Silk Road forums
Discussion => Security => Topic started by: CocaineFlakes on February 16, 2013, 06:17 pm
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Dear members iam now for 10 days a vendor on SR.
Iam from holland and i want to know how to change bitcoins in cash money without extreme fees.
Thank you for your help
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Buy gold. Sell gold. Profit.
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actually you cant just sell lots of gold or silver, you will need to report IRS 1099
there is a few kinds of gold and silver that dont need to be reported however :D
and they ask for id when you sell gold...
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actually you cant just sell lots of gold or silver, you will need to report IRS 1099
there is a few kinds of gold and silver that dont need to be reported however :D
and they ask for id when you sell gold...
Well signal16, it would appear that you didn't read the Original Post, or if you did that you are of the belief that Holland is an American colony, over there with Afghanistan, Japan, New Zealand and Bora-Bora.
The Original Poster is in Holland, not the United States of America. As such, he or she will not have to "report IRS 1099". The Silk Road marketplace and the Silk Road forums are used by people all over the globe - you should perhaps try to develop a less American-centric view when posting here; it is something that will benefit you greatly, both here and in real life, as you won't come off as entirely uncultured.
'Have a nice day.'
- grahamgreene
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Bump. 8)
I would like to know this information also.
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Man, you're a vendor and having got this figured out already?
You should have planned your btc>cash trail before even purchasing your vendor account.
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Changing btc into another currency is not illegal, and so, I believe there are excahanges and such that do the transfer for a small fee. Mt gox may be one, I still need to investigate that step.
That said, mainstream money exchangers probably report all transactions and may even want ID. I also believe Btc transactions are all traced by the btc system.
So, many would prefer not to send Btc transactions from an SR account to Mt gox or whatever directly from SR (even though you could argue you only sold legal goods on SR (which is possible)).
I'm still figuring this out but according to my research so far, one way to go might be:
Sending your btc to another SR account (free) and then to a non-SR ewallet (free at various sites such as blockchain.info). Then maybe to more wallets - not sure if this matters. Then it is good to "tumble" your btc at a site like Bitcoin Fog (not positive this address is correct: http://fogcore5n3ov3tui.onion/) which costs like 1 to 3%. Tumbling is supposed to mix your coin with many others and then send them to whatever account you designate (another ewallet, I suppose- and should not be any you sent SR coin to) to make it difficult (impossible?) to know where that ewallet got the btc. I think, then you can send it to a mt gox or whatever if you want.
If you do send to Mt Gox type exchanger, you will probably want a good story about what the source of the funds was. They probably put the cash in to your bank account.
If you dont want to pay taxes on the income or have to be ready with a story about where you got the money, there are many ways and I think even people charging btc on SR to consult on the subject. If that's the only part you wanted to know, sorry to have been off-point :-)
I'd like to hear about it if I am off on any of that.
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I THINK... not 100%, but I'm pretty sure that bitstamp will convert your BTC to EUR and deposit into a bank. It's a European outfit, or at least, primarily deals with banks in the Eurozone. If he's looking for anonymity, well, that's a whole other question. Bitstamp, obviously, deals in the US, too, but not really. If you want to do a bank transfer into bitstamp, it'll cost you $15, because it's an overseas transfer.
Cashing out is kind of the holy grail in illicit trading of all kinds.
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Tnxs for all reaction but i still dont now how to do it.
I want a banktransfer with ID only when its safe. (so can somebody explain there method). if its not safe how can i do it unanimous
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Unanimous is "a vote where everyone voted the same" (though I may have that spelling wrong - the spell checker in Tails is SO FAIL)
By "unanimous" I think you may mean a word more like annonymus (I may have it spelled wrong).
It is hard to tell what you mean by safe:
If you want to deposit cash in your bank account and just don't want the bank to know it came from SR, see my post above. If you don't want the bank to know who you are (but, still, you want them to give you the cash from the account) I don't think you want to send it to a bank account unless you can open an account with fake ID or something like that. If you want to recieve a lot of money in a bank account under your name, I think you will need a believable story about where the money came from so you can pay taxes on it.
If you recieve drug sales income annonymisly, it makes it hard for governments to mess with you and make you pay taxes. So, they make it difficult. There is no one easy answer and if there were and everyone knew about it, governments and their secret police forces would figure out a way to catch you. There are people on SR that will help you figure it out privatly for consulting fees. You would probably not want to use a method someone explained in detail on the SR forums, :o