Silk Road forums
Discussion => Security => Topic started by: Thunderbird44 on October 17, 2012, 11:07 am
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Hi,
I've just set up a new account here to ask this question (for obvious reasons) so please excuse the low post count and please don't assume it's my first time here by any means! :)
Lately i've been seeing quite a few threads popping up regarding "cashing out" your BTC as a vendor, and more to the point how to do it as anonymously as possible.
So my questions are as follows;
Say for arguments sake said vendor had ~$1000 in his/her SR account ready to cash out to go and buy more stock in RL would any of the following options be useful?
1.) SR wallet > localBTC wallet (localbitcoins.com) > cash out face to face/cash in the mail (not to mention also earning a small profit margin on your coins here for selling at rates +) be a viable and safe option given the nature of bitcoin and it's anonymity?
2.) Same as option 1, but rather; SR wallet > Bitcoin fog (or other mixing service - fee charged here for service?) > localBTC wallet > cash out face to face/cash in mail be a better option? The question i'm really asking is a mixing service as added here in option 2 really a neccessity for vendors looking to cash out on a regular basis, and if not are there any better options?
Before anyone asks I have used the forum search here and came up with a couple of threads that sparked my interest on this topic;
dkn255hz262ypmii.onion/index.php?topic=54336.0
dkn255hz262ypmii.onion/index.php?topic=46294.0
dkn255hz262ypmii.onion/index.php?topic=18669.15
dkn255hz262ypmii.onion/index.php?topic=54159.0
However these (for obvious reasons) don't go into any form of detail as to which is the best and safest cashing out method which is totally understandable, however i'm not here to bug away at any vendors to reveal their complete personal methods but rather to have my methods above verified as viable or not, and above all whether they would actually work on a regular basis?
Thanks :)
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If you are a vendor on SR and have $1000 in bitcoin do you think it is wise to give out your address so people can mail you money to buy bitcoin?
Seems to me it is a security risk.
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If you are a vendor on SR and have $1000 in bitcoin do you think it is wise to give out your address so people can mail you money to buy bitcoin?
Seems to me it is a security risk.
Sorry I forgot to mention this is a non-issue, "said" vendor has multiple occupied drop point addresses under fake names. Do the above options still pose a risk given this information?
Ty :)
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Hey,
...Also I forgot to mention, face to face public meetups (a decent distance away from your address) don't pose this risk as such.
TB
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Yes this is still a major security risk in my book.
No matter where it is shipped, If it is occupied then the person there has to know you, if not then it can be watched.
If you send some one for a face to face, then they could be grabbed and there is a list of laws they could charge them with including but not limited to conspiracy, Accomplice in drug trafficking, etc, etc. All are major charges and it would be so easy to get them to flip when they are facing 25 years to life.
You may note that the $$$ to BTC vendors tend to do only that and not deal ontop of it.
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If coins are withdrawn from SR, to a local wallet, to then a few other wallets ... would doing a cash for BTC operation not be OK ? It isnt a crime to sell BTC is it ?
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No it is not illegal. However, a vendor selling illegal items who also does bitcoins for cash provides a way for the feds/cops to trace him.
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Not that it isn't important to take every available precaution, but cashing out $1000 isn't going to attract any attention no matter how you do it. If you're getting wires from Mt Gox to your bank account every time, the IRS might have questions for you, but there are just way too many small bitcoin transactions every day for yours to be raising a flag. I like to think that LE is using their resources to bust child porn rings and serious drug operations. I doubt they're using massive resources to bust the guy who's making a couple hundred bucks a day on SR.
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No it is not illegal. However, a vendor selling illegal items who also does bitcoins for cash provides a way for the feds/cops to trace him.
Forgive me if I lack knowledge in this department, but how would LE be able to link you to a bunch of coins washed through multiple BTC services/multiple wallets to some guy just selling BTC for cash, which could be completely legitimate? I fail to see how they could match the 2 together with the millions of cash and BTC transfers that take place everyday. One example, a few guys in my country/area are selling BTC for cash on localbitcoins offering in the $25,000+ range.
TB :)
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If you are a vendor on SR and have $1000 in bitcoin do you think it is wise to give out your address so people can mail you money to buy bitcoin?
Seems to me it is a security risk.
Sorry I forgot to mention this is a non-issue, "said" vendor has multiple occupied drop point addresses under fake names. Do the above options still pose a risk given this information?
Ty :)
There is a big risk of someone ripping you off. I am sure there are many ways to exchange large amounts of bitcoins but I have only done it this way....First get someone that doesnt do any sort of crimes so they have nothing to worry about if it does get tracked to them, taxes at most. Then that person opens up a checking account. Connected the checking account to a Dwolla account then connect the Dwolla account to MtGox. You can send thousands directly into your bank account easily and its only 25 cents per thousand Dwolla fee.
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Hi,
I've just set up a new account here to ask this question (for obvious reasons) so please excuse the low post count and please don't assume it's my first time here by any means! :)
Lately i've been seeing quite a few threads popping up regarding "cashing out" your BTC as a vendor, and more to the point how to do it as anonymously as possible.
So my questions are as follows;
Say for arguments sake said vendor had ~$1000 in his/her SR account ready to cash out to go and buy more stock in RL would any of the following options be useful?
1.) SR wallet > localBTC wallet (localbitcoins.com) > cash out face to face/cash in the mail (not to mention also earning a small profit margin on your coins here for selling at rates +) be a viable and safe option given the nature of bitcoin and it's anonymity?
2.) Same as option 1, but rather; SR wallet > Bitcoin fog (or other mixing service - fee charged here for service?) > localBTC wallet > cash out face to face/cash in mail be a better option? The question i'm really asking is a mixing service as added here in option 2 really a neccessity for vendors looking to cash out on a regular basis, and if not are there any better options?
Before anyone asks I have used the forum search here and came up with a couple of threads that sparked my interest on this topic;
dkn255hz262ypmii.onion/index.php?topic=54336.0
dkn255hz262ypmii.onion/index.php?topic=46294.0
dkn255hz262ypmii.onion/index.php?topic=18669.15
dkn255hz262ypmii.onion/index.php?topic=54159.0
However these (for obvious reasons) don't go into any form of detail as to which is the best and safest cashing out method which is totally understandable, however i'm not here to bug away at any vendors to reveal their complete personal methods but rather to have my methods above verified as viable or not, and above all whether they would actually work on a regular basis?
Thanks :)
First off, WELCOME!!!!
Ok now that that's out of the way on to business. The easiest way to do small amounts like that if you have decent margins and dont mind the payouts is fastcash4bitcoins.com(clearnet) they have a ton of options for small timers to get money quickly. If you have large amount you need to suck it up and pay taxes on it. Form an LLC and do a cash business that is anon by nature to explain your funds. Get creative...... Cant give you all the answers now can we 8)