Oddbean

#asknostr #bitcoin Asking for a friend, a hypothetical with round numbers... If someone were to sell bitcoin that is in cold storage for ~£100k after some more pumps to buy something, like home improvements: extension, loft extension, landscaping a garden etc... What way would you recommend doing it? - Taking a collateral loan is both difficult in the UK and way too risky. - p2p exchanges: not sure what issues you could face and whether to be concerned about bank account terminations if they suspect something or ask what the money is from and you say bitcoin (also you'd be doxxing the buyer as a bitcoin owner). Also how many trades would you need to make and is there a size of trade that is just too dangerous? - Exchanges: will the bank block large transfers FROM an exchange? I hope they'd be more lenient towards deposits compared to withdrawals from your bank account. Also is £100k too much? - OTC: what is it, can any pleb use this or is it a gentlemens club? - Other options?

I think GBP is new, I had an account already and used it to b2x last bull. One thing to be mindful of is that a drop like the one in 2020ish (end of last bull) can completely wreck you. They have a reasonable LTV but Bitcoin can and will eat your lunch if it wants to. It scares people like my friend. It set me back and humbled me too. I think timing is important but it's the inverse of "selling high"... you should stick to bear markets and maybe the beginning of a bull run but never in the middle of it.

Fortunately bull runs are short lived so you are inconvenienced only a little of the time and you can probably just end the loan early to avoid issues. Fyi, maybe its changed, but another thing that killed me was that the terms did not allow you to pay down the loan partially... it was close the loan or keep it open or add more collateral. No paying down some of the debt to improve the LTV.

Nexo used to do collateral loans, now slightly changed to line of credit. Loans include stables or fiat currencies. They’re custodial so risk reward needs to be weighed up, including tax implications around CGT for selling vs borrowing. I don’t know UK tax law at all, options may include borrowing against a security / ETF rather than actual Bitcoin

Talk to your contractors about accepting Bitcoin. You can set them up on coincorner and they can hold it or sell it. Personally I'd offer them extra if they accept bitcoin because they will have to sell some to buy material.