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Author Topic: localbitcoins.com - be aware of bank wire scammers!!  (Read 2315 times)
bitpower
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September 04, 2013, 02:40:23 AM
 #1

Recently I started selling bitcoins online through SEPA bank tranfser with localbitcoins.com. I had few succesful transactions, but then I sold some amounts of bitcoins to 2 people in Germany. Few days after receiving the money and releasing the bitcoins my bank (AIB in Ireland) returned the money from my account back to the buyers. I contacted my branch and they told me the german bank requested the money back and they had to return it. They said once a fraud is mentioned they have to return the money. Nobody even asked me my side of the story. I tried to explain that it is me getting scammed, but the bank manager just acknowledged and confirmed it with a smile on her face.. Later I found out that my account is frozen and was under an investigation. Few days later I got a letter saying that my account is being shut down.
Apparently they are allowed to return the money to the sender by the terms and conditions, but I am going to report this situation to the financial ombudsman anyway.

Until now I thought that it is safe to sell bitcoins through bank wire.. I got really really pissed off. I have decided to try not to open and use any bank accounts ever again for any purpose. If I ever work again it will be just for cash and off tax. Hopefully in few years time I will be allowed to buy everything I need just in bitcoins Smiley and I will make sure that this bank looses much more money than me, believe it or not, they fucked with the wrong guy.

Fuck FIAT
Fuck Banks
Fuck Taxes
Fuck the System

May the wind always be at your back and the sun upon your face and may the wings of destiny carry you aloft to dance with the stars.
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btc4ever
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September 04, 2013, 02:52:49 AM
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localbitcoins.com.

face to face is the only way to be free of banking and big brother and have private transactions.  And it scales worldwide with no single point of failure.

Try attending or starting a satoshi square / buttonwood in your area instead.

http://www.coindesk.com/how-to-buy-bitcoins-in-person-at-buttonwood-satoshi-square-and-other-meetups/
http://unspy.wordpress.com/2013/07/26/why-the-only-real-way-to-buy-bitcoins-is-on-the-streets/

Psst!!  Wanna make bitcoin unstoppable? Why the Only Real Way to Buy Bitcoins Is on the Streets. Avoid banks and centralized exchanges.   Buy/Sell coins locally.  Meet other bitcoiners and develop your network.   Try localbitcoins.com or find or start a buttonwood / satoshi square in your area.  Pass it on!
Rawted
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September 04, 2013, 03:29:30 AM
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Cash deposit at my bank is my method of choice. Not sure if they allow that with EU banks, but i would definitely suggest it.

btc4ever
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September 04, 2013, 03:45:31 AM
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Good luck with that.  I guess you missed the part about the OP's bank account getting frozen.  And I guess you like having all your bitcoin funds connected with your identity from day 1.

I don't understand why people think we can build a system that will ultimately replace the banks yet they continue rely on banks to fund it.

It is in the banks' best interest to resist this existential threat through any means at their disposal.

In the long run, we will all be operating in the cryptocurrency economy.  Until then, the only reliable, non-reversible, private, and unstoppable method of exchange are local face to face exchanges. 

and if you don't care about any of that....   do you really need bitcoin?

Cash deposit at my bank is my method of choice. Not sure if they allow that with EU banks, but i would definitely suggest it.

Psst!!  Wanna make bitcoin unstoppable? Why the Only Real Way to Buy Bitcoins Is on the Streets. Avoid banks and centralized exchanges.   Buy/Sell coins locally.  Meet other bitcoiners and develop your network.   Try localbitcoins.com or find or start a buttonwood / satoshi square in your area.  Pass it on!
Rawted
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September 04, 2013, 03:52:32 AM
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Good luck with that.  I guess you missed the part about the OP's bank account getting frozen.  And I guess you like having all your bitcoin funds connected with your identity from day 1.

I don't understand why people think we can build a system that will ultimately replace the banks yet they continue rely on banks to fund it.

It is in the banks' best interest to resist this existential threat through any means at their disposal.

In the long run, we will all be operating in the cryptocurrency economy.  Until then, the only reliable, non-reversible, private, and unstoppable method of exchange are local face to face exchanges. 

and if you don't care about any of that....   do you really need bitcoin?

Cash deposit at my bank is my method of choice. Not sure if they allow that with EU banks, but i would definitely suggest it.
Do they only allow a person to have 1 bank account ever in the EU?

I struggle to comprehend how you think the bank will know that a cash deposit made into your account was for bitcoins, and even then, who cares - have you read the latest fincen report? p2p is a-ok in their books.


btc4ever
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September 04, 2013, 04:16:18 AM
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Not interested in getting into a debate.  after all "who cares?"  If you wish to support the banks, that is your choice.  I would not be your buyer, except in physical cash or precious metals.

I struggle to comprehend how you think the bank will know that a cash deposit made into your account was for bitcoins, and even then, who cares - have you read the latest fincen report? p2p is a-ok in their books.

Psst!!  Wanna make bitcoin unstoppable? Why the Only Real Way to Buy Bitcoins Is on the Streets. Avoid banks and centralized exchanges.   Buy/Sell coins locally.  Meet other bitcoiners and develop your network.   Try localbitcoins.com or find or start a buttonwood / satoshi square in your area.  Pass it on!
Rawted
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September 04, 2013, 04:30:09 AM
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Not interested in getting into a debate.  after all "who cares?"  If you wish to support the banks, that is your choice.  I would not be your buyer, except in physical cash or precious metals.

I struggle to comprehend how you think the bank will know that a cash deposit made into your account was for bitcoins, and even then, who cares - have you read the latest fincen report? p2p is a-ok in their books.
I wasn't trying to debate bud, simply trying to understand how you made the correlation from cash deposit to bank knowing it was for bitcoins. Just curious is all.

Let me elaborate. I am a licensed CCW holder. I don't put myself in situations that could possibly lead to the need to use my concealed weapon. Meeting strangers face to face to conduct high dollar transactions is certainly one of those situations. You may judge it as supporting the banks, but that is certainly not my intention.

bitpower
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September 04, 2013, 11:18:58 PM
 #8

eh.. without banking system mtgox and other bitcoin exchanges couldn't work, until the transition from fiat to cryptocurrencies is over anyway. It is kind of in interest of bitcoin to sell it by all means and make it as popular and as easy to obtain as possible. The only threat is it turns out that all money services allow bitcoin dealers to get scammed.

I am a privacy freak, but I couldnt care atm if big brother connects me with bitcoins as they can't take them of me, freeze my bitcoin wallet etc. All they can do is see how reach im getting haha..

In future we wount need and we shouldnt use banks to buy bitcoins, why would we feed leeches. At the moment bitcoin can gain by it. Banks have been using us, why woun't we use them for little while. Everything has its pros and cons so everybody please relax ;d

but ya after the cold shower I got personally I dont want to use banks anymore..

peace out

May the wind always be at your back and the sun upon your face and may the wings of destiny carry you aloft to dance with the stars.
rizzla
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September 05, 2013, 12:34:48 AM
 #9

I think your bank scammed you. From what I can understand, acording to SEPA Credit Transfer Rulebook, your bank has to contact you before releasing the funds after the originator bank issues a recall, but I may be mistaken. Also I believe the bank can't issue a recall just because the client decides so.
Source: SEPA Credit Transfer Rulebook Version 6.1
sublime5447
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September 05, 2013, 03:13:51 PM
 #10

Good luck with that.  I guess you missed the part about the OP's bank account getting frozen.  And I guess you like having all your bitcoin funds connected with your identity from day 1.

I don't understand why people think we can build a system that will ultimately replace the banks yet they continue rely on banks to fund it.

It is in the banks' best interest to resist this existential threat through any means at their disposal.

In the long run, we will all be operating in the cryptocurrency economy.  Until then, the only reliable, non-reversible, private, and unstoppable method of exchange are local face to face exchanges. 

and if you don't care about any of that....   do you really need bitcoin?

Cash deposit at my bank is my method of choice. Not sure if they allow that with EU banks, but i would definitely suggest it.

There has to be a intermediate step between the existing economy and the BTC economy. It will never work if people cant get funds from their existing account to their BTC account quick and easy. People are not going to go out in mass and deposit cash into strangers accounts.

I sell for reversible methods to help and build the trust network that is necessary to BTC to function outside the traditional banking sector. 

COBINHOOD – ZERO TRADING FEE CRYPTOCURRENCY EXCHANGE 
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