Silk Road forums
Discussion => Security => Topic started by: Heyenezz on January 04, 2012, 08:42 pm
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Suppose I buy bitcoins on the Crypto xchange at https://cryptoxchange.com/ with my bank account.
Once I have the bitcoins, I send them over Tor to a bitcoin wallet on instawallet at https://www.instawallet.org.
I access instawallet using Tor. Also, all bitcoins sent by me are sent over Tor.
Once the bitcoins are there, I send them over Tor to the final address on SR.
How do you evaluate this plan? I greatly appreciate any help.
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This is something many people already do regularly. Some may use more than one instawallet though.
It's been used many times so you should be good.
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I personally wouldn't feel safe with just one instawallet hop. The more hops your coins make, the better.
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i thought SR automatically tumbled them for you. if anyone can explain this better, but if i'm correct - once your funds are available in SR, once you buy something its like your not even spending the original coins you initially sent to SR account.
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Yes SR does Rise you are right but people like to take further measure just to be more safe and it makes them more comfortable if they tumble them themselves many times before they send them on to SR.
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Do you guys just have two or three wallets on instawallet.org or do you use other sites? I'm asking because I am currently only awear of instawallet.
Would appreciate some more info on potentially other sites. Thanks
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Wow I have aot to learn from you guys..
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i thought SR automatically tumbled them for you. if anyone can explain this better, but if i'm correct - once your funds are available in SR, once you buy something its like your not even spending the original coins you initially sent to SR account.
SR's built in tumbler should be fine for anyone buying, but sellers will want to cash out their coins without having any link to SR at all, which is where more laundering and tumbling comes in.
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Do you guys just have two or three wallets on instawallet.org or do you use other sites? I'm asking because I am currently only awear of instawallet.
instawallet is all you need. and you shouldn't use a single instawallet more than once seeing as it is so easy to get a new one
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Sounds like your a dumb ass that has no idea what laundering is. I have seen no less than 10 people on this website talk about laundering and they have no idea what laundering is. What you are describing is just moving bitcoins there is no laundering aspect to what you describe at all. If you wished to launder bitcoins here is a good way to do it...........
Open up a website that accepts payments in BitCoins for a service. Then make false transactions showing that you recieved the bitcoins for services performed on the website. Then get a 1099 and submit the income to the IRS to be taxed. After it has been taxed the remaining money is yours legally and it has now been laundered.
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Sounds like your a dumb ass that has no idea what laundering is. I have seen no less than 10 people on this website talk about laundering and they have no idea what laundering is. What you are describing is just moving bitcoins there is no laundering aspect to what you describe at all. If you wished to launder bitcoins here is a good way to do it...........
Open up a website that accepts payments in BitCoins for a service. Then make false transactions showing that you recieved the bitcoins for services performed on the website. Then get a 1099 and submit the income to the IRS to be taxed. After it has been taxed the remaining money is yours legally and it has now been laundered.
OBVIOUSLY they are not talking about Mafia style money laundering of tens of thousands of dollars. They're wanting to make dirty purchases NOT directly traceable to DIRTY product. It's still laundering.
Any real need to call people dumb ass, dumb ass?
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I was a little harsh but its frustrating to read over and over about people pretending to know what money laundering is and then talking about how they plan to do it. There is many ways to launder money but no matter what you think moving money isn't laundering it. Making money harder to trace back to you isnt laundering money either. Basically he just wants to know how to move money around so its more difficult to trace back to him. There is no money laundering involved.
In the future I will try to go easier on people. It was harsh for little reason. I don't go to many criminal websites but everyone I have ever been to has people talking about money laundering despite having no clue what it means to launder money.
Money laundering is done by alot more people than just the mafia. For instance the owner of Silk Road has to launder all those coins. I wouldn't be surprised to hear that the most successful vendors on Silk Road have a need to launder their earnings as well. Anytime money is laundered it is essential to leave a paper trail that shows the source. This guy is trying to hide where the money came from, just about the opposite of what one would want to accomplish from money laundering. In money laundering the goal would be to make the money look like it came from some place that it really didn't. With the purpose of being able to spend the money in the open and then being able to account for where the money originated from.
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pumpkin, you are completely wrong their is no money laundering aspect to what he is describing. It is simply moving money around to conceal the source. The opposite of money laundering. Please try to limit your comments to things that are correct. I was wrong for being rude and you are wrong for saying something that is inaccurate.
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This is something many people already do regularly. Some may use more than one instawallet though.
It's been used many times so you should be good.
Cool, thanks.
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So is Bank --> Dwolla ---> MtGox ---> Tradehill ---> SR , safe? I assumed that from Gox to TH, I lose my actual name, then to SR, and it's tumbled. Should I add another TH?
From the posts, I don't trust tumblers, as it seems they just make your coins disappear.
In turning coin to cash, I think you can do it without laundering, as long as it's under $10K usd, in USA, per year. After that, you need to file taxes and answer questions.
But 100% American is right. I am still trying to figure out a definitive way of turning coin to cash, without laundering, and staying under the gun.
In retrospect, would SR --> TH --> TH --> Gox --> Bank be un-advised?
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Laundry is Not a bad thing...but what if you happened to Buy BC's or have 100 BC when it was 3.10. At 7, your 310 is over $700. If you spend 50 of those BC's for Kush and BC's go to 25...I think Laundry becomes less important.