Silk Road forums

Discussion => Security => Topic started by: AbraxasRiseth on September 20, 2013, 06:31 am

Title: Questions and Help with Local Bitcoins.
Post by: AbraxasRiseth on September 20, 2013, 06:31 am
Hey Guys,

I've been lurking a lot of threads lately about localbitcoins, it appears to have the most positive reviews and recommendations of any source for BTC. I decided I'm definitely going to use it, but the thing is I've never bought bitcoins before and haven't been able to make a purchase on SR yet, so I have some questions about it all. I just got a job last month after being unemployed since I've been lurking. I don't have much and I'm way eager to give the Road a formal try finally.

Here are my questions and concerns: How much should I look at making for my first trade? I'm thinking I want to do $150-200. That's all I can afford and that's about as much as I want to spend on the road right now anyways. I'm only looking to buy weed. I've read people doing $20, $50 and then $100 trades first. But that seems like it might take a while, safer, yes but more tedious. What I'm thinking about doing is making the account, talking to the ONE guy in my area who is on there, making the $150-200 and having it sent directly to my SR wallet. Which is the other concern too, I know no one is keen doing that. Some people do, some people have several wallets they wash their coins through. But for the sake of eliminating hassles and making more potential problems I thought getting them sent directly to my SR wallet would be quicker and more effective. Is that even an option in the first place or do I need another wallet as a requirement? I figured I'd do it for the first time. Like say I do the transaction on Monday I can go and check SR immediately and see it's there and if everything goes through then I'll add some more layers of security because this might be my one and only purchase for a while. 

Also some of you said you met the localbitcoin dealer personally? Is that normal or something you can request? I don't have a laptop. So I couldn't check immediately but I feel like meeting someone in person might increase my chances of not being completely scammed. I hardly trust anyone in this city in the first place. Like I said there is only one person on my localbitcoin in my area. Is that a redflag? Can I make an account tonight or tomorrow and set it up to do the deal next week or the week after that? Ideally I'd do it this coming week.

Sorry for being a noob, this is my first time and I want to be as informed as possible about it before I do it. Once I can get the bitcoin and funding situation resolved than I'll move on to my due diligence for vendors.
Title: Re: Questions and Help with Local Bitcoins.
Post by: livestr0ng on September 20, 2013, 06:44 am
Okay, calm down. My advice is to not meet in person and deal with somebody who has 30+ transactions and 100% feedback. With an LBTC account, you're given a wallet. Send the money from there to SR, not directly to SR. It may be a little intimidating at first but this shit is simple...well, my cash deposits are at least.
Title: Re: Questions and Help with Local Bitcoins.
Post by: TA on September 20, 2013, 06:53 am
My first localbitcoin transaction was $700. I only had 1 guy close that could meet but he would only do $100. So I found a guy out of state with 100+ transactions and did a bank deposit. Super easy. His coins are in escrow so I dont see how they could scam you.
Title: Re: Questions and Help with Local Bitcoins.
Post by: acr115 on September 20, 2013, 02:03 pm
first of all Bitcoins are used for other legal purchases not just SR. I prefer to deal with someone who accept cash deposit at one of the major banks. Make sure to check the stats of the vendor first and most important how fast he releases the coins. Good luck.
Title: Re: Questions and Help with Local Bitcoins.
Post by: Yoda on September 20, 2013, 04:12 pm
Also some of you said you met the localbitcoin dealer personally? Is that normal or something you can request? I don't have a laptop. So I couldn't check immediately but I feel like meeting someone in person might increase my chances of not being completely scammed. I hardly trust anyone in this city in the first place. Like I said there is only one person on my localbitcoin in my area. Is that a redflag? Can I make an account tonight or tomorrow and set it up to do the deal next week or the week after that? Ideally I'd do it this coming week.


I meet the sellers.  I arrange it all through tor, I don't give a phone number... be at this place, at this time.  You don't need a laptop to check; once you set up a deal and he loads the coin into escrow you get a code.  Write that code down.  When he releases the coin to you, he will then get that code to show you... in order to prove to you he released the coin to you. 

Only way to know if he'll meet is message the guy, ask him... I'm sure it probably says on his profile page.

Sucks you only have 1 guy in your area though... not sure if that's a red flag.  In that case, long term I'd probably mix the methods of my btc acquisition... using bank deposits too etc.  I'd hate to just rely on one guy/method anyhow.

It's no big deal, you'll see.
Title: Re: Questions and Help with Local Bitcoins.
Post by: blondebitcoinbanker on September 20, 2013, 07:24 pm
I can do a transaction for you if a few hours and you never have to leave you house to meet someone you do not know.
Title: Re: Questions and Help with Local Bitcoins.
Post by: PrettyinGreen on September 20, 2013, 07:51 pm
I have used Local Bitcoins three times.  The amounts ranged from $75-$300.  I've done cash deposits at my local bank and an online transfer.  It is quick and easy.  Same rules apply there as here.  Find a seller with a good rep, don't spend more than you can afford to lose, and stay in escrow!   
Title: Re: Questions and Help with Local Bitcoins.
Post by: monesty on September 27, 2013, 12:29 am
Do not mention Silk Road when you're dealing with a seller on LBC. A lot of them (myself included) will not deal with you if you mention it. If you keep your mouth closed about SR then no one cares what you're doing with the coin. Therefore, do not ask a seller to send coins to your SR wallet because you'll have one on LBC but it won't have any coins in it if you mention SR.
Title: Re: Questions and Help with Local Bitcoins.
Post by: GrimWaldo on September 27, 2013, 12:48 am
LocalBitcoins is great!

1) Find a seller who will accept a cash deposit at a bank in your area. It doesn't matter where the seller is located.
2) Go into the bank's lobby and grab a handfull of deposit slips from the kiosk, maybe 10 or 12 of 'em.
3) Fill out the deposit slip and use the drive-thru for all of your cash deposits. Simple.

The only thing more anonymous would be cash-by-mail... a risk I personally am not willing to take.
Use LBC. They directly empower buyers and sellers of BitCoin while keeping your money safe.
The seller must place BTC in escrow to make the sell. If they refuse to release your Coin after you make payment, you can send the deposit info to LocalBitcoins and they'll release your BTC after confirming it with the bank. Nice and safe. DO IT!
Title: Re: Questions and Help with Local Bitcoins.
Post by: AbraxasRiseth on September 28, 2013, 05:02 am
Okay I just made contact with the one localbitcoin guy tonight.

Okay, calm down. My advice is to not meet in person and deal with somebody who has 30+ transactions and 100% feedback. With an LBTC account, you're given a wallet. Send the money from there to SR, not directly to SR. It may be a little intimidating at first but this shit is simple...well, my cash deposits are at least.


Yeah he wants to meet in person and only has two transactions.  But he just said he'd rather not use localbitcoins because they charge a fee and that he will send the coins to any wallet/address I want when we met in person. Know I'm confused about what to do. If I do that -- and that's sending red flags up for me -- can I give him my SR wallet or should I use a different one?

Dammit... why can't this dude just use localbitcoins. This is what I meant about people in my area being shady all the time. 
Title: Re: Questions and Help with Local Bitcoins.
Post by: b0lixtrader on September 28, 2013, 05:24 am
Are moneypak to BTC purchases reliable with a seller with good reputation on there?
Title: Re: Questions and Help with Local Bitcoins.
Post by: AbraxasRiseth on September 28, 2013, 05:33 am
Are moneypak to BTC purchases reliable with a seller with good reputation on there?


I have no idea. I'm going to ask this guy if he can send the bitcoins to my localbitcoin account because that's the only way I can check before I leave there. I don't have a laptop, just my phone but I can log on to the site through my phone. How long does it usually take for the coins to get into the account? I'd assume it's an instant? 
Title: Re: Questions and Help with Local Bitcoins.
Post by: AbraxasRiseth on September 28, 2013, 06:27 am
I have no idea. I'm going to ask this guy if he can send the bitcoins to my localbitcoin account because that's the only way I can check before I leave there. I don't have a laptop, just my phone but I can log on to the site through my phone. How long does it usually take for the coins to get into the account? I'd assume it's an instant?
 

Well know the dude asked if I can get on blockchain.info and verify through that. I asked if he could just send them to my localbitcoin wallet and he said.

"Are you using a smartphone? If so, you'll be able to verify the coins have been received via blockchain.info" 

People on these forums have been posting numerous complaints about blockchain.info so I don't know if I trust it at all. Dammit... Why can't things just go smooth for me of once? I'm doing this because I don't trust people to buy stuff in real life and this shit right here is why. You signed up for localbitcoins, why can't you just use it? Who cares if they charge you a 1% it's to make sure you don't screw people over.
Title: Re: Questions and Help with Local Bitcoins.
Post by: AbraxasRiseth on September 29, 2013, 01:24 am
Good news everyone!

They localbitcoin guy turned out to be reliable and I got my coins send to blockchain. I just sent them here but they aren't there yet. However I know this can take some time so I'm just being patient and waiting a couple hours. The guy I bought from was an odd character but checked out well enough. So far so good, just waiting for the coins to hit my SR account. 

Thanks for all the help and advice everyone!
Title: Re: Questions and Help with Local Bitcoins.
Post by: Dankasaurus on September 29, 2013, 01:38 am
How do you know if the LBTC seller accepts bank deposits? Do you have to be messaging with him to figure that out, or does it actually say that under their names because from what I can see they're all different sites that just have separate ways of dealing with money.
Title: Re: Questions and Help with Local Bitcoins.
Post by: AbraxasRiseth on September 29, 2013, 01:51 am
How do you know if the LBTC seller accepts bank deposits? Do you have to be messaging with him to figure that out, or does it actually say that under their names because from what I can see they're all different sites that just have separate ways of dealing with money.


Sometimes they'll say in their public profile. But you're better off just straight up asking in my opinion.

But good news everyone! My SR account is now officially funded! I'm so fucking happy right now. Happiest I've been all damn year I swear. Thanks everyone for recommending locabitcoins.
Title: Re: Questions and Help with Local Bitcoins.
Post by: Dankasaurus on September 29, 2013, 02:14 am
How do you know if the LBTC seller accepts bank deposits? Do you have to be messaging with him to figure that out, or does it actually say that under their names because from what I can see they're all different sites that just have separate ways of dealing with money.


Sometimes they'll say in their public profile. But you're better off just straight up asking in my opinion.

But good news everyone! My SR account is now officially funded! I'm so fucking happy right now. Happiest I've been all damn year I swear. Thanks everyone for recommending locabitcoins.

Congrats man, the best of luck to you in your trip down the road. :D