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Author Topic: ===>>>BCM SCAM ALERT<<<===  (Read 13343 times)
dwdollar
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October 09, 2010, 01:14:59 AM
 #21

PayPal accounts which are compromised or claiming to be compromised are:

chr...16@in.com
a.k...99@gmx.de
Gio...hi@aol.com

I have cancelled all unconfirmed trades associated with them.  Unfortunately, some trades were already confirmed, and the Bitcoins promptly withdrawn.  I am sorry for that.  Some encouragement though... at least two people have received refunds so far.

Bitcoin Market will be open tomorrow, but new registration will remain closed.
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SmokeTooMuch
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October 09, 2010, 01:19:11 AM
 #22

I know that a.k...99@gmx.de ... He always retracted his money, good thing I haven't confirmed the transaction @ bitcoinmarket.

Is jen...se@web.de known to cause any troubles ?

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dwdollar
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October 09, 2010, 01:26:48 AM
 #23

I know that a.k...99@gmx.de ... He always retracted his money, good thing I haven't confirmed the transaction @ bitcoinmarket.

Is jen...se@web.de known to cause any troubles ?

I don't have any record of that one.
kiba
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October 09, 2010, 01:38:30 AM
 #24

The scammers are probably going to come in with more frequency and the like. This is going to be a hassle. There gotta be a better way...

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October 09, 2010, 01:43:16 AM
 #25

The scammers are probably going to come in with more frequency and the like. This is going to be a hassle. There gotta be a better way...

Real ID, reputation and waiting periods should work. Anything less is a pipe dream. The big problem here is that bitcoinmarket doesn't appear to offer any of this. Mt. Gox at least has the waiting period so their exposure is less (losing the difference between buy/sell price of reversed transactions).
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October 09, 2010, 01:48:57 AM
 #26

Yeah, if we really belive in bitcoin as a good thing, we just have to come up with a good solution for these problems and we better be quick before bad news like this start to mass.

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October 09, 2010, 03:16:43 AM
 #27

Yeah, if we really belive in bitcoin as a good thing, we just have to come up with a good solution for these problems and we better be quick before bad news like this start to mass.

This is definitely a problem, and I can't wait to see all the solutions that are found.

But it should be clear that it is a problem with PayPal and the ultimate solution will be that people who want a money that can't be yanked back will stop using PayPal (and the many others) that offer this "feature".

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October 09, 2010, 04:37:20 AM
 #28

dwdollar, is what you are saying, a fraudster stole someones paypal account and then used it on BCM to buy btc's from someone?

Yes, that is correct, except more than one PayPal account is involved.

How does a person know if the paypal account is a fraud?

The person receiving the payment will get a notice similar to:

"Recently, PayPal received a notification from a user regarding unauthorized access to his PayPal account. As a result, one of the payments credited to your PayPal account has been placed in a temporary hold while we investigate the claim.  PayPal constantly monitors transactions for unauthorized use of accounts in order to maintain the safety of our users."

This is how paypal goes. Avoid paypal.

As a seller (non-bitcoin-related) I had $1500 pulled back from my account with no recourse since it was an electronic good (software).

The only way to even have a chance against paypal chargebacks is to (1) ship something to the confirmed address of the buyer and show paypal the tracking number. And even then, all the forums are saying paypal will rule in favor of the buyer/scammer if they charged it back from the credit card they used to fund their paypal account. (2) Wait 180 days from date of incoming transaction.

Paypal is nothing more than a credit card and ACH processor with a front to make it look like you have actual money in your account. They push all of their risk onto the seller. If paypal doesn't get paid by the buyer because of a chargeback or complaint, they yank it back from the seller.

A paypal representative admitted to me over the phone that you can not rely on your paypal balance until 180 days have elapsed since its receipt.

The Bitcoin Market is safe-- but paypal is not. The correct thing to do in light of this is open up a Liberty Reserve or other type of account which Bitcoin Market supports.

Also I am sure that established Bitcoin Market accounts with good history that use paypal are safe.
Anonymous
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October 09, 2010, 05:29:43 AM
 #29

dwdollar, is what you are saying, a fraudster stole someones paypal account and then used it on BCM to buy btc's from someone?

Yes, that is correct, except more than one PayPal account is involved.

How does a person know if the paypal account is a fraud?

The person receiving the payment will get a notice similar to:

"Recently, PayPal received a notification from a user regarding unauthorized access to his PayPal account. As a result, one of the payments credited to your PayPal account has been placed in a temporary hold while we investigate the claim.  PayPal constantly monitors transactions for unauthorized use of accounts in order to maintain the safety of our users."

This is how paypal goes. Avoid paypal.

As a seller (non-bitcoin-related) I had $1500 pulled back from my account with no recourse since it was an electronic good (software).

The only way to even have a chance against paypal chargebacks is to (1) ship something to the confirmed address of the buyer and show paypal the tracking number. And even then, all the forums are saying paypal will rule in favor of the buyer/scammer if they charged it back from the credit card they used to fund their paypal account. (2) Wait 180 days from date of incoming transaction.

Paypal is nothing more than a credit card and ACH processor with a front to make it look like you have actual money in your account. They push all of their risk onto the seller. If paypal doesn't get paid by the buyer because of a chargeback or complaint, they yank it back from the seller.

A paypal representative admitted to me over the phone that you can not rely on your paypal balance until 180 days have elapsed since its receipt.

The Bitcoin Market is safe-- but paypal is not. The correct thing to do in light of this is open up a Liberty Reserve or other type of account which Bitcoin Market supports.

Also I am sure that established Bitcoin Market accounts with good history that use paypal are safe.


Maybe mt gox should start using LR instead of paypal. Paypal must be making out like a demon on all these bitcoin transactions.
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October 09, 2010, 06:58:10 AM
 #30


Maybe mt gox should start using LR instead of paypal. Paypal must be making out like a demon on all these bitcoin transactions.

They probably make more from bitcoinmarket. I've probably done 20x more in trades at GOX and paid 5x more fees at BCM.

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October 09, 2010, 07:08:01 AM
 #31

Paypal is shit. This was bound to happen sooner or later.

Shame none of the exchanges accept Ukash or Paysafecard:

http://www.ukash.com
http://www.paysafecard.com

You can buy the codes for cash at any newsagent, and once you've entered the code the payment is irreversible.


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October 09, 2010, 07:19:12 AM
 #32

Sorry..

I don't get 100% what the methodolody is for those scammers. How did they do that?

Did they transfer funds from PayPal to ane xchange that wasn't theirs, then bought BTC and then paypal detected the fraud and took back the money?

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October 09, 2010, 09:05:56 AM
 #33

In what way these alternatives you present here are better than paypal?

18rZYyWcafwD86xvLrfuxWG5xEMMWUtVkL
Timo Y
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October 09, 2010, 09:30:16 AM
 #34

In what way these alternatives you present here are better than paypal?

They are more similar to bitcoin in that payments are anonymous and irreversible, though still managed by a central authorithy. Once a code is spent it's spent. If someone steals your code and spends it it's your own fault; there's no chargeback. Also, you can get them for cash in newsagents, which would be useful for those of us who don't have a credit card.

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Anonymous
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October 09, 2010, 01:01:51 PM
 #35

Ukash

# Undergo the KYC (Know Your Customer) process mandated by the UK Financial Services Authority
# Enter into a contractual agreement to pay in advance for vouchers ordered and that vouchers will only be supplied electronically against acknowledged cleared funds
# Commit to a minimum order of €500 per month
# Pay a €100 set up fee with your first order


Thats for resellers. I sent them a contact to see if they would let someone sell bitcoins for their Ukash vouchers online.
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October 09, 2010, 02:35:10 PM
 #36

@dwdollar:
Uhm, today, many of my bitcoinmarket transactions were cancelled, even if I already received the money.
Does that mean the buyer was a scammer and the money will be retracted ? Or is it just a mistake ?
It's about the jen...se@web.de address I mentioned yesterday. Trade ID 944.

Feel free to contact me via pm or post in this thread.

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dwdollar
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October 09, 2010, 03:23:04 PM
 #37

@dwdollar:
Uhm, today, many of my bitcoinmarket transactions were cancelled, even if I already received the money.
Does that mean the buyer was a scammer and the money will be retracted ? Or is it just a mistake ?
It's about the jen...se@web.de address I mentioned yesterday. Trade ID 944.

Feel free to contact me via pm or post in this thread.

I sent you a PM.
bitcoinex
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October 09, 2010, 09:04:57 PM
 #38

When the scammers was received the first large amount of bitcoin?

We here think they might try to sell that amount on our exchange btcex.com, and this caused a crash (http://bitcointalk.org/index.php?topic=1389.0 )

Also we can try to trace the path of a coins.

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October 10, 2010, 02:42:58 PM
 #39

An unfortunate situation, which I hope can be resolved as best as possible.

I used to consider these 'issues' in the early days of New Liberty Standard accepting PayPal etc. Which is why I chose to only use Liberty Reserve.

Seriously, why bother to accept another digital or e-currency that allows for 'charge backs' ( i.e. PayPal / AlertPay ) for one that doesn't ( i.e. Bitcoin ) !

" Be safe from the instability caused by fractional reserve banking and bad policies of central banks."

PayPal is known to 'freeze' customer accounts without warning, not to mention numerous other 'bad policies' which are fundamentally against what Bitcoin stands for. Howerver, if you just want to purchase stuff of ebay its great... Has no one ever heard of the 'pay pal mafia' ? I'd rather use Perfect Money Shocked

However, having said this I admire those offering a BTC <> PayPal Service. Its important for Bitcoin and all part of the experiment.

Although, as the old saying goes "You can't have the penny and the bun !"...  Cry

I was a very early Bitcoin adopter - I mined and sold over 12,500+ BTC before they reached just a few cents! I bought a slice of a rather famous Pizza!? and donated 500 BTC to the first Bitcoin Faucet. Got a bit lost along the way... logged out 2010... logged back in 2013... I did 'find' around 25 BTC (in old wallets and sites), which is better than none! <> BBR - CBX - CURE - DASHEMCGAP - GRC - LTC - MINT - NMC - NuBits - PPC - SLM - START - XPM - <> This is not investment advice! <>
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