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Author Topic: Someone is buying on eBay for $225/BTC  (Read 1130 times)
yuvadm
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April 08, 2013, 07:16:23 PM
 #1

http://www.ebay.com/itm/5-0BTC-FIVE-BITCOIN-PHYSICAL-NOTE-BILL-BITCOINS-/140950684547?pt=Art_Prints&hash=item20d150c383
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ElectricMucus
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April 08, 2013, 07:19:27 PM
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There is a long history of that. It seeems selling BTC on ebay is as profitable as ever.
Doing it this way should even be safe from chargeback fraud.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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April 08, 2013, 07:22:11 PM
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There is a long history of that. It seeems selling BTC on ebay is as profitable as ever.
Doing it this way should even be safe from chargeback fraud.

I'm not sure I see what is protecting the seller here?
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April 08, 2013, 07:23:52 PM
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There is a long history of that. It seeems selling BTC on ebay is as profitable as ever.
Doing it this way should even be safe from chargeback fraud.

I'm not sure I see what is protecting the seller here?

He is selling a physical item, pieces of paper which happen to have btc on them. eBay and paypal has respect for that.

First they ignore you, then they laugh at you, then they keep laughing, then they start choking on their laughter, and then they go and catch their breath. Then they start laughing even more.
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April 08, 2013, 07:27:04 PM
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There is a long history of that. It seeems selling BTC on ebay is as profitable as ever.
Doing it this way should even be safe from chargeback fraud.

I'm not sure I see what is protecting the seller here?

He is selling a physical item, pieces of paper which happen to have btc on them. eBay and paypal has respect for that.
Right, that's true. But I know too many ebay scammers IRL to know that all you need to do is tell paypal there was 0 balance on the note and they will reverse the transaction, so I would NOT do this.
PachucoBro
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April 08, 2013, 07:31:02 PM
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He is selling a physical item, pieces of paper which happen to have btc on them. eBay and paypal has respect for that.


Right, that's true. But I know too many ebay scammers IRL to know that all you need to do is tell paypal there was 0 balance on the note and they will reverse the transaction, so I would NOT do this.


So couldn't you print out transaction information from Blockchain as proof? It shows right there that nothing has left that address.... Hmmmm? Sounds pretty solid.

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April 08, 2013, 07:33:13 PM
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He is selling a physical item, pieces of paper which happen to have btc on them. eBay and paypal has respect for that.


Right, that's true. But I know too many ebay scammers IRL to know that all you need to do is tell paypal there was 0 balance on the note and they will reverse the transaction, so I would NOT do this.


So couldn't you print out transaction information from Blockchain as proof? It shows right there that nothing has left that address.... Hmmmm? Sounds pretty solid.

Yeah, both the buyer and the seller have the private key. Any one of them can take the balance at any time with no proof of who did it. Plus paypal will not investigate matters of currency exchange, and always error in favor of the buyer.
PachucoBro
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April 08, 2013, 07:43:03 PM
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Yeah, both the buyer and the seller have the private key. Any one of them can take the balance at any time with no proof of who did it. Plus paypal will not investigate matters of currency exchange, and always error in favor of the buyer.


True true... hmm what if there was email correspondence after the winning bid from the buyer stating what bitcoin address to send to? Then you would have an email from the buyer saying send it HERE. You would then respond back saying ok, it will come from my address of BLAH... and you would have the block chain info dated AFTER the emails showing it was done.


I seriously thought about the whole ebaying BTC after I saw the prices people were paying. Wink

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April 08, 2013, 07:45:37 PM
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Heh, at least it isn't as sneaky as what was outlined here: Guy selling 1satoshi for 20GBPCheesy

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April 08, 2013, 07:49:38 PM
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Yeah, both the buyer and the seller have the private key. Any one of them can take the balance at any time with no proof of who did it. Plus paypal will not investigate matters of currency exchange, and always error in favor of the buyer.


True true... hmm what if there was email correspondence after the winning bid from the buyer stating what bitcoin address to send to? Then you would have an email from the buyer saying send it HERE. You would then respond back saying ok, it will come from my address of BLAH... and you would have the block chain info dated AFTER the emails showing it was done.


I seriously thought about the whole ebaying BTC after I saw the prices people were paying. Wink

Yeah, that would work in theory. The only problem is that in the scenario where the buyer backs out, there is probably less than 1% of the employees at Paypal that would even know how to investigate these claims and make the correct determination. Further, it is against their policies to do so (since it involves bitcoin) so you'd be really lucky as a seller to have Paypal backing you up.

The reason these coins go for a premium on ebay is that it comes with a tremendous risk to the seller. In my opinion, it's not worth it. In times like these you can get that premium just by waiting a week!
PachucoBro
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April 08, 2013, 07:52:37 PM
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The reason these coins go for a premium on ebay is that it comes with a tremendous risk to the seller. In my opinion, it's not worth it. In times like these you can get that premium just by waiting a week!

Yup... agreed. As I said, I HAD looked into it... LOL not actually done it. Too much risk for very little reward.

Wish there were more local people wanting to dump their 1-5 BTCs for cash tho...

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April 08, 2013, 08:16:46 PM
 #12

And how many of you scanned the key-- just to be sure?  Grin

I see the value of Bitcoin, so I don't worry about the price...
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