Silk Road forums

Discussion => Security => Topic started by: divinechemicals on December 12, 2012, 10:41 pm

Title: Does the $10,000 rule apply with Moneygram and Bitcoin?
Post by: divinechemicals on December 12, 2012, 10:41 pm
So you all know the rule where if you spend $10,000 in a year at any business, they have to report you to the police as a precautionary measure. Does this hold true with Moneygram orders for BTC? I will certainly be spending more than $10,000 in the next year using that method. I am using a fake name, but will they eventually have to report that?
Title: Re: Does the $10,000 rule apply with Moneygram and Bitcoin?
Post by: inhabitablegoat on December 12, 2012, 11:15 pm
I would assume you are using bitinstant? Just to be safe use different names, birth dates, bitcoin addresses and every few thousand or so switch up the email. There is no way to trace all those differentials back to one single source. If you're using a 'fake' name you might as well switch them up every so often, couldn't hurt!
Title: Re: Does the $10,000 rule apply with Moneygram and Bitcoin?
Post by: CrazyBart on December 12, 2012, 11:43 pm
Its a law that applies to transactions of 10,000 dollars, they dont report you to the police you just have to fill out a form to report to the IRS. As long as you dont do it all at once you will be fine.

assuming you are in the US.
Title: Re: Does the $10,000 rule apply with Moneygram and Bitcoin?
Post by: stemcell on December 13, 2012, 12:38 am
im 99% sure its lower than 10k now. It was due to the patriot act. They can report you for any amount if they suspect something so like stated just change things up.
Title: Re: Does the $10,000 rule apply with Moneygram and Bitcoin?
Post by: fredflintstone on December 13, 2012, 01:20 am
They have the option to report transactions over $5000 if they wish I think

And I dont think its a cumulative total divine .. its a per transaction thing.
Title: Re: Does the $10,000 rule apply with Moneygram and Bitcoin?
Post by: divinechemicals on December 13, 2012, 01:26 am
Yeah I'll probably just start switching up locations more often then. I was considering buying a fake ID with my fake info on it, that way if any store asks for ID, I can go ahead and show it to them. But maybe I'm better off just picking a new name for every location. The location I regularly go to is starting to get a bit too friendly with me, I don't like it, it's like I'm a regular customer or something. Time to change it up. If it's not a cumulative thing, I'll be fine. The most I'll ever deposit in one day is $2,000. Thanks for the advice all.