Silk Road forums
Discussion => Newbie discussion => Topic started by: mediocreman on May 07, 2013, 03:27 pm
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Okay, I'm a stoopid noob, but am trying to figure out why SR vendors offer twenty and hundred dollar bills, as well as credit card loading. Is it for cashing out bitcoins or money laundering purposes? I hope this question doesn't get me flamed as LE, but being very, very new around here, I was just curious if there was a way to make money somehow.
Thanks!
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I know one reason is for sellers to get cash for all the btc they have.
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I was wondering this too. I thought at first that it was for counterfeit bills or something, but there is nothing in the listings to indicate this.
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coins are constantly coming in for some vendors, methods of money laundering besides bank funds, like cash is duely needed, its just enough to make it helpful
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I was wondering this too. I thought at first that it was for counterfeit bills or something, but there is nothing in the listings to indicate this.
Counterfeit currency is a restricted item on the road, and every person attempting to offer it so far has been a scammer. If you notice counterfeit currency being offered for sale, please report it to Silk Road by clicking the 'report this item' link on the item page, or the 'report this vendor' link on the vendor page.
As far as vendors offering legitimate currency goes, most do it for others who wish to cash out, though it's a fairly risky way of turning Bitcoin into cash and virtually no vendors do this.
Libertas
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Okay, so the vendors promising "Debit Card Loads" or $100 bills are scams? The bills all are well reviewed, promise not to be counterfeit but seem to be priced a bit higher factoring the current btc price. Just wondering if the idea was to buy when the bitcoin exchange was say $15 for a $20 or $450 for $500 worth of debit card load. Didn't know how these people came up with their $20 bills or what.
Thanks!
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Yeah it's well reviewed..... by the vendors themselves.
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Keeps the IRS off their backs.
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Well from experience cashing out btc
is not an easy process...It is hard to find a simple yet
annon way to do it....So my guess is they are trying to avoid this!
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both
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Okay, so the vendors promising "Debit Card Loads" or $100 bills are scams? The bills all are well reviewed, promise not to be counterfeit but seem to be priced a bit higher factoring the current btc price. Just wondering if the idea was to buy when the bitcoin exchange was say $15 for a $20 or $450 for $500 worth of debit card load. Didn't know how these people came up with their $20 bills or what.
Thanks!
No, there are reputable vendors selling debit card loading services and selling legitimate currency. The only ones that are DEFINITELY scams are the vendors selling counterfeit currency.
The legitimate currency is priced higher than its actual value as the vendor has to include a profit margin and take SR fees into account, otherwise there's no point selling them. If they were selling them at face value they would be losing money.
Libertas
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Ya it definitely has to do with the IRS cause money coming in unaccounted for, could cause you so many problems later down the line.