Silk Road forums

Discussion => Newbie discussion => Topic started by: psychonaut101 on September 04, 2013, 10:57 pm

Title: Setting up lots of payments to buy bitcoins, do banks notice?
Post by: psychonaut101 on September 04, 2013, 10:57 pm
Hello folks, I have a paranoid problem.

Basically I keep having to set up new payments when I'm buying bitcoins, and I'm worried if that attracts attention.

They aren't big payments but they are unusual values and they starting to mount up.

Should I be concerned and find a more anonymous way of getting bitcoins?

Oh also, what does my post count have to be to talk on the main boards?

Peace.
Title: Re: Setting up lots of payments to buy bitcoins, do banks notice?
Post by: ~o~WaterWalker~o~ on September 04, 2013, 11:21 pm
50 posts

I'm a little worried too since it is a trail...  but there are ways to try to balance it out.. first rule is find a chill bank, not some megacorp bank

you can always say you trade bitcoin or worse are a satoshi dice junkie
Title: Re: Setting up lots of payments to buy bitcoins, do banks notice?
Post by: n0nc3s on September 04, 2013, 11:30 pm
I don't see how it's much different than taking moderately large chunks of cash ($1K+) periodically.  It's your money and if the bank is giving you any kind of static I'm sure there are a dozen others happy to have your business.
Title: Re: Setting up lots of payments to buy bitcoins, do banks notice?
Post by: ~o~WaterWalker~o~ on September 04, 2013, 11:48 pm
unless you are doing 10 large in a year I dont think you even show up on anyone's radar

if you do, then it is time to start the shell companies, etc
Title: Re: Setting up lots of payments to buy bitcoins, do banks notice?
Post by: ThaMiddleMan on September 05, 2013, 04:04 am
I deposit anywhere from 2-4k a day into my brokers account and im not the only person that buys from him and he doesnt sweat it.  If you need coins message me here or on SR and I can help you
Title: Re: Setting up lots of payments to buy bitcoins, do banks notice?
Post by: UDVAVV on September 05, 2013, 04:23 am
Well I've only used one bank situation for bitcoins, and although I'm not sure how you went about buying them (not from the bank directly I presume?), I bought them through a local broker I found online who had positive customer reviews and essentially he gave me a quote for the amount of money I wanted to spend, gave me his bank account details, and the quote was valid for two hours in which time I had to visit a bank directly, and hand cash over the counter.
The bank never asked nor had any opportunity to know that I was using the money to buy bitcoins because it was simply a bank deposit into another company's account, and the company name was normal sounding. Besides, the BC seller was unaffilliated with SR as far as I know, nothing of that nature was discussed, in fact it was all automated and no bank documentation mentions bitcoins anywhere.

In the second case the seller rang me to confirm my identity, and one of his questions was 'and what will you be using the service for?' and I simply said 'oh, buying currency in an online multiplayer game'. virwox.com (clearnet) btw, is a broker that sells small volumes of BC via paypal, credit cards etc, but their specialty is operating as an exchange for virtual currencies used in an online game called Second Life ;)

Another plausible explanation if anyone asks (they won't, and if they do don't blabber on about it just give a reason and zip it) is that you've read that the price of this bitcoin virtual currency has fluctuated almost 15 times in the last 6 months! So you're thinking you'll dabble a bit and make some money investing! (Banks are used to hearing about wannabe stockbroking heroes, they'll stop listening half way through probly).

To me at least, those are plausible reasons.

And of course, be polite, somewhat presentable but leave your bling at home, and most of all not especially memorable.

Title: Re: Setting up lots of payments to buy bitcoins, do banks notice?
Post by: psychonaut101 on September 05, 2013, 11:28 pm
Thanks for all the replies.

The way I've been buying them is via a direct bank to bank transfer online. I open a trade with the sellers on bitbargain.co.uk, they give me their account details and a reference, then I login to my internet banking site and create a new payment.

The thing is that each time I create a new payment, which is usually every purchase because they change their accounts all the time, I get an automated call from the bank where I have to enter a code and blah blah. Once that's done the payment is authorised.

I never speak to a human but there's more of a trail than just going in to a bank and handing over cash to go into someone else's account.

I deposit anywhere from 2-4k a day into my brokers account and im not the only person that buys from him and he doesnt sweat it.  If you need coins message me here or on SR and I can help you

I'm not a seller (yet). But I do need a reliable source of bitcoins where I don't have to keep setting up new payments to different accounts all the time.

Like I said the payments are not large, but its just the frequency of them that makes me a little paranoid.
Title: Re: Setting up lots of payments to buy bitcoins, do banks notice?
Post by: cryngie on September 06, 2013, 12:04 am
As long as you tumble the coins before they hit SR there is no way to connect your bank account to transactions on SR
Title: Re: Setting up lots of payments to buy bitcoins, do banks notice?
Post by: slyguy498 on September 06, 2013, 12:34 am
at the end of the day buying and selling btcs is completely legal. as long as u cover ur trail from what u do with them ur good money...
Title: Re: Setting up lots of payments to buy bitcoins, do banks notice?
Post by: Weaponstech on September 06, 2013, 01:37 am
I agree with  ~o~WaterWalker~o~.
I think you should be fine. dont stress about it too much. good luck : )
Title: Re: Setting up lots of payments to buy bitcoins, do banks notice?
Post by: psychonaut101 on September 06, 2013, 05:59 pm
As long as you tumble the coins before they hit SR there is no way to connect your bank account to transactions on SR

Sorry I'm not down with all the lingo just yet, what does tumble mean?
Title: Re: Setting up lots of payments to buy bitcoins, do banks notice?
Post by: Poobanator on September 06, 2013, 06:42 pm
Hmmmm..

My problem is how do I turn 5000 dollars cash into BTC's each month without going through a bank?

I originally invested 6k now 10k.... but how will I continue to invest without taking large wads of cash and putting in a bank somewhere?

:(