Bitcoin Forum

Hey guys, I live in South Africa and I'm an avid bitcoin enthusiast and alt coin trader. I've recently noticed the bitcoin price here is about 150$ higher than on a US based exchange like BitStam. Note that anyone not based in SA would not be able to take advantage of this and I also am not able to take advantage of this unless I make a partner based in the US. If you are interested and want to get in touch please reply to this post or email me: georgesizwe@gmail.com or hmu on twitter @sizwe_madoda 😃
Looking to build dialogue and a trading relationship with someone knowledgeable and transparent!

Either you are very new to Bitcoin or this is just a scam attempt.

Yes there are exchanges which carry huge markups compared to the North American markets. Reason being is that some countries have capital controls and its very difficult to get money out.

Most likely someone can send you BTC, you sell it, but how will you send the US dollar back to the person that sold you the BTC? You can do it in small amounts by Western Union or bank transfer but it will cost you alot in transfer fees. You can do large amounts but that will set off alarms with your bank or government.

LOLOLOLOL
im sure he is an African Prince or one of the many other African scam people!
im sorry but aiming at american people just knocks yourself into the category of scam! plus as a newbie pretty much assures this!

Last time I checked BitStamp is based in Europe. Why do you specifically need US citizens?

How can i trust you ? You may be a Scam.

great thread but full of suspicious moves those previous replies already state the concerned, its about money and making an arbs really possible but too
risky job and even you are telling the truth trust will still be needed to deal with a newbie like you, better to stay away from here.

How about no? No one will really trust you with a single bitcoin just like that. Maybe the prices there are high, but likely the volume is low. So even if you take that opportunity it would not be much as you will just deplete the buy volume and no one else will buy. Then again, since you are such a newbie here no one will trust you.

The problem with this is assume this guy is your best-friend or family member who will 100% not scam you.

There are actual people who already tried to do this with family members or close friends who live in different countries. So they send their BTC, the family member sells it off at a huge premium and they split the profits.

The problem is that, its very difficult to do on a high level. You can easily do this with $1000 but you won't make much profit.

Say you send $1000 worth of BTC for your friend to sell in India, he sells at a markup and gives you $75 profit from his cut. Now the problem is, he needs to send you back the entire $1150. How will he do that? He can use Western Union but there are huge fees, he can do bank draft but its slow and there are limits.

So yes, you can do this for small amounts like $1000 but you won't make much profit.

If it was easy, everybody would be doing it.

Warning scam! For sure this is just a scam. This should really be moved to investor related games. Not even sure why it is in the gambling thread, maybe this is really because people will have to gamble their money if this is a scam or not. But likely this will just run away with the bitcoins you send that he said he will sell at higher rates.

if people believe this  then they should also believe that i own the Brooklyn bridge.and i would like to change it with my other piece of property the golden gate bridge! the project is to interchange them but because i am not a African prince they want me to abide by the law and show them i am able to do this before i can start tearing down both bridges at the same time! so i need 1 million USD to prove to the government i can do it!
i have a friend named "Fred" and he wears a Bow-tie very often and he is my escrow agent. never mind if his last name is Flintstone... it is just a coincidence!

This is really hard to believe that someone opened this thread just to say something like this. I know this method long enough but like you said it is hard to get partners that can really work on this thing together. This is about huge money that we used, so I do not think it will work, unless there is some colaterall been made. I know it is guarantee profit just by arbiting like that and it is fast money for sure but with collateral, it will secure our money that we sent

I got friends in India and China who I trust and they would even send me the fiat funds first. So trust is only one factor here. The other issue is that if you live in a country with capital controls its very difficult to get "large" amounts of money out.

You can't arbitrage with $100. And you can send wires everyday for $10K out of India and China, no banks will allow that.

This will never work even though it sounds like a good idea.

This is probably why he's also targeting those in the U.S... the fact you're going from BTC<->USD for profit automatically makes you a MSB. That's a federal crime unless you're registered with FinCen and are going through KYC/AML on all of your customers. So if he takes your money and doesn't pay, you can't even recoup it because you'd go to federal prison (and that's assuming he doesn't pay you and you still get caught and go to prison).

Not only in SA but in India also some of the exchanges sometimes give higher than the market price. Since OP is not a trusted member on this forum so before sending money to him please take your precautions. Many people will get cheated in this kind of offers so it is better to avoid these offers because OP is new to this forum.

as we seen that this  type of a business can only be done by two trusted parties its real hard for anyone of us to trust a member here with that amount
though the idea can be for real but if you are not that close to a certain person it cant proceed since possibilities of getting scam is really big.

I think OP ran back to Africa and try to cheat the cheetas for their food.
Sorry OP, you will really not get any interest here. People on the forum are way smarter than you think.
Try scamming the monkeys for peanuts and I think you will still fail at it miserably.

Well I actually am from south Africa and I know exactly what the OP is talking about but he didn't think it through properly. Like other member have said there are fees and other things to consider.

Like the most obvious thing is you a brand new member and the first things you start talking about are money making opportunity. Who would trust that ?

Here is what I want to know. Yes it is true we so sometimes get a better rate. But ok say you cash out in our currency at that better rate. Then what ? How you going to use our currency to buy more bitcoin to sell again? You can't locally or you lose money obviously. So who is going to want our currency ? Noone that's who. So you must concert to USD and how much in fees is that and then where so you spend that usd to get btc ? You really never thought this out very well did you.

To make is short. Yes its true we can get good rates but only in our local currency. If doesn't help others only us. If it were so easy to so this you could double your money each month. Start with only 0.1 and in one year you get 1 2 4 8 16 30 64 128 256 512 1024 2048 that is 200btc so utter bs.