Silk Road forums
Discussion => Newbie discussion => Topic started by: EatEther on June 07, 2013, 11:13 pm
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i have been using bitinstant for some time and think its time for a new route considering the amount of money im losing in fees
my question is what is another way that is as fast and cheaper
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well Eat I have just the solution for you, I have used many different sites to purchase bitcoins and have found by far the most easy to use and least costly servicing fees localbitcoins.com is my go to site to purchase bitcoins, they do a seller rating system and use escrow to protect the buyer and seller. It is Unbelievably fast and the sellers are great at communicating quickly. I recommend bank wire, or transfer. Always pick a seller with good rating!!!!
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well the impression i had about local was that it was a face to face deal, and im not in a very populous city making it a non option
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I've been using the same guy from localbitcoins since like early this year--never a hitch, he even lets me do direct deposits into his bank account now, since I'm a repeat customer. If my bank didn't suck such major dong, I wouldn't even have to leave my house.
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it's been a while but last time i used sugarmama, with the moneypak -> bitcoin method. seemed the most discrete. worked out for me if you don't mind the exchange rate.
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Buy off sellers that are reputable I've done it several times via W/U
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Dwolla to CampBX seems to be the cheapest way I've figured out thus far, but you have to have lots of lead time to fund your Dwolla account. And CampBX now has a new policy where they're requiring accounts to age 30 days before they allow Dwolla funded purchases to transfer coins out.
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I use localbitcoins, and it is usually face to face, but I know one guy in my city who takes Paypal. I'm not suggesting that you find a random localbitcoins person and give them Paypal, because that requires trust that he'll give me the coin. I only do it with him because we already know each other face to face from localbitcoins. But I understand that Bitcoin-OTC has people who will take Paypal, money transfer, Western Union, etc., and the Web of Trust rating system is pretty good. Also, you can get an established/trusted OTC member to act as escrow for the transaction.
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Find someone on Bitcoin-otc that is willing to take your payment method in exchange for bitcoins.
Make sure they have a good rating though, double check it with Gribble!
It's how I found my bitcoin guy, and I haven't wanted to find another way to get my btc since!
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I have heard that Dwolla is not a very safe service. I am not completely sure as to why. I have seen to avoid things like Dwolla and MtGox that are larger and might end up having to cooperate with a government investigation. I always use BitInstant, either to blockchain.info or straight to SR.
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Find someone on Bitcoin-otc that is willing to take your payment method in exchange for bitcoins.
Make sure they have a good rating though, double check it with Gribble!
It's how I found my bitcoin guy, and I haven't wanted to find another way to get my btc since!
^^ Yes. That's what I was trying to say, said better.
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Bitinstant is the easiest way I've found.
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Honestly, I'm not a vendor and I don't buy shit on here to resell. I buy small personal use amounts and I am not overly paranoid about the feds trying to follow my BTC trail, but yeah, if I was doing highly illegal shit I would probably avoid Dwolla and use my profits to finance a more expensive and surreptitious methodology. In real life I am a well educated and highly credentialed financial professional, and I'd like to believe that I'm pretty aware of the ways you can get fucked and the ways you can avoid getting fucked. So I'll call it a calculated risk.
I have heard that Dwolla is not a very safe service. I am not completely sure as to why. I have seen to avoid things like Dwolla and MtGox that are larger and might end up having to cooperate with a government investigation. I always use BitInstant, either to blockchain.info or straight to SR.
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localbitcoins.com thats where i get mine!!
havent had a bad experience yet!!!!
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yeah LBC for me too
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I just started buying bitcoins and I was using bitinstant but now i'm going to try out localbitcoins.
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Like many others here, I've had the best experiences with LocalBitcoins. If you can find a reliable seller, local transactions in cash can be one of the safest and most convenient ways to go about it. It really depends on the seller, though, since they will be the main weak link in the chain, i.e., if you do everything else correctly and take the proper precautions between your bitcoin purchase and your SR transaction, your bitcoin seller is the only one who could associate your identity with your bitcoin account. However, most local sellers that I've encountered are very privacy-conscious, and won't ask for real names or other personal info, deal only in cash, suggest places to meet that aren't covered by CCTV surveillance, etc. Also keep in mind that buying bitcoins is perfectly legal, so not everyone feels the need to be clandestine about it; but if you value your anonymity at every step in the process, those are the kinds of things you have to consider.
If finding a local seller isn't an option for you, using local cash deposits via BitInstant is probably your next best bet.
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Does anyone know of a way to buy coins online with a CC ? I got a vanilla visa and wanted to try to do it that way and not in person.
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Are you cult approved?
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Bitcoin-OTC
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With SR having a "tumbler", why would it matter how we obtained the BTC, I know I must sound like a noob but am having a hard time obtaining BTC for SR
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+1 for Bitcoin-OTC
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So Im a noob, and I just registered for localbitcoins, but im so lost! Can someone explain please? I searched my location, and the closest person where I can buy from is over a $12 bridge, and besides that, a $14 tunnel and about 30 mins away...
Maybe, itd be better if someone can explain bitcoin-otc?
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Unless you already know someone using Bitcoin-OTC, you need to go onto IRC to access it. Here's a guide to how it works: http://wiki.bitcoin-otc.com/wiki/Using_bitcoin-otc
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Also keep in mind that buying bitcoins is perfectly legal, so not everyone feels the need to be clandestine about it
Not true any more.
http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html
tl;dr: it's illegal to exchange btc<->fiat unless you're a registered MSB doing the full AML/KYC etc. that banks normally have to do.
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Also keep in mind that buying bitcoins is perfectly legal, so not everyone feels the need to be clandestine about it
Not true any more.
http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html
tl;dr: it's illegal to exchange btc<->fiat unless you're a registered MSB doing the full AML/KYC etc. that banks normally have to do.
Are you sure? I'm not entirely clear on this, because of footnote 12. The relevant section of the linked document:
"An administrator or exchanger that (1) accepts and transmits a convertible virtual currency or (2) buys or sells convertible virtual currency for any reason is a money transmitter under FinCEN's regulations, unless a limitation to or exemption from the definition applies to the person.10 FinCEN's regulations define the term "money transmitter" as a person that provides money transmission services, or any other person engaged in the transfer of funds. The term "money transmission services" means "the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means." 11
The definition of a money transmitter does not differentiate between real currencies and convertible virtual currencies. Accepting and transmitting anything of value that substitutes for currency makes a person a money transmitter under the regulations implementing the BSA.12 FinCEN has reviewed different activities involving virtual currency and has made determinations regarding the appropriate regulatory treatment of administrators and exchangers under three scenarios: brokers and dealers of e-currencies and e-precious metals; centralized convertible virtual currencies; and de-centralized convertible virtual currencies....
c. De-Centralized Virtual Currencies
A final type of convertible virtual currency activity involves a de-centralized convertible virtual currency (1) that has no central repository and no single administrator, and (2) that persons may obtain by their own computing or manufacturing effort.
A person that creates units of this convertible virtual currency and uses it to purchase real or virtual goods and services is a user of the convertible virtual currency and not subject to regulation as a money transmitter. By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter. In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency....
12 As our response is not in the form of an administrative ruling, the substance of this letter should not be considered determinative in any state or federal investigation, litigation, grand jury proceeding, or proceeding before any other governmental body. "
??? Thoughts? LocalBitcoins operates openly. I would like to get further clarification on this.
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Mining!
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I like bitinstant, never tried Bitcoin-OTC but will in the near future. I started buying mine off of eBay though. Then when I did the proper math, noticed that selling off fractions on eBay is highly profitable, with only about 1,000 sellers offering BTC as of this morning. Buying bitcoins from a cash deposit place is not something I worry considering it is not illegal to buy bitcoins, yet?
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Also keep in mind that buying bitcoins is perfectly legal, so not everyone feels the need to be clandestine about it
Not true any more.
http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html
tl;dr: it's illegal to exchange btc<->fiat unless you're a registered MSB doing the full AML/KYC etc. that banks normally have to do.
Are you sure? I'm not entirely clear on this, because of footnote 12. The relevant section of the linked document:
12 As our response is not in the form of an administrative ruling, the substance of this letter should not be considered determinative in any state or federal investigation, litigation, grand jury proceeding, or proceeding before any other governmental body. "
That's just a boilerplate disclaimer.
They clearly say that if you convert real money to virtual money, you're a MSB and required to register etc etc.
They probably won't start enforcing it just yet, but I think that yes, individuals on localbitcoins are probably violating the BSA now according to FinCEN. OTOH it'll be hard for them to crack down on that, and they usually don't bother going after small fry.
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I have an account on MtGox. That's how I buy.
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I sold my soul to satan and he gave me some bitcoins.
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Localbitcoins as well. Haven't had a shady deal yet.
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I have heard that Dwolla is not a very safe service. I am not completely sure as to why. I have seen to avoid things like Dwolla and MtGox that are larger and might end up having to cooperate with a government investigation. I always use BitInstant, either to blockchain.info or straight to SR.
What's your source for this? I can't see it being any worse than transactions with a credit card at least.