legislations which try to regulate everything beforehand.
Italy new tax exemption. It’s a brand new fiscal exemption. Go to Aoste, get residency and you could be taxed a 100k/year for 10years. Yes, really.
Portugal What’s crazy in Europe is the lack of fiscal harmonization. Even if no one in Brussels dares admit it, every other country is doing fiscal dumping. Portugal is such a country and has proved very friendly fiscally speaking. I personally have a hard time trusting Europe. I have witnessed what happened in Greece over the last few years. Some of our ultra high net worth clients got stuck with capital controls. I mean no way you got out of crypto to have your funds confiscated at the next financial crisis! Anyway. FYI
Malta Generally speaking, if you get a residence somewhere you have to live there for a certain period of time. Being stuck in Italy is no big deal with Schengen Agreement, but in Malta it is a different story. In Malta, the ordinary residence scheme is more attractive than the HNWI residence scheme. Being an individual, you can hold a residence permit under this scheme and pay zero income tax in Malta in a completely legal way.
Monaco Not suitable for French citizens, but for other Ultra High Net worth individual, Monaco is worth considering. You need an account at a local bank as a proof of fortune, and this account generally has to be seeded with at least EUR500k. You also need a proof of residence. I do mean UHNI because if you don’t cash out minimum 30m it’s not interesting. Everything is expensive in Monaco. Real Estate is EUR 50k per square meter. A breakfast at Monte Carlo Bay hotel is 70 EUR. Monaco is sunny but sometimes it feels like a golden jail. Do you really want that for your kids?
Dubaï
  1. Set up a company in Dubaï, get your resident card.
  2. Spend one day every 6 month there
  3. ???
  4. Be tax free
US tricks Some Private banks in Geneva do have the license to manage the assets of US persons and U.S citizens. However, do not think it is a way to avoid paying taxes in the US. Opening an account at an authorized Swiss Private banks is literally the same tax-wise as opening an account at Fidelity or at Bank of America in the US. The only difference is that you will avoid all the horror stories. Horror stories are all real by the way. In Switzerland, if you build a decent case and answer all the questions and corroborate your case in depth, you will manage to convince compliance officers beforehand. When the money eventually hits your account, it is actually available and not frozen.
The IRS and FATCA require to file FBAR if an offshore account is open. However FBAR is a reporting requirement and does not have taxes related to holding an account outside the US. The taxes would be the same if the account was in the US. However penalties for non compliance with FBAR are very large. The tax liability management is actually performed through the management of the assets ( for exemple by maximizing long term capital gains and minimizing short term gains).
The case for Porto Rico. Full disclaimer here. I am not encouraging this. Have not collaborated on such tax avoidance schemes. if you are interested I strongly encourage you to seek a tax advisor and get a legal opinion. I am not responsible for anything written below. I am not going to say much because I am so afraid of uncle Sam that I prefer to humbly pass the hot potato to pwc From here all it takes is a good advisor and some creativity to be tax free on your crypto wealth if you are a US person apparently. Please, please please don’t ask me more. And read the disclaimer again.
Trust tricks Generally speaking I do not accept fringe fiscal situation because it puts me in a difficult situation to the banks I work with, and it is already difficult enough to defend a legit crypto case. Trust might be a way to optimize your fiscal situation. Belize. Bahamas. Seychelles. Panama, You name it. At the end of the day, what matters for Swiss Banks are the beneficial owner and the settlor. Get a legal opinion, get it done, and when you eventually knock at a private bank’s door, don’t say it was for fiscal avoidance you stupid ! You will get the door smashed upon you. Be smarter. It will work. My advice is just to have it done by a great tax specialist lawyer, even if it costs you some money, as the entity itself needs to be structured in a professional way. Remember that with trust you are dispossessing yourself off your wealth. Not something to be taken lightly.
“Anonymous” cash out. Right. I think I am not going into this topic, neither expose the ways to get it done. Pm me for details. I already feel a bit uncomfortable with all the info I have provided. I am just going to mention many people fear that crypto exchange might become reporting entities soon, and rightly so. This might happen anyday. You have been warned. FYI, this only works for non-US and large cash out.
The difference between traders an investors. Danmark, Holland and Germany all make a huge difference if you are a passive investor or if you are a trader. ICO is considered investing for instance and is not taxed, while trading might be considered as income and charged aggressively. I would try my best to protect you and put a focus on your investor profile whenever possible, so you don't have to pay 52% tax if you do not have to :D
Full cash out or partial cash out? People who have been sitting on crypto for long have grown an emotional and irrational link with their coins. They come to me and say, look, I have 50m in crypto but I would like to cash out 500k only. So first let me tell you that as a wealth manager my advice to you is to take some off the table. Doing a partial cash out is absolutely fine. The market is bullish. We are witnessing a redistribution of wealth at a global scale. Bitcoin is the real #occupywallstreet, and every one will discuss crypto at Xmas eve which will make the market even more supportive beginning 2018, especially with all hedge funds entering the scene. If you want to stay exposed to bitcoin and altcoins, and believe these techs will change the world, it’s just natural you want to keep some coins. In the meantime, if you have lived off pizzas over the last years, and have the means to now buy yourself an nice house and have an account at a private bank, then f***ing do it mate ! Buy physical gold with this account, buy real estate, have some cash at hands. Even though US dollar is worthless to your eyes, it’s good and convenient to have some. Also remember your wife deserves it ! And if you have no wife yet and you are socially awkward like the rest of us, then maybe cashing out partially will help your situation ;)
What the Private Banks expect. Joke aside, it is important you understand something. If you come around in Zurich to open a bank account and partially cash out, just don’t expect Private Banks will make an exception for you if you are small. You can’t ask them to facilitate your cash out, buy a 1m apartment with the proceeds of the sale, and not leave anything on your current account. It won’t work. Sadly, under 5m you are considered small in private banking. The bank is ok to let you open an account, provided that your kyc and compliance file are validated, but they will also want you to become a client and leave some money there to invest. This might me despicable, but I am just explaining you their rules. If you want to cash out, you should sell enough to be comfortable and have some left. Also expect the account opening to last at least 3-4 week if everything goes well. You can't just open an account overnight.
The cash out logistics. Cashing out 1m USD a day in bitcoin or more is not so hard.
Let me just tell you this: Even if you get a Tier 4 account with Kraken and ask Alejandro there to raise your limit over $100k per day, Even if you have a bitfinex account and you are willing to expose your wealth there, Even if you have managed to pass all the crazy due diligence at Bitstamp,
The amount should be fractioned to avoid risking your full wealth on exchange and getting slaughtered on the price by trading big quantities. Cashing out involves significant risks at all time. There is a security risk of compromising your keys, a counterparty risk, a fat finger risk. Let it be done by professionals. It is worth every single penny.
Most importantly, there is a major difference between trading on an exchange and trading OTC. Even though it’s not publicly disclosed some exchange like Kraken do have OTC desks. Trading on an exchange for a large amount will weight on the prices. Bitcoin is a thin market. In my opinion over 30% of the coins are lost in translation forever. Selling $10m on an exchange in a day can weight on the prices more than you’d think. And if you trade on a exchange, everything is shown on record, and you might wipe out the prices because on exchanges like bitstamp or kraken ultimately your counterparties are retail investors and the market depth is not huge. It is a bit better on Bitfinex. It is way better to trade OTC. Accessing the institutional OTC market is not easy, and that is also the reason why you should ask a regulated financial intermediary if we are talking about huge amounts.
Last point, always chose EUR as opposed to USD. EU correspondent banks won’t generally block institutional amounts. However we had the cases of USD funds frozen or delayed by weeks.
Most well-known OTC desks are Cumberlandmining (ask for Lucas), Genesis (ask for Martin), Bitcoin Suisse AG (ask for Niklas), circletrade, B2C2, or Altcoinomy (ask for Olivier)
Very very large whales can also set up escrow accounts for massive block trades. This world, where blocks over 30k BTC are exchanged between 2 parties would deserve a reddit thread of its own. Crazyness all around.
Your options: DIY or going through a regulated financial intermediary.
Execution trading is a job in itself. You have to be patient, be careful not to wipe out the order book and place limit orders, monitor the market intraday for spikes or opportunities. At big levels, for a large cash out that may take weeks, these kind of details will save you hundred thousands of dollars. I understand crypto holders are suspicious and may prefer to do it by themselves, but there are regulated entities who now offer the services. Besides, being a crypto millionaire is not a guarantee you will get institutional daily withdrawal limits at exchange. You might, but it will take you another round of KYC with them, and surprisingly this round might be even more aggressive that the ones at Private banks since exchange have gone under intense scrutiny by regulators lately.
The fees for cashing out through a regulated financial intermediary to help you with your cash out should be around 1-2% flat on the nominal, not more. And for this price you should get the full package: execution/monitoring of the trades AND onboarding in a private bank. If you are asked more, you are being abused.
Of course, you also have the option to do it yourself. It is a way more tedious and risky process. Compliance with the exchange, compliance with the private bank, trading BTC/fiat, monitoring the transfers…You will save some money but it will take you some time and stress. Further, if you approach a private bank directly, it will trigger a series of red flag to the banks. As I said in my previous post, they call a direct approach a “walk-in”. They will be more suspicious than if you were introduced by someone and won’t hesitate to show you high fees and load your portfolio with in-house products that earn more money to the banks than to you. Remember also most banks still do not understand crypto so you will have a lot of explanations to provide and you will have to start form scratch with them!
The paradox of crypto millionaires Most of my clients who made their wealth through crypto all took massive amount of risks to end up where they are. However, most of them want their bank account to be managed with a low volatility fixed income capital preservation risk profile. This is a paradox I have a hard time to explain and I think it is mainly due to the fact that most are distrustful towards banks and financial markets in general. Many clients who have sold their crypto also have a cash-out blues in the first few months. This is a classic situation. The emotions involved in hodling for so long, the relief that everything has eventually gone well, the life-changing dynamics, the difficulties to find a new motivation in life…All these elements may trigger a post cash-out depression. It is another paradox of the crypto rich who has every card in his hand to be happy, but often feel a bit sad and lonely. Sometimes, even though it’s not my job, I had to do some psychological support. A lot of clients have also become my friends, because we have the same age and went through the same “ordeal”. First world problem I know… Remember, cashing out is not the end. It’s actually the beginning. Don’t look back, don’t regret. Cash out partially, because it does not make sense to cash out in full, regret it and want back in. relax.
The race to cash out crypto billionaire and the concept of late exiter. The Winklevoss brothers are obviously the first of a series. There will be crypto billionaires. Many of them. At a certain level you can have a whole family office working for you to manage your assets and take care of your needs . However, let me tell you it’s is not because you made it so big that you should think you are a genius and know everything better than anyone. You should hire professionals to help you. Managing assets require some education around the investment vehicles and risk management strategies. Sorry guys but with all the respect I have for wallstreebet, AMD and YOLO stock picking, some discipline is necessary. The investors who have made money through crypto are generally early adopters. However I have started to see another profile popping up. They are not early adopters. They are late exiters. It is another way but just as efficient. Last week I met the first crypto millionaire I know who first bough bitcoin over 1000$. 55k invested at the beginning of this year. Late adopter & late exiter is a route that can lead to the million.
Last remarks. I know banks, bankers, and FIAT currencies are so last century. I know some of you despise them and would like to have them burn to the ground. With compliance officers taking over the business, I would like to start the fire myself sometimes. I hope this extensive guide has helped some of you. I am around if you need more details. I love my job despite all my frustration towards the banking industry because it makes me meet interesting people on a daily basis. I am a crypto enthusiast myself, and I do think this tech is here to stay and will change the world. Banks will have to adapt big time. Things have started to change already; they understand the threat is real. I can feel the generational gap in Geneva, with all these old bankers who don’t get what’s going on. They glaze at the bitcoin chart on CNBC in disbelief and they start to get it. This bitcoin thing is not a joke. Deep inside, as an early adopter who also intends to be a late exiter, as a libertarian myself, it makes me smile with satisfaction.
Cheers. @swisspb on telegram
submitted by Swissprivatebanker to Bitcoin [link] [comments]

BTC will be at $10,000 in a year or two and we will still get $418 for each BTC we had.

What a joke. I really hope they figure out how to do this properly so the creditors don't get so royally screwed and the shareholders of Gox get a huge payday for embezzling/losing millions of dollars of customer funds and taking the company into bankruptcy.
submitted by mferslostmymoney to mtgoxinsolvency [link] [comments]

Should the MtGox Bankruptcy Trustee Release the MtGox Bitcoin Wallet Addresses?

Should the MtGox Bankruptcy Trustee Release the MtGox Bitcoin Wallet Addresses?
In a response to creditor demand, the Trustee has indicated interest in releasing the list complete of bitcoin wallet addresses known to belong to MtGox to the public for further, crowdsourced, investigation. No other information would accompany this release.
Note:
We ask you to vote and participate in a discussion below as to the merits of releasing the address list vs keeping it private.
Vote Button Poll Options Current Vote Count
Vote Yes - release the data so we can investigate 555 Votes
Vote Yes - release the data for other reasons 6 Votes
Vote No - keep it private for privacy reasons 124 Votes
Vote No - keep it private for other reasons 7 Votes
Instructions:
  • Click Vote to Register Your Vote.
Note: Vote Count in this post will be updated real time with new data.
Make Your Own Poll Here redditpoll.com.
See live vote count here
submitted by jespow to mtgoxinsolvency [link] [comments]

MtGox Bitcoins to BTC e Bitcoins in 50 seconds Kraken Challenge BTCK 221 - Kraken CEO Jesse Powell On Scalability thebitcoingroup - YouTube Mt Gox Trustee Transferring Bitcoins To Kraken - Why The Market Is Red TODAY

Overall, the amount of bitcoin held by the MtGox estate is approximately 202,185 XBT, or $91,185,435 USD at today’s bitcoin price of approximately $451, which Kraken will help to distribute. In a major and long-awaited development, on May 25, 2016, the Trustee announced that all claims to date have been reviewed and that the status of all ... This week Kraken Financial became the first crypto company to receive a banking charter under Wyoming’s Special Purpose Depository Institution statute. On this Speaking of Bitcoin episode, join ... Kraken CEO Jesse Powell added, “Continued progress in the MtGox bankruptcy proceedings will have beneficial effects for the bitcoin community globally. Kraken is proud to volunteer our resources and expertise in an attempt to minimize damage to creditors, restore faith in the bitcoin community, and demonstrate trusted leadership in the ... Kraken is more than just a Bitcoin trading platform. Come see why our cryptocurrency exchange is the best place to buy, sell, trade and learn about crypto. “The outcome of the MtGox bankruptcy proceedings will deeply affect the Bitcoin community as a whole,” said Kraken CEO Jesse Powell. “We’ve decided to volunteer our resources and expertise in an attempt to minimize damage to creditors, restore faith in the Bitcoin community, and demonstrate trusted leadership in the industry,” Powell ...

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MtGox Bitcoins to BTC e Bitcoins in 50 seconds

3. Transferring 23.23 USD from MtGox to BTC-e via Bitinstant (1.49% fee). 4. Receiving 22.89 USD on BTC-e Bitcoin exchange. 5. Buying new Bitcoins for a price of 11.40 USD/BTC getting 2.0037 BTC ... Live Bitcoin Trading With DeriBot on Deribit DeriBot Backup 171 watching Live now Pomp Podcast #251: Mark Yusko on How we got to QE Infinity from the Fed - Duration: 1:06:39. Kraken CEO Jesse Powell of the largest cryptocurrency exchange in the world discusses many different aspects of scalability in the cryptocurrency industry. The 202,000 bitcoins held by the MtGox ... The mt gox trustee has been moving more Bitcoin Is he about the sell it causing a new crash? Let's talk about the whale moving alot of bitcoin to Kraken Kim Nilsson - Cracking MtGox Information on how mtgox got hacked from the breaking bitcoin meet up 2017 subscribe to TheBitcoinArmy youtube channel

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