Silk Road forums

Discussion => Security => Topic started by: lettucel on December 03, 2012, 02:06 am

Title: Best way to cashout bitcoins?
Post by: lettucel on December 03, 2012, 02:06 am
I searched, but couldn't find too much on it.
If you're a vendor and doing say $10,000 per month, what's the best way to cash them out?
I'm aware of washing them, but I read an article that if someone really wanted to trace it, they could.
What's the safest way to to cash out money regularly?
Title: Re: Best way to cashout bitcoins?
Post by: eddiethegun on December 03, 2012, 02:28 am
Keep it in the family and buy some electronics from eddiethegun! [/shamelessplug]

Maybe check out my new custom hardened SR laptop...
http://silkroadvb5piz3r.onion/silkroad/item/1b52d9a7e4
Title: Re: Best way to cashout bitcoins?
Post by: lettucel on December 03, 2012, 02:48 am
I searched, but couldn't find too much on it.
If you're a vendor and doing say $10,000 per month, what's the best way to cash them out?
I'm aware of washing them, but I read an article that if someone really wanted to trace it, they could.
What's the safest way to to cash out money regularly?

I've helped / been helping a few vendors cash out.  They send me their bitcoins, and I send them cash via Western Union.

Problem with that is, if it's $10k+, it's hard to do it without it being noticeable or put up any redflags.
Few hundred dollars here and there, but $1000 here and there I'm sure it gets noticed, especially in a smaller town.
Title: Re: Best way to cashout bitcoins?
Post by: lettucel on December 03, 2012, 03:10 am
Well to my bank account wouldn't be very anonymous. I'm trying to keep it anonymous.
Title: Re: Best way to cashout bitcoins?
Post by: Driver613 on December 03, 2012, 03:46 am
Couldnt you use MTGox and transfer it into their system and withdraw it from them?
Title: Re: Best way to cashout bitcoins?
Post by: modziw on December 03, 2012, 04:10 am
You've got to really dig into the money laundering techniques of old. You can get excellent books on the subject right at your local library.

In a nutshell, make companies that do something real in addition to the fake deals you do with your bitcoin income.

Modzi
Title: Re: Best way to cashout bitcoins?
Post by: eddiethegun on December 03, 2012, 04:18 am
You've got to really dig into the money laundering techniques of old. You can get excellent books on the subject right at your local library.

In a nutshell, make companies that do something real in addition to the fake deals you do with your bitcoin income.

Modzi

In general you are correct. However that's what cash laundering involves. In terms of legitimizing illicit bitcoin-income you would need a bitcoin-business. And you can count on 1 hand the number of bitcoin-businesses that legitimately make 10k USD a month. Better off smurfing small amounts through localbitcoins.com in a dozen areas. At least until the BTC economy expands a few fold.
Title: Re: Best way to cashout bitcoins?
Post by: lettucel on December 03, 2012, 05:28 am
You've got to really dig into the money laundering techniques of old. You can get excellent books on the subject right at your local library.

In a nutshell, make companies that do something real in addition to the fake deals you do with your bitcoin income.

Modzi

I'm not so worried about the income. I'm worried about the trail that would lead back to here. Or that would lead from here to me.
Title: Re: Best way to cashout bitcoins?
Post by: stinkybreeze on December 03, 2012, 05:41 am

Nomad Bloodbath or Limitless can help you with these larger amounts. I forget which one. PM them.
Title: Re: Best way to cashout bitcoins?
Post by: wjYDPHnu on December 03, 2012, 02:20 pm
You could buy stuff from www.bitcoinstore.com and then resell it locally on craigslist for cash.
Title: Re: Best way to cashout bitcoins?
Post by: LouisCyphre on December 03, 2012, 04:21 pm
I searched, but couldn't find too much on it.
If you're a vendor and doing say $10,000 per month, what's the best way to cash them out?
I'm aware of washing them, but I read an article that if someone really wanted to trace it, they could.
What's the safest way to to cash out money regularly?

Private transactions for cash or other goods, possibly after mixing/washing them.

Check out these 2 clearnet links:

http://bitcoin-otc.com/
https://localbitcoins.com/
Title: Re: Best way to cashout bitcoins?
Post by: geedogg on December 03, 2012, 04:44 pm

Nomad Bloodbath or Limitless can help you with these larger amounts. I forget which one. PM them.

It's Limetless that can help out with money/BTC washing. Well atleast provide substantial advice for a fee.

Actually there are alot of companies that accept Bitcoin around the globe. If you take a look at the worldwide BTC markets, it is a much more used currency than you may think outside of the underground BTC pools from SR/BMR etc
Title: Re: Best way to cashout bitcoins?
Post by: DonnyBerger on December 03, 2012, 06:44 pm
Hi i also offer this service with a samll fee, its about 1 bitcoin for any transaction amount. Just transfer to my bank account and i post the cash
donny
:)
Title: Re: Best way to cashout bitcoins?
Post by: lettucel on December 03, 2012, 08:16 pm
I would do that. But I'm in a smaller city, with not too many options unfortunately. ANd
Not many cities near by.

I searched, but couldn't find too much on it.
If you're a vendor and doing say $10,000 per month, what's the best way to cash them out?
I'm aware of washing them, but I read an article that if someone really wanted to trace it, they could.
What's the safest way to to cash out money regularly?

Private transactions for cash or other goods, possibly after mixing/washing them.

Check out these 2 clearnet links:

http://bitcoin-otc.com/
https://localbitcoins.com/
Title: Re: Best way to cashout bitcoins?
Post by: deep987 on December 04, 2012, 04:09 pm
Look for things that are easy to buy with bitcoin that are easy to translate back to cash, if that's what you want.  I would take a look at precious metals and bullion. I've seen adds on various bitcoin related websites for coinabul.com, which sells precious medals and coins. I did a little bit of math, and found that the difference between their bitcoin prices and $ prices at other sites is just over 3% on the 1oz American gold eagle (most popular gold coin) which is pretty good I'd say. There is a section on SR for bullion, which would give you more security and keep your payment in escrow, but the markup is much higher. The coins should be able to be sold very easily for cash, or kept as a separate investment that will increase in value as the dollar decreases in value.

Disclaimer: I'm not associated with that website, and I have no idea if they're legit. Seems legit imo. I am a big fan of owning some gold though. #1 rule of investing is to diversify. Also, gold as an investment or storage of wealth is very difficult for powers that be to track and tax, unlike any sort of bank investment.
Title: Re: Best way to cashout bitcoins?
Post by: Winston420 on December 04, 2012, 06:07 pm
I would think the best way is to use several different methods rather than a single method.   You are going to run into AML limits with various methods, which will be $500 a week in he US, unless you provide identity documents as required by US AML laws.

I've been using a service BitMe (bitme.com) to buy my coin, and they let you move $500 a week per unverified account which requires only an email address for each account.   For someone moving bitcoin to cash, they allow you to withdraw cash via ACH to a temporarily linked bank account or AurumXchange vouchers.   Right now, they've got more coin buyers than sellers, so you can get a pretty good rate going to USD.   If you've got a few friends that would let you move $500 a week through their bank accounts, this might be an option.  AurumXchange has debit cards that can fund via their service, but I don't have any personal experience with them.
Title: Re: Best way to cashout bitcoins?
Post by: soulcandy on December 04, 2012, 11:31 pm
As a SR vendor, I have struggled with this issue many times in the past. I used to use Mt Gox to international wire and then got worried when I started realizing how stupid that was. Then I tried bitcoin-otc to find very low liquidity and problems with finding legitimate people that would send cash. And I recently found Bitcopia.com. It's awesome. This dude mails you cash overnight and the fee is not even that much. Only problem is he only does max of $999 a day, but I just put in a new order every couple days.

Bitcopia is the shit. Do yourself a favor and check it out.