Silk Road forums

Discussion => Security => Topic started by: BachelorFrog on April 06, 2012, 01:20 am

Title: Risk factors with bank deposit on bitcoin exchange sites.
Post by: BachelorFrog on April 06, 2012, 01:20 am
Hi there, hope this hasn't been posted already.

I'm just looking for a rough idea on the level of risk that a legitimate bitcoin exchange account could be linked to SR... More specifically on those sites that require you to be verified with I.D.

People buy normal things with BTC right?  ???

I'd also like to know about setting up a dedicated pc to handle all TOR activities but i'll save that for another thread/time.

thanks
Title: Re: Risk factors with bank deposit on bitcoin exchange sites.
Post by: mdmamail on April 06, 2012, 01:25 am
Buying bitcoins is not illegal and totally normal I guess. Unless buying a huge amount who cares, as long as you pay to your own address first then send to another one of your own addresses or to SR you're fine.

Remember when you look at blockexplorer there's no info except meaningless addresses. You need to seize SR's offline backup to get all the generated addresses and match them up with every exchange in the world to find buyers. Good luck, will never happen.. not only will these exchangers not cooperate as most are offshore but it's still meaningless. Say somebody paid you $20 to buy bitcoins for them and gave you an address. Impossible to prove otherwise.

If you want a special Tor only computer, download VMware or Virtualbox, install debian, ubuntu, archlinux or something or even windows, then download Tor browser bundle. When not using your virtual computer truecrypt it.

Go on the piratebay and look up 'Windows XP Black edition' by LexLOL. There's your .iso to load into Virtualbox, but better if you used linux
Title: Re: Risk factors with bank deposit on bitcoin exchange sites.
Post by: Jaurk on April 06, 2012, 04:14 am
A bank deposit is anonymous, if I'm not mistaken.
Then the business will tranfer BTC into your account, with no identity attached.
Title: Re: Risk factors with bank deposit on bitcoin exchange sites.
Post by: Regicide on April 06, 2012, 08:10 am
Bitcoin tracing is generally a non-issue for buyers, because of the nature of the currency. Even before it gets "tumbled" (random transaction to scramble the traceability) by SR, you're pretty safe from any tracking. If you're a seller, then there are some more precautions to take and you should look around on this forum more before converting BTC to cash.

As for the uses of BTC, many people use it to simply invest/trade. I myself have bought low and sold high making a quick profit with BTC (usually sell 5% above what I paid). If anyone asks, ur an investor. If you're seller, it might be a good idea to record a small amount of investment income on your taxes so you can prove that you were using bitcoins only as an investment.
Title: Re: Risk factors with bank deposit on bitcoin exchange sites.
Post by: BachelorFrog on April 06, 2012, 09:21 pm
The more you know... 8)

Thanks for the responses
Title: Re: Risk factors with bank deposit on bitcoin exchange sites.
Post by: Limetless on April 07, 2012, 01:08 am
Use BitCoin fog, transfer it to an eWallet, then another eWallet and then to the exchange, from there preferably you put the funds into an offshore business account with no disclosure treaties with your home jurisdiction. Jobs a good'un!
Title: Re: Risk factors with bank deposit on bitcoin exchange sites.
Post by: simplyanon on April 08, 2012, 01:04 am
Use BitCoin fog, transfer it to an eWallet, then another eWallet and then to the exchange, from there preferably you put the funds into an offshore business account with no disclosure treaties with your home jurisdiction. Jobs a good'un!

"offshore business account with no disclosure treaties"

How awkward would it be if I hypothetically asked if you knew of any because I didn't want to use a search engine to look it up.?
Title: Re: Risk factors with bank deposit on bitcoin exchange sites.
Post by: Aghe123 on April 08, 2012, 11:08 am
Yes you must use a Bitcoin frog and multiple transfer to different Bitcoin wallet for blur the BTC. It's more prudent.
Title: Re: Risk factors with bank deposit on bitcoin exchange sites.
Post by: philter3 on April 08, 2012, 03:01 pm
Use BitCoin fog, transfer it to an eWallet, then another eWallet and then to the exchange, from there preferably you put the funds into an offshore business account with no disclosure treaties with your home jurisdiction. Jobs a good'un!

"offshore business account with no disclosure treaties"

How awkward would it be if I hypothetically asked if you knew of any because I didn't want to use a search engine to look it up.?

If you used a search engine while all Tor-ed up.. no worries.

In the (hypothetical) event you are a US citizen or resident for tax purposes you should be aware that you are required by US Tax Law to report all foreign bank accounts and any controlled business entities as well (I know I know..talking about adherence to tax law on a site where people are trading dope like it's a firesale).

 Anyway.. you are *supposed* to report this. Consequently most banks in most jurisdictions do not want to open up accounts for you.. because then THEY will have to be involved with the IRS.

 Simple way around this. Holdings of physical metals (i.e. commodities) rather than currency bank accounts are NOT reportable. Which means that the people who do business selling these sorts of things don't have to report either. And they ARE legit white hat types even if you aren't.

 Now of course you will ask.. but gold and silver.. it takes so long to exchange and stuff and then I gotta store it!!
 Answer: Pecunix. And you can buy, hold and sell pecunix anonymously and buy bitcoins with it instantly.
 And (if you want to) you can get them to deliver the physical gold the pecunix represents to your new address outside the U.S. when/if you ever leave for good.

A Pecunix account is basically the equivalent of a numbered anonymous account denominated in grams of fine gold.
Piss on the swiss..  I keeps my money in Pecunix.

 You want to keep your precious dough in cash or in a currency-denominated bank account where inflation is going to eat at it?
 People who aren't financial professionals should go with shit we can understand.. and that means good hard METAL. IMO and YMMV of course.
Title: Re: Risk factors with bank deposit on bitcoin exchange sites.
Post by: Limetless on April 09, 2012, 07:22 am
Use BitCoin fog, transfer it to an eWallet, then another eWallet and then to the exchange, from there preferably you put the funds into an offshore business account with no disclosure treaties with your home jurisdiction. Jobs a good'un!

"offshore business account with no disclosure treaties"

How awkward would it be if I hypothetically asked if you knew of any because I didn't want to use a search engine to look it up.?

If you really want my advice on offshore jurisdictions I can help you out with it all but I do charge a small fee. PM me if you are interested.