Bitcoin Forum

So in my experience if something is too good to be true it tends to be the case.

Browsing the sell ads of local bitcoins and I come across this posting

https://localbitcoins.com/ad/154624/cash-out-your-bitcoins-paypal-mycash-just-say-go?

Dude is willing to pay 349 a coin or about a 20%+ premium to spot price in exchange for my paypal cash code. So obviously the first thing that pops into my mind is scam, but dude has 500+ transactions with 100% feedback. Can someone tell me what I'm missing here?

maybe nothing?

i dont trust it.
its fraudulent. First thing that stands out is "paypal-cash.com" says its "official" when its not,check the certificate. Its fraudulent,I really dont have to undergo a thorough investigation obviously its a scam. Something isn't right here is the guy buying or selling because he leads you to this fraudulent web page to load your "paypal" account obviously this website is where he would steal your money. Its a load of crap.

Rule n1 in the cryptoworld: If you were to ask "Is this a scam?" then my friend, it IS a scam. Stay away.

That user probably has boat loads of Paypal MyCash Cards from some type of "en-devour". (Probably stole a box of the Paypal MyCash Cards from a Drugstore/711, or bought them on a large discount) That user most likely is probably just trying to convert those cards to a decent store of value. I would most likely just stay away from that trade, Paypal and Bitcoin typically don't mix too well together, in the past transactions on Paypal have been reversed by users. In those cases the Majority of the Bitcoin in these transactions were not sent back after Paypal was reversed. In this case, I think the user physically gives you the MyCash Cards so it might actually be pretty safe as long as the codes cant be copied before the trade, who knows if he wrote down the cards serial numbers or something. (Not sure how Paypal MyCash works, just from a google search)

No he gives you  the code online and you apply it to your paypal account, at least that's how its supposed to work.

Also these cards need to be activated and that can only happen if payment is made at the cashier so steeling a bunch of cards doesnt help him he'd have to pay to have any value.

He puts the cash in your paypal account. You send him bitcoins. He (or whoever he stole the paypal cash from) does a chargeback on the paypal cash. They win because you don't have a receipt for shipping. He has your bitcoins, you have nothing and/or a frozen paypal account.

Lets not mix things up here.

He is selling a paypal cash code, which means he gives you a code that you redeem in your paypal account. Not sending you paypal money.

As far as I've researched these paypal cash codes are not reversible.

I'm sure there is something wrong with this but with 500+ transaction and 100% feedback I cant seem to find it.

Information on CoinX4
Trade volume : Higher than 150 BTC
Number of confirmed trades : 500+ …with 220 different partners
Feedback score : 100 %
 ??? ??? ??? ???

Looks like he's selling bitcoins on Ebay for $400+ so that could explain the 20% markup in price he still makes profit. His abundance in codes likely means he works wherever they sell these codes or knows somebody who does and just asks them to grab one and activate it immediately. If he was somehow ripping them from a database his reviews wouldn't last that long.

Alternate version: He's doing something shady like selling booters and scripts on hackforums for paypal codes, needs a way to turn those codes into bitcoins to cash himself out without being flagged by PP for adding too many codes.

maybe he got those cash-code for far less, or for free?

It might be that he bought the account from someone who previously had successful trades using other payment instruments. And he might send you stolen Paypal funds or cashback after the trade.

The site certificate is trusted by IE and chrome but not firefox. I think it is a problem of firefox because the certificate was issued by the a trusted root certificate VeriSign.

This is suspicius to me