What entity will you use when ready to sell?

[Prometheus_Rising]

Here is one in Australia. $500k minimum. USD, AUD, NZD

https://www.independentreserve.com/Otc

[whiteout]

Conventional wisdom seems to be that if XRP moons you won’t have banking issues cashing out due to its adoption

[RDS]

2 hours ago, whiteout said:

Conventional wisdom seems to be that if XRP moons you won’t have banking issues cashing out due to its adoption

I used to think that as well bro but the problem is market is always ahead of reality. Same thing happend when xrp was above $3.29 without having any infrastructure in place to sell and exchanges were crashing

[Guest]

6 hours ago, XRPto50dollars said:

How does someone find an OTC provider? are you speaking of cumberland?

Hey brother, no I wasn't giving out a specific name, though I hear Genesis Global Trading is pretty good. I've also heard it's good to look around way before hand. Someone gave me some advice a few weeks ago. A few tips below.

1.) Find reputable OTC exchanges early. By going through the online exchanges, you reveal your "hands" and market manipulation can hurt your profits. 

2.) Always ask what current selling and buying prices are going for. Keep in mind they can change it up a bit on you... so don't reveal all your cards.

3.) For big time holders (definitely not me ?), sell in chunks, unless you want out completely. I hear rates are better if you do, but not sure if this is true. 

Hope this helps. I'm long term. I'll let you know in a few years! 

[XRPto50dollars]

4 hours ago, Mr_Cambridge said:

Hey brother, no I wasn't giving out a specific name, though I hear Genesis Global Trading is pretty good. I've also heard it's good to look around way before hand. Someone gave me some advice a few weeks ago. A few tips below.

1.) Find reputable OTC exchanges early. By going through the online exchanges, you reveal your "hands" and market manipulation can hurt your profits. 

2.) Always ask what current selling and buying prices are going for. Keep in mind they can change it up a bit on you... so don't reveal all your cards.

3.) For big time holders (definitely not me ?), sell in chunks, unless you want out completely. I hear rates are better if you do, but not sure if this is true. 

Hope this helps. I'm long term. I'll let you know in a few years! 

thanks. let us know after the countdown hits zero

https://www.timeanddate.com/countdown/generic?iso=20230204T00&p0=%3A&ud=1&font=cursive

 

[XRPto50dollars]

9 hours ago, Mr_Cambridge said:

Find reputable OTC exchanges early.

of course, question is.. if you sell/convert your XRP to USDT when youre ready to sell for the big bucks, dont you have to pay taxes on that? and then when you want to actually have cash, dont you convert from USDT to cash? 

[Guest]

26 minutes ago, XRPto50dollars said:

of course, question is.. if you sell/convert your XRP to USDT when youre ready to sell for the big bucks, dont you have to pay taxes on that? and then when you want to actually have cash, dont you convert from USDT to cash? 

That's a great question. Personally, I'd never cash out to USDT. Primarily because I can't do anything with USDT except buy more crypto, which I won't do when I cash out. The OTC exchanges are set up so you get paid in USD or any other Fiat currency. Once you sell, the money will go directly into your bank account.

I'll always keep some XRP for my kids, but when I cash out, it will definitely be for cold hard US backed dollars. 

[Guest]

I also forgot to mention that once I cash out, I'll pay the long-term capital gains tax. I keep proof of everything to back up the winnings if the time comes and I need it. 

[susannafisher]

Be aware that Uphold will only let you withdraw $10,000 per day. So in your theoretical example...to withdraw $200,000 it would take 20 days.

[ManBearPig]

On ‎7‎/‎22‎/‎2018 at 7:05 PM, susannafisher said:

Be aware that Uphold will only let you withdraw $10,000 per day. So in your theoretical example...to withdraw $200,000 it would take 20 days.

I was just thinking this the other day with this constraint.  If a day ever comes when its time to remove it from cold storage my options are (USA):

1) Take out 10K/day with uphold ACH transfer (easiest means of cashing out).

2) Send to Binance, convert to eth, send to coinbase, withdrawal from coinbase (25K/day) or just pay the wiring fee (250k/day)

3) If Bittrex allows you trade in your state, you can go through them as well.

4) Sign up on an additional exchange and use their limits as well if necessary.

Or like others said, you can convert XRP to USD/USDT and make the daily withdrawals though I don't like the hypothetical scenarios of leaving large sums of money on exchanges.

It will get easier in the future after the early adoption phase is over.

 

[stevo7790]

Can someone from the UK jump in here too please regarding uphold.

I have an uphold account, but lets say I have xrp in a toast wallet I know can can transfer between the two. But once its in uphold by the looks of it, it can sit on a GBP card within uphold. 

The question I have is can the GBP card hold an infinite amount? so lets just say for giggles that I have £1 million in xrp and want to withdraw half of it, I know I can move it to my wallet to get it of the exchange, Toast also shows you the value of xrp stored, so I move this from my wallet to Uphold, I should then be able to exchange? it to the GBP wallet and then ultimately to either a card or bank account. What I am wondering and I can't test the max limit if there is one and I dont know if it is different from the USD on for example, is could I exchange the XRP to GBP and then let it sit on that virtual card within uphold? I don't really care much for the max withdrawal because once it is in GBP, I would think £10,000 a day isn't a bad salary and fiat currency values won't matter. 

[susannafisher]

As far as I know there is a not a limit to transfer from one card to another so if you transfer in your XRP balance you should be able to instantly transfer to your GBP card and then off the exchange into your bank account.