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XRP_Almighty_Q

What Is Your Exit Strategy?

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I'll keep this short and simple.

Ok.  Let's say you have 100k XRP and the price hits $1,000.  You move half (or whatever you like) of your XRP holding to a stable coin and you now have 50 MILLION DOLLARS USD! :D

What do you do?

Swiss bank account?  Ok... How?  I'd be so nervous that someone would try to cheat me.  First you have to get the money out of your wallet.

By that time, let's say that exchanges and digital wallets are transferring money using XRP so it's fast (I assume they don't do this today because the banks aren't using it).  Where do you put 50M?

Do you have to get 200 bank accounts? (250k FDIC insured)  Can you get 1 Swiss Bank Account or Cayman Islands account? (I have no idea about this)

What would this look like?  Are there higher interest bearing accounts for people with that kind of money?

 

This isn't about price, so please no "XRP will never hit $1000".  Let's just keep it to how you're going to get your money and how you plan to store it.

 

Let's take a break from the usual daily contention and DREAM a bit! :lol:

Edited by XRP_Almighty_Q

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25 minutes ago, XRP_Almighty_Q said:

I'd be so nervous

Yesterday I moved my entire bag of XRP to a new address. The finality of every XRP transfer does make me personally nervous and I tripple check the receive address, destination tag (if need be) and amount, fee, etc... 

Me personally I'd sell my XRP on bitstamp where I have already done KYC. I would then further worry (after the initial worry of sending my zerps to the exchange) about whether the exchange would honour it and agree to withdraw such a large sum of money. I hadn't thought of using a stable coin as an intermediary. 

Then I would have to have a long hard think about taxes, as some countries don't have capital gains like Netherlands where I have lived and held a bank acount in the past. 

Overall it's all quite stressful and at 1000 usd per xrp, I'd probably have to have a couple beers first (which brings with it risk of f**king up).

I would also break up all of the above into quaters... so xfer a quater of my XRP holdings to the exchange, sell that quater, withdraw that quater to bank... rinse, wash, repeat. Just so that if I do mess up, I lose 25% and not 100%. At 1000 usd per XRP as per your post, I think it makes sense to be that careful. That's a huge, huge amount of money.

Edited by baobeiiiii

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$50 million?  Ha

I don't care what the long term potential is.  I'm selling 80% of my stash as soon as it can get me a measly 7 figures (hello retirement, yes I have other investments)

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2 minutes ago, mrhat75 said:

I'm selling 80% of my stash as soon as it can get me a measly 7 figures

And how to you plan to do that?  Teach me your ways...

Edited by XRP_Almighty_Q

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28 minutes ago, XRP_Almighty_Q said:

Let's take a break from the usual daily contention and DREAM a bit! :lol:

Because there is not enough dreaming on this forum as it is....

On topic: Bank transfer to my main local bank, then diversify to different accounts spread across all premium tier banks that will let me do whatever I want with my money. Then I'd buy my local football club, fire everybody and close it's doors permanently. I'd proceed by going on the biggest coke-and-hookers-binge the world has ever seen. Crossing my fingers that I won't be dead before 30

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30 minutes ago, XRP_Almighty_Q said:

I'll keep this short and simple.

Ok.  Let's say you have 100k XRP and the price hits $1,000.  You move half (or whatever you like) of your XRP holding to a stable coin and you now have 50 MILLION DOLLARS USD! :D

What do you do?

Swiss bank account?  Ok... How?  I'd be so nervous that someone would try to cheat me.  First you have to get the money out of your wallet.

By that time, let's say that exchanges and digital wallets are transferring money using XRP so it's fast (I assume they don't do this today because the banks aren't using it).  Where do you put 50M?

Do you have to get 200 bank accounts? (250k FDIC insured)  Can you get 1 Swiss Bank Account or Cayman Islands account? (I have no idea about this)

What would this look like?  Are there higher interest bearing accounts for people with that kind of money?

 

This isn't about price, so please no "XRP will never hit $1000".  Let's just keep it to how you're going to get your money and how you plan to store it.

 

Let's take a break from the usual daily contention and DREAM a bit! :lol:

No one in this forum will be holding till $1000 (nor do i think it will ever get there).  Everyone will be gone by 50$.  If you won't be, then i think your stack is to small. Me personally, 20$ is my absolute top. In reality 10$, I might exit because its still life changing money, just not retirement $$$.

I will have a lawyer and my tax documents in hand when i walk into my bank and alert then multiple payments of 50k (max daily withdrawal limit IIRC) will be hitting my account via Coinbase. (USA resident)  I know everyone has their "preferred" exchange, however I know Coinbase is compliant and have had no issues with them ever.

 

Swiss bank accounts etc etc is Bearable guy talk.  Lets stay somewhat in reality.

 

 

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I think if it reaches that price i would have a heart attack and i´d die happy. 

i have not though about my exit strategy, i am here for the long haul (about 10 years),  so that thought haven crossed my mind yet but i think i should start thinking about it because sooner or later the time will come.

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1 minute ago, Babelly said:

Everyone will be gone by 50$.

Not true. I'm above top 2% in XRP rich list and I would hold longer than 50 dollars. Because if it gets to 50, then what's 100? Only double. Just like uranium enrichment, the first 3% is the hardest and after that it gets exponentially easier. 

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7 minutes ago, captainjack said:

Bank transfer to my main local bank, then diversify to different accounts spread across all premium tier banks...

How long do you expect this to take?  How many "different accounts" will you need to open?

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3 minutes ago, baobeiiiii said:

Not true. I'm above top 2% in XRP rich list and I would hold longer than 50 dollars. Because if it gets to 50, then what's 100? Only double. Just like uranium enrichment, the first 3% is the hardest and after that it gets exponentially easier. 

I'm right there with you % wise.  To each their own, were all in different situations, different ages, living in different places.  The point is we each have our own plan so I wish you luck as well.  I always refer back is a DS quote i believe he wrote on Quora back in 2017 where he stated he believes 20$ is the ideal price fro XRP to function at its best.  Can it go higher? Who knows?  In the end we all want the same goal.  Cheers

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6 minutes ago, XRP_Almighty_Q said:

How long do you expect this to take?  How many "different accounts" will you need to open?

Probably just a day or so. How many accounts is just preference. If it reaches 1000$ I'll pay my taxes happily...

Edited by captainjack

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