Silk Road forums
Discussion => Security => Topic started by: malacath on October 23, 2012, 07:20 pm
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There is a lot of talk about buying bitcoins anonymously, but I don't see why that is so important. Buying bitcoins is legal and you can tumble them easily.
I usually buy them on bitinstant with the major bank branch deposit payment method, make up a name for the tradecash form, and pay it at the bank. I have them sent to an instawallet, then from that instawallet i divide them into 3 more new instawallets, and from those three they go to my blockchain wallet and from blockchain i send them via the anonymous feature to my SR account.
If I gave my real name, how would they ever trace the coins back to me? Is it really that important to use fake info when buying coins if you launder them before putting into your SR account? You can get in trouble for using fake info, so is it worth the added risk?
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BUMP...because i am trying to figure this out myself :-\
Those who say in one breath its not safe to use X or Y to buy bitcoins, two weeks late say its perfectly fine to buy bit coins f2f :o
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I figure - sure, BTC is legal, and you won't get in any trouble for buying bitcoins.
But SHOULD you get into trouble for an online drug transaction, evidence of you buying bitcoins is only going to help build a case against you.
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Bitcoins aren't untraceable at all, as a matter of fact, you can trace every single coin to the point where it was mined (albeit its quite the effort).
So basically, the "point-of-entry" is a weak point. Then you have tumblers, but for all you know that might be a pimply nerd with a website moving 50 coins each week, hardly a "tumble". Further, your anonymity becomes reeeeally weak of you send 50 coins to a tumbler, and send out 50 coins a day later.
Point being, if the point-of-entry, the point where you purchase your coins, knows anything about you, then that information can be associated with your coins and traced.
It is scary how much misinformation is out there. Yes, tracing coins is hard, but it is far from impossible.
inb4 rants:
Yes every individual coin is traceable by its checksum, how do you think the network knows if it should "confirm" a coin transfer or not? People would just start cloning their coins.