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Author Topic: How Come The Price is So Low?  (Read 1109 times)
sidjourn
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November 22, 2013, 07:15:54 AM
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Hey guys,

So I am new to bitcoin. I realize it's expensive to buy a coin now, but I found an Indian guy online who claimed that bitcoins are available for dirt cheap price. Like he bought one for 60 dollars when the price was $700 in GOX.

This made me think. How can someone buy at such a low price? Probably people are happy selling the BTC they bought for $1 at $60 or so.

And so my exploration begun!

I tried finding such guys, and found one.

Today this guy I found, actually called me back. He told me he doesn't have bitcoin but he can get one very soon, at 7000 rupees! I was surprised, and asked him right away: how can you sell for so cheap?

He went on to treat BTC as an underground market and said the rates are actually this high. He further went on to explain that BTC are not 7000 but 7300 or something. I laughed, because the ongoing rates are much more than that. I told him to check online price, and he said online it's always expensive. I wouldn't have believed him, but the chat with the guy who bought @ 60 dollar makes me believe all this now.

So has anyone any experience buying bitcoin in the grey market? Can I be scammed? Is it worth it?

Appreciate your reply.
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Benson Samuel
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November 22, 2013, 07:19:15 AM
 #2

Hey guys,

So I am new to bitcoin. I realize it's expensive to buy a coin now, but I found an Indian guy online who claimed that bitcoins are available for dirt cheap price. Like he bought one for 60 dollars when the price was $700 in GOX.

This made me think. How can someone buy at such a low price? Probably people are happy selling the BTC they bought for $1 at $60 or so.

And so my exploration begun!

I tried finding such guys, and found one.

Today this guy I found, actually called me back. He told me he doesn't have bitcoin but he can get one very soon, at 7000 rupees! I was surprised, and asked him right away: how can you sell for so cheap?

He went on to treat BTC as an underground market and said the rates are actually this high. He further went on to explain that BTC are not 7000 but 7300 or something. I laughed, because the ongoing rates are much more than that. I told him to check online price, and he said online it's always expensive. I wouldn't have believed him, but the chat with the guy who bought @ 60 dollar makes me believe all this now.

So has anyone any experience buying bitcoin in the grey market? Can I be scammed? Is it worth it?

Appreciate your reply.

Scammed!!

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November 22, 2013, 07:19:55 AM
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How are you going to pay him btw.. i guess western union.?  Grin

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November 22, 2013, 07:20:55 AM
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You're gonna get scammed/mugged/killed

Positive rep with: pekv2, AzN1337c0d3r, Vince Torres, underworld07, Chimsley, omegaaf, Bogart, Gleason, SuperTramp, John K. and guitarplinker
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November 22, 2013, 07:22:17 AM
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You're gonna get scammed/mugged/killed

Dugged,raped too.. Grin Grin

Benson Samuel
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November 22, 2013, 07:24:07 AM
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You're gonna get scammed/mugged/killed

Dugged,raped too.. Grin Grin

He gonna do it cos u said Drugged!!  Grin Grin

sidjourn
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November 22, 2013, 07:28:25 AM
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Hey guys,

So I am new to bitcoin. I realize it's expensive to buy a coin now, but I found an Indian guy online who claimed that bitcoins are available for dirt cheap price. Like he bought one for 60 dollars when the price was $700 in GOX.

This made me think. How can someone buy at such a low price? Probably people are happy selling the BTC they bought for $1 at $60 or so.

And so my exploration begun!

I tried finding such guys, and found one.

Today this guy I found, actually called me back. He told me he doesn't have bitcoin but he can get one very soon, at 7000 rupees! I was surprised, and asked him right away: how can you sell for so cheap?

He went on to treat BTC as an underground market and said the rates are actually this high. He further went on to explain that BTC are not 7000 but 7300 or something. I laughed, because the ongoing rates are much more than that. I told him to check online price, and he said online it's always expensive. I wouldn't have believed him, but the chat with the guy who bought @ 60 dollar makes me believe all this now.

So has anyone any experience buying bitcoin in the grey market? Can I be scammed? Is it worth it?

Appreciate your reply.

Scammed!!


On the flip side, we are in India. Why can't we have people in grey market, who are not used to online and Internet, sell BTC at such price. I mean, 7000 rupees is something for them for sure. He told me he doesn't have BTC at the moment, but he will get them soon and ring me up.

Said we could meet face to face as well, but then he has to travel to my place, and he would only if I confirm that I am going to buy.
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November 22, 2013, 07:30:15 AM
 #8

Hey guys,

So I am new to bitcoin. I realize it's expensive to buy a coin now, but I found an Indian guy online who claimed that bitcoins are available for dirt cheap price. Like he bought one for 60 dollars when the price was $700 in GOX.

This made me think. How can someone buy at such a low price? Probably people are happy selling the BTC they bought for $1 at $60 or so.

And so my exploration begun!

I tried finding such guys, and found one.

Today this guy I found, actually called me back. He told me he doesn't have bitcoin but he can get one very soon, at 7000 rupees! I was surprised, and asked him right away: how can you sell for so cheap?

He went on to treat BTC as an underground market and said the rates are actually this high. He further went on to explain that BTC are not 7000 but 7300 or something. I laughed, because the ongoing rates are much more than that. I told him to check online price, and he said online it's always expensive. I wouldn't have believed him, but the chat with the guy who bought @ 60 dollar makes me believe all this now.

So has anyone any experience buying bitcoin in the grey market? Can I be scammed? Is it worth it?

Appreciate your reply.

Scammed!!


On the flip side, we are in India. Why can't we have people in grey market, who are not used to online and Internet, sell BTC at such price. I mean, 7000 rupees is something for them for sure. He told me he doesn't have BTC at the moment, but he will get them soon and ring me up.

Said we could meet face to face as well, but then he has to travel to my place, and he would only if I confirm that I am going to buy.


A grey market for a grey market currency. Hmmmm..

sidjourn
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November 22, 2013, 07:34:44 AM
 #9

How are you going to pay him btw.. i guess western union.?  Grin

By cash, probably. Haven't decided because he called me, and I told him I want BTC. He said he doesn't have em but he will get them for 7000 bucks. He also said we can have a face-to-face exchange, but then he will have to come down to my place.
Benson Samuel
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November 22, 2013, 07:44:00 AM
 #10

How are you going to pay him btw.. i guess western union.?  Grin

By cash, probably. Haven't decided because he called me, and I told him I want BTC. He said he doesn't have em but he will get them for 7000 bucks. He also said we can have a face-to-face exchange, but then he will have to come down to my place.

Be careful is all.

buysellbitcoin
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November 23, 2013, 04:24:44 AM
 #11

Simple advise :
If it sounds quake, if it smells duck, if it looks like duck... well, be careful.
Don't try that.

Regards

Download Zebpay Fastest way to Buy / Sell Bitcoins in India
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MahaRamana
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November 23, 2013, 04:36:00 AM
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On the flip side, we are in India. Why can't we have people in grey market, who are not used to online and Internet, sell BTC at such price. I mean, 7000 rupees is something for them for sure. He told me he doesn't have BTC at the moment, but he will get them soon and ring me up.

Said we could meet face to face as well, but then he has to travel to my place, and he would only if I confirm that I am going to buy.


Right, people who are not used to "online and Internet" have bitcoins... Maybe they don't know what internet is and received bitcoins last christmas on a usb stick !

Are you kidding me ?
troy112
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November 23, 2013, 09:46:39 AM
 #13

simple ...receive the bitcoin first then pay... if he is willing to do then go ahead otherwise don't

You could also ask for ascrow..
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