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Sticherbeast: Coinbase consumer limit is 50 BTC/day at verification level 2, I believe. That's currency conversion like at an airport, not a market, so you pay a premium but it is quick, easy, and reliable. If you were a merchant or they cared to make a special deal for those Bitcoins I imagine they offer more coin at once.Thanks for the helpful answer. So, at the consumer level for Coinbase, that transaction would take ~11 days and cost the "airport" rate. How would the rate be determined when the transaction takes several days? If somebody was cashing out $250, 000, they couldn't just dump it all in one go, at one agreed-upon price? (I mean, of course anybody could voluntarily negotiate to a specific agreement, but there's no inherent rule saying that any exchange would have to agree to such a thing.)

The proper exchange to use depends on your location and desired currency. For USA/USD, the volume is on BitStamp, BTC-e, and BitFinex. BitStamp is the one I'd use if I used a BTC exchange. They started as a Slovenian computer store and they now have $10 million++ in serious funding. BTC-e is just way too opaque. BitFinex I know nothing about except the volume. For Euros you want Kraken, and others I don't know about have decent volume.

I wonder how long it would take to cash out on BitStamp. What is their daily trading volume? Would cashing out $250, 000 worth of BTC create a significant change in their schedule?

The reason behind my line of questioning is that, whenever I see something like "so-and-so has $1M worth of BTC", I always wonder what that really means in a practical, day-to-day sense. Yes, you could buy $1M worth of items from merchants who accept BTC, but that's not the same thing.

I've never had to exchange more than $5, 000 in foreign currency, so I don't know how the experience would compare. If I had $250, 000 worth of Euro, how would I best convert that into USD?

Something I find interesting about BitStamp is how they had started in Slovenia, but then moved the UK, owing to "political and economic pressures" in Slovenia and the lighter regulatory touch in the UK. I wonder if those pressures had something to do with Slovenia's current machinations to avoid going down the same tubes as Italy, Spain, and Greece. For better and for worse, Slovenia has been working overtime to appear shiny for Moody's, S&P, etc.

Anyway, it's funny to me how people on SomethingAwful's Buttcoin thread will refer to Slovenia as this sketchy Eastern European backwater, because 1) it's not anything like that at all, not even a little bit, not even slightly, 2) it seems that they had left Slovenia because it was too orderly, regulated, and conservative, and 3) years ago, BitStamp left Slovenia for the UK, which nobody ever refers to as a Borat-style backwater.