Silk Road forums
Discussion => Security => Topic started by: DirectorsCut on August 14, 2012, 03:07 pm
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Hey guys im trying to become a seller and have gotten almost all the information on how to do so except for the most important part: How does a seller turn his earned BTC into CASH and get it in his HANDS??? anonymously ofcourse.
I have read the "Sellers guide" and it was not detailed on this process . I have also been searching the forums for 2 days . Maybe im missing something really simple here i cannot understand why this process isnt as detailed as getting bitcoins..
Quote:
To help obscure your withdrawals, you must enter three withdrawal addresses. Your withdrawal will then be made in 3 random sized chunks to these three addresses with a small, random delay in-between them. These addresses can all be on the same wallet or exchange account so you don't have to keep track of multiple wallets. This will help them blend in to all of the other transactions, but you should change your withdrawal addresses regularly so that an adversary can't see any patterns over multiple transactions.
Pro-tip: set your auto-withdrawal addresses to deposit addresses at an exchange site and keep an open sell order there that is below the market rate, so as soon as the funds are confirmed there, they will be converted into your currency of choice.
End Quote.
So i guess i need an exchange account at mt.Gox or something similar? But if i send bitcoins to my Mt.Gox account and withdrawl to a bank account arent I putting myself at risk? Everything i have read Mt. Gox cannot be accessed by Tor and they would probably disclose withdrawl information/location to Law Enforcement if asked.
Basically i need some help with this process , what is the easiest and SAFEST way, as a seller, to get Cash in your hand ?
Details please! :)
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Dunno the easiest and safest way -- but I can tell you without hesitation the easiest way to get busted.
I've seen a few vendors who are including "Bitcoin for WU/Moneypak" and "Bitcoin for Bank Deposit" (!) listings alongside their listings for illegal substances like marijuana, LSD and crack. All a LEO needs to do is buy some bitcoins, buy some drugs, and then follow the bread crumbs back to the seller. Not smart, guys, not smart at all. Do some searching on "Farmer's Market" and you'll see what I mean.
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Cashing out is not something many people will discuss. There are vendors on SR who will discuss it in private for a fee, (looking at Limetless and Vlad1m1r).
Basically you could transfer to mt gox or intersango and then transfer it to your bank account, if you run it through bitcoinfog, instawallet and/or another laundry service it should be possible to obfuscate the source of the coins. Mt Gox are not going to call LE if you are trading BTC however if LE are investigating you and find out you have BTC or a Mt Gox account then they will ask the site for help on tracking your activity.
My suggestion is that if you are making significant coinage speak to Limetless or Vlad1m1r to see what your options are.
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ML is basically what I specialize in but I'm fairly picky about who I take on as a client. If you have done 50+ sales then if you want my help shoot me a message and I will vet you and we can go from there.
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Didnt know your entry requirements Limetless, will keep them in mind as this topic comes up often.
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Cashing out is not something many people will discuss. There are vendors on SR who will discuss it in private for a fee, (looking at Limetless and Vlad1m1r).
Basically you could transfer to mt gox or intersango and then transfer it to your bank account, if you run it through bitcoinfog, instawallet and/or another laundry service it should be possible to obfuscate the source of the coins. Mt Gox are not going to call LE if you are trading BTC however if LE are investigating you and find out you have BTC or a Mt Gox account then they will ask the site for help on tracking your activity.
My suggestion is that if you are making significant coinage speak to Limetless or Vlad1m1r to see what your options are.
So basically everything to do with Mt. Gox is seen as legitimate if the bitcoins got there anonymously and not seen otherwise , unless im being investigated. makes sense. I dont like it though in the future im going to want something better so maybe ill talk to limitless and Vladamir.
In the mean time anyone else with TIPS OR TRICKS FOR " FREE " LET ME KNOW. (:
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buy drugs with them and flip locally
Lol, that's for primitives Shan. ;)
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buy drugs with them and flip locally
At that point wouldn't it be less trouble just to sell your initial stock locally and not have to deal with SR or bitcoins at all?
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Also with buying more drugs with BTC all you are doing is turning profit into drugs more drugs and see-sawing. If you convert BTC to cash-proper you can gain an extra % on top of your initial profits by playing the BTC market fluctuations.
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yea my personal advice is what shannon just said. get mdma and flip it ezpz. just gotta have the clientele irl that you trust and the brains to bring it in properly.
but if you're set on turning your shit into cash... there's quite a few trustworthy enough traders over at bitcointalk... tony@bitpay, also Tangible Cryptography. this option is not very safe for many reasons though, and i'm not the trusting type.
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you can also profit significantly by picking drugs with good arbitrage opportunities, i'm thinking mainly of molly if you live in the us. if you're on the preferred customer list of one of the sr guys you can pick up the brick for $13k and make a killing parting it out into zips
Yeah but that's still primitive my friend because you aren't washing your cheddar that way, you are just accumulating more unaccountable cash which if the law comes and kicks down ya door isn't very good for anyone. ;)
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you can also profit significantly by picking drugs with good arbitrage opportunities, i'm thinking mainly of molly if you live in the us. if you're on the preferred customer list of one of the sr guys you can pick up the brick for $13k and make a killing parting it out into zips
Yeah but that's still primitive my friend because you aren't washing your cheddar that way, you are just accumulating more unaccountable cash which if the law comes and kicks down ya door isn't very good for anyone. ;)
my cash doesn't go anywhere near my drugs lol.
that said, i'm going to need a consult from g#1 soon
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it's tony@bitpay. i'm meeting him in person soon to inform him i'll overnight his severed testicles to his mother if he tries to fuck me meng.
and unlike clean cash, that grey cash is subject to govt seizure. but you know this. so if you've got 100k in cash, you still just stash that shit away? you turn it into some other form of asset? or is that where you decide to do a lil cleaning?
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oooh, now i gotchu. i'm not too concerned about laundering tbh, unlinking (black cash -> grey cash) is good enough for me
To be honest man grey-cash doesn't reaaaally exist unfortunately, if you can't account for it then the IRS will investigate you and those forensic accountants don't take any prisoners, they are actually extremely highly trained. It's like HMRC, when they get a whiff of "grey cash" then that's it, they will trawl through your financial history all the way back to when your Ma and Pa decided to start a college fund when your were nothing more than a fetus.
All in all I'm just saying be careful because they are for want of a better word, a bunch of joy-killing whores. I'd say that people like HMRC and IRS are actually more cuntish than bona-fide 5-O because they have a more predator mindset and believe it or not a lot more power to do things like enter your home without warrants and stuff like that.