[Sebastian]

I am looking to buy some bitcoin for cash at a discounted rate.

I already bought some and gave the person 90% of the market rate in cash.

Some people wanted to sell at market rate or over market rate for cash. I thought that was funny.
I think someone with dirty money wouldn't mind this but I am just an individual who wants to buy it cheaper. If I were to pay market rate, I will just buy at the exchange after waiting for the right time. It could be few hours or few days.

Anyways, I ran into some articles about people getting arrested for selling bitcoins on localbitcoins. Undercover agent approached them, made few transactions and arrested them in the end.

That was the Seller. But I still got scared after reading that.

This person contacted me to sell his bitcoins. He told me right off the bat, 'hey I have 30 bitcoins. I want to sell it for cash so I don't have to pay taxes blah blah' I thought that was weird that he mentioned about avoiding taxes to a stranger right away.
I am going to meet this guy to buy just couple K worth.

Is there anything I should be careful of? (other than getting robbed)

[SamuelBRoberts]

Eff off.

This forum's not gonna tell you how to help people dodge their taxes.

Christ.

[Sebastian]

That was not my question.

What's wrong with buying bitcoin with cash? Is that ok I buy gold with cash? how about baseball card?

(01-19-2018 11:40 PM)SamuelBRoberts Wrote:  

Eff off.

This forum's not gonna tell you how to help people dodge their taxes.

Christ.

[SamuelBRoberts]

You just said it was to help a dude dodge taxes. He's told you that he's doing it to dodge taxes and you're helping him. We have a "no posting about illegal things" rule here. So fuck off.

God, how stupid do you have to be to go to a forum that we all know for a fact the federal government is reading and say, "So I want to help this guy commit tax fraud, guys! Do you have any good tips?"

Do you have to sleep with a helmet on when you're that dumb?

[GlobalMan]

It is kind of useless to say someone was "arrested for selling Bitcoins" and not elaborate.

The only reason people have been arrested selling Bitcoin, beyond any connected criminal acts, is because they doing a very high volume of selling and doing it as a business. You need to be a registered money transmission business if you are going to conduct a high volume of business in that area.

It is similar to selling guns for example. There is no issue with buying guns here and there and selling them over time to private parties, no background check no info exchanged (subject to state law), that is completely legal. But if it is determined that you are doing it regularly and as a business for profit then you will end up being charged with operating as a gun dealer without being a Federal Frearms Licensee.

There is no issue with buying or selling Bitcoin in cash. Just don't make an illegal money transmission business out of it, and don't do it explicitly to avoid taxes or something stupid like that.

[Clint Barton]

Buy the bitcoins with cash using localbitcoins. Start with smaller amounts to build your rep. Use common sense. Stay safe. Don't go for big deals until you've successfully handled lots of smaller ones. Decide if you are gonna use a coin mixer or not. Sell on localbitcoins. Repeat.

It's up to you if you want to pay your taxes or not.

[Sebastian]

What the fuck your problem? Like I said, I just wanted to buy some bitcoins and he randomly said it. It's up to him to report his gains or not. That is out of my control.

If I buy some shits on CL and the seller does something illegal with that money, is it my fault too?

Sounds like you are having a bad day. good luck

(01-19-2018 11:48 PM)SamuelBRoberts Wrote:  

You just said it was to help a dude dodge taxes. He's told you that he's doing it to dodge taxes and you're helping him. We have a "no posting about illegal things" rule here. So fuck off.

God, how stupid do you have to be to go to a forum that we all know for a fact the federal government is reading and say, "So I want to help this guy commit tax fraud, guys! Do you have any good tips?"

Do you have to sleep with a helmet on when you're that dumb?

[Sebastian]

https://www.coindesk.com/michigan-man-ch...-exchange/

You can easily find more by googling.

He did $150k. That is not a lot of bitcoins I believe. If he was making 10%, it's not worth risking for $15k.

Like I said, I am not trying to open up local bitcoin market. I just want to buy some bitcoins as an individual.

(01-20-2018 12:09 AM)GlobalMan Wrote:  

It is kind of useless to say someone was "arrested for selling Bitcoins" and not elaborate.

The only reason people have been arrested selling Bitcoin, beyond any connected criminal acts, is because they doing a very high volume of selling and doing it as a business. You need to be a registered money transmission business if you are going to conduct a high volume of business in that area.

It is similar to selling guns for example. There is no issue with buying guns here and there and selling them over time to private parties, no background check no info exchanged (subject to state law), that is completely legal. But if it is determined that you are doing it regularly and as a business for profit then you will end up being charged with operating as a gun dealer without being a Federal Frearms Licensee.

There is no issue with buying or selling Bitcoin in cash. Just don't make an illegal money transmission business out of it, and don't do it explicitly to avoid taxes or something stupid like that.

[GlobalMan]

(01-20-2018 12:42 AM)Sebastian Wrote:  

https://www.coindesk.com/michigan-man-ch...-exchange/

You can easily find more by googling.

Yes and it is exactly as I said, did you read it, and read what I said?

He was operating it as a business venture. It is not solely about a dollar amount. If you are operating a business that is transferring money, and doing so over a certain amount, you have to be a licensed money transmission business. You cannot run an unlicensed exchange. You can however sell your Bitcoins, that is no problem at all, you just can't operate a business exchanging money without being registered.

You said you were buying Bitcoin anyway, so none of that is relevant to you.

[Vincent Chase]

Good luck doing business with criminals/scammers. You will need it.

[yaku]

The guys I know from Localbitcoins aren't on there to dump their dirty money, they are basically the middlemen in the transaction. They'll buy for a few points below market, and sell for a few points higher. Now the money launderers might use those guys to wash their money, but they sure aren't going to do it themselves.

Imagine you are a illegal bookie. Would you put another target on your back if you want to move your cash into bitcoin? Not likely.

Quote:

He told me right off the bat, 'hey I have 30 bitcoins. I want to sell it for cash so I don't have to pay taxes blah blah'

This is a big red flag and one you should avoid. Who the hell would tell you their business right off the bat?

[Malone]

(01-20-2018 07:46 PM)yaku Wrote:  

This is a big red flag and one you should avoid. Who the hell would tell you their business right off the bat?

Come on, he's just a very friendly neighborhood policeman.

[[email protected]]

(01-19-2018 11:26 PM)Sebastian Wrote:  

I am looking to buy some bitcoin for cash at a discounted rate.

I already bought some and gave the person 90% of the market rate in cash.

Some people wanted to sell at market rate or over market rate for cash. I thought that was funny.
I think someone with dirty money wouldn't mind this but I am just an individual who wants to buy it cheaper. If I were to pay market rate, I will just buy at the exchange after waiting for the right time. It could be few hours or few days.

Anyways, I ran into some articles about people getting arrested for selling bitcoins on localbitcoins. Undercover agent approached them, made few transactions and arrested them in the end.

That was the Seller. But I still got scared after reading that.

This person contacted me to sell his bitcoins. He told me right off the bat, 'hey I have 30 bitcoins. I want to sell it for cash so I don't have to pay taxes blah blah' I thought that was weird that he mentioned about avoiding taxes to a stranger right away.
I am going to meet this guy to buy just couple K worth.

Is there anything I should be careful of? (other than getting robbed)

If anyone mentions anything illegal in the transaction process, it is almost certain you are dealing with a federal sting operation. I'd certainly remain silent and pass on them.

I've read an article about about this Canadian guy that went to the US to sell some bitcoins. He got arrested in a sting where they mentioned to him they were using cash obtained in illegal ways to buy bitcoins from him. The second he used his laptop to send them BTC, they arrested him.

[sync]

USA IS THE WORST COUNTRY OF THE WHOLE WORLD with policeofficers as fakebitcoinbuyer / fakedrugseller, fakeprostitutes.

Would never live in this shit country.

And the people who live there are so brainwashed and think that its the best counrty in the world with freedom HAHAHHAHAHA

[DVY]

local bitcoins is always selling at higher rates than spot and buying at lower rates than spot.

Most guys trying to scalp 2-5% each way.

Sounds like a setup or scam.