Silk Road forums

Discussion => Security => Topic started by: ripplingwalls on July 22, 2013, 09:42 pm

Title: US gov. Meddling with btc exchangers
Post by: ripplingwalls on July 22, 2013, 09:42 pm
recently its been such a bitch to get btcs. My usual two traders I go to are down and out at the moment because of the government fucking with exchangers. Ive been hearing a lotta talk on the forums bout LocalBitcoin, but I dont fully trust it. So, to the people of the sr community that have used LB to get coins I have a couple questions; First, if I were to use LB would it be advisable to send the trader/vendor that will exchange my $$$ for btc my sr wallet address? Call me paranoid but it just doesnt seem like a good idea. Could I maybe make a btc wallet somewhere outside sr? And then use a btc laundering service like bitlaunder? so I can erase the trail my exchange leaves behind?... Any and all info is greatly appreciated, since it seems my usual vendors/traders wont be coming back any time soon so I gotta prepare for the worst and look for alternatives. Again thanks sr community

EDIT: would it be a good idea to give vendors/traders on LB my sr wallet address, I mean is this what other people on sr do? Someone with some experience with this subject, fill me in please. Thanks
Title: Re: US gov. Meddling with btc exchangers
Post by: tbart on July 22, 2013, 10:46 pm
just did my first btc purchase last week thru localbitcoins - i only purch'd one coin at first meeting - met at a mcdonalds that i knew had wifi - guy selling was a young kid, maybe 21, nice enough kid - he knew this was my first purchase that i was trying to wrap my brain around how this worked by buying one

gave me a few tips - i showed him the cash, he showed me his iPhone opened to his eWallet with the blockchain wallet address i'd sent him thru the localbitcoins msg svc (i suppose a software literate person could have set it up to show a fake wallet) but i gave him the cash, he hit "send" and 30 seconds later the blockchain wallet on my laptop was showing 1 coin had been received and within 10 minutes there were 2 confirmations - seller had agreed to stay until 2 confirmations had come.

After six confirmations (45 minutes or so later) a green check mark appeared next to the deposit which meant it was good to spend. Last time i checked, that coin had 508 confirmations showing.

as to giving your SR wallet address to the vendor - hell no,  - after he sent it to my blockchain wallet, i sent it thru a couple of other wallets before sending to my electrum wallet on my tails usb - from there it went to SR

on next purchase, i'm going to see about the cash deposit route, but this kid was easy to deal with, only a 15 minute drive (at most) and his "commission" was acceptable at 5% over mt gox rate

fwiw
Title: Re: US gov. Meddling with btc exchangers
Post by: tbart on July 22, 2013, 11:14 pm
and just saw this "paint by the numbers" tutorial re LBC

http://dkn255hz262ypmii.onion/index.php?topic=188763.msg1364896#msg1364896
Title: Re: US gov. Meddling with btc exchangers
Post by: PowerToCharm on July 22, 2013, 11:15 pm
I've never met someone in person to exchange coin on LBC, preferring the cash deposit method instead. I opened an account on LBC, giving a username and email address (no ID verification required!) and making up a password. When logged in to my account, I have a wallet through the LBC site. This is where any coins I purchase will land. I browse the list of people exchanging BTC for USD. There are a number of them each day, and they have different exchange rates, different amounts available, and different methods for receiving their money. The number of transactions each seller has completed is displayed, along with the feedback they've received. I choose someone advertising cash deposit to a bank with a branch in my city, fill in how much I want to exchange, then click the BUY button.

Some sellers want to communicate via text message, so be prepared for that possibility, and some will communicate via the LBC site messaging system. But one way or another I am given the name and account number to make my deposit. I go to the bank and deposit the cash, then hit a button on the LBC site indicating that the deposit has been made. My coins, meanwhile, are held in escrow by the site. Once the seller sees the deposit in his account, he notifies LBC that the transaction is complete, and the coins are then deposited into my LBC wallet. I can then transfer them to SR or anywhere else.

The seller could determine what city I'm in by the branch where the deposit was made, but the entire thing is otherwise completely anonymous, very fast, very safe. Many sellers are probably miners and only have two or three coins to exchange at any time, but other sellers are ready to go with a five or ten thousand dollar exchange.

Hope this is helpful.
Title: Re: US gov. Meddling with btc exchangers
Post by: ripplingwalls on July 23, 2013, 12:16 am
Thanks Tbart that link was very helpful i appreciate it deff. shed some light into and ima try it out soon and powertocharm also thanks for shedding some light about it the deposit sounds a lot better than having to meet the person
Title: Re: US gov. Meddling with btc exchangers
Post by: AirshipAdmiral on July 23, 2013, 09:43 am
Screw the exchanges.

We never should have let bitcoin exchanges exist in the first place.

We should never have let it happen.

Maybe alternative cryptocurrencies will eventually be invented that deliberately exclude large bitcoin exchanges?