OT - Bitcoin

[Vidocq]

So with the ruin of many epayment systems over the years (evocash, e-gold, etc), I'd really like to see sources migrate to Bitcoin and other crypto currencies (especially BitcoinDark). Western union is just not safe for domestic transactions, nor is greendot on the source's end. But Bitcoin and BTCD have the potential to be VERY anonymous (especially BTCD).

That being said, I would LOVE anyone who knows and understands crypto currencies to write up a simple tutorial on how to make a Bitcoin wallet, buy bitcoins, and transfer them...along with tips on how to stay anonymous doing so.

On a buyer's end, we don't have a ton to worry about. But if we have a domestic source we like, we should want them to be as safe as possible and be around as long as possible. And crypto currencies are A LOT safer than WU and its kin.

 

[gomad75]

Crypto currencies are so fascinating to me. I hope it gains popularity not just for gear.

 

[Vidocq]

Crypto currencies are so fascinating to me. I hope it gains popularity not just for gear.

I COMPLETELY AGREE. Decentralized monetary system? I'm all in for it. I simply haven't had the time to really put effort into researching and playing the btc market. That's why Im really hoping someone with a fair amount of knowledge will give us all a play by play on how to get our feet wet safely. I'll be glad to hit the ground running from there.

 

[Felicity]

my bitcoin wallet is fat... still hoping a major company picks them up and starts accepting. Fingers Crossed.

 

[blitz3203]

This is going to be a very interesting topic, if we can get anyone to comment that truly understands the concepts behind Bitcoin and other Cryptocurrencies. I agree that they are much safer and to a source they could provide a safer transfer and no money trail, that is one of the biggest worries is the illegal activity that could unfold from Bitcoins catching on. I am not a bitcoin expert, but I have looked into investing in them and I ended up backing out. The concept was way to much for me to grasp and the volatility was risky, although some made a lot of money taking the risk!

Bitcoin is a very hard concept to grasp for a normal consumer as of now, in the future it may become easier, but I am sure anyone that has looked into them has had a rough time trying to understand the concept. Bitcoin is also very unsecure, there is very little insurance on your coins, so that leaves an open space for hackers and shady dealers. You can not reverse a transaction once it has been conducted, so anyone could claim they are selling you that super juicy gear and then you send them the coins and then POOF! They are gone with all of your virtual currency! This also leaves room for hackers, they are becoming more and more common as technology advances! Everyone saw the hacked iphone photos of Jennifer Lawrence right?? I honestly wasn't impressed, but anyways you could also argue how safe that money is in your wallet with all of the theives/crooks running around.

Bitcoins are also very volatile right now, they have been going down in value over the past year, but they are making a slight rebound right now! At the beginning of the year they were around $1000 and now they are around $400 from a quick google, so it seems they have found a good leveling area considering where they started and where they bottomed out after the rush. This leads into another point we could look at, would it be worth it to the source to take bitcoins due to volatility? There is no central authority over the value of a Bitcoin, so lets say I buy for $400 and the market drops on what they are worth to $300 and the source is left holding the bag. It's very common considering in late 2013 The prices for bitcoins were well over $1000, so would that risk be worth it to the source? The source would also have to sell the bitcoins to recieve the funds, because what is he honestly going to do with them as of now? I'm not saying it couldn't happen, I am just saying that as of now it is just not practical.

Making the coins is a whole different kind of beast.

I believe that something like this may exist in the future, but as of now it is just not practical. It may be to bigger companies like Amazon and other .com buying sites, but to some company/group making good gear is may not be the way to go.

Who knows though! A very interesting topic, hopefully someone with more knowledge will chime in and give us the DL!

 

[Felicity]

This is going to be a very interesting topic, if we can get anyone to comment that truly understands the concepts behind Bitcoin and other Cryptocurrencies. I agree that they are much safer and to a source they could provide a safer transfer and no money trail, that is one of the biggest worries is the illegal activity that could unfold from Bitcoins catching on. I am not a bitcoin expert, but I have looked into investing in them and I ended up backing out. The concept was way to much for me to grasp and the volatility was risky, although some made a lot of money taking the risk!

Bitcoin is a very hard concept to grasp for a normal consumer as of now, in the future it may become easier, but I am sure anyone that has looked into them has had a rough time trying to understand the concept. Bitcoin is also very unsecure, there is very little insurance on your coins, so that leaves an open space for hackers and shady dealers. You can not reverse a transaction once it has been conducted, so anyone could claim they are selling you that super juicy gear and then you send them the coins and then POOF! They are gone with all of your virtual currency! This also leaves room for hackers, they are becoming more and more common as technology advances! Everyone saw the hacked iphone photos of Jennifer Lawrence right?? I honestly wasn't impressed, but anyways you could also argue how safe that money is in your wallet with all of the theives/crooks running around.

Bitcoins are also very volatile right now, they have been going down in value over the past year, but they are making a slight rebound right now! At the beginning of the year they were around $1000 and now they are around $400 from a quick google, so it seems they have found a good leveling area considering where they started and where they bottomed out after the rush. This leads into another point we could look at, would it be worth it to the source to take bitcoins due to volatility? There is no central authority over the value of a Bitcoin, so lets say I buy for $400 and the market drops on what they are worth to $300 and the source is left holding the bag. It's very common considering in late 2013 The prices for bitcoins were well over $1000, so would that risk be worth it to the source? The source would also have to sell the bitcoins to recieve the funds, because what is he honestly going to do with them as of now? I'm not saying it couldn't happen, I am just saying that as of now it is just not practical.

Making the coins is a whole different kind of beast.

I believe that something like this may exist in the future, but as of now it is just not practical. It may be to bigger companies like Amazon and other .com buying sites, but to some company/group making good gear is may not be the way to go.

Who knows though! A very interesting topic, hopefully someone with more knowledge will chime in and give us the DL!

all very good information and VERY true.. Its sad customers haven't adapted to this payment method as they think its too complicated

 

[Mateo123]

I bought $1000 worth of bitcoin back in January of last year. I also bought what is called "Litcoin" . Same concept. Another cryptocurrencie but one that you can still get in the ground floor. i am still left wanting as far as my investments go. I would not even waste time when it comes to gear and cryptocurrencies. Just buy your gear and move on.

 

[Vidocq]

That's a solid synopsis Blitz. Crypto currencies ARE very volatile. But many sources call themselves "we" implying they have employees. If that's the case, a larger operation could easily allocate someone specifically to handle financial transactions so the moment btc comes into the source wallet, it is immediately washed and sold for fiat. Also, with the little I've read, you can buy bitcoins with a credit card...there's even a website that will link you to an actual person that you can meet with (in person) and give them cash for loading your btc wallet! Yes it costs a 3-5% fee for the in person option, but think about it. That's essentially meeting with someone, handing them cash, then a week later you get your pack in the mail. That's as close to gym sales as you can get, AND the former part is a completely legal transaction!

On a sidenote, I'm REALLY interested in BitcoinDark, their supernet and teleporting system could very we'll be the future of any/all anonymous transfers. I'd kill to figure out BTCD.

 

[Vidocq]

I bought $1000 worth of bitcoin back in January of last year. I also bought what is called "Litcoin" . Same concept. Another crytocurrencie but one that you can still get in the ground floor. i am still left wanting as far as my investments go. I would not even waste time when it comes to gear and crytpcurrencies. Just buy your gear and move on.

From a buyer who doesn't care about his legal future and doesn't care about the future of his favorite source, that's a fair reply. But many people do have their go to source they'd like to keep around. And let's face it, a source can only pick up so many thousands of wu's or lose so much money on greendot cards due to suspicious activity before they get popped.

Btc is a great topic for many reasons, not the least of which is the illegal drug transactions that occur on a daily basis

 

[Felicity]

That's a solid synopsis Blitz. Crypto currencies ARE very volatile. But many sources call themselves "we" implying they have employees. If that's the case, a larger operation could easily allocate someone specifically to handle financial transactions so the moment btc comes into the source wallet, it is immediately washed and sold for fiat. Also, with the little I've read, you can buy bitcoins with a credit card...there's even a website that will link you to an actual person that you can meet with (in person) and give them cash for loading your btc wallet! Yes it costs a 3-5% fee for the in person option, but think about it. That's essentially meeting with someone, handing them cash, then a week later you get your pack in the mail. That's as close to gym sales as you can get, AND the former part is a completely legal transaction!

On a sidenote, I'm REALLY interested in BitcoinDark, their supernet and teleporting system could very we'll be the future of any/all anonymous transfers. I'd kill to figure out BTCD.

All is correct. There are also some anonymous ways to "cash out." only issue a source has is, the cashing out process is not as easy as one would think and they're left with invoices for materials and supplies to continue their biz.

 

[Mateo123]

From a buyer who doesn't care about his legal future and doesn't care about the future of his favorite source, that's a fair reply. But many people do have their go to source they'd like to keep around. And let's face it, a source can only pick up so many thousands of wu's or lose so much money on greendot cards due to suspicious activity before they get popped.

Btc is a great topic for many reasons, not the least of which is the illegal drug transactions that occur on a daily basis

I agree. I think the whole concept of Bitcoin is fucking awesome. Two things you said thou. 1....Please. I have NEVER been afraid of buying gear. I mean REALLY. Small fish like me are not the ones that need to worry. DO you really think they give a shit about small fries like us? 2.....Seriously!! MY SUPPLIER!!! Hey..if my supplier is not savy enough to take care of business than Bitcoin sure as hell will not save him. Bitcoin is an EXCELLENT CONCEPT however, I think you are trying to combine two VASTLY different topics.

 

[Vidocq]

I agree. I think the whole concept of Bitcoin is fucking awesome. Two things you said thou. 1....Please. I have NEVER been afraid of buying gear. I mean REALLY. Small fish like me are not the ones that need to worry. DO you really think they give a shit about small fries like us? 2.....Seriously!! MY SUPPLIER!!! Hey..if my supplier is not savy enough to take care of business than Bitcoin sure as hell will not save him. Bitcoin is an EXCELLENT CONCEPT however, I think you are trying to combine two VASTLY different topics.

lol I agree, no fed agency is gonna chase you down for a couple orders. But a source can be incredibly careful in how they pick up WU, or use greendot cards, etc, but there's still a money and paper trail. Bitcoin could potentially eliminate a paper trail (or cut it midway through) for a savvy source educated in crypto currency. Perhaps I'm being more of a source proponent at this point, but I do believe it's important for us as buyers to take care of our good solid sources, just as they take time in their packaging and creation of our anabolics.

In this regard, I believe crypto currencies and grey/black market transactions go hand in hand. I'm surprised you don't see that connection since the entire world and world governments do :/

 

[blitz3203]

That's a solid synopsis Blitz. Crypto currencies ARE very volatile. But many sources call themselves "we" implying they have employees. If that's the case, a larger operation could easily allocate someone specifically to handle financial transactions so the moment btc comes into the source wallet, it is immediately washed and sold for fiat.

You are completely correct in the aspect of the companies being able to designate one employee to convert the currency, BUT in order to sell the currency for cash there are three ways. 1: Direct Trades 2: Exchange trades 3: P2P (Peer 2 Peer, which a company would never do.) In order to do any of these you need to register and confirm your identity with the companies and exhanges. So the "anonymity" sort of goes out the window as the trade can be traced back to one person. The companies would have to convert the coins back into money, unless they are planning on spending it on goods, the companies also have bills to pay and other various resources that need purchased. As of what I know now, there is no completely anonymous way to "cash out," but I always stand to be corrected

Also check this out! http://www.foxbusiness.com/technology/2014/10/10/bitcoin-accounting-101/

They will never let this currency surface without being touched, now you have to pay taxes on the BTC because it is considered "Property," slowly the anonymity is being taken out of the currency.

 

[Vidocq]

All is correct. There are also some anonymous ways to "cash out." only issue a source has is, the cashing out process is not as easy as one would think and they're left with invoices for materials and supplies to continue their biz.

I'm not gonna throw out any info, but BTCD does seem like they will have an incredible way of swapping out BTCD for fiat. If it can be boiled down to a "complete steps A, B, and C and you will have fiat cash in your hands," this will blow early online attempts like evocash and egold out of the water. The source will now be completely safe on the financial transaction side of the business, and that's half the battle

 

[Vidocq]

You are completely correct in the aspect of the companies being able to designate one employee to convert the currency, BUT in order to sell the currency for cash there are three ways. 1: Direct Trades 2: Exchange trades 3: P2P (Peer 2 Peer, which a company would never do.) In order to do any of these you need to register and confirm your identity with the companies and exhanges. So the "anonymity" sort of goes out the window as the trade can be traced back to one person. The companies would have to convert the coins back into money, unless they are planning on spending it on goods, the companies also have bills to pay and other various resources that need purchased. As of what I know now, there is no completely anonymous way to "cash out," but I always stand to be corrected

Also check this out! http://www.foxbusiness.com/technology/2014/10/10/bitcoin-accounting-101/

They will never let this currency surface without being touched, now you have to pay taxes on the BTC because it is considered "Property," slowly the anonymity is being taken out of the currency.

See, this is the info I'm talking about. I had no clue how much personal info needs to be registered to have an ewallet or cash it out.

However I would love to see how the IRS plans to audit Bitcoin accounts lol. I just can't see that as a feasible undertaking. All this is makin me even more interested in BitcoinDark. I get the feeling that will be the crypto currency to use for black market transactions in the near future.

 

[blitz3203]

See, this is the info in talking about. I had no clue how much personal info needs to be registered to have an ewallet or cash it out.

However I would love to see how the IRS plans to audit Bitcoin accounts lol. I just can't see that as a feasible undertaking. All this is makin me even more interested in BitcoinDark. I get the feeling that will be the crypto currency to use for black market transactions in the near future.

Buying the coins and using them can be very annonymous, but unfortunately selling the coins and converting them back is not what so ever, unless you can get a fake ID and some other crazy shit that I have no clue about.

Yea, they will though! So considering they will, it will require an identity to the coins and thus preventing any illegal transfers to the best of it's ability.

IMHO
I think that a decentralized monetary system like bitcoin is a scammers haven, perfect for anonymous gear dealers. Come buy "Blitz3203's super juicy gear" and then I get a couple naieve kids that drop 300-500$ on some fake gear and I only take bitcoins, so there is no insurance and I walk away with 10 orders before people catch on. $3,000 in my pocket and I walk away and create another fake website and there is nothing you can do about it.
Also BTC has a 21mil cap I believe and it is has around 12-13mil coins out to this day. Although it is said that it will take a 100 years to create the 21mil because every 4 years the creation rate is halved. I feel like it is something that if you think about it and research it too much you will lose interest, it is way to complex for the average person. Maybe one day it or another breed of Cryptocurrency will take hold.. One day..

 

[Vidocq]

I feel like it is something that if you think about it and research it too much you will lose interest, it is way to complex for the average person. Maybe one day it or another breed of Cryptocurrency will take hold.. One day..

Lmao I feel that way after 24 hours of researching it hahaha. That's why I was hoping someone with know how could come up with a simple tutorial. To a couple of your points though...

A decentralized monetary system will be a haven for all sorts of low lifes and bad people...of which many consider us steroid users. Scammers will scam with impunity irregardless of whether they use btc to do it, or Wu as they have before. Scammers exist, and take advantage of any payment system to steal money. It is only by due diligence of board members on boards like this that scamming is held to a minimum. I don't see how accepting btc as payment will make it easier to scam.

As to anonymity, if you can make an ewallet without giving all sorts of personal info, I can see anonymous ways to cash out...I think lol. You could use something like Helix to wash the money to another account, then cash out legally from that account with the washed/swapped out btc. Also, BTCD is making interesting moves with their teleporting, saying that essentially payments made in BTCD would be verified by blockchain, but NOT show up on the ledger. To top it off, they are working with an undisclosed bank in Europe and plan on releasing a BTCD debit card, which can be purchased without a name or any identifiable info. You could wash money into a clean account, then transfer it to BTCD, then to the credit card to use at ATMs or wherever to get fiat cash...

 

[Felicity]

Although everything sounds easy, its a different story when the day comes and you have $100,000 in your bitcoin wallet and need to access for spending capital without having it linked to you. Easier said than done. All of those debt cards have daily limits and if you spend irregularly with a new bank account it will be frozen instantly. Most have monthly limits for that matter.

 

[Vidocq]

Although everything sounds easy, its a different story when the day comes and you have $100,000 in your bitcoin wallet and need to access for spending capital without having it linked to you. Easier said than done. All of those debt cards have daily limits and if you spend irregularly with a new bank account it will be frozen instantly. Most have monthly limits for that matter.

That would be something for the source to iron out. But if the source is dilligent about cashing out every 3-7 days, I cant see it being an issue. Also, the BTCD dark card DOES have a monthly $10,000 limit. BUT, they even say on there that because there's no name or BTCD account attached to the card, you can buy multiple cards and put cash on all of them. FYI the cards are set to be only $40 one time fee. So that's pretty affordable, AND you are completely anonymous, especially compared to greendot where a name and social has to be attached to a card.

And that's just if you use the card. If you use something like Helix to wash your money from your anonymous "steroid dealer" account safely into your clean "my real name" account, then you can withdraw by bank wire or any other method and not worry about a link between the money and you.

That's all based on the little I've read in just the last 24 hours. This is genuinely exciting, I just wish someone with a little more basic knowledge could give me the ground rules so to speak. Maybe I'll play around with a few hundred dollars and see how it goes.

 

[Felicity]

That would be something for the source to iron out. But if the source is dilligent about cashing out every 3-7 days, I cant see it being an issue. Also, the BTCD dark card DOES have a monthly $10,000 limit. BUT, they even say on there that because there's no name or BTCD account attached to the card, you can buy multiple cards and put cash on all of them. FYI the cards are set to be only $40 one time fee. So that's pretty affordable, AND you are completely anonymous, especially compared to greendot where a name and social has to be attached to a card.

And that's just if you use the card. If you use something like Helix to wash your money from your anonymous "steroid dealer" account safely into your clean "my real name" account, then you can withdraw by bank wire or any other method and not worry about a link between the money and you.

That's all based on the little I've read in just the last 24 hours. This is genuinely exciting, I just wish someone with a little more basic knowledge could give me the ground rules so to speak. Maybe I'll play around with a few hundred dollars and see how it goes.

The cards are definitely new and beyond when I was cashing out. However, there were still no-name prepaid cards that could be used much like the card you described.

Also, you can get into drafting fake invoices etc when talking about putting it into your real account. IRS doesn't give 2 shits how you make your money, as long as they get their cut lol.

 

[Vidocq]

IRS doesn't give 2 shits how you make your money, as long as they get their cut lol.

Amen to that :/

I still think a savvy crypto currency person could put together a solid, safe and anonymous payment chain. If a source can do that, provide simple funding directions to his clients...and make a good product lol...they'd be Tier 1. But maybe I'm just asking too much hahaha

 

[blitz3203]

Amen to that :/

I still think a savvy crypto currency person could put together a solid, safe and anonymous payment chain. If a source can do that, provide simple funding directions to his clients...and make a good product lol...they'd be Tier 1. But maybe I'm just asking too much hahaha

I don't think you are asking too much brother, I just think that you are asking too soon.

 

[Felicity]

Amen to that :/

I still think a savvy crypto currency person could put together a solid, safe and anonymous payment chain. If a source can do that, provide simple funding directions to his clients...and make a good product lol...they'd be Tier 1. But maybe I'm just asking too much hahaha

you definitely are.. sadly. These people would need hands on babying to ever convert to BTC for payments

 

[jp4355]

When I 1st Heard about Bitcoin, I thought OK, this could be Great.
Then I read that Story in the Washington Post about "Mt Gox" getting Hacked for $400 Billion in Bitcoins.

Although it seems that the Money was Mismanaged, either way, it got me thinking, Not So Good............................. JP
P.S.
My Concern is that there's No Reciprocity, if your Bitcoins are either Mismanaged or Hacked.

 

[stretch512]

The only problem is like JP said a lot of hackers have got away with a lot if bit coins this last year also seeing the currency top out around a grand now only around $ 300 or so. Also it is just not accessible to the masses yet. I don't know a lot of people willing to drop $500 or more just to get one bit coin. I love the concept but also I feel more comfortable with sources I talk to on the forums than some person I don't know on an onion browser.

 

[gomad75]

The idea of this being a scammers haven is bothersome. The point of bitcoin is that there is a trust established between the two parties.

Also, in regards to Mt. Gox being hacked: It seems that the bitcoin popularity has exceeded it's technological evolution. Time will tell whether it a balance will be found.

 

[JackSteel]

The amount of bitcoins that have been stolen without a trace is too scary for me. There's basically no way to catch thieves as far as I've heard. But I'm afraid it could be a false front attempt at one world currency.


The VENOMpharma courses through my veins daily... Need a reference?

 

[Hutch]

My main concer with crypto currency's is im just not sure if they are backed by anything like gold or any major country

 

[domestichgh]

This is going to be a very interesting topic, if we can get anyone to comment that truly understands the concepts behind Bitcoin and other Cryptocurrencies. I agree that they are much safer and to a source they could provide a safer transfer and no money trail, that is one of the biggest worries is the illegal activity that could unfold from Bitcoins catching on. I am not a bitcoin expert, but I have looked into investing in them and I ended up backing out. The concept was way to much for me to grasp and the volatility was risky, although some made a lot of money taking the risk!

Bitcoin is a very hard concept to grasp for a normal consumer as of now, in the future it may become easier, but I am sure anyone that has looked into them has had a rough time trying to understand the concept. Bitcoin is also very unsecure, there is very little insurance on your coins, so that leaves an open space for hackers and shady dealers. You can not reverse a transaction once it has been conducted, so anyone could claim they are selling you that super juicy gear and then you send them the coins and then POOF! They are gone with all of your virtual currency! This also leaves room for hackers, they are becoming more and more common as technology advances! Everyone saw the hacked iphone photos of Jennifer Lawrence right?? I honestly wasn't impressed, but anyways you could also argue how safe that money is in your wallet with all of the theives/crooks running around.

Bitcoins are also very volatile right now, they have been going down in value over the past year, but they are making a slight rebound right now! At the beginning of the year they were around $1000 and now they are around $400 from a quick google, so it seems they have found a good leveling area considering where they started and where they bottomed out after the ****. This leads into another point we could look at, would it be worth it to the source to take bitcoins due to volatility? There is no central authority over the value of a Bitcoin, so lets say I buy for $400 and the market drops on what they are worth to $300 and the source is left holding the bag. It's very common considering in late 2013 The prices for bitcoins were well over $1000, so would that risk be worth it to the source? The source would also have to sell the bitcoins to recieve the funds, because what is he honestly going to do with them as of now? I'm not saying it couldn't happen, I am just saying that as of now it is just not practical.

Making the coins is a whole different kind of beast.

I believe that something like this may exist in the future, but as of now it is just not practical. It may be to bigger companies like Amazon and other .com buying sites, but to some company/group making good gear is may not be the way to go.

Who knows though! A very interesting topic, hopefully someone with more knowledge will chime in and give us the DL!

Everything is very well written and detailed

 

[domestichgh]

I am glad that some stores are switching to this type of payment

 

[powersteroids]

Soon we plan to work with Bitcoin!

With respect PowerSteroids.net

 

[domestichgh]

Soon we plan to work with Bitcoin!

With respect PowerSteroids.net

It will be a great innovation)

 

[VulcanLabs]

We offer bitcoin, even with a discount. It actually is a reliable and secure method that no one really uses. Good post OP