Silk Road forums
Discussion => Security => Topic started by: painfree on March 28, 2012, 06:55 pm
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Hello,
Thanks for taking time to read my post.I have been doing some research but I havent found anything helpful so far. So i have a good amount of btc and I want to sell them for USD. Now i was wondering if it would be safe if i Sold my btc on mt.gox.com and then transferred the USD to my bank account. If it isnt safe then what other option do Ihave??I would be transferring about 1,000 USD and withdrawing the same day. Please let me know any tips or suggestion. I am willing to send 1.5 btc to one of the first known members that gives me the best tips and instructions on how to stay on the safe side. thankyou
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As a seller who is always trying to figure out the best way to extract funds so I can buy more product and stay in business I consider this an excellent question.
I have investigated Bitcoin Debit cards which are based overseas and are not subject to US banking laws but the fees involved are just too much for my taste. SR takes its %, then GOX takes it's %... then another 5 to 9% for the debit card company plus all the other fees associated with using the service... by the time your money is deposited to the card your out 30+% of your profit...
But back to your original question... is it safe?
I firmly believe that unless someone sends you BTC 'Directly' to you so the paper trail remains intact then I don't see how anyone could identify you as a receiver once the BTC has been washed by SR. Lets say a cop setup a buyer account, then purchased an Oz. from a seller then sent him the funds through SR... if there was a paper trail from the buyer to the seller then SR would have ceased to exist long ago...
In the grand scheme of things $1000 into a bank account is not a lot of money... will you have to explain it? I'm not explaining anything... like I told a cop years ago... "what you know, and what you can prove are two different things". If cops in general don't rattle you then feel free to transfer away... if your the kind of guy who gives up everything he has ever done wrong when a cop looks in his direction then you may want to get one of the expensive Bitcoin Debit cards.
Good luck and let us know how it goes...
Thanks!!
TJ
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Get an account with OKpay (British Virgin Islands) and get a debit card.
Then sell your bitcoins directly to them and withdraw from ATM.
Gox will hold your funds for ID, release info to tax people..
Up to you. Can always just sell them on #bitcoin-otc IRC channel and get western union payments or even cash
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I can almost guarantee that MtGox is going to put you through the verification process, if they haven't already. That means they'll take your Bitcoins but lock down your account until you give them your government issued ID and other documents that prove who you are.
MtGox has done this to many other customers ~~ they pretend they need to "verify" you because there's some kind of problem.
Stay away from MtGox ~~ perhaps Intersango is a better exchange. In any case, $1,000 a day is too much. Perhaps $250 every few days just to lessen the chance your Bitcoin activity will be flagged for further inspection. Best of luck. Go slow and you should be OK. Besides, Bitcoin prices are starting to go up, so you may benefit by waiting.