How fast can you get out to fiat?

Godfr33

Member
Jan 20, 2018
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Just a question for all.

Your given a crystal ball and know that in 6 hours after reading this post all crypto went to zero.

Can you go to fiat and exit or are you stuck on the sinking ship?

FYI im not trying to FOMO, FUD, shill etc. I don’t work for Dimon, Buffett, Wu, Ver, Blockstream or TRTL coin!

A hypothetical question only!!!
 

onsit

Member
Jan 5, 2018
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To go to fiat, this would imply there are buyers for the tokens you own. If this crystal ball was like anything with early indicators in the stock market - enough people following the same indicators would cause a cascading panic sell or correction. Buyers would pull their buy orders noticing too high of a sell volume.

I spend half my mining power on pre-exchange shit coins. The other half on established coins that have listings on exchanges. To go to fiat would be a function of:
  • Finding a buyer for the token
  • Meeting an exchanges minimum BTC/LTC withdrawal + fee structure
  • Sending BTC to another exchange that allows BTC/USD trading
  • Filling a buy order to USD
  • Meeting an exchanges minimum USD withdrawal + fee structure
  • Waiting for PayPal or ACH
 

Godfr33

Member
Jan 20, 2018
94
16
8
44
To go to fiat, this would imply there are buyers for the tokens you own. If this crystal ball was like anything with early indicators in the stock market - enough people following the same indicators would cause a cascading panic sell or correction. Buyers would pull their buy orders noticing too high of a sell volume.

I spend half my mining power on pre-exchange shit coins. The other half on established coins that have listings on exchanges. To go to fiat would be a function of:
  • Finding a buyer for the token
  • Meeting an exchanges minimum BTC/LTC withdrawal + fee structure
  • Sending BTC to another exchange that allows BTC/USD trading
  • Filling a buy order to USD
  • Meeting an exchanges minimum USD withdrawal + fee structure
  • Waiting for PayPal or ACH
OK should’ve phrased it as “Only you are given this crystal ball”

I’m assuming you use small exchanges and have never actually cashed out to fiat. This is only assuming!! Don’t read into it too much as this is just a discussion on a forum.
Let’s say you have $100 USD total fiat equivalent in 2 areas $50 in shitcoins, $50 in BTC/ETH/BCash/LTC in caviarcoins.

So as I see it steps are as follows:

Function 1. $50 Caviarcoins

• You take $50 in any of the “caviarcoins” on a a caviar USD/coin exchange like Gdax. Sell at market. Not limit sell or stop. You lose spread and fees and now have $48 USD fiat. Trust me it cost no where near this amount in fact its much much lower than this! I paid $10.79 for 43 trades in the past 12 days. Highest sell fee for 3.066 Eth cost me $4.93 @ $536 per ETH.

• Instant fiat as Gdax has the buyers/buys from you.

• No exchange minimum and/or fees for fiat in or out via ACH.

• US fiat $ wired out shows up next day ( it does in my case) I don't bank with the Big Guys!

• No intermediary like PayPal used. Paypal takes the same amount of time to deposit to my BA via ACH.

• Go to ATM withdraw cash.

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Add Bittrex as your shitcoin exchange.
  • Finding a buyer for the token
.25% sell fees on your shitcoin
  • Meeting an exchanges minimum BTC/LTC withdrawal + fee structure
Its 0.00050000 BTC ($3.51), 0.00600000 ETH ($2.29), 0.01000000 LTC ($1.18) withdrawal fees. At the time I was writing this. That's a lot of shitcoins!
  • Sending BTC to another exchange that allows BTC/USD trading
See above.

  • Filling a buy order to USD
Sell at market in the Caviar club exchange. See above above
  • Meeting an exchanges minimum USD withdrawal + fee structure
No problems with Gdax, Bittrex you'll have to repeat the process but in Tether
  • Waiting for PayPal or ACH
Same time as above above, unless your bank takes Tether? If they do no worries for KYC/AML, just keep your kids away from Brock when your "cacheing out"

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Now compound a diarrheacoin with bad gas exchange it gets even nastier to climb out of the septic tank. Your ass is going to burn from the wiping alone, as you descend into Dantes inferno of excretcoins.