Silk Road forums

Discussion => Security => Topic started by: AnimusVox on September 12, 2012, 06:20 am

Title: Bitinstant to Bitcoin address
Post by: AnimusVox on September 12, 2012, 06:20 am
Typically I use Mt.Gox, but I noticed on Bitinstant the option to fund directly to a Bitcoin address. It seems to be a much quicker and safer route than funding to an intermediate trading website. I was thinking Bitinstant to Instawallet would be perfect. Does anyone have any experience utilizing this method?
Title: Re: Bitinstant to Bitcoin address
Post by: AnimusVox on September 12, 2012, 06:32 pm
Anyone?
Title: Re: Bitinstant to Bitcoin address
Post by: treeline on September 12, 2012, 06:35 pm
I think a lot of people here go that route.  There are several posts about using cash and bitinstant.  I've done it twice -- the first time I had the BTC sent to a bitcoin address and then to my SR wallet .... and then earlier this week I used bitinstant again and this time sent my BTCs to instawallet.

Haven't had trouble either time ... definitely recommend going that route.
Title: Re: Bitinstant to Bitcoin address
Post by: jurdermunkie on September 12, 2012, 08:39 pm
I have always gone...............bitinstant............tcash ads.....coinapult.............btc addy(use a few different)..............sr btc addy
Title: Re: Bitinstant to Bitcoin address
Post by: metaphoe on September 12, 2012, 08:44 pm
i use the bitinstant to SR addy.. i just use a fake name on the form u fill out to make the payment at walmart..

thats how i roll...
Title: Re: Bitinstant to Bitcoin address
Post by: jurdermunkie on September 12, 2012, 09:02 pm
Yeah that works I just like to send out possible dirty coins to filter
Title: Re: Bitinstant to Bitcoin address
Post by: LamarSmithRTX on September 12, 2012, 10:20 pm
I prefer bitinstant>bitcoin and just use my silkroad address. There is no way to distinguish that silkroad's wallet 'owns' that address. It's just a random address with no data attached to it. The block-chain stores the transaction log of what's been sent where, as to not have double spending.

Silkroad has a tumbler built into it. When you deposit your coins to the address on your account page, they stay there until far after you have received your goods. When your coins are transferred from your account to a vendors account, they aren't being transferred in the block-chain address-to-address. There is a separate transaction log that SR maintains so they don't have to transfer address to address. This is why when you send coins to another user it is instant.

When your account is credited BTC by depositing to the address, it can float around in the silkroad bitcoin server and be transferred wallet to wallet.  This maintains your anonymity with the coins / vendor as you have to receive the package to give them the coins. When anybody goes to withdrawl BTC from their SR wallet, they are credited by a rolling large amount of bitcoins that have been compiled from deposits in the past. The rolling amount of bitcoins (last time I withdrew it was $400,000+) has a queue of transactions lined up ready to be processed. The coins they cash out aren't the ones you sent them.

<b>TL;DR: The coins you send to SR aren't the ones that the vendor you buy from will be receiving.</b>
Title: Re: Bitinstant to Bitcoin address
Post by: smokeweed420 on September 12, 2012, 10:48 pm
I just do bitinstant---->SR wallet every time. it works every time and i dont think that its sketchy at all. the only way that law enforcement would be able to tell that the bitcoin address you use is a Silk Road bitcoin address is if they had access to your account. and in that case you would be screwed anyway. just always use fake information (name, address, phone number) when you are making the payment to bitinstant. I think its mind boggling that people still use moneypacks after all the shenanigans that have gone on with them and the high fees that are charged. Not to mention the bitinstant route takes an hour to get your coins and going through an SR exchanger takes 8 hours to 2 days!