posted Tue, 11/01/2016 - 04:31
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Made a transaction and my bitcoin service closed my acct. Should I be worried?
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Made a transaction and my bitcoin service closed my acct. Should I be worried?
I didn't notate what it was for?
Doesn't matter someone else may have, or the source used the same address for all orders and it is visible on their site. There are tons of possibilities; the point is you made it too easy by sending your coins from the exchange right to your source.
any links on how to properly do this would be greatly obliged
I may be making it sound more complicated than it is. Say you buy your coins on circle, you then send them to your wallet on blockchain.info, and then to another wallet of your choosing (say Electrum), and from that wallet to your source. So if circle gets snoopy the address that were used are fine/clear - they aren't going to follow the coins to three different addresses/wallets, but when it is from their wallet right to the source that's child's play and what they do.
Gotcha
That's why I buy pizza or send gas money
Unless you've spent over $2k in the lifetime of the account, it isn't going any further than that. If you have, then they are required to report it to federal authorities. I don't know what takes place or what thresholds exist from there.
Guys, you can't be sending your bitcoin to its illegal destination from your exchange. You have to take it out to another wallet at least once, preferably twice, before it goes to the receiver.
These companies have whole teams dedicated to identifying this shit. They are compliance teams. I'll give an example of how this would go down. For some reason people like to notate what illegal shit they are buying. "This is for the 10 vials of tren I bought off of blahblah.com order number 123". If they have the website address noted and confirm it is illegal goods, that bitcoin address is flagged. All transactions to it are reviewed and also deemed suspicious. The result is all accounts sending to that wallet are shut down.
So, accumulation of transaction amounts in the amount of 2,000, or 2,500, over the course of how long will raise a red flag?
So, how does digitally shredding all business information after 3 weeks make using BTC safer?
Thanks, PEZ.....
It is a suspicious transaction and 2k over the lifetime of the account that triggers the reporting. You can spend as much as you want and as long as their isn't a suspicious transaction, you're fine. You'll still have your 10k transaction reporting but outside of that you'll be fine. When I write suspicious transaction, it is close to beyond a reasonable doubt. As a buyer, you'll get reported and the account shutdown but in some instances, they will let you continue operating and observe your transactions. Buyers of specific goods are great at identifying sellers of those goods.
Expand on that digitally shredding of information. I'm not following. If you're talking about my comments on moving the bitcoins around, that is to keep the exchange off your transaction. They may follow your money to see where it goes, but by takin it through additional transactions it minimizes the chances of them following it all the way to the destination (sources wallet). I think I've even read the FBI is or has put together a bitcoin team. All bitcoins can be tracked but you can make it hard as hell.
It's on the src end. They digitally shred all info after a week, or two, in addition to using a mixer/tumbler...
Thanks, bro...I can see where different techniques can be used to help the transactions be worry free....
So if it is flagged as a suspicious transaction it likely due to something on the sellers end making it being reported as such.
All you need to do for our purposes is setup a blockchain.info wallet and download another wallet to use. I really like Electrum. You purchase your coins on the exchange, send them to your blockchain.info wallet, send the coins from blockchain to Electrum, and then Electrum to your source. You do this and the likelihood of your exchange privileges being stripped minimize greatly.
Thanks for info...researching additional wallets...
Yes, the seller's other buyers are usually to blame but also the source themselves. A source shouldn't be using the same address for their customers. You could do everything right and stil get caught up in it. Granted, legally speaking, you're going to be alright but you were reported all the same. With the few exchanges we have in the States, getting banned from one sucks royally.
I'm sure this is big red flag, once the btc start hitting....
Just when I thought life was going to get easier after finally figuring out how to open my first BC account. Now this. What next. lol
Lol...I hear ya...trying to figure out if digitally shredding the info makes BTC safer to use...
How do you digitally shred it?
I have a src that digitally shreds all info pertaining to business. Their site isn't in private mode, and with each transaction a new wallet address is created, which helps keep them looking legit. If the business is on its toes, no one gets hot...and I can see where going to blockchain, then electrum helps scramble the path...