Silk Road forums
Discussion => Newbie discussion => Topic started by: Bennett4545 on May 16, 2013, 03:28 am
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Hey fellow newbies.
I was using the bitinstant.> BTC method to get my cash to SR. It sucked because it was expensive, had small daily limits, and sometimes it was a pain in the ass to use the red phone at the market.
Dwolla/MtGox funding was the perfect solution for me. Both accounts had to be "verified", but Bitcoins are easy to bounce around a few wallets before sending to SR. I'm not a vendor, either.
I totally lost that today.
I just found out about coinbase.com. It looks like an alternative in that it links to your US bank account for deposits and withdrawals. It is in "beta" but "seems" legit.
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something's gonna have to happen that's for sure
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I've used Coinbase, which is low-cost and viable for US residents - you just can't be in a hurry.
1. You need a real bank account, which they take 2-3 business days to verify.
2. After verification, there is a 10 BTC limit for daily purchases and 50 BTC for sales - this goes up to 50 BTC per day for purchases after 30 days following your first transaction.
3. When you buy BTC, it will take 3-4 business days for them to show up in your account - generally, the price is whatever MtGox is at the moment you buy. If they got too many orders, they will tell you you can still buy, but it will be at the price when your transaction completes vs. now. You can then choose to cancel at any time before completion.
4. On heavy trading days, they will run out of BTC and tell you to come back later (rolling 24-hour window). This is less frequent now that things have settled down a bit.
4. Once BTC hit your account, transfer out to any address is immediate (plus time for receiver to get the required number of confirmations).
5. Cashing out BTC also takes a few days as well - funds then go into the same bank account.
So if you don't mind waiting a while for your BTC, I found it easy and painless to use. Keep in mind that the powers-that-be will definitely have a record that you bought bitcoins, and I would imagine they also retain a record of the addresses you sent BTC from when you go to cash out.
Personally, I think FinCen and other authorities will keep cracking down on anonymous BTC purchases since that's where most of the high-value targets are for LE. Most people up to really bad shit will not have their name on anything. But as long as you are careful to mix/shuffle/tumble/etc between Coinbase and your ultimate use of BTC, I think it's less risky than most of the other options for BTC/fiat transactions out there. Coinbase also recently received $5M USD in a venture capital round, so they'll be around for at least...a month :)
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coinbase is how i first started purchasing bitcoins to use on this site. works extremely well if you dont mind waiting a few days to receive your coins and their fees are very low. before signing up with them though, do realize that they require a linked and verified bank account (a 5 minute process if you use one of the many large banks that have online banking features) and the daily volume of coins you can purchase seems to be rather low in my opinion. Give coinbase a try, they're legit.
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hey guys ..... I too had a DWOLLA account and it needed verifying also. My biggest issue with DWOLLA was that it took 2-3 days to fund the account even after it had been verified. Deposit xx amount of dollars on a wed and the money shows up after 5 pm PST on the following Monday. How long does it take for your deposit to show up in the coinbase account. I mean are we talking 2-3 days for the deposit to show up and ANOTHER 2-3 days for the coins to show up. I didn't mind the 2-3 days so much on the DWOLLA Account because I made a decent enough deposit that it usually didn't deplete for awhile and when it got to a certain point I would pony it up.
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its a seperate wait for both funds deposited and the actual acquisition of the bitcoins. It sucks i know, but if you can anticipate your need for amounts of BTC under 50, it works well and safe.
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also, bitcoin price on coinbase is usually about 1 dollar higher than the rate silkroad displays in the shopping cart.
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Hey I got a question,
How do or will we know if this is a legit way to buy coins or just part of the alphabet mafia. Couldn't they just set up a company that just allows you to do your business and record all the info they are collecting, or pass it along to the agencies that dislike us so? Yea, paranoid, fear, idc, it is self preservation..
Thanks for any help..
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man that blows ...... I can live with the slight difference in Bitcoin pricing but this whole DWOLLA thing is just a fucking nuisance. It could not have been timed any worse ...... was in the middle of wheeling and dealing with a vendor and POOF no way to get any funds to MTGOX to buy coins. Now I'm looking at another week just to get some damn coins. I signed up for coinbase last night and am in the process of waiting for them to deposit amounts under .20 to get the account verified. I had the option of giving them my sign on info ..... But NO FUCKING WAY am I giving anyone (person or business) my sign in info for a primary checking account. SO ..... it looks like another day ( at least ) to get the account verified ...... 2-3 days for the deposit to show up and 2-3 days for the coins to show up. I hope my vendor (COAGULATOR) reads this. I hate looking like some amateur bullshitting piece of crap. But really nothing I can do at this point. I WILL make good on the proposed transaction as soon as I right this listing ship. I have done a bank wire directly to MTGOX .......NEVER doing that again ....... damn near a 100 bucks in wire transfer fees.
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Southpaw ..... this is just an opinion and we all know what those are worth but I would seriously doubt BIG BROTHER gives a rats ass about the little fish. And I couldn't see them going after a guy buying 5 or 10 bitcoins here or there ....... remember they still have absolutely NO proof that those coins are being used for what you and I would call recreational use. If anything they would be looking for the guys that are moving tens of thousands of dollars worth of coins around on a regular basis ( DEALERS ) I'm sure these guys are using tactics to disguise most of those transactions.
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really dont have much of a way to prove coinbase is legit other than my word. a quick search of them on google or reddit turns up positive results. Based on experience, id never go on a strangers word. im just trying to get to 50 so i can leave review/pics of product for a vendor
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Southpaw ..... this is just an opinion and we all know what those are worth but I would seriously doubt BIG BROTHER gives a rats ass about the little fish. And I couldn't see them going after a guy buying 5 or 10 bitcoins here or there ....... remember they still have absolutely NO proof that those coins are being used for what you and I would call recreational use. If anything they would be looking for the guys that are moving tens of thousands of dollars worth of coins around on a regular basis ( DEALERS ) I'm sure these guys are using tactics to disguise most of those transactions.
This much is clear, but I never said 5-10 coins. The one thing I have learned with experience is they, ABC mafia, always know more than you think. Proof is a whole nother discussion. People who think these guys a dumb are usually the low hanging fruit that they grab..
Be safe, have fun, and keep :)
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interesting....
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Come on newb's this is a chance to post...lol :o
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Since im a newb...
ABC Mafia?
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interesting....
indeed
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Get them on SR from a trusted vendor
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Personally I like coinbase as for SR vendors of bitcoin, Who are the trusted vendors? is there a list in the forums.?
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Coinbase is MUCH easier and MORE convenient than DWOLLA ever was ...... With Dwolla you had to link an account .......get verified ...... transfer money from that account to DWOLLA ....... then transfer money from DWOLLA to MTGOX ....... then buy Bticoins .... then transfer those bitcoins to SR
with Coinbase you still have to get an account verified ........ but after that you simply buy your Bitcoins (money will be deducted from the linked account) . Then send coins to SR ...... the one caveat is it takes 3 maybe 4 days for the purchase of coins to finalize
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Since im a newb...
ABC Mafia?
@ Bennett4545 The alphabet mafia=DEA,FBI,DHS,NSA, CIA ect..... Kay?
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Hey I got a question,
How do or will we know if this is a legit way to buy coins or just part of the alphabet mafia. Couldn't they just set up a company that just allows you to do your business and record all the info they are collecting, or pass it along to the agencies that dislike us so? Yea, paranoid, fear, idc, it is self preservation..
Thanks for any help..
I think Coinbase is about as solid a purchasing method as you can find. However, the risk exists that you are creating a record of, say, buying $100k USD in bitcoin with no withdrawals and no bitcoins saved anywhere. So while it's not a smoking gun, it would be an indicator you were using them for less than legit purposes. And I do think Coinbase would release records if subpoenaed, unlike some of the more anonymous sources. So maybe it's best for transactions under, say, $20k a year to stay under the radar.
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Hey I got a question,
How do or will we know if this is a legit way to buy coins or just part of the alphabet mafia. Couldn't they just set up a company that just allows you to do your business and record all the info they are collecting, or pass it along to the agencies that dislike us so? Yea, paranoid, fear, idc, it is self preservation..
Thanks for any help..
I think Coinbase is about as solid a purchasing method as you can find. However, the risk exists that you are creating a record of, say, buying $100k USD in bitcoin with no withdrawals and no bitcoins saved anywhere. So while it's not a smoking gun, it would be an indicator you were using them for less than legit purposes. And I do think Coinbase would release records if subpoenaed, unlike some of the more anonymous sources. So maybe it's best for transactions under, say, $20k a year to stay under the radar.
Thanks for the input... :)
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has anyone used coinbase to buy btc from someone in person?
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i used coinbase then sent to the fog then the road.
it's fine. i'm small time too so i doubt im on any radar btw.