Silk Road forums
Discussion => Newbie discussion => Topic started by: edskyrocket on May 13, 2013, 10:49 pm
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I have a question pertaining money.
When you transfer a reasonable amount of money to the bank in regular intervals, how can you justify this?
Can the bank see where this money comes from?
I know you can of course just start a business and say it's profit,
but how do you explain this money comes from a bitcoin exchange like mtgox?
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Which country are you based in? I can give some general guidance for most places but if you're in the UK I can sort you out for this one with a tad bit more information.
Firstly - what quantity of cash are you dealing in? If it's £1,000 a week say that will be difficult to pull without the taxman coming to gnaw at your legs, but if it's say £100 a week or any moderate amount then it isn't going to attract much attention as bank transfers are generally seen as safe unless you're flagged for being a possible smurfing agent. For small amounts, you can probably justify it as you've had bitcoins for a while and sold them off and as long as you don't have some dodgy history or previous allegations they'll probably ask no more questions, but the cashier may not be fully aware of what bitcoins are so could take a bit of explaining so they understand.
Saying it is a business profit is different as it depends where you originally received the bitcoins from - plus if you don't keep accurate accounts for a business you can land yourself in real trouble with the tax authorities so unless you're trying to launder some serious money, I wouldn't go down this route without taking advice from various people in-the-know and not information from the internet or the wannabe launderers on this forum who me and some of my associates here can't help but laugh at for their terrible advice.
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Ok thanks for you answer.
I'm based in the Netherlands, not earning €1000 a week YET, but you'll never know and I'd like to be prepared for when I will.
Are there alternatives for starting a business?
And is their any way the bank can find out the money came from Silk Road?
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Yes, of course banks can see where the money comes from. They can see the bank, account number, name of the account holder and stuff. How could they not see that? Anonymous bank transfers? lol
You have a lot of research to do.
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Yes, of course banks can see where the money comes from. They can see the bank, account number, name of the account holder and stuff. How could they not see that? Anonymous bank transfers? lol
You have a lot of research to do.
Have you read his post? He asked if the bank could know if the money (here, bitcoins) came for SR. The bank only sees that the money comes from Mt.Gox (or another exchange), that's it. You should tumble your bitcoins a little before sending them to Mt.Gox though and use a better exchange like bitstamp.
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Yes, of course banks can see where the money comes from. They can see the bank, account number, name of the account holder and stuff. How could they not see that? Anonymous bank transfers? lol
You have a lot of research to do.
He didn't mention anything about anonymous bank transfer, neither has anybody else in this topic? Whilst you're at it though, you should probably consider doing some research yourself as quasi-anonymous transfers are certainly possible and the only reason I call it quasi-anonymous is because you would have to be pretty low on the IQ scale to be found out as the owner of the account by those concerned.
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I clicked reply before there were any replies in the topic. ;) I am busy right now and held off a couple of minutes before clicking submit. ;) He didn't clarify the SR bit in the original post. ;)
This is all I had to go by. ;)
I have a question pertaining money.
When you transfer a reasonable amount of money to the bank in regular intervals, how can you justify this?
Can the bank see where this money comes from?
I know you can of course just start a business and say it's profit,
but how do you explain this money comes from a bitcoin exchange like mtgox?
I answered the question, yes they can see where the money comes from. Then he asked about coming from exchanges like mtgox. I said yes to that too and that the transfers are not anonymous, of course they can see they come from mtgox.
No they don't see the coins were from SR per say, unless they ever figure out all of the SR addresses and investigate the blockchain throughorly. As I said, they will see that the money came from an exchange.
Sorry you guys didn't understand.
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https://picasaweb.google.com/104630287279918458633/RugInventorySamplesTierI?noredirect=1
We have your request, just ask!
Contact me if you might have an interest in some other near cash capital, especially capital that grows well above the other markets.
These can be purchased via Bitcoin, if buyer pays the fees. Buyer can now have a highly dollar traded commodity to use as pleases!
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Here are some handmade/handknotted Persian rugs: A sample of 110 out of our 4,000+ inventory:
https://picasaweb.google.com/104630287279918458633/RugInventorySamplesTierI?noredirect=1
We have your request, just ask!
Contact me if you might have an interest in some other near cash capital, especially capital that grows well above the other markets.
These can be purchased via Bitcoin, if buyer pays the fees. Buyer can now have a highly dollar traded commodity to use as pleases!
What the fuck have I just read?
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Here are some handmade/handknotted Persian rugs: A sample of 110 out of our 4,000+ inventory:
https://picasaweb.google.com/104630287279918458633/RugInventorySamplesTierI?noredirect=1
We have your request, just ask!
Contact me if you might have an interest in some other near cash capital, especially capital that grows well above the other markets.
These can be purchased via Bitcoin, if buyer pays the fees. Buyer can now have a highly dollar traded commodity to use as pleases!
why? why?
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Yes, of course banks can see where the money comes from. They can see the bank, account number, name of the account holder and stuff. How could they not see that? Anonymous bank transfers? lol
You have a lot of research to do.
Lol, just deposit cash?
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Yes, of course banks can see where the money comes from. They can see the bank, account number, name of the account holder and stuff. How could they not see that? Anonymous bank transfers? lol
You have a lot of research to do.
Lol, just deposit cash?
He is asking about money coming from bitcoin exchanges to his bank account, not depositing cash. He's talking about cashing out coins obtained via vending on SR through a bank.
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My question remains unanswered.
How to explain a large amount of money coming to my bank account from a bitcoin exchange, on a weekly basis?
And no, I am not interested in persian rugs...
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Ok thanks for you answer.
I'm based in the Netherlands, not earning €1000 a week YET, but you'll never know and I'd like to be prepared for when I will.
Are there alternatives for starting a business?
And is their any way the bank can find out the money came from Silk Road?
Yes, there are, but some vendors here use it so it'd be unfair for me to publicly start talking about it. Are you actually a vendor as this sort of stuff is roundtable discussion tbh.