Silk Road forums
Discussion => Newbie discussion => Topic started by: Self Medicator on March 24, 2013, 05:24 pm
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What is the safest way to obtain and transfer BTC to SR? If I do Dwolla to Mt Gox to SR, and Gox tells LE, is it illegal to transfer from Mt Gox to SR? Can LE say I have done something wrong? Is there a better way? Gox is forcing people to identify. Thanks!
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MtGox to a second wallet and then to SR or if you want extra security send through a bitcoin tumbler
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I wouldn't worry too much about identifying yourself with BTC, but I do agree MTGOX is going overkill with the requirements. I myself used Coinbase, being in the US. Just hooked it up to my bank account, waited 4 days for the transfer to clear, and boom. Didn't hurt that BTC went up $20USD in that time period, so my investment resulted in some added value too ;)
I thought about the whole anonymous cash deposit thing, but then I realized when you factor in all the transfer fees and BS, it's not really worth the added security. Coinbase takes 1% which is better than the 3-4% other providers charge, plus a flat fee to do the transaction at all. Bottom line is that it's an expensive hassle for little to no extra security.
Bitcoins are completely legal, and the transfer to SR is "tumbled," meaning that it goes through a few different sources before ending up in your SR account. This makes it really hard to trace transfers to SR, regardless of origin. While it is technically possible to trace transfers if you get a warrant, find local data, match it up with transfer history, etc. the reality is that you'll never get caught so long as you're careful with ordering, discussing it, shipping to real addresses, etc. Follow the guides and you'll be fine.
Hope this helps :)
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Thank you, these are both very helpful responses. In one article I read, the owner of Mt Gox said that funds were easy to trace within his exchange, and that he was fully cooperating with the gov. If I identify myself with Gox, and then do a transfer, it seems likely that I would end up in a report somewhere to LE. But if everything gets tumbled, I don't think anyone can accuse me of anything other than transferring to SR. I like the idea of using a second wallet and will check out Coinbase.Dwolla charges even less than that, I think. Be well.
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I'm sure this has been asked already, but doesn't syncing it up with your bank account expose you to more risk?
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if you REALLY want to go the extra mile and tumble, I recommend bitcoinfog:
http://fogcore5n3ov3tui.onion/?page=index
they charge a random amount between 1%-3% so that the charge isn't traceable to the service. they have nice options for withdrawal, like a delay for when it should start withdrawing and how long to spread out the withdraw transactions. that way you can do it over night, for example. very simple and serious service.
i recommend splitting up the deposits and withdrawals, and using different bitcoin addresses each time.
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I'm sure it's alright. As long as you don't raise any red flags..Like $10,000 transfers or multi transfers that are all under $10,000 but in the high digits. The statement of GOX advising they fully coop with gov I think they wouldn't go out of the way of reporting it and only coop if they ask.
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to buy BTC i suggest localbitcoins.com
if you pay online (paypal) seller enables escrow, and also you get your BTC in your wallet in one minute. From the site's (your) wallet directly transfer the amount to your bitcoin address of SR.
Check for at least 6 confirmations on blockhain.info- done in anywhere from 30minutes (most possible) to 6 hours you see the BTC in SR
Hope i have helped
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I don't know your location, but if you're in the US, I'd use Bitfloor (3 times for me without a hitch) You sign up at bitfloor.com, it only takes a minute, they don't want any id. You tell them you want to make a deposit, they move you to a page that shows the exact amount that will move the amount you requested into BitFloor, you print out that page, go to Bank of America deposit it (they don't ask for ID, I tell them I want to make a 'cash deposit' to my stockbroker, because they also sell stocks) you go home and it's already on BitFloor. You buy the coins, move to SR (or a 'tumbling' service if you want) your account is funded. You could be ordering stuff within a hour and a half if you have cash and the bank is open.
I heard BitCopia is the same except you use Wells Fargo.
I feel sure that this is one of the SAFEST ways (both ID-wise for anonymity, and safety of your BTC) to fund your SR account.
Actually if the bank is open and you have cash you could get it all done easily within a hour.
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Thank you everyone for your great advices. I plan to follow them. With Gox moving its U.S. accounts to San Jose at the end of this month I'm told it will be much easier for the U.S. to monitor transfers of any nature from Mt. Gox to SR.