[ANN] LocalBitcoins.com - a location-based bitcoin to cash marketplace

[giszmo]

Quick reminder:

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[TheButterZone]

Quick reminder:

Don't feed trolls love juice?

[dscotese]

I had my account hacked on localbitcoins and I can see that the bitcoins that were left are still in the localbitcoin wallet and all they do is ignore my emails to give me back my account.  They are trying to steal my bitcoins without any shame doing so.

First, Gladoux, can you explain how that part I bolded was accomplished?  LBC moves deposited coins within several minutes of the deposit, so there's no way to know if they still control them, or whose account they are in if they do, by examining the blockchain, unless there is a comprehensive list of all addresses that LBC owns. Is there?

Anyway, I suspect that LBC ignores emails from addresses that are not assigned to their customers.  If I were LBC, I'm pretty sure that rule would be created pretty early.  Or maybe they didn't ignore the email, but wanted to wait for more evidence that the sender was the original owner of the account.  If your account has been compromised, it is reasonable to assume that other accounts of yours (like email) may also have been compromised.  Glandoux and LBC can both improve their operations:

• Glandoux could put a little more effort into giving LBC the benefit of doubt.  In the first post about the problem, he called them thieves.
• (Maybe) Gladoux could improve his method of protecting his LBC account.
• LBC can keep a history of old email addresses whenever a customer changes their email address (I'm guessing they don't).
• LBC can establish policy on handling claims of hacked accounts and let everyone know about it.
• LBC should have a hidden set of hoops that a customer must go through in order to prove they are the actual owner once someone makes the claim that their account has been hacked.

A simple protocol would be to sign something with a private address to which some bitcoins have previously been sent, or which has been established earlier (when the account was not compromised) as the account holder's signing address.

I am interested in helping LBC establish that "hidden set" if they are interested.  Some of my ideas can be found in the archives of my mailing list (there's a link at the top of my LBC profile of the same username). LBC, please feel free to contact me if you think my ideas might be worth exploring.  I think your business has the potential to replace the three credit reporting agencies in the US, if not other government-privileged holders of monopolistic services.

[TheProf]

No problem with localbitcoins.I love escrow there

[PowerCordZ]

LocalBitcoins has always been my favorite place for selling btc. I only deal with reputed users and never had any problem.

[kaykawa]

Is a good site, but the fee is a bit high.. the resellers price too.
(in my country).

Maybe in us, it's cheap.

[BurtW]

The fee is 1%, paid by the advertiser.  That is fair, keeps them in business and not too high as far as most people are concerned.

[Newar]

At a 30 day volume (USD market only) of 15,691,563.59 USD you would hope they stay in business using a fee structure like that. :-)

[Zer0p0inT]

What would be the advantage of using localbitcoins as opposed to coinbase?

[Mitchell]

What would be the advantage of using localbitcoins as opposed to coinbase?

No verification process. Some buyers may require it, but there are always some that don't. You have a bit more privacy on LBC then on CoinBase (and you can do face-to-face trades).

[akali]

anyone know a alternative to locablitcoins. i dont feel like providing my checkings # to coinbase.

[akali]

Quick reminder:

http://t2.gstatic.com/images?q=tbn:ANd9GcR1H-VRfxD8gGbixlfVsId9kFi0efNMaX_-UotiYdLontNY7gVz

Don't feed trolls love juice?

I thought that was food lol. 

[dscotese]

The fee is 1%, paid by the advertiser.  That is fair, keeps them in business and not too high as far as most people are concerned.

I think they charge the buyer 1% too.  I downloaded my history to check and I see I did a local buy on 6/20 and got 1% less than I bought.

[Newar]

Just the advertiser gets the fee, unless they changed it very recently and didn't update this: https://localbitcoins.com/fees

[Zer0p0inT]

What would be the advantage of using localbitcoins as opposed to coinbase?

No verification process. Some buyers may require it, but there are always some that don't. You have a bit more privacy on LBC then on CoinBase (and you can do face-to-face trades).

Sounds good. More privacy and faster transactions with LBC...

[dscotese]

Just the advertiser gets the fee, unless they changed it very recently and didn't update this: https://localbitcoins.com/fees

Oh that makes a lot more sense.  I tested it by requesting a trade with myself, and I guess since I'm the advertiser, I got dinged on both sides. DOH!

[Soupulou]

Just the advertiser gets the fee, unless they changed it very recently and didn't update this: https://localbitcoins.com/fees

Oh that makes a lot more sense.  I tested it by requesting a trade with myself, and I guess since I'm the advertiser, I got dinged on both sides. DOH!

So the seller pays the whole fee? The buyer pays only the offered price?

[DannyHamilton]

So the seller pays the whole fee? The buyer pays only the offered price?

No.

The advertiser pays the whole fee.  The customer pays only the listed price.

If you create an ad to buy bitcoins then you will pay the 1% fee, and the seller that responds to your ad will receive your advertised payment.
If you create an ad to sell bitcoins then you will pay the 1% fee, and the buyer that responds to your ad will pay your advertised price.

Because the advertisers are generally aware of this fee, then typically adjust their advertisement to compensate themselves for the cost of the fee.  As such, it is actually the customer that is indirectly paying the fee.  An advertiser that wants to receive BitStamp+5% for the bitcoins that they are selling will typically sell on localbitcoins for BitStamp+6% to cover the costs of the fee.

The fee is only charged if the transaction is completed using localbitcoins transaction service.  If you meet the person face-to-face and the bitcoins are sent directly to the customer's wallet instead of going through the localbitcoins transaction service, then there is no fee charged.

[dscotese]

Site is down for me right now.  Went down about 20 minutes ago.

[dscotese]

Looks like they just had to reenable their DDOS protection, which they did, so it's back up now.