Silk Road forums
Discussion => Security => Topic started by: HelpMeHelpYou on July 15, 2013, 03:21 pm
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I've amassed a decent chunk of BTC and am selling it on localbitcoins.com for cash. I haven't made any transactions yet as I wanted to verify a few things first.
First off, I've heard that when you withdraw coins from silkroad that they're "washed" or "mixed" enough to be untraceable or to know where their source was. Is this true?
I wonder because literally all of my bitcoins are coming from SR sales and will be exchanging these locally for cash, face to face. Let's say I make this trade with a person on localbitcoins.com and they're a cop (humor me here, or is this a factor?) would they be able to trace back my blockchain history or anything else to find the source of the bitcoins that I withdrew from silk road?
At this point I've withdrawn from silk road into a wallet. I will be making the transfer with a person from my wallet for cash.
Tips? Insights? Potential risks? Anything?
Thank you guys.
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Use bitcoinfog inbetween sr and your wallet that feeds localbitcoin.
thats my 0.2 btc worth....
terp
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Just be careful selling bitcoins there.
There was a thread here a while back (not sure how to find it) from a big bitcoin seller on localbitcoins who on more then one occasion met up with someone who he swore was a cop, (acted funny, did the deal then ran out of there or looking at his licence plate. then one time he was foolish enough to start talkin with a forum user here on the road thru PM about localbitcoins and He told the guy his Localbitcoins user name.
with in no time he had 2 cops knocking on his door asking questions and wanting to look around (cant remember all the details, hopefully you or someone can help find the thread, its very interesting.) Anyways this guys luckily was legit and had some crazy machine for bitcoin mining so he let them in and showed them it. From what I remember he was super relieved he had nothing to hide at the time cause he only smokes weed once in a while and thats all he orders off the road cause he dont know any dealers since his use is so little. but he was still spooked enuf to delete his localbitcoin account(so he said.)
anyways just thought You might like to know this, just wish I could point you to the actual thread.
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Just be careful selling bitcoins there.
There was a thread here a while back (not sure how to find it) from a big bitcoin seller on localbitcoins who on more then one occasion met up with someone who he swore was a cop, (acted funny, did the deal then ran out of there or looking at his licence plate. then one time he was foolish enough to start talkin with a forum user here on the road thru PM about localbitcoins and He told the guy his Localbitcoins user name.
with in no time he had 2 cops knocking on his door asking questions and wanting to look around (cant remember all the details, hopefully you or someone can help find the thread, its very interesting.) Anyways this guys luckily was legit and had some crazy machine for bitcoin mining so he let them in and showed them it. From what I remember he was super relieved he had nothing to hide at the time cause he only smokes weed once in a while and thats all he orders off the road cause he dont know any dealers since his use is so little. but he was still spooked enuf to delete his localbitcoin account(so he said.)
anyways just thought You might like to know this, just wish I could point you to the actual thread.
This is exactly the kind of thing that I was worried about, thank you so much for bringing this to light. I can't seem to find that thread either, if someone can point me to it, please do!
Being ridiculously paranoid as I value my freedom, I planned on biking to the meet up point so license plates are out of the question and I'd be 100% sure if someone was following me while I'm on a bike (car, you're gonna creep behind me for 10 miles? lulz). I had planned on claiming to mine them, but I don't have any crazy rig to back my story up like that guy. I personally don't do drugs, but I do work with them so I'm not exactly untainted.
I had also planned on saying I invested a while back (bought the coins) to hopefully flip in the future for a profit.
This is such a headache! I have a lot of coins that I want to change to cash but the fucking FUZZ keep everyone down. It's a sad state of being.
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I WONT STOP UNTIL MY VENDOR ACCOUNT IS REINSTATED
Disgusting. And yeah you will, it's only a matter of time before you get bored.
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Selling a non-small quantity of bitcoins for US dollars in risky in my opinion because it is already illegal. FINRA recently ruled on this and to make a long story short, they ruled that bitcoins are similar to other currencies when it comes to exchanges and how they are governed.
If you are talking a small amount, no one cares. Imagine you are traveling and come home with a pocket full of different monies around the world. No one cares if you exchange those for dollars on the street corner. The equivalent of this is localbitcoins. As long as it's small, it won't catch a lot of attention.
However, if it's a significant amount of money; just like Euros or Loonies or Rubles, you are not allowed to stand on the street corner and buy/sell those for US Dollars. At some point, you will be required to open an account with a broker and trade your Euro/Ruble/whatever for dollars in a semi-regulated currency market. The equivalent of this are the exchanges (Mt Gox, etc) and they are all being brought under FINRA as we speak
It just kinds of depends how many bitcoins we are talking about. If we're talking $1mil USD or less, no one will care. North of that and it gets much much harder.
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Selling a non-small quantity of bitcoins for US dollars in risky in my opinion because it is already illegal. FINRA recently ruled on this and to make a long story short, they ruled that bitcoins are similar to other currencies when it comes to exchanges and how they are governed.
If you are talking a small amount, no one cares. Imagine you are traveling and come home with a pocket full of different monies around the world. No one cares if you exchange those for dollars on the street corner. The equivalent of this is localbitcoins. As long as it's small, it won't catch a lot of attention.
However, if it's a significant amount of money; just like Euros or Loonies or Rubles, you are not allowed to stand on the street corner and buy/sell those for US Dollars. At some point, you will be required to open an account with a broker and trade your Euro/Ruble/whatever for dollars in a semi-regulated currency market. The equivalent of this are the exchanges (Mt Gox, etc) and they are all being brought under FINRA as we speak
It just kinds of depends how many bitcoins we are talking about. If we're talking $1mil USD or less, no one will care. North of that and it gets much much harder.
Hey,
Thanks for the great info. I'm trading off like $6000. I'm not exactly sure how LE would see $6k of bitcoin. Any input?
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Just use common sense. Don't talk to anyone, don't use your real name when meeting. Go walking, then take a bus to your car, or whatever means of transport you used to get there, dpn't let the person see where you're from or how you got there. Put on a hat and turn your jacket inside out when meeting, then change when you're in the process of leaving.
Don't ever discuss ANYTHING online about using localbitcoins, even here. I mean, don't discuss it so as to be able to be even partially identified.
Think!
goblin