Silk Road forums
Discussion => Security => Topic started by: eurobilly on April 27, 2012, 01:59 pm
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Hello friends,
After a couple of months and several transactions of various sizes with various vendors regarding various merchandise...I honestly can say I have "done my homework" with regard to this goofy little dance we are all faced with when it comes to funding our accounts. I have personally done this 3 different ways and I would really appreciate a candid assessment from the older folks out there. I am starting to believe the "get-bitcoin" route is the winner, in that for a small fee one achieves high anonymity, quick turnaround, and trustworthiness of a reputable firm. If I am way off in any area or have omitted something that I should be aware of, please speak up. And thanks in advance for your input:
--- $USD>WalMart>MoneyPak>SR Coin Vendors>BTC
This method can be super fast. Buy a card at WalMart, give the code to your SR coin vendor of choice, and the coins can often arrive in less than an hour. This method is generally very expensive, usually 10% + the anticipated goofiness with regard to what is determined as "market price" at the time your transaction is processed. Not to mention the risk of fraud is sizable. Even the most high scoring SR vendor could decide to take your code and never send coins, but unlikely if you choose an obvious leader. High anonymity.
--- $USD>Bank Branch Deposit>Get-Bitcoin.com>BTC
Also quite fast with coins generally landing within 24 hours, but not unheard of to have them in much less time, say less than 4 hours. 5% fee. High Anonymity.
--- $USD>Dwolla>MtGox>BTC
This method requires the user to open an account with Dwolla, an online payment service that must be connected to a traditional bank checking account. After Dwolla initially verifies your bank account by letting your first deposit clear (5 days or so), the funds in your Dwolla account can be used to buy BTC on the MtGox exchange (think buying stocks on your eTrade account). This method is cumbersome; it requires one to begin with a personal checking account which makes many of us uneasy, the amount of time Dwolla sits on your money before releasing (2-4 days after 1st time) is a pain in the ass too. But, the fees are next to nothing; you are getting a near exact currency exchange at real time rate with very little fees. Mild to no anonymity.
--- OTC Board
I spent about an hour trying to make sense of the OTC exchange and I think I my head still hurts. It basically is a "one-on-one" transaction system where users can build trust rankings in the exchange community. It appeared to require a pretty significant IT comfort level...perhaps beyond the level of what most of us needed to find TOR/SR. The interface looked very "code-like" and I could see myself instantly losing hundreds of bucks. Users often employ non-traditional exchanges, such as paypal, gift cards, prepaid credit cards, pizza coupons, human organs, wait...
Did I miss anything? Which of these do you think is the best method? What do you do differently?
-eb 8)