Silk Road forums

Discussion => Security => Topic started by: Sharp on May 14, 2012, 12:26 am

Title: Disadvantage of MoneyPak?
Post by: Sharp on May 14, 2012, 12:26 am
I'm in the process of researching how I should best transfer my money to bitcoins. It seems to me that a very secure option is to go the moneypak route and purchase the moneypak with cash, and then buy the bitcoins from one of the more reputable vendors of bitcoins on SR like BTC king or BTC buddy. I understand that there is a risk of being robbed by the bitcoin vendor. It seems to me that going that route is less hassle, but also more secure since I don't have to link my bank account to anything really, and the funds go directly to my SR account without the hassle of transferring my money all over the place. It seems though that people prefer not to take that route. Is it because of the added expense of buying bitcoins from a vendor, or it because there is some other security risk that I'm missing?

Title: Re: Disadvantage of MoneyPak?
Post by: Xis on May 14, 2012, 12:45 am
Hey Sharp, MP are pretty much the most anonymous way to get btc, anyways I recommend BTCpal if you end up going that route. GL!
Title: Re: Disadvantage of MoneyPak?
Post by: punkhippy on May 14, 2012, 02:12 am
It's not illegal to buy bitcoin. Why not use bitinstant or getbitcoin.com?  You get more for the money and you can have it put in your own free wallet on your computer first.
Title: Re: Disadvantage of MoneyPak?
Post by: Sharp on May 14, 2012, 03:14 am
It's not illegal to buy bitcoin. Why not use bitinstant or getbitcoin.com?  You get more for the money and you can have it put in your own free wallet on your computer first.

I know that it's not illegal to buy them, but I'd rather not link my bank account to anything related to bitcoins. I could do dwolla to mtgox or other via bitinstant but isn't there still a trail there leading back to my bank account? I know that I can transfer the money around to different wallets to make it more difficult, but that still sketches me out. I know I can also do the cash deposit method and I do feel that it's safer (unless someone cares to correct me).

When you buy MP, do they require your SS# or drivers license for every purchase of MP or is that just for purchases over a certain amount?
Title: Re: Disadvantage of MoneyPak?
Post by: tootiefruitie on May 14, 2012, 04:58 am
i say this at least once per day now:

if LEO sells you a moneypak for BTC, they can see where you cash it out.  this can be remedied slightly with anonymous cashout methods.

if you sell LEO a moneypak for BTC, they can see where if was purchased and most likely find security footage of the transaction.  and that would link you directly to SR.

with the bank deposit method, it may be less anonymous overall, but it won't be linked directly to SR.

we constantly hear "LEO can't be a vendor, because they can't introduce drugs to the community, etc"

but they CAN sell moneypak or BTC for moneypak.  we should ASSUME this is happening.
Title: Re: Disadvantage of MoneyPak?
Post by: Sharp on May 14, 2012, 05:21 am
The more I look into this the less I like it....

I'll do more research and find a different way of acquiring bitcoin.