Silk Road forums
Discussion => Security => Topic started by: ultroping2435 on March 19, 2012, 10:53 am
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Say the cops went through your bank transactions and found evidence of Bitcoin purchasing, what excuse could/would you give for doing it?
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Bitcoins could be a great investment opportunity based on how much it has risen in value. The Bitcoin developer team doesn't work on the software with the intention of supporting Silk Road, there are tons of potential applications. Also, it won't happen. If you get caught it will be another way.
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Do you need an excuse? Owning Bitcoins isn't illegal is it?
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Do you need an excuse? Owning Bitcoins isn't illegal is it?
Only thought would be if there was a case being built against you, having money go into something and 'disapear' is not going to look very good for you. Not that its illegal, but since when have jurors not judged by emotion? But I think if your actually that deep in that your going to court you are screwed.
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I've often discussed with bank teller's etc. how bitcoins are a lucrative forex like exchange because there is a definite degree of predictability in market flow (vs. trading Forex or other markets).
Typically on a daily basis the value of BTCs fluctuates enough that if you have enough in your portfolio you could easily turn a profit because transaction fees aren't $20 a transaction (like if you were to trade on NYSE). I've made ... money doing this and its quite simple.
There's also predictability in the technology used to generate bitcoins. When AMD (ATI) announced it's white paper release of it's 7xxx lineup the value of bitcoins dropped sharply, but the release was known ahead of time, so as long as you're logged into your BTC exchange service at that time you can buy them for $3.50ea. This drop was brief because these types of market's tend to re-equilibriate and also the $/mhash to buy 7950s/7970s for BTC mining isn't impressive.
I could go on, but you get the jist. I'm by no means an economist, I think Pine is the one to talk to about all this stuff actually, i'm just describing to you situations i've taken advantage.
In short, tell the LE or whoever that you buy bitcoins to trade them on other bitcoin exchange market's and they are just part of you're investment portfolio.
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There's lots of places that take them, but do many only take BC? Otherwise why would you legitimately bother with the hassle?
Indeed that's the issue I've always had, because I do agree if you were caught, you'd want to explain why other than SR.