30 ms·

Folks on the SR and so forth are fully aware of this. There are people offering incredibly technical solutions to cashing out. And there are also some incredibl

by glomph 13y ago

Folks on the SR and so forth are fully aware of this. There are people offering incredibly technical solutions to cashing out. And there are also some incredibly simple ones. You can buy cash in the mail for bitcoins. You could sell bitcoins in person. You could use OTR or localbitcoins. Most of these have pretty small risk profiles. But if you are even more paranoid (which perhaps you should be) you can buy fake ID, fake documents, anonymous drop offs and so on. You could even buy an anonymous swiss bank account on SR last I checked. There are several people making money just selling consultancy for secure cashing out on the silk road. I think it is pretty interesting.

dobbsbob 13y ago
Bitcoin cashing out is simple. Use different addresses to receive, use coincontrol program, use a mixing service or just start a front company to launder. Could also change into litecoins and cash them out
- Luc 13y ago
  Like you said, simple!
- jerguismi 13y ago
  Translated to commonese: Bitcoin cashing out is simple. Use different zorblaxes to receive, use zirbasses program, use a yrblogging service or just buy a bank to launder. Could also change into urine and cash them out
  - derefr 13y ago
    I don't think these are supposed to be useful instructions prima facie; they're just a set of things you could look up and understand in ~30 minutes or so, and then use in 5. Sometimes the hardest part of solving a problem is just knowing that a solution exists and has a name you can google. Of course the names are all gibberish until you know what they mean; telling you "you can solve that math problem with eigenvectors" is gibberish, but it's exactly the missing link you need to go look up eigenvectors and see how they solve your problem. (For the case of "just start a front company to launder", though--I imagine that advice is directed toward people who are using Bitcoin for criminal activities anyway; fraudsters already have "start a front company" as a low-level primitive in their thinking, on the same level as "start an EC2 instance." You can ignore that one if you aren't in that "industry.")
    - dobbsbob 13y ago
      Not really,, fraudsters use stolen identities and fake/and or stolen bank accounts to move money around, they wouldn't touch bitcoin, no need to. The banking sytem is insecure enough for all their needs. Go on any Russian fraud forum (simply google 'carding forum') such as infraud (google it) and you won't see bitcoins anywhere. They are using stacks of stolen prepaid visas, and networks of fradulent accounts, no reason to use coins. Edit: I voted you down accidentally, fail smartphone is fail.
      - dublinben 13y ago
        The completely public ledger of all transactions until the end of time (by design!) also makes BTC rather unattractive for serious criminals. They are much happier with digital currencies (like Liberty Reserve) which are designed to enable money laundering through and through.
  - dobbsbob 13y ago
    Bitcoin wiki spells out exactly what to do: - avoid reusing addresses - keep inputs separated using separate wallets or coincontrol - use mixers This is coincontrol: https://bitcointalk.org/index.php?topic=144331.0 https://bitcointalk.org/index.php?topic=144331.0 Read the wiki: https://en.bitcoin.it/wiki/Anonymity https://en.bitcoin.it/wiki/Anonymity
ixacto 13y ago
The incredibly technical solutions suck if you live in the USA. If you have $10k and are stopped in a car, there is a high likelihood that the government thugs (police) will attempt to relieve you of the money, or you will have to prove where you earned it. Doubly so if you are a minority in the south. Otherwise you might be able to get a Swiss bank acct, set up an offshore investment trust in some tax haven like the caymans (invest everything for awhile), transfer the money to a third country and then to a US bank. Another way would be to open up a quickie-mart/nail salon/hotdog stand and over-report income - this is what criminals do. If you are an actual criminal with $billions then you could just talk to one of the big banks like Wells Fargo (which absorbed Wachovia) and ask them to launder it for you. So the government has already made criminals of anyone that decides to cash out large chunks of btc and bring the cash home.
- cobrausn 13y ago
  Doubly so if you are a minority in the south. Yeah, because police targeting of minorities restricted purely to the south. 'Stop and Frisk' was all on the up-and-up, and I'm absolutely positive that the LAPD would never unfairly target minorities. This stupid meme needs to die - this is a problem everywhere in this country, not just areas you don't live.
  - Noted 13y ago
    For one I don't think that's a meme, but I think he was more referencing specific instances that had been in the news somewhat recently of this happening in the south.
- chongli 13y ago
  If you have $10k and are stopped in a car, there is a high likelihood that the government thugs (police) will attempt to relieve you of the money, or you will have to prove where you earned it. Doubly so if you are a minority in the south. Just don't give them any probable cause (visible drugs/paraphernalia, alcohol, weapons) and don't consent to any searches. People who get bullied by the police are those who don't know their rights.

by glomph 13y ago

dobbsbob 13y ago

Bitcoin cashing out is simple. Use different addresses to receive, use coincontrol program, use a mixing service or just start a front company to launder. Could also change into litecoins and cash them out

Luc 13y ago
Like you said, simple!
jerguismi 13y ago
Translated to commonese: Bitcoin cashing out is simple. Use different zorblaxes to receive, use zirbasses program, use a yrblogging service or just buy a bank to launder. Could also change into urine and cash them out
- derefr 13y ago
  I don't think these are supposed to be useful instructions prima facie; they're just a set of things you could look up and understand in ~30 minutes or so, and then use in 5. Sometimes the hardest part of solving a problem is just knowing that a solution exists and has a name you can google. Of course the names are all gibberish until you know what they mean; telling you "you can solve that math problem with eigenvectors" is gibberish, but it's exactly the missing link you need to go look up eigenvectors and see how they solve your problem. (For the case of "just start a front company to launder", though--I imagine that advice is directed toward people who are using Bitcoin for criminal activities anyway; fraudsters already have "start a front company" as a low-level primitive in their thinking, on the same level as "start an EC2 instance." You can ignore that one if you aren't in that "industry.")
  - dobbsbob 13y ago
    Not really,, fraudsters use stolen identities and fake/and or stolen bank accounts to move money around, they wouldn't touch bitcoin, no need to. The banking sytem is insecure enough for all their needs. Go on any Russian fraud forum (simply google 'carding forum') such as infraud (google it) and you won't see bitcoins anywhere. They are using stacks of stolen prepaid visas, and networks of fradulent accounts, no reason to use coins. Edit: I voted you down accidentally, fail smartphone is fail.
    - dublinben 13y ago
      The completely public ledger of all transactions until the end of time (by design!) also makes BTC rather unattractive for serious criminals. They are much happier with digital currencies (like Liberty Reserve) which are designed to enable money laundering through and through.
- dobbsbob 13y ago
  Bitcoin wiki spells out exactly what to do: - avoid reusing addresses - keep inputs separated using separate wallets or coincontrol - use mixers This is coincontrol: https://bitcointalk.org/index.php?topic=144331.0 https://bitcointalk.org/index.php?topic=144331.0 Read the wiki: https://en.bitcoin.it/wiki/Anonymity https://en.bitcoin.it/wiki/Anonymity

ixacto 13y ago

The incredibly technical solutions suck if you live in the USA. If you have $10k and are stopped in a car, there is a high likelihood that the government thugs (police) will attempt to relieve you of the money, or you will have to prove where you earned it. Doubly so if you are a minority in the south. Otherwise you might be able to get a Swiss bank acct, set up an offshore investment trust in some tax haven like the caymans (invest everything for awhile), transfer the money to a third country and then to a US bank. Another way would be to open up a quickie-mart/nail salon/hotdog stand and over-report income - this is what criminals do. If you are an actual criminal with $billions then you could just talk to one of the big banks like Wells Fargo (which absorbed Wachovia) and ask them to launder it for you. So the government has already made criminals of anyone that decides to cash out large chunks of btc and bring the cash home.

cobrausn 13y ago
Doubly so if you are a minority in the south. Yeah, because police targeting of minorities restricted purely to the south. 'Stop and Frisk' was all on the up-and-up, and I'm absolutely positive that the LAPD would never unfairly target minorities. This stupid meme needs to die - this is a problem everywhere in this country, not just areas you don't live.
- Noted 13y ago
  For one I don't think that's a meme, but I think he was more referencing specific instances that had been in the news somewhat recently of this happening in the south.
chongli 13y ago
If you have $10k and are stopped in a car, there is a high likelihood that the government thugs (police) will attempt to relieve you of the money, or you will have to prove where you earned it. Doubly so if you are a minority in the south. Just don't give them any probable cause (visible drugs/paraphernalia, alcohol, weapons) and don't consent to any searches. People who get bullied by the police are those who don't know their rights.