Silk Road forums

Discussion => Security => Topic started by: ItsNotThatBad on November 08, 2012, 08:46 am

Title: Would my money be safe?
Post by: ItsNotThatBad on November 08, 2012, 08:46 am
Total hypothetical situation incoming.

Say I were to become a vendor, make a nice chunk of change and decide to call it quits. Now I want to get my hands on all my purdy money and enjoy it, really enjoy it. So I get my hands on a decent fake ID, cash out all my BTC through an exchanger who offers WU, cash out bit by bit to not draw any attention with, say, $100K one time withdraw, never at any point letting my face be seen by any cameras at where ever I pick up my money. I now have a shit load of cash under my pillow that can no way be linked back to any criminal activities. Am I free to claim it as a capital gain and pay whatever tax I may owe on it? Do I need to come up with so tall-tale of how I got the money, and have a paper trail to corroborate my story? Can I tell the CRA to go suck one and not give them anything regarding how I got my money, saying the burden of proving something illegal went down is on them(presumption of innocence and all that good shit). Like I would totally be out of the game, so it's not like any suspicion is going to cause me any trouble. Or would I just be better off buying myself a car wash and ringing up bogus transactions to clean my money?

This would all involve Canadian laws and shit, so no need to worry about the IRS kicking in my door, shooting my dog, macing my girlfriend and beating me within an inch of my life over $40. 
Title: Re: Would my money be safe?
Post by: The Consultant on November 09, 2012, 08:13 pm
Total hypothetical situation incoming.

Say I were to become a vendor, make a nice chunk of change and decide to call it quits. Now I want to get my hands on all my purdy money and enjoy it, really enjoy it. So I get my hands on a decent fake ID, cash out all my BTC through an exchanger who offers WU, cash out bit by bit to not draw any attention with, say, $100K one time withdraw, never at any point letting my face be seen by any cameras at where ever I pick up my money. I now have a shit load of cash under my pillow that can no way be linked back to any criminal activities. Am I free to claim it as a capital gain and pay whatever tax I may owe on it? Do I need to come up with so tall-tale of how I got the money, and have a paper trail to corroborate my story? Can I tell the CRA to go suck one and not give them anything regarding how I got my money, saying the burden of proving something illegal went down is on them(presumption of innocence and all that good shit). Like I would totally be out of the game, so it's not like any suspicion is going to cause me any trouble. Or would I just be better off buying myself a car wash and ringing up bogus transactions to clean my money?

This would all involve Canadian laws and shit, so no need to worry about the IRS kicking in my door, shooting my dog, macing my girlfriend and beating me within an inch of my life over $40. 

You can always cash out through www.canadianbitcoins.com and do it bit by bit. (ba dum tish (bit, because bitcoin? ha ha?))

It's best to leave no paper trail as to your bitcoins themselves. Ergo I prescribe my personal system:

Have a personal wallet that you keep all your bitcoins in. To put bitcoins into it, have two temporary (delete them right after) wallets between the buying service and your personal wallet. Send them cash (or if withdrawing to your wallet from a wallet on a marketplace then there's no cash yet), have them send it to Temp1, send them to Temp2, delete Temp1, send to Wallet, delete Temp2.

To cash out from your wallet, take your bitcoins, send to Temp1, send to Temp2, delete Temp1, transfer to the bitcoin selling service, Delete Temp2 after the transaction is over.

If large transactions are involved or have recognizable amounts, use multiple transfers using this method.

If you want to cash out a large amount, have the cash deposited in multiple accounts or shipped to multiple, trusted addresses.


Once you have all this cash, you could choose to launder it through real estate or a business or whatever, or you could choose to just hoard it all away and never let anyone see it. It's cash after all. So if you've always just had bills mailed to you, you can simply pay by cash wherever you go and never report it as money you made.

If you've got any questions, I prefer PMs but replying to this post also works.

Happy Crimes!

- The Consultant
Title: Re: Would my money be safe?
Post by: CoolGrey on November 11, 2012, 04:57 pm
I now have a shit load of cash under my pillow that can no way be linked back to any criminal activities. Am I free to claim it as a capital gain and pay whatever tax I may owe on it? Do I need to come up with so tall-tale of how I got the money, and have a paper trail to corroborate my story? Can I tell the CRA to go suck one and not give them anything regarding how I got my money, saying the burden of proving something illegal went down is on them(presumption of innocence and all that good shit).
In many countries it doesn't work like that. You have to prove that you got the money in a legit way, by showing receipts, invoices, bills, etc. The bigger the amount of money, the more pressure they'll probably put on you. If it's 100K, and you spread it out the deposits over a two or three years, then maybe you could get away with it. If it's more then you will need some kind of credible story.

This is just my understanding of it, money laundering is not my area of expertise. Unfortunately, I've never had financial problems that involve having too much money.
Title: Re: Would my money be safe?
Post by: comatose on November 11, 2012, 05:57 pm
You have to launder the cash, unless all purchases/payments are less than $1000. Anything larger will raise eyebrows, and could cause you issues.
Title: Re: Would my money be safe?
Post by: ItsNotThatBad on November 18, 2012, 09:00 am
Hmmm, not what I was hoping.

What if I were to cash out my BTC in a country with strong bank secrecy laws(like Hong Kong) move that money through a bunch of accounts there, then from those accounts send the money to another country like Panama, use that money to set up a business, and then hire and pay myself very well. I've done a bit of research(admittedly very little so far) an this seems to be the easiest way to do it. Other ways like coin-operated laundry places require a lot of start up capital that I wouldn't have (legitimately at least) and then there's always the water bills being too low for that kind of money to come through. I know the chances of getting pinched are already low, something like 0.25% of laundered money gets recovered but I'd still want to eliminated any chance of getting caught. My goal would be to retire in style, so I guess the first post I made mentioning 100k was a little low.
Title: Re: Would my money be safe?
Post by: The Consultant on November 22, 2012, 08:26 pm
Real estate my friend.

- The Consultant
Title: Re: Would my money be safe?
Post by: DankSources on November 22, 2012, 08:37 pm
Contractors can be paid with cash, workers can be paid daily wage with a bonus for staying with you for the whole project.  Build a home, furnish it, and sell it out right--all you need is a visible bank loan and real estate license ( In this kind of economy not too many questions will be asked, and unless they are very wealthy-the bank will be making monthly payments to you, which is legitimate income )
The Consultant knows his stuff.
Title: Re: Would my money be safe?
Post by: The Consultant on November 26, 2012, 09:01 pm
Contractors can be paid with cash, workers can be paid daily wage with a bonus for staying with you for the whole project.  Build a home, furnish it, and sell it out right--all you need is a visible bank loan and real estate license ( In this kind of economy not too many questions will be asked, and unless they are very wealthy-the bank will be making monthly payments to you, which is legitimate income )
The Consultant knows his stuff.

Why thank you!

- The Consultant
Title: Re: Would my money be safe?
Post by: nusakan on November 27, 2012, 01:37 am
Carwash/drycleaner/construction etc are the standard ways to rinse. If you are making serious coin though, it might be worthwhile setting up an offshore entity. There are essentially no obstacles to laundry if you can afford the fees, although the issue is certainly more complicated for US citizens. Plus you would have something in common with the Joaquin Guzmans of the world!