Silk Road forums

Discussion => Security => Topic started by: teepls on May 19, 2012, 04:25 am

Title: Bit-Instant Question
Post by: teepls on May 19, 2012, 04:25 am
Ok, so i think i have this down pat for the most part, im pretty good with computer and have been dabbling with MT. GOX/BTC ect.

I want to use Bit-instant, I have the deposit info ready, but i was under the impression that Bit-Instant SENDS Bit-Coins to your MT. GOX Account, then you go to FUNDING OPTIONS> WITHDRAW FUNDS >BITCOINS > ENTER THE AMOUNT OF BTC TO SEND> AND YOUR SR ADDRESS.

BUT is it true that you get MONEY (USD) sent to your MT. GOX THEN you buy the BTC instantly at market price? is this true?

NOW once i have the BTC in my MT. GOX Account, I select > FUNDING OPTIONS>WITH DRAW FUNDS> send to SR address >Click CONFIRM > once you click CONFIRM is that it? (nothing else to go through?)

is there ANY identification process that MT. GOX makes you go through in order to send your BTC to an ADDRESS OR when BUYING the BTC with the USD you have? I'm not a super Newb, i just want to make sure i do everything right.

someone please answer me or leave ANY opinion/ Tips i could use.

-THANKS, You Guys are AWESOME!!   8)

-TEEPLS
Title: Re: Bit-Instant Question
Post by: Thizzelle686 on May 19, 2012, 04:50 am
You got it down.  This is how i get money into SR, but i take 1 additional step that is important.  Instead of sending the btc from mt gox to SR, send it to an e-wallet first, then to SR.  Its not necessary but it adds an additional layer of security.  Highly recommended!
Title: Re: Bit-Instant Question
Post by: deadsuperman49 on May 19, 2012, 04:59 am
I did exactly as teepis said and sent straight from mtgox to silkroad. This excludes the extra layer of safety but can it also make it harder for the btc to transfer? I withdrew it to the adress listed on my silkroad account about 2.5 hours ago and the funds still havent apeared in my silkroad account but theyre gone from my mtgox account the amount was 7.8 BTC. Im new to this so i apologize if i sound naive and also if my english is bad. I am wondering if i should be fearful about the transfer taking so long? Is this normal? I dont want to lose the money. thankyou
Title: Re: Bit-Instant Question
Post by: promethean on May 19, 2012, 05:19 am
It can take a few hours for it to show up. Don't stress. Some times it just takes a little longer for transactions to go through.  :)
Title: Re: Bit-Instant Question
Post by: deadsuperman49 on May 19, 2012, 06:35 am
oh no…… so its been 4.5 hours now… Is it possible that Mt.Gox intercepted the transaction? Can it tell I'm sending to silkroad? Its anonymized but dont they not accept anonymized things like that?
Title: Re: Bit-Instant Question
Post by: teepls on May 19, 2012, 06:39 am
so it's true, that Bit-instant sends CASH (USD) to your MT. GOX account, but you can instantly buy them at market price?

I have read that some people say MT GOX sometimes Wants to verify your identity? is this only for BIG 1-2k+ transactions, or is that just a Myth?

I'm going to make a cash deposit for bit-instant> they send the cash to MT GOX account you provided> you buy the BTC at market value > WITHDRAW FUNDS > ENTER BTC Address of your choice, AND DONE! CORRECT? what is the average time for it to show to SR?

I just don't want to hit "send BTC" and it freeze my Account until i give them my ss# or ID ( i hear that has happened) or some dumb shit...but it sounds like it should be smooth, a lot of people say go with Bit-instant they're GREAT and EASY.

I think that is only for huge transactions though,so small amounts (5-200 btc)  should be fine right? or maybe 'they' did something stupid for their account to get "frozen"

-sorry for repeated questions.

THANKS FOR ANSWERING MY QUESTIONS GUYS, YOU ARE GREAT!!!

-TEEPLS  8)
Title: Re: Bit-Instant Question
Post by: Hawk23 on May 19, 2012, 06:53 am
I suggest bypassing MtGox and clearnet altogether.  Bitinstant > Coinapult > Email can be done through Tor and you will have coin in your SR wallet within hours. You can use a couple of E-wallets or a BTC tumbler such as Bitcoinfog as well. I have dumped my Dwolla and MtGox accounts since I found this method. You can find a few threads on this topic using the search function.
Title: Re: Bit-Instant Question
Post by: deadsuperman49 on May 19, 2012, 07:29 am
I'm wondering how much I can rely on Mt. Gox and think bypassing it in the future would be better. Does anyone know if mt.gox can know that im withdrawing to the silkroad and can they intercept the funds without telling me? or is this just taking really really long… its already been 5.5 hours im getting very worried now…
Title: Re: Bit-Instant Question
Post by: teepls on May 19, 2012, 08:02 am
I suggest bypassing MtGox and clearnet altogether.  Bitinstant > Coinapult > Email can be done through Tor and you will have coin in your SR wallet within hours. You can use a couple of E-wallets or a BTC tumbler such as Bitcoinfog as well. I have dumped my Dwolla and MtGox accounts since I found this method. You can find a few threads on this topic using the search function.

I was reading up on the coinapult the other week, but it seemed a little more confusing, eh im really comtiplating on what i should do, I'm pretty set on using Bit-instant > MT. GOX method, but i keep reading good things and bad things about MT GOX, UGH, I just wish there was a WAY simpler way of obtaining BTC ( i know some people will say "wtf you mean it's simple just get the hang of it"

But still, bank deposit >mt gox >buy coins >send them here>then send them there bla bla, just so much...

now ill read more up on coinapult, UGH!!

IDK  i might stick with using bit-instant > MT GOX, just for now.

PS. once you buy the BTC from MT GOX you can send them without any type of verifying process,correct ?