Silk Road forums

Discussion => Newbie discussion => Topic started by: Troublemaker on July 18, 2013, 10:45 pm

Title: Questions about Bitcoins and MtGox
Post by: Troublemaker on July 18, 2013, 10:45 pm
Ive been reading and doing the research. But Im new to this and I want to get it right.

The way I understand it. I can have "funds" in my MtGox account that arent necessarily BTC. I can have dollars in the account and trade them for BTC as needed, thus protecting my money from the wild market fluctuations that the BTC experiences. Is this correct?

Next up, "verified" accounts. I thought the whole purpose of the BTC was to create an anonymous currency. But now they want ID's? Am I required to verify my account to use MtGox? Or is that only a requirement for me to withdraw my "funds"? If I leave the "funds" in my account and say purchase gold bullion online with it will this negate the need to get "verified"?
Title: Re: Questions about Bitcoins and MtGox
Post by: foobarbaz on July 18, 2013, 11:09 pm
I was wondering almost the same things !
Title: Re: Questions about Bitcoins and MtGox
Post by: Aussie bob on July 19, 2013, 12:41 am
Ive been reading and doing the research. But Im new to this and I want to get it right.

The way I understand it. I can have "funds" in my MtGox account that arent necessarily BTC. I can have dollars in the account and trade them for BTC as needed, thus protecting my money from the wild market fluctuations that the BTC experiences. Is this correct?

Next up, "verified" accounts. I thought the whole purpose of the BTC was to create an anonymous currency. But now they want ID's? Am I required to verify my account to use MtGox? Or is that only a requirement for me to withdraw my "funds"? If I leave the "funds" in my account and say purchase gold bullion online with it will this negate the need to get "verified"?

   After recent ddos attacks Mt Gox now requires id verification of all accounts. You can deposit bitcoins and money into your Mt Gox account without verifying, but you can't do anything with them. I'm not sure I understand your question regarding 'funds' and gold but pretty much just assume without verifying you won't be able to do anything of interest.

   Fuck Mt Gox, btc is a decentralised currency, having some monolithic entity like Mt Gox monopolising trade is antithetical to the whole  concept. There are anonymous options, and more coming, AB.
Title: Re: Questions about Bitcoins and MtGox
Post by: Troublemaker on July 19, 2013, 12:52 am
Quote
Fuck Mt Gox, btc is a decentralised currency, having some monolithic entity like Mt Gox monopolising trade is antithetical to the whole  concept. There are anonymous options, and more coming, AB.

Im open to other options. Again, Im just figuring out how this all works. What other service do you suggest? Maybe a link that I can read up on, on my own?

Thanks for your help BTW.
Title: Re: Questions about Bitcoins and MtGox
Post by: Jones909 on July 19, 2013, 12:55 am
Why does anyone buy bitcoins through Mt. Gox? Localbitcoins FTW.
Title: Re: Questions about Bitcoins and MtGox
Post by: Aussie bob on July 19, 2013, 12:56 am
Depends where in the world you are, but you could start here

https://localbitcoins.com/

   ;) AB
Title: Re: Questions about Bitcoins and MtGox
Post by: i9j10 on July 19, 2013, 01:02 am
Localbitcoins is okay if you want to pay ~10% fees (that's what they usually are in my area).
BlueSkyTraders are amazing IF they're up, which they're not right now.
BitInstant requires a phone number and MoneyGram, but you get your coins fast and the fee is reasonable (~4%). There's also the problem of a $500 transaction limit, which you can avoid by making deposits at multiple locations, but that's a lot of driving. They also have to be up, which they're not right now.
Title: Re: Questions about Bitcoins and MtGox
Post by: Jones909 on July 19, 2013, 01:13 am
I don't pay anywhere near 10% with localbitcoins but it depends on your location I suppose.
Title: Re: Questions about Bitcoins and MtGox
Post by: Troublemaker on July 19, 2013, 01:16 am
Damn, Ive got a lot to learn....

Localbitcoins isnt going to work. At least not right now. Closest vendor is 80 miles away and on an island  >:(

I was under the impression that Gox was a one stop shop. Apparently this isnt the case though. Im looking at OnionWallet right now. Seems like it does basically the same thing, other than the BTC's have to come from somewhere else.

All advice is appreciated, and any input should be geared toward someone that knows nothing so far. Because I know thats where I am.

Once this is all figured out, my intent is to become a vendor.
Title: Re: Questions about Bitcoins and MtGox
Post by: Jones909 on July 19, 2013, 01:19 am
Bitinstant and Coinbase are two others I have used but the former has become a hassle though quick and the latter is a hassle and takes four days.
Title: Re: Questions about Bitcoins and MtGox
Post by: cryngie on July 19, 2013, 01:22 am
Coinjar is quick but at the start you can only deposit $100 a day after a week goes up to $500
Title: Re: Questions about Bitcoins and MtGox
Post by: vincentvega45 on July 19, 2013, 01:24 am
Bitinstant is good if there in your area.
Title: Re: Questions about Bitcoins and MtGox
Post by: Aussie bob on July 19, 2013, 01:29 am
Damn, Ive got a lot to learn....

Localbitcoins isnt going to work. At least not right now. Closest vendor is 80 miles away and on an island  >:(

I was under the impression that Gox was a one stop shop. Apparently this isnt the case though. Im looking at OnionWallet right now. Seems like it does basically the same thing, other than the BTC's have to come from somewhere else.

All advice is appreciated, and any input should be geared toward someone that knows nothing so far. Because I know thats where I am.

Once this is all figured out, my intent is to become a vendor.

   Hey, did you look for sellers that accept a cash deposit at a bank? You place your order with localbitcoins who then take btc deposited by seller and store it in escrow, like SR. You give localbitcoins your wallet address when making order, deposit cash over counter at a bank, localbitcoins releases coins from escrow to your wallet.

   Forget Gox, it is the focus of investigation by a number of corporate, national and international bodies threatened by bitcoin, AB.
Title: Re: Questions about Bitcoins and MtGox
Post by: TheGiant on July 19, 2013, 01:35 am
LocalBitcoins bank deposit through a seller is really one of the better ways. You can also do moneygram, cash in mail, check, etc. The choice is yours. Personally I just do moneygrams at this place down the road that doesn't ask for ID and slap a fake name and number down.

TheGiant
Title: Re: Questions about Bitcoins and MtGox
Post by: Troublemaker on July 19, 2013, 01:44 am
Ok. Gox is out the window then. Sounds like its the wrong route to go. Only reason I went there to begin with was because it was the only resource I knew about. Im finding others now. Its amazing what kind of doors get opened with a couple of comments, links, and new terminology.

I just found this link;

http://dkn255hz262ypmii.onion/index.php?topic=112029.0

I havent read it yet, but it seems like a lot of my questions can be answered there.

I appreciate the help guys