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Author Topic: I am so dumb! Localbitcoins  (Read 183 times)
uszaty43
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December 15, 2017, 11:21:13 PM
 #21

But it was not the seller's fault, it was your fault, how could you be so dumb to buy $224 worth of bitcoin for almost $900?

I made my first purchase through localbitcoins today. I bought $224.00 worth of bitcoin for $875.00 Angry

Are you aware that you bought them all at aproximately x4 of the actual price? It is more than $50,000 per bitcoin.

He scammed you, aren't you able to start a dispute in there?

Maybe the support will not consider it because you "agreed" to buy, but it is unfair mate, try to find a solution.

Good luck with this... shit..

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December 16, 2017, 12:54:03 AM
 #22

But it was not the seller's fault, it was your fault, how could you be so dumb to buy $224 worth of bitcoin for almost $900?

I made my first purchase through localbitcoins today. I bought $224.00 worth of bitcoin for $875.00 Angry

Are you aware that you bought them all at aproximately x4 of the actual price? It is more than $50,000 per bitcoin.

He scammed you, aren't you able to start a dispute in there?

Maybe the support will not consider it because you "agreed" to buy, but it is unfair mate, try to find a solution.

Good luck with this... shit..


I think I may have mentioned earlier that I was dumb and realized the price I paid after the transaction had taken place. Could he have been a stand up guy and made mentioned that. Sure he could have but why should he? He doesn’t know me or care about me. To him if I’m stupid enough to make the deal he will gladly accept. I blame myself do to ignorance. Last time that will ever happen. I can guarantee you that.
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December 16, 2017, 03:45:13 AM
 #23

The problem come from you not learning how the exchange works. In the world of crypto currency we have 3 type of exchange site. They exchange that sell using current price in market,the one that sell above and below. Localbitcoin,bithumb, cex etc sell above current market price while exchange like coinbase, bitmex deal with current price and exchange like bitstamp sell below.


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December 16, 2017, 11:53:21 AM
 #24

I made my first purchase through localbitcoins today. I bought $224.00 worth of bitcoin for $875.00 Angry

I did not realize it until after it was too late. I foolishly thought I just type in the amount in USD and that was how much BTC I got. Im so mad a myself. Then I realized after that the seller had the value of one btc at $51,000!!! Aside from an idiot like me. Who would pay that for a bitcoin when its not worth near that much.

Ok rant over!
You should be very cautious before choosing traders to confirm the trade amount clearly. Better to change your trading to other websites like coinbase.
I also was very stolen in the localbitcoin, I had to buy bitcoin for a very high price, it even gave me headaches, i pay all fees because I bought using my paypal account, I had to deliver selfie, sign my name on paper, give print screen of my paypal account. imagine doing all this process and still buy bitcoin at an extremely high price, you were not dumb. you just did not pay attention

Maybe next time I'll use an exchange like coinbase.

I think that you better do this.




You are worry about the deposit fee right! that is burden for all the users who is selling or buying bitcoin in this site. However, with the fiat we can use this site to buy the bitcoin or exchange your bitcoin for cash or almost all the online wallet options and multiple countries.
If op wants to change the trade value, He can ask to trader cancel the trade and you can reopen with him or can open the trade with the different user too. Keep eye while you are setting trade value and giving the payment details to him. Else you may face any payment related issues.
It looks very difficult to do those formalities like submitting your selfie and so on. However that will not reward you anything and its depends on where you make trading. Yes i do had some bad experience as the fee was too high.
We've to change our trading activities to other exchanges like coinbase.
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December 16, 2017, 08:29:14 PM
 #25

I made my first purchase through localbitcoins today. I bought $224.00 worth of bitcoin for $875.00 Angry

I did not realize it until after it was too late. I foolishly thought I just type in the amount in USD and that was how much BTC I got. Im so mad a myself. Then I realized after that the seller had the value of one btc at $51,000!!! Aside from an idiot like me. Who would pay that for a bitcoin when its not worth near that much.

Ok rant over!
move on nobody is idiot in the world,i think the best for you to do now is learn from that then study all about crypto here in forum and check also some bitcoin news,you can earn here so don't lose hope you can get what you lose here,i think more than 1 btc you can earn like that so always think positive and find job here in forum,the job here is nonstop

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December 16, 2017, 10:15:52 PM
 #26

I made my first purchase through localbitcoins today. I bought $224.00 worth of bitcoin for $875.00 Angry

I did not realize it until after it was too late. I foolishly thought I just type in the amount in USD and that was how much BTC I got. Im so mad a myself.

Be glad that it was only for $875. I've made these kinds of mistakes exchange trading for 5-figures at a time. These are called "fat finger" orders because one misclick of a button can cost you potentially millions of dollars on the larger exchanges. There still aren't good controls for this at the UI level, and there are always newbies making mistakes with API calls as well, so these things are inevitable.

Think of this as "paying tuition" because you've learned a very valuable lesson for only $651. Always double-check -- no, triple check -- your order before executing. I've personally known traders that have lost millions of dollars on misclicks.

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December 16, 2017, 11:05:12 PM
 #27

I made my first purchase through localbitcoins today. I bought $224.00 worth of bitcoin for $875.00 Angry

I did not realize it until after it was too late. I foolishly thought I just type in the amount in USD and that was how much BTC I got. Im so mad a myself.

Be glad that it was only for $875. I've made these kinds of mistakes exchange trading for 5-figures at a time. These are called "fat finger" orders because one misclick of a button can cost you potentially millions of dollars on the larger exchanges. There still aren't good controls for this at the UI level, and there are always newbies making mistakes with API calls as well, so these things are inevitable.

Think of this as "paying tuition" because you've learned a very valuable lesson for only $651. Always double-check -- no, triple check -- your order before executing. I've personally known traders that have lost millions of dollars on misclicks.

I guess that is just a part of how trading works. Because i too am getting confused sometimes with these exchange sites i depositing in. But not as USD but as in trading. I did not know then the one on the 1st list is the most cheap. And i actually tried some of the buy orders below. Luckily the coin then was not of great value so it might be a small fortune but still i learned some things in trading.
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December 17, 2017, 07:27:57 AM
 #28

I made my first purchase through localbitcoins today. I bought $224.00 worth of bitcoin for $875.00 Angry

I did not realize it until after it was too late. I foolishly thought I just type in the amount in USD and that was how much BTC I got. Im so mad a myself. Then I realized after that the seller had the value of one btc at $51,000!!! Aside from an idiot like me. Who would pay that for a bitcoin when its not worth near that much.

Ok rant over!

Its your fault bro,you have been cheated by a trader on an exchange but you know localbitcoins is a best place to buy bitcoins and I am always using this exchange to buy and sell bitcoins because traders in this exchange good price for our bitcoins.
Sometime you can get bitcoin for lower price than the actual market value and you can sell for more price than market value as well so you need to explore around before picking up the trader so Next time spend more time on buying because I know it is very hard to earn money,so spend it wisely.

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December 17, 2017, 10:24:09 AM
 #29

That's much!  Sad
Why on earth would you even go to Localbitcoin to buy a coin at the first place?
That place is full of scammers. In a total of 100%, 90% there, are confirmed scammers.
When I started in my journey of bitcoin, I wanted to buy from there too.
But I was glad I hard to check well, I did a background research and saw a lot of negative reviews about the sellers there. Few sellers are legit though, but you don't want to risk it.

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December 17, 2017, 12:45:52 PM
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Did you even try to recheck what you will be trading? I feel sad for you bro. I think it is a lessoned learn for you. Do not confirm any transactions yet especially in localbitcoins unless your sure what amount you will be getting.
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December 17, 2017, 04:25:48 PM
 #31

Whoa! $51,000? What must he be thinking? Did he take buyers for fools.
Mostly, I sometimes, I don't consider Localbitcoins as a genuine site for purchasing bitcoins, considering from so many unfortunate stories about there.
There are good sites for buying bitcoins like Coinbase, Bittrex, Gemini or even Coinmama.
It would have been better if you choose from any of the above sites.
And I guess you didn't want to pass through a verification process like other sites demands which is why you choose to purchase from there.

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December 17, 2017, 04:39:45 PM
 #32

never used localbitcoin over price  Grin Grin i dont why people still buying at there.. there so many exchange platform not like 3-4 years ago

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December 17, 2017, 04:50:29 PM
 #33

That’s kinda a sad story, maybe try the most popular one. Coinbase for this king of transaction than using a suspicious looking sites and that is mostly be the case. Sometimes we tend to go for convenience than safety. Let this be a leading to you and those who have read this. We can’t force to stop this kind of bad doings but we just have to be cautious.

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December 17, 2017, 05:49:43 PM
 #34

I made my first purchase through localbitcoins today. I bought $224.00 worth of bitcoin for $875.00 Angry

I did not realize it until after it was too late. I foolishly thought I just type in the amount in USD and that was how much BTC I got. Im so mad a myself.

Be glad that it was only for $875. I've made these kinds of mistakes exchange trading for 5-figures at a time. These are called "fat finger" orders because one misclick of a button can cost you potentially millions of dollars on the larger exchanges. There still aren't good controls for this at the UI level, and there are always newbies making mistakes with API calls as well, so these things are inevitable.

Think of this as "paying tuition" because you've learned a very valuable lesson for only $651. Always double-check -- no, triple check -- your order before executing. I've personally known traders that have lost millions of dollars on misclicks.

I guess that is just a part of how trading works. Because i too am getting confused sometimes with these exchange sites i depositing in. But not as USD but as in trading. I did not know then the one on the 1st list is the most cheap. And i actually tried some of the buy orders below. Luckily the coin then was not of great value so it might be a small fortune but still i learned some things in trading.

You guys need a tuition for trading in localbitcoins means check the videos in the youtube. Most of the vidoes would be perfect to understand recent updates of the site.
You will get the more information explained in your own language moslt English created language of the videos.
LBC very easiest way to trade your bitcoins for fiat cash.

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LuckyHopper18
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December 19, 2017, 01:15:36 PM
 #35

I made my first purchase through localbitcoins today. I bought $224.00 worth of bitcoin for $875.00 Angry

I did not realize it until after it was too late. I foolishly thought I just type in the amount in USD and that was how much BTC I got. Im so mad a myself.

Be glad that it was only for $875. I've made these kinds of mistakes exchange trading for 5-figures at a time. These are called "fat finger" orders because one misclick of a button can cost you potentially millions of dollars on the larger exchanges. There still aren't good controls for this at the UI level, and there are always newbies making mistakes with API calls as well, so these things are inevitable.

Think of this as "paying tuition" because you've learned a very valuable lesson for only $651. Always double-check -- no, triple check -- your order before executing. I've personally known traders that have lost millions of dollars on misclicks.

I guess that is just a part of how trading works. Because i too am getting confused sometimes with these exchange sites i depositing in. But not as USD but as in trading. I did not know then the one on the 1st list is the most cheap. And i actually tried some of the buy orders below. Luckily the coin then was not of great value so it might be a small fortune but still i learned some things in trading.

You guys need a tuition for trading in localbitcoins means check the videos in the youtube. Most of the vidoes would be perfect to understand recent updates of the site.
You will get the more information explained in your own language moslt English created language of the videos.
LBC very easiest way to trade your bitcoins for fiat cash.

LBC? can you link me to that? I also want to try trading, I have been studying for days now. But I don't think I am ready for it. LOL
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December 19, 2017, 01:37:40 PM
 #36

personally i hate localbitcoins , overprice

Op admitted that he made a fool mistake, simply didn't check carefully the price.
Localbitcoins is a better place to trade bitcoin, it's better to do OTC trading (trade bitcoin for fiat currencies through person-to-person trades) with an escrow service as this site provide; Escrow protection for safe trading protects both the buyer and the seller.
Overprice? It's your call to buy bitcoin at any price obviously, if you can't find any fair price, then just move to another exchange.
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December 19, 2017, 02:00:14 PM
 #37

Yeah, it is on the buyers perspective if he will buy bitcoin in higher price than usual. In trading I guess, there should be minimal error to make. Its money were talking about. LOL
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