Topic: Beware of LocalBitcoins.com - page 4. (Read 14921 times)
i just don't like the interface, and stay away from online transfers anyway. i do use LBC for craigslist-type deals, for cash only. i don't like the idea of using them for escrow, and i certainly don't want to pay them for it.
I personally would only use localbitcoin if I met the person in a busy place. I don't trust anyone (meaning web sites or exchanges) with bitcoins. Also, you have to remember that the Govt has its eye on local bitcoin. IF you buy from the wrong person, they will get you for money laundering, although i think they are just using localbitcoin to try to reel in the bigger fish.
All untrue.The only stories I have ever read involved police arresting someone for selling bitcoins after the undercover officers told the seller many times that they were going to use the BTC for illegal purposes. I have never seen a story of anyone being charged for money laundering directly.
So unless you have credible links you are just repeating rumors and spreading FUD.
I personally would only use localbitcoin if I met the person in a busy place. I don't trust anyone (meaning web sites or exchanges) with bitcoins. Also, you have to remember that the Govt has its eye on local bitcoin. IF you buy from the wrong person, they will get you for money laundering, although i think they are just using localbitcoin to try to reel in the bigger fish.
All untrue.I personally would only use localbitcoin if I met the person in a busy place. I don't trust anyone (meaning web sites or exchanges) with bitcoins. Also, you have to remember that the Govt has its eye on local bitcoin. IF you buy from the wrong person, they will get you for money laundering, although i think they are just using localbitcoin to try to reel in the bigger fish.
All untrue. 
I personally would only use localbitcoin if I met the person in a busy place. I don't trust anyone (meaning web sites or exchanges) with bitcoins. Also, you have to remember that the Govt has its eye on local bitcoin. IF you buy from the wrong person, they will get you for money laundering, although i think they are just using localbitcoin to try to reel in the bigger fish.
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Wow thanks for the heads up man. I have used that exchange couple of times but i didn't know the buyer can cancel the trade and seller can't thats not good. I'll sure think again dealing in future there.
Where did u get this part that says a Seller cant cancel a trade ?
If you use the site correctly there are no issues. It is a great site. Use it all the time. Never had any issues at all.
Wow thanks for the heads up man. I have used that exchange couple of times but i didn't know the buyer can cancel the trade and seller can't thats not good. I'll sure think again dealing in future there.
Where did u get this part that says a Seller cant cancel a trade ?
Use it sometime you will know.
I doubt it is that easy to just fraud your way through localbitcoins... someone would be able to tell between fraudulent ratings and real ones. I'm sure admins would also be able to monitor the ratings and how quick they get them after they open an account
Well, the site does have a lot of users, so it's not exactly easy to monitor ratings just like that; some kind of automated system must certainly be in place. And how quickly you gain feedback isn't exactly a very good indicator for such a system, as you're likely going to get a lot of false positives, and miss out on the more cautious scammers.
On the other hand, if the only ratings a user has are from other relatively new accounts and for low amounts of btc, then perhaps you should be cautious when dealing with them. And in the case the feedback is coming from older, more established accounts, then I assume an automated system could catch them, by linking them to all the accounts used for scamming.
I doubt it is that easy to just fraud your way through localbitcoins... someone would be able to tell between fraudulent ratings and real ones. I'm sure admins would also be able to monitor the ratings and how quick they get them after they open an account
The #1 Problem with their site is the Escrow service - localbitcoins.com requires sellers of BTC to put their coins in Escrow - this is a huge F#&K%!G MISTAKE.
This is not true. You are not required to put your coins in escrow. The seller might choose to put the coins in escrow because the buyer might request that, or because the buyers might feel more comfortable but for in person cash face to face transactions simply funding the transaction without turning on the escrow function works just fine.
The #1 Problem with their site is the Escrow service - localbitcoins.com requires sellers of BTC to put their coins in Escrow - this is a huge F#&K%!G MISTAKE.
So you want to say the whole localbitcoins things are fake where every day hundreds of successful transaction performing..!?
Wow thanks for the heads up man. I have used that exchange couple of times but i didn't know the buyer can cancel the trade and seller can't thats not good. I'll sure think again dealing in future there.
Where did u get this part that says a Seller cant cancel a trade ?
If you use the site correctly there are no issues. It is a great site. Use it all the time. Never had any issues at all.
Wow thanks for the heads up man. I have used that exchange couple of times but i didn't know the buyer can cancel the trade and seller can't thats not good. I'll sure think again dealing in future there.
Where did u get this part that says a Seller cant cancel a trade ?
I don't understand why people don't just buy from trusted exchanges instead of going to the trouble to meet someone IRL with not only a chance of getting scammed but paying a lot more for the BTC then they're worth (at time of purchase).
If you deal with a "trusted" exchanged you still have the possibility of getting "GOXed"
sr. member
Activity: 448
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It's Money 2.0| It’s gold for nerds | It's Bitcoin
I don't understand why people don't just buy from trusted exchanges instead of going to the trouble to meet someone IRL with not only a chance of getting scammed but paying a lot more for the BTC then they're worth (at time of purchase).
People want to make trades in an uncentralized fashion
Wow thanks for the heads up man. I have used that exchange couple of times but i didn't know the buyer can cancel the trade and seller can't thats not good. I'll sure think again dealing in future there.
I don't understand why people don't just buy from trusted exchanges instead of going to the trouble to meet someone IRL with not only a chance of getting scammed but paying a lot more for the BTC then they're worth (at time of purchase).
wtf!??!!? Are you absolutely SURE there are undercover police trying to nab people simply for buying BTC?
I seriously SERIOUSLY doubt it.....
I seriously SERIOUSLY doubt it.....
I think it is actually police nabbing people for selling it without following AML/KYC laws.
There is a case in FL where some guy was selling BTC at a massive markup and the UC told him that he was going to use the BTC for very illigal purposes. They arrested him on a bunch of charges, all related to selling BTC.
Even if the trade is ok, you might end with fake cash.
Although I was using LB before, but now, I stuck with trustworthy exchangers.
If it is a large transaction then I just have them meet me at my bank, I have the bank teller count and check the money, release the BTC, then usually deposit some and keep the rest. For smaller transactions I test any bills that feel "funny" to me with a special marker.Although I was using LB before, but now, I stuck with trustworthy exchangers.
Easy solutions to the "fake money issue", which it turns out is not a real concern after all.
May you elaborate more about this
"For smaller transactions I test any bills that feel "funny" to me with a special marker."
This doesn't sound like a real world story to me. I really feel like most stuff in the op are just hyperboles. I trade there frequently and I haven't experienced any of the problems portrayed there.
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