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Author Topic: Selling BTC via Venmo? Is this a scam?  (Read 1179 times)
ajcajcajc
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January 25, 2016, 10:52:02 PM
 #1

Long time lurker, first time poster.

I've been approached by someone who I'm a little suspicious of... wanted to lay things out here for everybody.

  • The Patriots lose yesterday, so I list my Super Bowl tickets on StubHub and Craigslist. On CL I mention that I'll take cash, cashier's check, PayPal, or Bitcoin.
  • Someone e-mails asking me to text them - saying that they're interested in buying them.
  • We have a quick conversation, agree that he would pay for the Super Bowl tickets over Venmo, which sounds fine to me.
  • He then asks about BTC - he asks if I have any to sell. I say that I've never sold anyone BTC before but I'd be willing to listen.
  • He says he'll pay 12.5% over market for them. I ask why. He says he's maxed out on Coinbase deposits and that (direct quote) "I'm currently in Albany and have little to no access to bitcoins. I'm maxed out on coinbase currently ($2500). But what i do is resell these coins over seas and make roughly 22.5% above spot. I always have customers which is why I can pay 12.5% and not have much risk on my hands if price falls"
  • I tell him that it will take some time to transfer BTC around to a wallet so that I could do that. While I'm waiting for those transfers, I find two articles: https://www.reddit.com/r/Bitcoin/comments/1l1tfr/thoughts_on_venmo/ /1F2sktx]http://[Suspicious link removed]/1F2sktx
  • I share the Slate article with the buyer and express that I'm iffy on using Venmo for this transaction. He says it's all he can really use for something this size.
  • I ask him if he would be willing to share his driver's license, etc. before doing the deal - he says he would be happy to.

Looking for the opinions of the community on this one.

Questions:
  • Should I do the deal?
  • Do I really gain any protection by knowing his identity (via drivers license, making sure the SB tix shipping info matches, etc.)?
  • Is there any protection that I have since it sounds like the BTC are going Coinbase to Coinbase? I assume that it would be easy for him to just go ahead and transfer it away from his Coinbase as soon as he received them...

I'm no dummy - I know this sounds a little sketchy - but I'm having trouble moving these tickets and of course, would love to make 12.5% on the BTC deal.

Is there any way for me to do this deal with 99%/100% confidence? I will have his name, driver's license, phone number (we've been communicating via iMessage)...
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franky1
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January 25, 2016, 11:41:17 PM
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https://venmo.com/legal/us-user-agreement/

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g. Risk of Reversals, Chargebacks and Claims

When you receive a payment, you are liable to Company for the full amount of the payment plus any fees if the payment is later invalidated for any reason. This means that, in addition to any other liability, you will be responsible for the amount of the payment, plus applicable fees if you lose a claim or a chargeback, or if there is a reversal of the payment. If a sender of a payment later disputes the payment or files a claim for a chargeback, the debit or credit card issuer or the originating bank, not Company, will determine whether the dispute is valid and to whom payment is due. You agree to allow Company to recover any amounts due to Company by debiting your balance. If there are insufficient funds in your balance to cover your liability, you agree to reimburse Company through other means. If Company is unable to recover the funds from your primary funding source, Company may attempt to contact you, Company may recover the funds from your alternate funding sources, or may take other legal actions to collect the amount due, to the extent allowed by applicable law.
company=venmo..

in short. if you get screwed.. venmo wont help you. they will give the funds back to the sender and then you have to try and find out the bank of the original sender and then question that bank.
as confirmed here

https://venmo.com/about/security/
Quote
Keep yourself safe

Venmo is designed for payments between friends and people who trust each other. Avoid payments to people you don't know, especially if it involves a sale for goods and services (like event tickets and Craigslist items). These payments are potentially high risk, and you could lose your money without getting what you paid for. We don’t permit merchants to make sales via Venmo, nor do we offer buyer or seller protection. Business usage of Venmo requires an application and explicit authorization. For more information, please see section C(1)(b) of our User Agreement.

To add an additional layer of security to your Venmo account, learn how you can set up a PIN code in our mobile apps.

I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
Moon_Man
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January 26, 2016, 12:55:35 AM
Last edit: January 26, 2016, 01:09:11 AM by Moon_Man
 #3

Whats the guys reason to not pay you cash for the tickets and BTC? Just visiting the Venmo site, I noticed "Venmo is a service of PayPal, Inc., a licensed provider of money transfer services. All money transmission is provided by PayPal, Inc. pursuant to PayPal, Inc.’s licenses. © 2015 PayPal." written on the bottom. I personally wouldn't sell anything non reversible (BTC) for something that is reversible (paypal)...
alwinlinzee
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January 27, 2016, 08:39:23 AM
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https://venmo.com to the best of my knowledge is a legit site because they have conducted successful crowdsale for some cryptocoins in the past.

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