Silk Road forums

Discussion => Security => Topic started by: metta on October 06, 2012, 03:56 pm

Title: ideas for best way to purchase large sum of btc
Post by: metta on October 06, 2012, 03:56 pm
I've been using bitinstant as the way to fund my wallet—very easy and quick—but there's a $500 max per transaction through the retail outlet I use for moneygram. I'm getting a little paranoid since I've made repeated trips to this outlet and some of the folks there are getting to know me. Also, they have security cameras all over the place.

I'd like to find a way to quickly and safely (and inexpensively) buy 1-2k worth of coin so I have a reserve available in my sr wallet to take advantage of popular vendors' listings that go up and come down in a day. I'd rather not use cash, but instead, my debit card to pay for the transaction (maybe that's not a very good idea).

Any thoughts would be appreciated ...
Title: Re: ideas for best way to purchase large sum of btc
Post by: eclipsin on October 06, 2012, 04:52 pm
If you are wanting to use your debit card....then it doesn't matter about cameras.  It's all tracable back to you.
Title: Re: ideas for best way to purchase large sum of btc
Post by: metta on October 06, 2012, 05:19 pm
I have only used cash so far. I realize now my comment about using a debit card was not very smart of me.
Title: Re: ideas for best way to purchase large sum of btc
Post by: fatoldsun on October 06, 2012, 05:40 pm
You can try browsing localbitcoins.com to find somebody near you that will exchange for cash, listings there go up to a few thousand dollars. Make a handful of transactions in a few different but not too distant locations and you've got yourself a decent sum.
Title: Re: ideas for best way to purchase large sum of btc
Post by: Limetless on October 06, 2012, 05:42 pm
How much do you want to buy?
Title: Re: ideas for best way to purchase large sum of btc
Post by: metta on October 06, 2012, 06:29 pm
$2k
Title: Re: ideas for best way to purchase large sum of btc
Post by: Limetless on October 06, 2012, 06:34 pm
Split between 3 different exchanges and then send converge them into one e wallet through 3-6 others then put it into fog.
Title: Re: ideas for best way to purchase large sum of btc
Post by: metta on October 06, 2012, 08:11 pm
Thanks fatoldsun and limetless for your suggestions ...
Title: Re: ideas for best way to purchase large sum of btc
Post by: microRNA on October 07, 2012, 12:06 am
if you use bitinstant i am pretty sure you can purchase up to 1000 dollars worth for each transaction IF you choose cash bank deposit

imo its even easier than moneygram. all you need to do is go in, grab a deposit slip, put account number and amount.

no false name, no signing, no ID

i guess i am assuming with the major bank branches you should have one not too far.
Title: Re: ideas for best way to purchase large sum of btc
Post by: metta on October 07, 2012, 01:28 am
if you use bitinstant i am pretty sure you can purchase up to 1000 dollars worth for each transaction IF you choose cash bank deposit

imo its even easier than moneygram. all you need to do is go in, grab a deposit slip, put account number and amount.

no false name, no signing, no ID

i guess i am assuming with the major bank branches you should have one not too far.

Is it really that easy through a bank? For some reason, I thought it would be riskier than a retail outlet like CVS. When you say account number, do you mean my wallet address? Doesn't the oddness of a such an address raise eyebrows? I'm interested in your suggestion for the simplicity, but I wonder about the safety. Comments appreciated ...
Title: Re: ideas for best way to purchase large sum of btc
Post by: jackboii on October 07, 2012, 02:42 am
I too am in the same boat right now, I purchase all my BTC's through MP's and have added all the taxes that I have been taxed on and its getting a bit ridiculous, I just dont know a safer way to do this than have someone else purchase MP's for me and then just give a BTC vendor the pak #. If anyone else has better suggestions, I wont DARE e v e r use a bank account, for anything! I stopped using banks years ago, so if anyone can help me on this I would greatly appreciate it. Thanks.
Title: Re: ideas for best way to purchase large sum of btc
Post by: microRNA on October 07, 2012, 03:03 am
there should be another box on bitinstant where you enter the amount you want for your btc address

when you use cash bank deposits its through a third party called trustcash, which will charge you a dollar. then you choose the bank and they send you some info including the account number for that bank, which is the number you use on the deposit slip

actually i forgot recently trust cash asks for a name now but you can use a fake one, the only issue would be if you screwed up the deposit you wont be able to get the money back. bitinstant and trustcash ask for an email too though for sending updates so you can use a free secure email you access through tor

you only have to sign the deposit slip if you are withdrawing money.

if they ask you for your acct card at the bank or an id or something, just tell them that its not your account

you will be on camera, but you are at any large store also
Title: Re: ideas for best way to purchase large sum of btc
Post by: danconia on October 07, 2012, 06:47 am
I don't know about you guys but my bank here in the US, which is one of the largest banks, always asks me to swipe my debit card when I use a teller.  This identifies me but will they require it if I'm only doing a cash deposit (and I already have the cash in hand)?
Title: Re: ideas for best way to purchase large sum of btc
Post by: microRNA on October 07, 2012, 07:09 am
like i posted two lines above your post

if they ask you for your card all you have to do is tell them its not your account
Title: Re: ideas for best way to purchase large sum of btc
Post by: fatoldsun on October 08, 2012, 06:03 am
metta and jackboii:

Using BitInstant to deposit at a bank account does NOT mean that you are opening an account for yourself. Rather, the account belongs to BitInstant, whereas you remain completely anonymous.

I think, of course, that the best option is a cash exchange with an individual trader. You can even give them a bitcoin address which goes straight into a mixing service. Two recommended ones are https://blockchain.info/wallet/send-anonymously and http://bitcoinfog.com/