Silk Road forums
Discussion => Security => Topic started by: AfricanBushDoctor on August 20, 2011, 09:39 pm
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I am a new seller on SR, mostly based in the UK. My sales are good, my current volumes are small, I only need to change 200BTC per week.
I made a model to calculate future volumes based on my current sales pattern and I will need to cash 200BTC/day in the not to distant future.
a few months later, with a few new products and I could see sales at 2000BTC/week.
How do I go about cashing my bitcoins? any suggestions as to getting large exchanges done in the UK? I'd like to hear from other UK sellers, how did you go about making a regular fluid system of exchange?
I'd like to have a way to legitimize this income without having to pay tax, any suggestions? I know that the UK is a tax haven but that's all I know... I'd essentially like someway of cleaning the BTC so that
I can have funds transferred into a bank account upon exchange.
Thanks.
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welcome to the free world.
my opinion on this:
a) the easiest way.
offshore banking account(if you dont already have one) with nominee service and prepaid credit card. e.g. 80 or 100 grand volume. costs 1000+$ setup fee.
remember that the "nominee", if he really exists, can always go into the bank and close your account, because of course he is the "owner" of the account. he does not need any pin or card for that.
me personally would never use this service. 1. there are a lot. and i mean really a lot people who try to scam you with this. "id-free prepaid CC only 500$!!"
2. you really want anyone then "you" registered for the CC u use?
b) my way
1. create a dead drop for mail. this drop is the only point where they can catch u if you dont do any mistakes. (dont create a PO box or shit. just look for unused real estate)
2. get someone to create a fake id/passport scan for the address of the dead drop. some further documents like gas bills etc will also be needed.
3. look for the best (prepaid) CC offer that fits you. offshore banks just have higher volumes and also higher fees.
4. receive the card and pin over the dead drop
5. wash your bitcoins with bitcoin laundary or mixing, then transfer them with the cheapest filling method on the CC.
6. use it to cash out on any AMT. ofc never use the same AMT twice (in a long period of time). ofc sun glasses with hat etc..
7. if you used tor / offshore secure VPN for everything it is theoretically impossible to catch you even if they can trace the money back to your CC.
8. better not use that dead drop again.
remember that this method of cashing is also the most expensive :) so be sure to calculate the fees: bitcoin washing, exchanging bitcoin, putting bitcoin on your CC, cashing out at ATM. foreign currency, bla bla bla....
i studied this financial system some years ago but i am new to this offshore banking and crap. and remember that this is a huge topic on its own. so maybe my system has a flaw but i cant find it..
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Hi thanks for the reply,
So if I understand your method, you get a top-up CC... I checked a number of them out and I see that there is a limit of 5000GBP
on most of them and only 500GBP withdrawal per day.
This is ok if you are only exchanging say 1000BTC per month.... If we estimate the sales trends of one of the popular sellers and then
we say that his sales grow by 20% every month.... he adds a few more good products and in several months he is doing 1000BTC per
week. I can see how your idea works for a small operation but when you reach 15000GBP per month, your account activity will be as busy
as it can be.
Your idea is good initially.
I am wondering if the BTC generated on SR can be tumbled and divided among many wallets then fed through a 'legitimate website' (that I own)
for whatever service or product... then the BTC are legitimately mine? or not? then surely I can cash them on mass and have the funds transfered to
a regular business account?
I'd like to hear more on this topic, thank you
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Hi,
bitmarket.eu or britcoin.co.uk
Both good.
Regards.
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"This card offers you the ability to withdraw up to US$10,000 per day and up to US$70,000 per month. There is a daily load limit of US$2,500. In other words after 4 loads of US$2,500 each or $10,000, you can withdraw
the entire US$10,000 in one go at any hole in the wall worldwide in total anonymity."
first thing i found without the need of an ID card. setup costs more than 2000€ and annually more than 500.
but again. i would personally never use a nominee service. those resellers of these credit cards have always access to your money.
try talkgold.com forums. but care, those are barely moderated and never buy anything of anyone in these forums. 90% scammers.
https://encrypted.google.com/search?q=offshore+prepaid+credit+card+site%3Atalkgold.com
just try to get some information on legit offshore banks which offer prepaid debit cards with high volumes. and then you just get someone to fake yourself an ID scan and create a dead drop.
i personally would rather use multiple credit cards anyway with that volume.
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Be careful using britcoin, the guy who runs intersango has made lots of noises about fsa regulation of the btc market and doesn't give the impression that he supports anonymous money movement. The t+c's on the site suggest that disclosure of your details to LE wouldn't be unlikely in the event of an investigation. 2000BTC movement a week wouldn't be an insignificant proportion of trade on britcoin.
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Be careful using britcoin, the guy who runs intersango has made lots of noises about fsa regulation of the btc market and doesn't give the impression that he supports anonymous money movement. The t+c's on the site suggest that disclosure of your details to LE wouldn't be unlikely in the event of an investigation. 2000BTC movement a week wouldn't be an insignificant proportion of trade on britcoin.
- Very interesting info.
Thanks a lot.
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Are you sure it's wise to use CCs? I'm pretty sure at least in the USA they will see the pattern. CC is too visible imo, at least with these sums. Maybe a legitimate online business will be enough for covering it, but who am I to tell...
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If you use an offshore bank, they have no idea where the money came from, and it will be under a fake name. As long as you mask your face from the camera when you go to withdraw, there is nothing they can do to stop you. The only downside to this is that the fees are pretty high.
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Hi, I was wondering if someone knows whether or not those e-currency (C-gold, Pecunix, LR etc) ATM/debit cards verify the documents you send them? The cards are issued by banks in Antigua, Dominican republic etc, but I heard there is a global verification system banks use so a fake govt-issue photo ID will not work. I was told you would need to steal somebody's identity, which is a lot more serious than simply using completely faked documents.
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Keep it in liberty reserve and cash out whatever you need in GBP through aurumxchange.com