Silk Road forums

Discussion => Newbie discussion => Topic started by: olaf65 on January 19, 2013, 11:08 pm

Title: Money Laundering Advice Needed
Post by: olaf65 on January 19, 2013, 11:08 pm
Seeking money laundering advice of turning BTC into cold hard cash. Was told to speak with Limitless. Paying is not an issue. Sent a message to him but no response yet. Can anyone please advise?
Title: Re: Money Laundering Advice Needed
Post by: Skkky on January 20, 2013, 01:29 am
How many bitcoins?
Title: Re: Money Laundering Advice Needed
Post by: nuggets3 on January 20, 2013, 01:38 am
try campbx.com
Title: Re: Money Laundering Advice Needed
Post by: TryptaManiac on January 20, 2013, 04:34 am
become a vendor and sell bitcoins or sell on localbitcoins.com
Title: Re: Money Laundering Advice Needed
Post by: ozexpress on January 20, 2013, 04:48 am
.
Title: Re: Money Laundering Advice Needed
Post by: TheUpAndUp on January 20, 2013, 05:03 am
Use bitcoinfog and then whatever means you like to cash it out.
Title: Re: Money Laundering Advice Needed
Post by: Lubriderm on January 20, 2013, 05:09 am
Localbitcoins is the way to go, you can easily launder money.

If you keep your rates lower than the rest you will get ALOT of customers.
Title: Re: Money Laundering Advice Needed
Post by: TryptaManiac on January 20, 2013, 05:33 am
I'll just put this here
http://dkn255hz262ypmii.onion/index.php?topic=108328.0
Title: Re: Money Laundering Advice Needed
Post by: thegoat on January 20, 2013, 07:21 am
Ive heard Limetless offers money laundering advice on a consultancy basis. Apparently they are very good too
Title: Re: Money Laundering Advice Needed
Post by: kssr on January 20, 2013, 10:30 am
I believe both Limetless and JesusOfRave offer both services.

Localbitcoins is good for finding vendors who will accept cash for coins, which is much better than selling them on localbitcoins, too much work plus most people want bank transfer for Localbitcoins, receive loads of cash to a bank account questions will be asked. Find a reliable vendor who you can sell to just below MtGox for CASH, no questions asked... I'd assume.

Most of the vendors will sell 2% below MtGox due to the fact they sell 10% above it, thus a 12% gain on your coins for them.
Title: Re: Money Laundering Advice Needed
Post by: Vlad Tepes on January 20, 2013, 10:39 am
I haven't seen the listing for Limitless in a while, but I do for SexyWax. It may seem like a steep price but it's very cheap considering that you actually make enough money to require washing it. I haven't bought these services myself. They're just suggestions.
Title: Re: Money Laundering Advice Needed
Post by: ItalianMafiaBrussels on January 20, 2013, 10:50 am
Hmm maybe check out the bitcoin wiki or bitcoin forums, i don't know
Title: Re: Money Laundering Advice Needed
Post by: kukpikk on January 20, 2013, 12:28 pm
Wow great advice for a beginner like me! thank you all
Title: Re: Money Laundering Advice Needed
Post by: olaf65 on January 20, 2013, 07:39 pm
thanks everyone. ill message JesusOfRave now.
Title: Re: Money Laundering Advice Needed
Post by: noci on January 20, 2013, 07:46 pm
 Whu not sell it on an exchange?
Title: Re: Money Laundering Advice Needed
Post by: olaf65 on January 20, 2013, 08:09 pm
Whu not sell it on an exchange?

So say sell it on mtgox and then do what with it? Send it to your bank account? large amounts...dont think so. i admit i could be missing something here.
Title: Re: Money Laundering Advice Needed
Post by: MaoZedong on January 20, 2013, 08:23 pm
I feel like you are mixing up two different yet not completely unrelated issues here.

Cashing Out refers to turning your bitcoins into "cold hard cash" which is not an issue until you try to buy something IRL with cash worth more than $10000...this is when the IRS will step in and you'd better hope that your money has been laundered.

Laundering is the process of turning illegally gotten funds into seemingly legal funds. In order to do this one must report the laundered funds as income and pay taxes on it. You can either launder the cash once you've cashed using various classical methods to do so or you can claim your income in bitcoins therefore making your bitcoins appear as legal income.
Title: Re: Money Laundering Advice Needed
Post by: RequestToSend on January 20, 2013, 08:51 pm
Most of the vendors will sell 2% below MtGox due to the fact they sell 10% above it, thus a 12% gain on your coins for them.

Can you elaborate?  Selling bitcoins for 2% below MtGox means a 2% loss of profit not a 2% gain.  And then you say they sell 2% below and 10% above.  Which is it?  I'm just not understanding.
Title: Re: Money Laundering Advice Needed
Post by: SubStrips on January 20, 2013, 09:18 pm
TC is the only way to do it.
Title: Re: Money Laundering Advice Needed
Post by: awhiteknight on January 20, 2013, 09:29 pm
Whu not sell it on an exchange?
Because how do you explain these earnings to the tax man?
Title: Re: Money Laundering Advice Needed
Post by: olaf65 on January 21, 2013, 02:31 am
TC is the only way to do it.

What is TC?
Title: Re: Money Laundering Advice Needed
Post by: John Gotti on March 22, 2013, 04:22 am
You think I'm violent, but listen and you will find..
My Lethal Weapon's my mind!
Title: Re: Money Laundering Advice Needed
Post by: Block Buster on March 22, 2013, 08:39 am
You could always look at purchasing one or multiple prepaid Visa cards > IBAN transfer(s) > ATM withdrawal/online spending.

-BB
Title: Re: Money Laundering Advice Needed
Post by: SRSuperfly on March 25, 2013, 01:08 am
Alot of people just cash out through the system and then claim it as part of gambling winnings or whatever you want to call it. Just pay tax and the government will be happy.
Title: Re: Money Laundering Advice Needed
Post by: farmer1 on March 25, 2013, 01:37 am
I feel like you are mixing up two different yet not completely unrelated issues here.

Cashing Out refers to turning your bitcoins into "cold hard cash" which is not an issue until you try to buy something IRL with cash worth more than $10000...this is when the IRS will step in and you'd better hope that your money has been laundered.

Laundering is the process of turning illegally gotten funds into seemingly legal funds. In order to do this one must report the laundered funds as income and pay taxes on it. You can either launder the cash once you've cashed using various classical methods to do so or you can claim your income in bitcoins therefore making your bitcoins appear as legal income.

^ Dead on. Understand this and you will see solutions all around you.
Title: Re: Money Laundering Advice Needed
Post by: django on March 25, 2013, 08:16 am
sorry to hi jack this thread, but if you were cashing out. would this be sufficient:

 SR single transactions to different bitcoin addresses, then they all go in different amounts to what was originally sent to bitcoinfog, from there they can go into an offline wallet and sold via localbitcoins as cash?

would this be sufficient to avoid tracing them back to you? and also this is neccesary for say 2-4k a week in bitcoins?

finally how could you then go about putting that cash into your real account without it raising questions?

again sorry to hijack but hopefully its along the same lines as the original question

thanks for anyone who answers it.
Title: Re: Money Laundering Advice Needed
Post by: fivestargirl on May 01, 2013, 11:20 pm
This is my first post and I felt compelled to dispel some of the myths relating to money laundering.

Money laundering itself is a broad term- legally, it means taking money from any illegal activity. In 2008 the Supreme Court clarified this to mean profits from an illegal activity. However the term is still extremely broad and can be applied to pretty much anything a prosecutor would like. For example, say you owe me $100. You tell me your going to sell some pot and give me the money to pay me back. A creative prosecutor would say that this is money laundering because you took the proceeds and profited off an illegal activity.

Now with that said, you could create a corporation and pay your taxes. But guess what.....you have to PROVE where that money came from. Sure you can say your a consultant, you can set up a fake website, etc etc. None of that is real and LE is not stupid especially when they want to confiscate your money. I promise you, from experience, this will not work. The IRS will also re-estimate your tax returns and come after you.

Ensuring the safety of your money is a fulltime job if you want to do it right.
Title: Re: Money Laundering Advice Needed
Post by: mrbeanlol on May 02, 2013, 12:26 am
local bitcoins for sure. the guy i buy my coins from said he'd buy coins back whenever. he does 10's of thousands in cash business all the time.
Title: Re: Money Laundering Advice Needed
Post by: Clockwork66504 on May 02, 2013, 12:37 am
Localbitcoins.com selling in cash is alright if we are talking small amounts.
Title: Re: Money Laundering Advice Needed
Post by: MidWestCollective on May 02, 2013, 12:40 am
check postings on the regular. many people will ship cash for bitcoins. with very good rep +1's. Also check forums
Title: Re: Money Laundering Advice Needed
Post by: Cocaleiro on May 02, 2013, 04:04 am
Money Laundering is more than just turn bitcoins to cash. This is the easy part... to really launder money you will need to show it as legal income. In this is variable from country to country.
Title: Re: Money Laundering Advice Needed
Post by: fivestargirl on May 02, 2013, 11:55 am
Money Laundering is more than just turn bitcoins to cash. This is the easy part... to really launder money you will need to show it as legal income. In this is variable from country to country.

Cocaleiro is right- to properly launder your money it needs to show as legal income. Creating a corp and filing taxes is not enough. To truly legitimize your income you have to show where it comes from and who your customers are. You actually really need a legit business to do so. LE will first confiscate your money before anything else. Then they will ask you what part you earned legally and which part you didn't. You have to prove to them what part is legal by having employees, a tangible product, etc etc. You don't have to launder money if you are smart enough to hide your money so well that they can't find it.