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subwoofer12
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October 15, 2014, 04:22:24 AM
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October 15, 2014, 04:24:45 AM
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At the very least it would be considered money laundering. I would stay far away from places like that...
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October 15, 2014, 07:17:02 AM
#3

I would report the income to the IRS as taxable. I'm not trying to hide anything, I just want to exchange my bitcoins for cash.

I bet you'd find good opportunities to do that in localbitcoins as well. Why do you need to go to SR?

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October 16, 2014, 01:26:46 PM
#4

I bet you'd find good opportunities to do that in localbitcoins as well. Why do you need to go to SR?

It doesn't matter to me what website, I'm just trying to exchange a large quantity (so far I've only found buy offers for small amounts on localbitcoins)

If you are following all the local laws regarding taxes and money laundering, then the exchange is not illegal.
The other concern you may consider, is that if you know that the folks with whom you are dealing are committing crimes, you could be charged with criminal conspiracy.  The more likely charge would be one of money laundering.  The particulars matter, and are different in different states.

This can happen no matter which website you are using.  Famously it happened with LocalBitcoins.com in Florida early this year.  Cases are still pending as of this writing.
http://www.coindesk.com/bitcoin-foundation-urges-court-dismiss-charge-florida-localbitcoins-case/

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October 17, 2014, 10:14:04 AM
#5

I would report the income to the IRS as taxable. I'm not trying to hide anything, I just want to exchange my bitcoins for cash.

I bet you'd find good opportunities to do that in localbitcoins as well. Why do you need to go to SR?

Exactly. You could also easily make the transaction on the marketplace here - just make a thread on the Currency Exchange sub. Use an escrow if you're worried. I'd rather do that than go through Silk Road or some other tor market.

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October 17, 2014, 10:25:05 AM
#6

Try contacting DannyHamilton he is very trusted in dealings like this.

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October 17, 2014, 10:30:55 AM
#7


Wait for openbazaar now imo, i know openbazaar devs may not want to be associated directly with what might be traded in the future on this platform but if it works you have absolutely no central authority to deal with and will likely have a higher chance of receiving a decent item.
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October 17, 2014, 10:35:47 AM
#8

How much are you planning to sell? People could wire transfer it to you (if you have a bank account) or do any of the other usual stuff (western union, etc.)

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NewLiberty
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October 17, 2014, 01:05:51 PM
#9

I want to buy USD on the Silk Road with BTC, genuine bills not counterfeit. Would this be illegal in the USA?

Obviously the Silk Road has a bad reputation and 95% of the website is illegal things for sale. I do not see how any laws would be broken by simply exchanging Bitcoin for American dollars, regardless of the website the exchange is conducted on.

For what its worth, buying counterfeit bills is also not illegal.
Doing so with the intent to pass them into circulation is.
Collectors buy counterfeits all the time, there's nothing illegal about that.

PRO TIP:  Don't even put them in the same pocket or container as legit money.  Keep them packaged and separate.  This is to avoid even the appearance of any impropriety.

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October 18, 2014, 07:01:13 PM
#10

I bet you'd find good opportunities to do that in localbitcoins as well. Why do you need to go to SR?

It doesn't matter to me what website, I'm just trying to exchange a large quantity (so far I've only found buy offers for small amounts on localbitcoins)
Your chances of getting scammed are much greater if you use SR verses LBC. I don't personally see anything wrong or illegal with selling bitcoin on SR in exchange for cash, although I would say that you would have a greater chance of getting caught not complying with AML laws as law enforcement is much more likely going to want to look at SR for these types of trades.

If you have a lot of bitcoin that you want to sell then your best bet is probably to use an exchange and have the exchange send the money to your bank account.

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October 19, 2014, 01:44:20 AM
#11


Wait for openbazaar now imo, i know openbazaar devs may not want to be associated directly with what might be traded in the future on this platform but if it works you have absolutely no central authority to deal with and will likely have a higher chance of receiving a decent item.
I think this would probably have even more scams then SR does. IMO it is very easy to fake trade volume on SR (at least it appears that way based on what I have read on their forums) so it is very difficult to know who you can trust.

There are several very trusted members on this forum that can buy your bitcoin from you. Trust on here can be faked, but it is much easier to tell when fake trust is given. There are also a few select members who unquestionably are not faking trust (to a certain extent)
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October 19, 2014, 01:51:32 AM
#12

I want to buy USD on the Silk Road with BTC, genuine bills not counterfeit. Would this be illegal in the USA?

Obviously the Silk Road has a bad reputation and 95% of the website is illegal things for sale. I do not see how any laws would be broken by simply exchanging Bitcoin for American dollars, regardless of the website the exchange is conducted on.
So you want to use Silk Road as a BTC exchange? I can't even begin to comprehend why you would do that. If you really have a huge stash of Bitcoin you want converted to USD, go through an OTC exchange instead so you don't move the markets on a Bitcoin exchange.
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October 19, 2014, 03:29:25 AM
#13

I want to buy USD on the Silk Road with BTC, genuine bills not counterfeit. Would this be illegal in the USA?

Obviously the Silk Road has a bad reputation and 95% of the website is illegal things for sale. I do not see how any laws would be broken by simply exchanging Bitcoin for American dollars, regardless of the website the exchange is conducted on.
So you want to use Silk Road as a BTC exchange? I can't even begin to comprehend why you would do that. If you really have a huge stash of Bitcoin you want converted to USD, go through an OTC exchange instead so you don't move the markets on a Bitcoin exchange.
Any time you buy or sell bitcoin you will affect the market in one way or another. If you trade in large enough amounts you will also experience some slippage regardless of where you trade. Say for example you sell 100 BTC in the OTC market, the buyer of that BTC now has 100 BTC they otherwise would not have, so they now will either no buy 100 BTC they otherwise would have purchased on an exchange or would sell 100 BTC on an exchange they otherwise would not have sold
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October 19, 2014, 03:39:00 AM
#14

I want to buy USD on the Silk Road with BTC, genuine bills not counterfeit. Would this be illegal in the USA?

Obviously the Silk Road has a bad reputation and 95% of the website is illegal things for sale. I do not see how any laws would be broken by simply exchanging Bitcoin for American dollars, regardless of the website the exchange is conducted on.
So you want to use Silk Road as a BTC exchange? I can't even begin to comprehend why you would do that. If you really have a huge stash of Bitcoin you want converted to USD, go through an OTC exchange instead so you don't move the markets on a Bitcoin exchange.
Any time you buy or sell bitcoin you will affect the market in one way or another. If you trade in large enough amounts you will also experience some slippage regardless of where you trade. Say for example you sell 100 BTC in the OTC market, the buyer of that BTC now has 100 BTC they otherwise would not have, so they now will either no buy 100 BTC they otherwise would have purchased on an exchange or would sell 100 BTC on an exchange they otherwise would not have sold
Your assumption that an OTC market participant would buy from an exchange in the absence of an OTC trade is invalid.
Also, the point is, an OTC exchange is far better than going through SR. 100 BTC is a small enough amount to sell on an exchange/Coinbase/Circle. If he wants to unload more like few thousands of Bitcoin, an OTC market might make sense.
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October 19, 2014, 01:51:21 PM
#15

The other concern you may consider, is that if you know that the folks with whom you are dealing are committing crimes, you could be charged with criminal conspiracy.

That's bullshit in my opinion. If the government wants to get you they can find an excuse, someway, somehow. I'm sure all bitcoins are in some way are linked to illegal activities. Even almost every bill in the USA has cocaine on it: http://www.cnn.com/2009/HEALTH/08/14/cocaine.traces.money/

Bullshit perhaps, however it is the law in most places, which is the question that you had asked.

In the example case in Florida, the Undercover Sting Operator mad a point of telling the bitcoin seller that he would be using the bitcoin for buying credit card accounts in order to commit fraud.  This is an element of the case.

https://coinreport.net/florida-bitcoin-money-laundering-case/
Quote
The police learned about them by wandering around bitcoin exchange website known as LocalBitcoins. They pretended to be credit card thieves trying to launder their illegal profits.

So if you are going to use SR, and law enforcement are subsequently able to prove that you knowingly picked a seller that is doing what is a crime in your jurisdiction, you could be charged.

What you know, and when you know it does matter to the law, as does your intent.

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October 19, 2014, 08:57:54 PM
#16

Your assumption that an OTC market participant would buy from an exchange in the absence of an OTC trade is invalid.
Also, the point is, an OTC exchange is far better than going through SR. 100 BTC is a small enough amount to sell on an exchange/Coinbase/Circle. If he wants to unload more like few thousands of Bitcoin, an OTC market might make sense.
Why would a market participant not buy on an exchange if they are not able to buy on the OTC market? The OTC market essentially gives a buyer/seller a fixed amount of slippage and thus has advantages over an exchange for large amounts, but I see no reason that someone would only buy bitcoin if they can buy on the OTC market.

I do agree that the OTC market is much superior to SR as there are many less scams on the OTC market then SR
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October 21, 2014, 04:10:25 PM
#17

Silk Road is that drugs website ?? I dought it's legal  Huh beside , I'am pretty sure I read somewhere that it got seized by the FBI or something

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October 25, 2014, 12:08:43 PM
#18

Breaking News: Silk Road shut down, FBI illegally seizes millions in bitcoins, suspected DPR arrested!

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October 25, 2014, 05:05:22 PM
#19

Breaking News: Silk Road shut down, FBI illegally seizes millions in bitcoins, suspected DPR arrested!
Post pics or it didn't happen, lol.

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October 25, 2014, 05:11:31 PM
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Breaking News: Silk Road shut down, FBI illegally seizes millions in bitcoins, suspected DPR arrested!
Post pics or it didn't happen, lol.
This happened over a year ago? He has been in jail for as long, and it has been widely reported by multiple MSM (and non-MSM) sources.

The OP is technically talking about SR2
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