Silk Road forums

Discussion => Newbie discussion => Topic started by: fakeusername1 on June 22, 2013, 07:24 am

Title: Questions about Moneypak/Greendot card limits, IRS auditing, etc
Post by: fakeusername1 on June 22, 2013, 07:24 am
Hi all. I'm considering becoming a BTC/MoneyPak/cash vendor. No illicit drug activity, just BTC brokering. There are a few questions I had before taking the plunge, and hopefully someone can fill me in on some of the finer details.

First and foremost, according to the Greendot and MoneyPak sites, there are clear limits on your account(loading $5,000/month appears to be the maximum). I see no mention of "business" level cards with higher limits, and I was curious if anyone has had success opening multiple cards or accounts. It looks like I can load one of my current online money service accounts with $4,000/month via MoneyPak, but even combined with a Greendot reloadable card, I'm unsure if that would make my BTC/MP/cash vending services worth the time. Margins are slim in this market segment, where profit is limited by the amount of currency a vendor can broker.

Secondly, are there any specific factors or amounts that will draw the eye of the IRS, for sure? I have several successful real-world business ventures, all socially acceptable and legitimate. It's not uncommon for me to make $5,000+ deposits to my personal account every week. I've operated this way for over 20 years, and never once have I had any issues with the IRS poking their nose in my business. Would processing large amounts($5,000+) through one or more Greendot accounts specifically draw any more attention than the $10,000-$30,000 a month that I normally put through my personal bank account?

Thirdly, how real is the likelihood that I could be charged with ludicrous crimes such as money laundering, conspiracy, racketeering, or worse? There is nothing inherently illegal about purchasing or selling Bitcoin, but I would be lumped into the same group as dope dealers solely for being associated with Silk Road, should the IRS or FBI start asking questions(No offense to dealers). I would assume any decent CPA or attorney specializing in finance would be able to deflect these bogus charges, but I'd rather avoid those unpleasantries if possible.

That should cover most of my concerns. All help is appreciated. Thank you.
Title: Re: Questions about Moneypak/Greendot card limits, IRS auditing, etc
Post by: fakeusername1 on June 22, 2013, 09:47 am
Bump
Title: Re: Questions about Moneypak/Greendot card limits, IRS auditing, etc
Post by: Lorimer on June 22, 2013, 10:20 am
I just PMed you with more details, but if you're US based it's practically impossible to openly operate as a Bitcoin exchange service on Silk Road without risking being charged with some pretty serious financial crimes. (Of course, operating as a black market business wouldn't protect you from the same charges, but your strategy could involve more offense than defense.)