Silk Road forums

Discussion => Off topic => Topic started by: smoked1 on November 24, 2011, 07:35 pm

Title: Selling US Feeral Reserve Notes
Post by: smoked1 on November 24, 2011, 07:35 pm
I'm new here and I just don't get it. You can sell a 20 dollor bill for 10 Bitcoins, and then sell the bitcoins for more than 20.00. What am I missing here?
Title: Re: Selling US Feeral Reserve Notes
Post by: j789745 on November 24, 2011, 08:01 pm
I'm new here and I just don't get it. You can sell a 20 dollor bill for 10 Bitcoins, and then sell the bitcoins for more than 20.00. What am I missing here?

Nothing, I suppose. If you want to offer a service like that feel free, but there are already some established vendors doing it, so competition will be tough. :)
Title: Re: Selling US Feeral Reserve Notes
Post by: MagicMan on November 25, 2011, 04:31 pm
You're missing the time and scammer element, lets say you sell a $20 bill, you wont get your 10 bitcoins until the mail comes and the buyer chooses to release funds. That could take several days and that, at least to me, is not worth the 5 dollar profit from selling the 10 bitcoins.
Title: Re: Selling US Feeral Reserve Notes
Post by: PumpkinYeti on November 29, 2011, 02:45 am
I do agree I don't see the point doing it with small amounts (less than 1,000).

However, transactions for more than 1000 would make alot of sense. Got alot of bitcoin from doing illegal things and want to launder it into hard cash without a trace?