Silk Road forums
Discussion => Security => Topic started by: Tommyhawk on November 09, 2011, 01:24 am
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I've got a number of friends who have been into bitcoins themselves for a while and introduced me to it(surprisingly none of them know of the SR).
They have each made quite a bit of money buying bitcoins and selling them at higher prices.
I was considering opening up a small business like any bitcoin-exchange site, but just locally. Going down and getting my liscense for it. This way my friends would be able to do give me large amounts of money $1000+ so I can deposit it into my business account, and then do transfers to a bitcoin bidding site to get their bitcoins.
Of course my bank would be IDing me in this process, but is there any complications I could run into?
I am not doing anything illegal, or dealing with the silk road with my business
I would be charging a 2% fee for all transactions I do.
Would I run into any issues when I am depositing $1000 into my account, transfering out $980 to dwolla then to mtgox and then to my buddies BTC addresses?
I am expecting to be depositing and transferring up to $5000 per week easy, my buddies have been really confident and successful with stock merchanting along with bitcoin merchanting in the past.
What kind of complications can I run into doing this? And do any of you guys have tips, on good exchange sites? I would be hoping for one I can wire money to directly, since Bank->Dwolla takes 3 days on it's own. I'm not doing anything illegal, and I would pay any taxes on my profits. Even if that's $100 profits from handling $5000 in a week. But still, that's a lot of money going out of my account and I don't want it to be held up since it's my friends/customers money. That's potential $20,000 per month going through my hands for only about $400 profit. I know it will look suspicious but really it's just a simple business idea I had to help some buddies out. Any tips?
I do plan to go through with this as a legit and legal registered business so please any tips are welcome! Fanks guys