Silk Road forums
Discussion => Security => Topic started by: scopolamine on March 24, 2012, 06:13 pm
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Hi everyone,
After making several successful sales here on SR, I withdrew my bitcoins into my PW encrypted and TOR proxied bitcoin wallet on my computer.
I did some research on how to safely sell my bitcoins and then have the money somehow sent to me or deposited into my bank account.
My plan is to first mix the entire sum I have in my wallet through Bitcoin Fog, then have it sent back into my wallet. Then I would transfer the bitcoins into a reliable virtual exchange service, signing up through my regular browser, using my real identity and getting the money either directly deposited into my bank account or sent by e-mail (or whatever other options they may have).
Is this safe enough to not run into any trouble? If there is something wrong in my plan, or if any extra measures should be taken, please let me know.
In any case, I would also be interested in hearing how you guys go about transferring your BTC into cash.
Any help would be highly appreciated. Thanks!
UPDATE:
After doing some further reading on the virtual exchange service I was planning on using, it states that they require a "Pre-authorization debit (PAD)/billpay agreement and photo ID." in order to be able to withdraw funds.
Is this standard practice, and is this safe? From what I have read, they are the best virtual exchange service offered in my Country/currency (CAD).
Would I be better off using another service that does not have these kinds of prerequisites?
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Bumpety bump bump
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Hi everyone,
After making several successful sales here on SR, I withdrew my bitcoins into my PW encrypted and TOR proxied bitcoin wallet on my computer.
I did some research on how to safely sell my bitcoins and then have the money somehow sent to me or deposited into my bank account.
My plan is to first mix the entire sum I have in my wallet through Bitcoin Fog, then have it sent back into my wallet. Then I would transfer the bitcoins into a reliable virtual exchange service, signing up through my regular browser, using my real identity and getting the money either directly deposited into my bank account or sent by e-mail (or whatever other options they may have).
Is this safe enough to not run into any trouble? If there is something wrong in my plan, or if any extra measures should be taken, please let me know.
In any case, I would also be interested in hearing how you guys go about transferring your BTC into cash.
Any help would be highly appreciated. Thanks!
UPDATE:
After doing some further reading on the virtual exchange service I was planning on using, it states that they require a "Pre-authorization debit (PAD)/billpay agreement and photo ID." in order to be able to withdraw funds.
Is this standard practice, and is this safe? From what I have read, they are the best virtual exchange service offered in my Country/currency (CAD).
Would I be better off using another service that does not have these kinds of prerequisites?
Hi buddy,
If you made the sales on SR and withdrew them to a proxied wallet of your own, you should bear in mind that they've already been through SR's own mixer but it certainly can't do any harm to run them through BitcoinFog.
There are several sellers on SR offering cash in the mail in exchange for BTC (I run this service myself for people based in the UK) which along with receiving precious metals from websites like Coinabul is the safest method for cashing out in my humble opinion.
Having said that provided the amount is small enough i.e less than your monthly salary, there is no reason you cannot wire it to your bank account - there may not be a way to link it to a specific transaction but if large sums keep on turning up in your account, your bank may flag it for further investigation.
There is of course a difference between withdrawing funds in such a way it's not possible to prove how you obtained them and laundering them so that they appear legitimate. If you need help with laundering the proceeds, feel free to send me a message.
V.
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You shouldn't deposit them back into your same old wallet that defeats the point of mixing, you need to make a new wallet. I would personally try to hide the fact that you are using a mixing service too, one option would be to cash out into something like Pecunix and then to an exhanger for a bank wire. That will hide the fact that you used a mixing service unless someone gets records from both Pecunix, the exchanger you used and the Bitcoin exchanger you use to get Pecunix. Your best bet would be to get it cashed out to a Western Union money wire and pick it up with a fake ID, or cash it out of an ATM with an anonymous debit card. That way you avoid having unaccounted for money suddenly showing up in your bank account from an E-currency exchangers bank account.
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You two got at it in another thread if I'm not mistaken. Have you guys read this?
https://bitcointalk.org/index.php?topic=76394.0
Seems to me you can do this.
1. Open anonymous mtgox account.
2. Tumble coins
3. Move tumbled coins to mtgox
4. Move money to arumxchange
5. Deposit money into pre-paid card.
6. Cash-out at ATM.
Anyone else read about this?