Ripple update: How did they cash out?
To start, no, I don’t have some massive bag–I was just thinking about the massive bitcoin increase a while back and how there are several known millionaires from it…
How did these people withdraw such large amounts? Uphold, for example, has a $10K/day withdrawal limit. A quick Google search finds other people complaining about it for other exchanges as well (Coinbase, etc.).
It would take over 5 months to withdraw even $1M via Uphold, conservatively estimating 20-ish business days in a month. Imagine having several million (as surely some of the early investors did). A lot can go wrong in that time (exchange hacked, closed, whatever), but meanwhile you have still sold that currency and the IRS will want their cut. You may not even be able to withdraw it fast enough to make the tax payment.
Just food for thought. I’m curious.
About Ripple (XRP)
Ripple connects banks, payment providers and digital asset exchanges via RippleNet to provide one frictionless experience to send money globally. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. XRP is the fastest and most scalable digital asset today.
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