Silk Road forums
Discussion => Security => Topic started by: kaseyowens123 on October 05, 2012, 09:25 pm
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I have a seller account and wanted to know some tips on how to launder money in the us... I am talking about maybe 10k or more. dont comment and refer me to lim.
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Lol, I believe we have already spoken haven't we?
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no
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no
Ah my mistake, must be someone who sounded similar to you.
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The thing about laundering money is that you will have to face the fact that during the launder you will lose out on a bit of money.
The goal of laundering is to make it look like your money came from a legit source and to have the paper trail to back it up.
Here are some ideas to get you started:
A business, such as an ebay buyer/seller account. You can mask your illegitimate profits in a legit business selling stuff to sockpupets on ebay. Sell yourself/your friends "rare books" or some shit. Sell a "one of a kind coin" for like 400 dollars and ship out a metal slug is an example. Your friend buys the "coin" and he paypals you the money that you already gave him. He takes a small cut, your money comes out clean and theres a paper trail to prove that its a legit transaction.
Be creative, you'll think of something that you can sell. This way there will be a paper trail showing that all this money that you are making is actually coming from a legit ebay business. You can really do it with any kind of business, but I'd think an ebay business would be easiest to pull off and make look legit. It's also a good cover for your shippers.
Another idea is to cash out all your bitcoin, give it all to your girlfriend or whatever, and gamble it at a casino. Sounds like a bad idea, right? You will lose money until your girlfriend wins the jackpot. If you ever get audited there will be a paper trail showing that you won the cash at a casino. The real down side is that there is the chance that you will lose all of it. This really isnt the suggested route but it's an idea.
(EDIT: This will depend on the particular casino you're at. Make sure they give you some kind of receipt for the money that you win at whatever particular casino you're at before doing this. There needs to be a paper trail - Spending 10k at an illegal casino and coming out with 20k in winnings from an illegal casino that doesn't make records of their transactions is not laundering)
The other obvious answer is simply buy assets and store them. If you ever get audited you shouldn't have to declare low value items. A car wouldn't be a good example of an asset. 500 dollars of toilet paper would be a good example. If you get audited and the IRS or whatever comes into your place for an audit they'd see the toilet paper and think it's a little weird that you have a shitload of it (no pun intended) but I wouldn't think they'd write it up as an asset like a car. A car would get seized where your supply of toilet paper most likely wouldn't if they suspect that you are illegally obtaining money.
I am not an expert in this area but I hope this helps. I've never been audited before and laws may vary depending on your location.
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I wouldn't put my money anywhere near the Caymans.
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I wouldn't put my money anywhere near the Caymans.
Neither would I Lim, but I guess giving away some of the other places is just going to raise attention to them places more. For newbs or small time Caymans is fine so long as they don't cock up their legal paperwork or the likes. Using offshore trusts to manage domestic "services" is a bit more complex and I really can't be arsed typing it all out. Anyway, this is your field, I'm not going to infringe with anything complex when they should be paying for you it ;) Works phenomenally for tax evasion I must point out but that's not that same as laundering exactly. :-[
I would say it's even more important that newbs don't go to places like the Caymans because it minimizes the need for damage control if they fuck up in other ways.
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I wouldn't put my money anywhere near the Caymans.
Neither would I Lim, but I guess giving away some of the other places is just going to raise attention to them places more. For newbs or small time Caymans is fine so long as they don't cock up their legal paperwork or the likes. Using offshore trusts to manage domestic "services" is a bit more complex and I really can't be arsed typing it all out. Anyway, this is your field, I'm not going to infringe with anything complex when they should be paying for you it ;) Works phenomenally for tax evasion I must point out but that's not that same as laundering exactly. :-[
I would say it's even more important that newbs don't go to places like the Caymans because it minimizes the need for damage control if they fuck up in other ways.
I'm just going to agree because I know I'm going to get my ass handed to me on a plate if I start debating this with you....
Lol I was just shooting the breeze with ya dude. :) Problem with the Caymans is that FATF made them compliant, after that there was just no return.
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Yeah truesay, it inspires the stiff upper lip. :)
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Could anyone tell me why you can't just be confident about having the BTC mined and are now cashing them out? That would be very simple and would not have to be proven I guess. Just tax them and you're ready.
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Could anyone tell me why you can't just be confident about having the BTC mined and are now cashing them out? That would be very simple and would not have to be proven I guess. Just tax them and you're ready.
This is an option but there is a slightly simplistic approach, you have to be a bit more thorough.
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Could anyone tell me why you can't just be confident about having the BTC mined and are now cashing them out? That would be very simple and would not have to be proven I guess. Just tax them and you're ready.
It's my understanding that for small amounts this might not be an issue but once you start getting to larger amounts (high $10,000's+) that they may start asking where you're getting the money from. If you're getting it from selling something illegal then if you are under suspicion for that, then when they see the extra cash coming into your account they'll definitely be looking to nail you.
One idea I heard was, if you're a home owner, to use to cash to make improvements to the house and then later when you sell, the improvements that you made should increase the value of the house. Or just start / register a business that takes lots of cash (ie masseusse, personal trainer, etc).
Just a couple of thoughts.
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If I were to use a major Btc exchange to ACH about $1,500 every two weeks into my bank account ($39,000/yr), would that flag me for an IRS audit?
will spreading out my funds between bank accounts reduce the chance of an audit? i.e. split the money transfers between my credit union account, major bank branch account, and Paypal account.
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I think anyone with the technical know-how should set up their own BTC exchange accepting cash and also paying out with cash :) - they'd make a fortune by not being government controlled puppets.
Agreed.
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I think anyone with the technical know-how should set up their own BTC exchange accepting cash and also paying out with cash :) - they'd make a fortune by not being government controlled puppets.
Agreed.
Again, not as simple as that really.
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I think anyone with the technical know-how should set up their own BTC exchange accepting cash and also paying out with cash :) - they'd make a fortune by not being government controlled puppets.
Pretty sure this kind of business would fall under the definition of MSB (Money service business) in the UK as what you're suggesting is essentially the same kind of service Western Union and MoneyGram provide. Honestly, who the fuck wants to deal with all that paperwork for a measly 5, 10% (if you're lucky) spread when you're paying out for an army of paper pushers 'complying' (loosely applied) with AML regulations and guidelines? It doesn't provide us with the kind of security we're looking for either.
I honestly can't see the point of running legitimate businesses in the UK anymore. It's not worth it. The only money to me made is helping people avoid getting mugged by HMRC and relocating to friendly nation states. Same goes with most Western countries I would think.
Can't think of any Western country I'd want to live in other than Switzerland and from all accounts it's pretty fucking dull. No offense to any Swiss, I admire some of their national ethic.
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