Beware of LocalBitcoins.com - page 5.

BurtW

legendary

Activity: 2646

Merit: 1137

All paid signature campaigns should be banned.

Quote from: joshraban76 on June 13, 2014, 12:31:50 PM

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.

Easy solutions to the "fake money issue", which it turns out is not a real concern after all.

joshraban76

sr. member

Activity: 252

Merit: 250

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.

ajareselde

legendary

Activity: 1722

Merit: 1000

Satoshi is rolling in his grave. #bitcoin

Quote from: steelbuzz on June 13, 2014, 04:39:14 AM

You never posted any real evidence of people being arrested for simply trading BitCoin through localbitcoins....

Pretty sure he just made it up because he's naive and paranoid....

doesnt have to be. little bit of paranoya is good for you.
you never know who you are going to meet, so its good to be carefull.
personaly all my experiences were just awesome.

ben1

newbie

Activity: 2

Merit: 0

I've never had any real problems with localbitcoins.com, if I can move the cash out of my account I know it's legit and can release btc, if not then I don't. So simple. Although I've had several scam attempts that caused my btc to be locked up for a few days, and some check return fees, but I'm okay with that. I want the buyer experience to be priority so we can get more btc adoption. More competition for localbitcoins would also be awesome, as long as the UX for buyers is good.

steelbuzz

newbie

Activity: 28

Merit: 0

You never posted any real evidence of people being arrested for simply trading BitCoin through localbitcoins....

Pretty sure he just made it up because he's naive and paranoid....

BitCoinDream

legendary

Activity: 2338

Merit: 1204

The revolution will be digital

Quote from: BurtW on June 11, 2014, 02:39:40 PM

I am not against competition, far from it.

I ask because I am curious: what exactly do they think will make people use their service instead of someone else (localbitcoins for example).

In other words: what is their unique selling proposition? What sets them appart? What makes them better?

If they do not have a differentiating factor then they are just a "me too". Nothing wrong with that really but I won't move to another site unless it is better in some way.

+1

I also want to know the same

BurtW

legendary

Activity: 2646

Merit: 1137

All paid signature campaigns should be banned.

Quote from: madken7777 on June 11, 2014, 03:03:47 PM

Quote from: BurtW on June 11, 2014, 02:39:40 PM

I am not against competition, far from it.

I ask because I am curious: what exactly do they think will make people use their service instead of someone else (localbitcoins for example).

In other words: what is their unique selling proposition? What sets them appart? What makes them better?

If they do not have a differentiating factor then they are just a "me too". Nothing wrong with that really but I won't move to another site unless it is better in some way.

Localbitocin unique position is let local buyer and seller trade with each other rather than relying on the traditional banking system to use wire to transfer money aboard to one of the main exchanges to buy and sell.

You are not following the thread. I use localbitcoins all the time. I know them. I trust them. My questions are directed at http://www.100bit.co.in/

I am asking http://www.100bit.co.in/ what they are planning to do that will be better or different than localbitcoins. I ask them because they advertized in this thread about localbitcoins.

madken7777

full member

Activity: 182

Merit: 100

Quote from: BurtW on June 11, 2014, 02:39:40 PM

I am not against competition, far from it.

I ask because I am curious: what exactly do they think will make people use their service instead of someone else (localbitcoins for example).

In other words: what is their unique selling proposition? What sets them appart? What makes them better?

If they do not have a differentiating factor then they are just a "me too". Nothing wrong with that really but I won't move to another site unless it is better in some way.

Localbitocin unique position is let local buyer and seller trade with each other rather than relying on the traditional banking system to use wire to transfer money aboard to one of the main exchanges to buy and sell.

BurtW

legendary

Activity: 2646

Merit: 1137

All paid signature campaigns should be banned.

I am not against competition, far from it.

I ask because I am curious: what exactly do they think will make people use their service instead of someone else (localbitcoins for example).

In other words: what is their unique selling proposition? What sets them appart? What makes them better?

If they do not have a differentiating factor then they are just a "me too". Nothing wrong with that really but I won't move to another site unless it is better in some way.

BitCoinDream

legendary

Activity: 2338

Merit: 1204

The revolution will be digital

Quote from: BurtW on June 11, 2014, 12:40:47 PM

AGAIN: What happened there is that the undercover cop repeatedly told the BTC sellers that they were going to use the BTC for illegal purposes. That is what they got arrested for - not selling BTC. This story was all of this forum and all over the news when it happened. You might try Google. It happened in Florida. Try "Florida arrest Bitcoin" or something like that.

I use localbitcoins all the time. It is, by far, the best and safest way to buy and sell BTC when done correctly (cash, in person, face to face, public location with free WiFi). I have also met dozens and dozens of totally cool people with a shared interest/passion for Bitcoins.

Thank you. Your search keyword has helped me to find out related news stories.

Quote from: BurtW on June 11, 2014, 12:43:17 PM

Quote from: 100bitcoin on June 11, 2014, 07:02:05 AM

www.100bit.co.in is launching soon. You may count on us in terms of scammer protection.

What will make you different from localbitcoins? Why would we want to use your site rather than localbitcoins, which has never lost or taken any of my BTC in all the years I have been using it? How do we know we can trust you with our BTC (assuming you operate as an escrow agent like localbitcoins does)?

This is a Q I dont expect from a Hero member. You are correct that 100bit.co.in needs to build up trust so that we can trust them for escrow and I believe that can only happen with time while users test them with small fractions. But why will we use them while LocalBitcoins is there is NOT a valid question in my opinion. Why we started to use Bitstamp while BTC-e was there ? Why do we use Citibank while bank of America is there ? Competition is always good & healthy. We should not vote for monopoly in a free market.

BurtW

legendary

Activity: 2646

Merit: 1137

All paid signature campaigns should be banned.

Quote from: 100bitcoin on June 11, 2014, 07:02:05 AM

www.100bit.co.in is launching soon. You may count on us in terms of scammer protection.

What will make you different from localbitcoins? Why would we want to use your site rather than localbitcoins, which has never lost or taken any of my BTC in all the years I have been using it? How do we know we can trust you with our BTC (assuming you operate as an escrow agent like localbitcoins does)?

BurtW

legendary

Activity: 2646

Merit: 1137

All paid signature campaigns should be banned.

Quote from: steelbuzz on June 11, 2014, 03:15:25 AM

wtf!??!!? Are you absolutely SURE there are undercover police trying to nab people simply for buying BTC?

I seriously SERIOUSLY doubt it..... Huh

Quote from: BitCoinDream on June 11, 2014, 06:48:31 AM

Quote from: BitBits on February 09, 2014, 07:44:14 PM

On top of all this, in view of most recent arrests in Florida, any seller on localbitcoins (especially high volume one) can potentially be arrested for a mere fact of trading. States define such activity as money transmitting, which in turn requires proper state license. The arrest mentioned above were made by undercover law enforcement agents posing as Bitcoin buyers. So, the next time you arrange for a meeting to sell bitcoins, you could be meeting with the police officer.

Please provide some authoritative news links supporting the arrest incident.

AGAIN: What happened there is that the undercover cop repeatedly told the BTC sellers that they were going to use the BTC for illegal purposes. That is what they got arrested for - not selling BTC. This story was all of this forum and all over the news when it happened. You might try Google. It happened in Florida. Try "Florida arrest Bitcoin" or something like that.

I use localbitcoins all the time. It is, by far, the best and safest way to buy and sell BTC when done correctly (cash, in person, face to face, public location with free WiFi). I have also met dozens and dozens of totally cool people with a shared interest/passion for Bitcoins.

100bitcoin

sr. member

Activity: 860

Merit: 423

www.100bit.co.in is launching soon. You may count on us in terms of scammer protection.

BitCoinDream

legendary

Activity: 2338

Merit: 1204

The revolution will be digital

Quote from: BitBits on February 09, 2014, 07:44:14 PM

On top of all this, in view of most recent arrests in Florida, any seller on localbitcoins (especially high volume one) can potentially be arrested for a mere fact of trading. States define such activity as money transmitting, which in turn requires proper state license. The arrest mentioned above were made by undercover law enforcement agents posing as Bitcoin buyers. So, the next time you arrange for a meeting to sell bitcoins, you could be meeting with the police officer.

Please provide some authoritative news links supporting the arrest incident.

ganabb

sr. member

Activity: 434

Merit: 250

This may be great if you are in the USA where most of the site user base lives, and you want to meet up in the big city you live in. But in many other countries, you are more or less screwed.

steelbuzz

newbie

Activity: 28

Merit: 0

wtf!??!!? Are you absolutely SURE there are undercover police trying to nab people simply for buying BTC?

I seriously SERIOUSLY doubt it..... Huh

Harley997

sr. member

Activity: 266

Merit: 250

Quote from: haploid23 on June 10, 2014, 11:22:00 PM

Quote from: fordlincoln on February 09, 2014, 05:03:40 PM

1. I.P. Address check - can be faked using a Proxy
2. Phone Number Verification - can be faked using a SMS servce
3. Real Name Required - can be faked using fraudulent ID
4. Trust Score - Scammers give each other trust scores and testimonials
5. Dispute is not possible after the Trade is completed

Most of what you posted is true, although you can't really fake trade scores. In order to have the score increase, the trade must be confirmed and the bitcoins released from escrow. There are fees every time a coin goes through escrow.

The trade fee is only 2% (a percentage of a transaction) so scammers could simply trade very small amounts between each-other

haploid23

legendary

Activity: 812

Merit: 1002

Quote from: fordlincoln on February 09, 2014, 05:03:40 PM

1. I.P. Address check - can be faked using a Proxy
2. Phone Number Verification - can be faked using a SMS servce
3. Real Name Required - can be faked using fraudulent ID
4. Trust Score - Scammers give each other trust scores and testimonials
5. Dispute is not possible after the Trade is completed

Most of what you posted is true, although you can't really fake trade scores. In order to have the score increase, the trade must be confirmed and the bitcoins released from escrow. There are fees every time a coin goes through escrow.

u9y42

legendary

Activity: 2562

Merit: 1071

Quote from: BurtW on April 24, 2014, 08:09:26 PM

[...]

BitBits: You go on to repeat the stupid "got arrested for selling Bitcoins" lie. The cops do not give one crap about people selling or buying BTC (the IRS is another matter).

What happened there is that the undercover cop repeatedly told the BTC sellers that they were going to use the BTC for illegal purposes. That is what they got arrested for - not selling BTC.

[...]

Hmm, I hadn't heard of this story yet; still, it strikes me as being weird that he got arrested for ignoring something that could very well be a lie, or someone's idea of a joke. I mean, if it was a situation in which there was a clear and obvious illegal operation going on, and he willingly helped (by selling the btc in this case), then I could understand his arrest; but that wasn't the case, right? Did this hold in court (or is it expected to, if the case still hasn't been to court)?

Harley997

sr. member

Activity: 266

Merit: 250

Quote

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 concept is the best way to buy/sell bitcoins.

If you were to not use escrow there would be a lot of the opposite scams. The BTC seller could simply walk away once payment is received.

Topic: Beware of LocalBitcoins.com - page 5. (Read 14856 times)