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jdany (OP)
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March 21, 2014, 09:40:40 PM |
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LocalBitcoins
In person selling is great.
Online selling is awful. I get hammered all day with scam attempts.
I haven't figured out the rules with Western Union.
Can a transaction be reversed once it says "on location"
I've been waiting until I have cash in hand to release coins. But, do I have to do this?
Daily trips are annoying - and I'd like to go once a week and get all the payments.
But, I don't want legitimate buyers to wait.
Any other sellers have some insight?
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BenAnh
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March 21, 2014, 09:50:53 PM |
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It's the kind of risks that you have to take and this is why I'm working on a trusted P2P exchange so that the mass can enjoy it instead of worrying about frauds.
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sayulita
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March 28, 2014, 07:48:58 PM |
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LocalBitcoins
In person selling is great.
Online selling is awful. I get hammered all day with scam attempts.
I haven't figured out the rules with Western Union.
Can a transaction be reversed once it says "on location"
I've been waiting until I have cash in hand to release coins. But, do I have to do this?
Daily trips are annoying - and I'd like to go once a week and get all the payments.
But, I don't want legitimate buyers to wait.
Any other sellers have some insight?
The sender can always pull the payment back as long as you have yet to pick it up. You do not have "guaranteed cash in hand" until...."you have cash in hand". Do not release the bitcoin until you picked up the cash. |
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bookbuster
Newbie
 Offline
Activity: 10
Merit: 0
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March 30, 2014, 04:00:55 PM |
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I received a bank deposit straight into my bank account, and it was fine.
but someone on Reddit had his Bank of America deposit reversed AFTER it showed up in his online banking
Posted From bitcointalk.org Android App
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TwinWinNerD
Legendary
Offline
Activity: 1680
Merit: 1001
CEO Bitpanda.com
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March 31, 2014, 02:22:51 AM |
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LocalBitcoins
In person selling is great.
Online selling is awful. I get hammered all day with scam attempts.
I haven't figured out the rules with Western Union.
Can a transaction be reversed once it says "on location"
I've been waiting until I have cash in hand to release coins. But, do I have to do this?
Daily trips are annoying - and I'd like to go once a week and get all the payments.
But, I don't want legitimate buyers to wait.
Any other sellers have some insight?
The sender can always pull the payment back as long as you have yet to pick it up. You do not have "guaranteed cash in hand" until...."you have cash in hand". Do not release the bitcoin until you picked up the cash. And even cash-in-hand is not 100% failsafe. A german community member was robbed and another one got fake bills. Now he has to carry around blacklights to check every single bill. Quite the hassle. I would always prefer exchanges and then cashing out really fast. |
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mr smith
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April 01, 2014, 05:07:54 PM |
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For small amounts i use localBTC never had a problem. For larger amounts use an exchange. Much more agg and takes longer but worth it
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New Economy Movement
Philosophy of Solidarity and Egalitarianism
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jetspot
Newbie
Offline
Activity: 25
Merit: 0
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April 01, 2014, 05:21:12 PM |
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I received a bank deposit straight into my bank account, and it was fine.
but someone on Reddit had his Bank of America deposit reversed AFTER it showed up in his online banking
Posted From bitcointalk.org Android App
That might have more to do with Bank of America than anything else. What someone else said is very true, cash in your hand is cash in your hand. Accept no substitutes. |
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BitCoinDream
Legendary
Offline
Activity: 2324
Merit: 1204
The revolution will be digital
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April 01, 2014, 05:48:20 PM |
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I received a bank deposit straight into my bank account, and it was fine.
but someone on Reddit had his Bank of America deposit reversed AFTER it showed up in his online banking
Posted From bitcointalk.org Android App
That might have more to do with Bank of America than anything else. What someone else said is very true, cash in your hand is cash in your hand. Accept no substitutes. How come an online transfer get reversed ? |
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TwinWinNerD
Legendary
Offline
Activity: 1680
Merit: 1001
CEO Bitpanda.com
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April 02, 2014, 09:49:37 AM |
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I received a bank deposit straight into my bank account, and it was fine.
but someone on Reddit had his Bank of America deposit reversed AFTER it showed up in his online banking
Posted From bitcointalk.org Android App
That might have more to do with Bank of America than anything else. What someone else said is very true, cash in your hand is cash in your hand. Accept no substitutes. How come an online transfer get reversed ? It went like this: A guy bought BTC with depositing money in a branch into a BOA account. After he got the BTC he just went back to the branch and said he maid a mistake and they reversed the transfer and paid him back his cash. The sick thing was, they didn't even request a drivers license or anything... |
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theskillzdatklls
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April 08, 2014, 06:42:34 PM |
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I got scammed on LBC a couple months ago, first successful scam pulled off against me in my life... I was sent a $1k BOA transfer, money is in my account, I released BTC and their BOA transfer was reversed back to them - and I have done literally 100s of these before without this ever happening (I and others thought this to be impossible.)
So be careful. Always know what you are dealing with online.
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beaknuke
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April 08, 2014, 06:49:02 PM |
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We talking about America here mostly? In the UK a direct banktransfer cannot be reversed
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TwinWinNerD
Legendary
Offline
Activity: 1680
Merit: 1001
CEO Bitpanda.com
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April 08, 2014, 08:51:24 PM |
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We talking about America here mostly? In the UK a direct banktransfer cannot be reversed
This is also not true. While it is highly unlikely, a bank can always reverse a payment if something fishy was happening. It is centralised afterall... |
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theskillzdatklls
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April 09, 2014, 01:16:01 AM |
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We talking about America here mostly? In the UK a direct banktransfer cannot be reversed
This is also not true. While it is highly unlikely, a bank can always reverse a payment if something fishy was happening. It is centralised afterall... This is true, be careful beak. It drives me insane when scammers win, much more so than when victims lose. |
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beaknuke
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April 13, 2014, 08:44:55 AM |
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well i tried to reverse payments (long story not related to this) but hit a brick wall. Also I seen business in UK suffer because of a digit error with online banking and sent another company thousands instead of hundreds but the bank refused to help except offer a larger over draft.
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theskillzdatklls
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April 13, 2014, 01:01:51 PM |
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well i tried to reverse payments (long story not related to this) but hit a brick wall. Also I seen business in UK suffer because of a digit error with online banking and sent another company thousands instead of hundreds but the bank refused to help except offer a larger over draft.
I imagine that the general populous fails at this. I have friends that have tried to do legitimate reverses as well with no success. But these guys are pro scammers that understand the system or even possibly have crooked internal connections. When I was dealing with BOA I felt there was a decent chance someone was crooked inside because they weren't willing to even work with me. So knowing that you are competing against professional thieves you always have to be extra vigilant beyond what you even know is possible imo. |
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adz7
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April 17, 2014, 02:27:34 PM |
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LocalBitcoins
In person selling is great.
Online selling is awful. I get hammered all day with scam attempts.
I haven't figured out the rules with Western Union.
Can a transaction be reversed once it says "on location"
I've been waiting until I have cash in hand to release coins. But, do I have to do this?
Daily trips are annoying - and I'd like to go once a week and get all the payments.
But, I don't want legitimate buyers to wait.
Any other sellers have some insight?
Hi there, I've been going through the posts on the Bitcoin Forum and was looking for anyone who might be interested in buying Bitcoins. I'm on LocalBitCoins.com but thought I'd reach out here and see if anyone is looking to transact in larger amounts, either via online transfer or (the method I'd prefer) via cash meet up. I'm based in Sydney, Australia. Thanks Adrian |
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IDreamInCode21
Newbie
Offline
Activity: 3
Merit: 0
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April 18, 2014, 12:48:16 AM |
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I got scammed on LBC a couple months ago, first successful scam pulled off against me in my life... I was sent a $1k BOA transfer, money is in my account, I released BTC and their BOA transfer was reversed back to them - and I have done literally 100s of these before without this ever happening (I and others thought this to be impossible.)
So be careful. Always know what you are dealing with online.
I also want to know how this could happen. You do not need to show ID to deposit money into an account, but you do to withdraw it. Also, what type of transfer was this, and were all accounts involved BOA? |
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theskillzdatklls
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April 18, 2014, 01:04:05 AM |
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I got scammed on LBC a couple months ago, first successful scam pulled off against me in my life... I was sent a $1k BOA transfer, money is in my account, I released BTC and their BOA transfer was reversed back to them - and I have done literally 100s of these before without this ever happening (I and others thought this to be impossible.)
So be careful. Always know what you are dealing with online.
I also want to know how this could happen. You do not need to show ID to deposit money into an account, but you do to withdraw it. Also, what type of transfer was this, and were all accounts involved BOA? This was an internal BOA transfer. It happened because BOA claimed that the account that sent me money was hijacked by hackers, hackers sent me the money then I sent them bitcoins. So false fraud was committed against me. Interestingly/unfortunately/oddly enough, after having an account open with BOA for nearly 11 years, they closed my account 1-2 months after this incident. I was a member of their highest public $ tier (platinum honors) and have never been in debt or caused them problems in my life. This is the only reason why I think they may have done this, because they would not disclose the reason for closing my account. That said, "anonymous" cash deposits are also reversible. So you need to take precautions with those as well. Anything banking related what-so-ever is reversible, I can guarantee you this. Some are less so than others. I learned this the hard way and I'm telling everyone here so you know what a shitty financial system we have out there and mostly so that the scammers do not win. |
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adz7
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April 18, 2014, 03:51:51 AM |
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I got scammed on LBC a couple months ago, first successful scam pulled off against me in my life... I was sent a $1k BOA transfer, money is in my account, I released BTC and their BOA transfer was reversed back to them - and I have done literally 100s of these before without this ever happening (I and others thought this to be impossible.)
So be careful. Always know what you are dealing with online.
I also want to know how this could happen. You do not need to show ID to deposit money into an account, but you do to withdraw it. Also, what type of transfer was this, and were all accounts involved BOA? This was an internal BOA transfer. It happened because BOA claimed that the account that sent me money was hijacked by hackers, hackers sent me the money then I sent them bitcoins. So false fraud was committed against me. Interestingly/unfortunately/oddly enough, after having an account open with BOA for nearly 11 years, they closed my account 1-2 months after this incident. I was a member of their highest public $ tier (platinum honors) and have never been in debt or caused them problems in my life. This is the only reason why I think they may have done this, because they would not disclose the reason for closing my account. That said, "anonymous" cash deposits are also reversible. So you need to take precautions with those as well. Anything banking related what-so-ever is reversible, I can guarantee you this. Some are less so than others. I learned this the hard way and I'm telling everyone here so you know what a shitty financial system we have out there and mostly so that the scammers do not win. Hi there, What I would do is propose the following: 1) Either way 1-2 days until the funds are cleared, in which case I would walk into the bank and withdraw the funds in cash myself at a bank's branch. Or 2) Transfer the funds out of your account into another account. I think it's the bank's system's which should be able to pick this up, don't see why you should be liable for something that their systems should be picking up. |
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theskillzdatklls
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April 18, 2014, 12:06:30 PM |
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I got scammed on LBC a couple months ago, first successful scam pulled off against me in my life... I was sent a $1k BOA transfer, money is in my account, I released BTC and their BOA transfer was reversed back to them - and I have done literally 100s of these before without this ever happening (I and others thought this to be impossible.)
So be careful. Always know what you are dealing with online.
I also want to know how this could happen. You do not need to show ID to deposit money into an account, but you do to withdraw it. Also, what type of transfer was this, and were all accounts involved BOA? This was an internal BOA transfer. It happened because BOA claimed that the account that sent me money was hijacked by hackers, hackers sent me the money then I sent them bitcoins. So false fraud was committed against me. Interestingly/unfortunately/oddly enough, after having an account open with BOA for nearly 11 years, they closed my account 1-2 months after this incident. I was a member of their highest public $ tier (platinum honors) and have never been in debt or caused them problems in my life. This is the only reason why I think they may have done this, because they would not disclose the reason for closing my account. That said, "anonymous" cash deposits are also reversible. So you need to take precautions with those as well. Anything banking related what-so-ever is reversible, I can guarantee you this. Some are less so than others. I learned this the hard way and I'm telling everyone here so you know what a shitty financial system we have out there and mostly so that the scammers do not win. Hi there, What I would do is propose the following: 1) Either way 1-2 days until the funds are cleared, in which case I would walk into the bank and withdraw the funds in cash myself at a bank's branch. Or 2) Transfer the funds out of your account into another account. I think it's the bank's system's which should be able to pick this up, don't see why you should be liable for something that their systems should be picking up. Waiting is one of the best ways to help yourself, but then you run the risk of irritating the other person waiting for bitcoins as they are locked in escrow. You can read up on other things you can do to protect yourself. If you transfer the funds out of your account and then a reversal is successful on the fraudsters side, then you will go into the red on your bank account and will be indebted to the bank. That will not work out in your favor. |
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