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managed to get your tx into viabtc queue this last hour.
they should have that confirmed for you in one of their next blocks.
edit: confirmed
Included In ViaBTC Block
503988 ( 2018-01-13 06:01:05 + 2,603 minutes )
Thanks VH much appreciated! Yes I can see it's confirmed now. I owe you a beer  |
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Mail ur wallet support
Done thanks. |
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Thanks, I did try viabtc.com earlier but will retry on the hour. |
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Hi all,
I've recently started selling on LBC. Overall I enjoy it and am doing pretty well with sales and have good feedback however I need some advice from established traders on how to make it work long term.
I've had two banks close in the space of a couple of months. Not because the banks caught wind and decided to close but because two scammers decided to falsely claim their payments were fraudulent in the hope of getting their money back. One was cash deposit (yeah right!) and the other bank transfer. The claim forced the bank to look into the accounts then I had to defend by providing evidence of the bitcoin sale. Then they close due to misuse of account. I believe I have adequate controls in place to prevent MITM fraud for cash deposit so have no idea how the cash deposit trade thought he could scam me. The bank transfer one I've learnt from.
I'm also a little worried on how to handle the large amounts of cash and payments being deposited into my bank accounts and being flagged. Can anyone offer any advice?
To combat the scammers I've changed my advert settings to restrict who my adverts advertise to and upped my requirements. Eg. people with max positive feedback and multiple trades only, as both scammers had less than 100%. Although they did have lots of previous good feedback. I also go through a process of vetting and checking every trade I have by checking the users account and feedback manually. Insist on writing on receipt etc.
For banking issues I'm spreading the load across different banks (personal) and also considering using a business account. Reason being is the reason one bank gave me for closing was I was using personal for business. I figure the threshold for cash deposits and payments are generally higher for business accounts.
I generally do cash deposit but am considering running this maybe only a couple of days a week and switching to bank transfer as I think even lots of cash deposits on a business account looks suspect compared to a mix of bank transfers and cash.
I do a good job and provide a good service to my customers so would like to continue for the long term. I notice there are long term traders on LBC with 30K plus trades. Would love to hear their experience on how they continue and overcome scammers as they are a blot on the landscape.
Any advice would be appreciated.
Thanks in advance,
Al
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So today I needed to use an online virtual wallet for my bitcoins. I deposited just over £80 worth into WWW.STRONGCOIN.COM. I know transaction fees for most online wallets are normally around £2 - £2.50 (approx 0.0005BTC) so you can imagine my shock when I was charged 0.004 BTC to transfer £80 worth of bitcoins from this site. Yep that's about £22!!!!!
I've tried to contact via email and user DogIsland on bitcointalk.org (as he is the owner) but have heard nothing back.
AVOID WWW.STRONGCOIN.COM AT ALL COSTS!!!!
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Hi. In order to trade on localbitcoins.com I understand you need a running balance of bitcoin. How do you manage the risk of the price fluctuating while holding your BTC in your LBC account?
Theoretically any profits made from selling could be wiped out by a price drop.
Thanks.
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Now that btc-e is gone can anyone recommend an exchange for cheapest bitcoin price?
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I'd like to start selling bitcoins on localbitcoins.com but would like to know if it's possible to reduce the risk of my BTC balance on localbitcoins.com against price changes.
I have the risk managed for pretty much every other element of the process since I'll be buying from an exhange and replenishing my localbitcoins.com as and when the buyers money hits the bank.
Any thoughts?
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I can give you some advice that worked for me. I bought a bunch of bitcoins when the price was very low. < Example : 20 bitcoins @ $200 ==> My capital investment = $ 4000 > I knew that I needed to reduce my risk, so I waited for the price to rise. The price went up to $400 per bitcoin and I sold 50% of the coins immediately. < Now, I had the $4000 in fiat that I initially invested and 10 extra bitcoins. >
The risk of losing my initial capital investment is gone now and I can take some risks and even more profits from the remaining coins. The price went to $1000 and I sold 50% again < taking $5000 pure profit and still have 5 coins left > The price dropped again and I bought some more bitcoins with 50% of my profits in fiat at $500, bringing my total back to 10 bitcoins and $2500 profit in fiat.
I sold 50% of those coins again at $1500 pushing my profits up to $10 000 and I am left with 5 coins.
*This is only an example, the amount of bitcoins I bought and the amount of money I invested is my secret to protect my financial privacy, but you can learn from this strategy. Get rid of the risk first and then take chances. ^smile^
Excellent advice thankyou. Playing with free money. I will use this strategy in any future investments. |
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I hope you have found a good job and start having income... I also lost my job around that time but I managed to pull through without needing to sell my coins...
The good thing was that you didn't have to worry about bitcoin price after you have sold them- that was a dark and depressing period for HODLers when the price keep dropping and everyone was saying that "bitcoin is dead!"...
Another good thing is that you are back! It is still not too late to invest in bitcoin again and have faith in it. HODL if you can afford to, and soon you will get back what you have lost...
Thanks. Yes I've been in work ever since and recovered my savings pretty well however I'm much more conservative now. Saving slowly but surely. I remember the "bitcoin is dead" days very well as I sold just before they hit the bottom. |
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His circumstances changed. FFS.
And if those bitcoins weren't worth £7000 after his circumstances had changed? Then what? Note... I'm not scolding the OP. He's explained what happened and dealt with his situation already. My advice is for all the others that read this thread, those who are currently sitting on more bitcoins than they can afford to. They are the ones that need to think about what they'll do if their circumstances change, and how they'll handle unexpected situations in their lives if their bitcoin holdings were to suddenly become worthless. I know what you were saying. At the time it was a balancing act between 1. I have no money 2. How much further will Bitcoin drop. If it goes to zero overnight I'm really screwed. 3. I need money for my holiday Just gutted I couldn't hold as I planned to from the very beginning. |
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- snip -
until I had no choice but to sell.
- snip -
Bitcoin is an experimental and highly volatile (in terms of exchange rate) new technology... DO NOT HOLD VALUE IN BITCOIN THAT YOU CANNOT AFFORD TO LOSE! What would you have done about that holiday if those 27 bitcoins were worth only £0.27? If the bitcoins were bought with money that you could afford to lose, then you wouldn't have needed to sell them for £7000. You could instead have just treated them as if they were already worthless. In that case, you'd have been able to hold on to them until today. I could afford to lose them until I lost my job, was off work for 3 months then had a 3 week trip around the states (optional but already planned while I was working). It's all good. |
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Just wanted to share my experience of bitcoin with the recent price rises. I bought £15000 worth of bitcoin at 3 different stages back in November 2013 when the price went sky high from the tens, to the hundreds then up over $1000. Think I bought at $300, $600 and $1000 or something, can't exactly remember. Anyway the price plummeted as we know but I held on for the long term. But then I lost my job, had a holiday in the US planned and held out for months until I had no choice but to sell. I sold all 27 bitcoins for £7000 meaning I lost £8000 overall. I didn't want to sell as I would have rather kept them with a chance of either making money one day or losing it all, rather than sell immediately and lose £7000. Price continued to drop below $300 so in some way I was happy i didn't lose more but when it stabilized at $250 and stayed there for what seemed like ages I knew it had a future and would go up again one day. But I couldn't bring myself to throw more money at it. Anyway today my 27 bitcoins would have been worth £37000 and a nice £22000 profit. Oh well.  Well that can't be help since you said you really needed the money. And we don't really know that the price would go this high so just forget about it I think you would only be depress. True, I'll get over it. |
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Just wanted to share my experience of bitcoin with the recent price rises. I bought £15000 worth of bitcoin at 3 different stages back in November 2013 when the price went sky high from the tens, to the hundreds then up over $1000. Think I bought at $300, $600 and $1000 or something, can't exactly remember. Anyway the price plummeted as we know but I held on for the long term. But then I lost my job, had a holiday in the US planned and held out for months until I had no choice but to sell. I sold all 27 bitcoins for £7000 meaning I lost £8000 overall. I didn't want to sell as I would have rather kept them with a chance of either making money one day or losing it all, rather than sell immediately and lose £7000. Price continued to drop below $300 so in some way I was happy i didn't lose more but when it stabilized at $250 and stayed there for what seemed like ages I knew it had a future and would go up again one day. But I couldn't bring myself to throw more money at it. Anyway today my 27 bitcoins would have been worth £37000 and a nice £22000 profit. Oh well. |
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