Silk Road forums

Discussion => Security => Topic started by: wells on March 06, 2012, 03:45 am

Title: Is it safe to transfer BTC from SR to Mt.Gox and exchange them for USD?
Post by: wells on March 06, 2012, 03:45 am
I know this may sound like a pretty noob question but if you have BTC and send them to Mt.Gox and exchange them for USD and have the money wired to your bank account is it cause for concern. How tumbled are the BTC coming from SR and how anonymous/protected are you when you want to cash out your BTC? Buying and selling BTC isn't illegal but from what I understand BTC is not that anonymous unlike cash.  Thanks for the answers. wells
Title: Re: Is it safe to transfer BTC from SR to Mt.Gox and exchange them for USD?
Post by: QTC on March 06, 2012, 03:49 am
How tumbled are the BTC coming from SR and how anonymous/protected are you when you want to cash out your BTC?
who knows... that's why you should mix them yourself...
Quote
Buying and selling BTC isn't illegal but from what I understand BTC is not that anonymous unlike cash.  Thanks for the answers. wells
Well cash isn't anonymous either but you're right about BTC, every transaction is publicly viewable. The key to anonymity is to unlink yourself from your transaction history by blinding the transaction log (use a mixing service like bitcoin fog).
Title: Re: Is it safe to transfer BTC from SR to Mt.Gox and exchange them for USD?
Post by: wells on March 06, 2012, 04:39 am
thanks for the info staying one step ahead of big brother is complex stuff.
Title: Re: Is it safe to transfer BTC from SR to Mt.Gox and exchange them for USD?
Post by: madmax on March 10, 2012, 09:30 am
The real danger isn't the BlockChain, but what comes after it. In allot of countys, it's illegal to even TRY and hide where you're money is coming from. So if you wire $1000 a day from your mtgox account to yuor bank, and the bank goes "Where'd you get the money" and you don't answer or they dont believe you: JAIL. For money laundering.
Title: Re: Is it safe to transfer BTC from SR to Mt.Gox and exchange them for USD?
Post by: generalm3sS on March 10, 2012, 11:05 am
The real danger isn't the BlockChain, but what comes after it. In allot of countys, it's illegal to even TRY and hide where you're money is coming from. So if you wire $1000 a day from your mtgox account to yuor bank, and the bank goes "Where'd you get the money" and you don't answer or they dont believe you: JAIL. For money laundering.

If you live in a country like that, MOVE! Hell sea and high water, MOVE haha. Shit man i live in the UK and i dont like the oppression im getting here and thats nothing compared to other countries but do you think im staying in the uk.... AM I FUCK! Nothing great about britain no more. Was there ever or was it all an illusion? :)
Title: Re: Is it safe to transfer BTC from SR to Mt.Gox and exchange them for USD?
Post by: i3lazd on March 10, 2012, 11:25 am
I have bought bitcoins using Mt.Gox for a few months. I am pretty sure when you send the bitcoin it is untraceable to your wallet then send that to your SR account.
Title: Re: Is it safe to transfer BTC from SR to Mt.Gox and exchange them for USD?
Post by: Oldtoker on March 10, 2012, 11:49 am
First let me state that I use mixers.  The problem I have with mixers, is that it would be too easy for the DEA or Homeland Security to open up a Mixer Website.  Can you imagine the damage they could cause the big money movers?  Of course, if I was a big money mover I'd use a couple of different mixers. 

The only reason I still use them is that I really don't think that most Government Agency's are going to bother with small amounts.  Since I'm strictly a buy for my own personal use my amounts are minimal and probably wouldn't be bothered with.  After all an Agency with those resources I don't think would bother with my small time BS. 
Title: Re: Is it safe to transfer BTC from SR to Mt.Gox and exchange them for USD?
Post by: DropGuy751 on March 10, 2012, 03:51 pm
Personally I would cash out from SR, send them to a new generated address on your Bitcoin wallet, send funds to that new address then send to Mt.Gox then to bank account.
Title: Re: Is it safe to transfer BTC from SR to Mt.Gox and exchange them for USD?
Post by: QTC on March 10, 2012, 04:58 pm
First let me state that I use mixers.  The problem I have with mixers, is that it would be too easy for the DEA or Homeland Security to open up a Mixer Website.  Can you imagine the damage they could cause the big money movers?  Of course, if I was a big money mover I'd use a couple of different mixers.
If bitcoin implements blind signatures this won't be a problem, if you're using a blind mix you will be unlinkable even if the mix is operated by an attacker. If and when it's coming is something I gotta do a lot more research about though.