[CLOSED] WTS 7.5 BTC for $ in the Mail - page 2.

SaltySpitoon

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Welcome to the SaltySpitoon, how Tough are ya?

Quote from: stex2009 on November 08, 2013, 02:34:30 PM

I can buy a few. let me know. how about cash deposit in your bank ?

The problem is, I use USAA, and the nearest bank is about 1,000 miles from me. That and, I'm not a fan of banks (for obvious reasons) and because I'm a precious metal trader which requires cash, bank wire, or check to buy or sell metals. My bank's wire transfer procedure takes literally hours, and I can't withdraw money straight from them due to location.

I actually don't especially need the cash anymore, as it wont be here in time for the coin show I was going to tomorrow, but I'll still leave the offer on the table.

stex2009

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Merit: 1000

I can buy a few. let me know. how about cash deposit in your bank ?

DannyHamilton

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Quote from: SaltySpitoon on November 08, 2013, 12:36:59 PM

I think the issue he was talking about, is what if I sent the coins to escrow, they sent the cash, and instead of sending me cash, they sent me some newspaper clippings that are roughly the same weight as the cash would be.

Quote from: Paul Troon on November 08, 2013, 04:13:57 AM

There seems like no way for the escrow agent to validate that the buyer of BTC actually sent the cash, unless the escrow agent receives the cash and forwards it to the seller. This can create a certain counter party risk from the escrow agent.

SaltySpitoon

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Welcome to the SaltySpitoon, how Tough are ya?

Quote from: DannyHamilton on November 08, 2013, 12:34:27 PM

If you don't trust your escrow agent, you shouldn't be using them as an escrow agent.

The idea behind escrow is to use someone you trust as an intermediary in a transaction with someone you don't trust.

I think the issue he was talking about, is what if I sent the coins to escrow, they sent the cash, and instead of sending me cash, they sent me some newspaper clippings that are roughly the same weight as the cash would be. Then I would be saying that I didn't recieve the money, and the person buying the Bitcoins with have tracking information that said delivered. So the escrow agent would have to decide who gets the Bitcoin.

DannyHamilton

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Quote from: Paul Troon on November 08, 2013, 04:13:57 AM

- snip -
There seems like no way for the escrow agent to validate that the buyer of BTC actually sent the cash, unless the escrow agent receives the cash and forwards it to the seller. This can create a certain counter party risk from the escrow agent.
- snip -

If you don't trust your escrow agent, you shouldn't be using them as an escrow agent.

The idea behind escrow is to use someone you trust as an intermediary in a transaction with someone you don't trust.

wtfvanity

hero member

Activity: 504

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WTF???

Quote from: SaltySpitoon on November 08, 2013, 12:00:34 PM

Quote from: wtfvanity on November 08, 2013, 10:42:43 AM

That's not true at all. Registered mail doesn't have to be inspected to be sent. I don't know where you got that information, but it is very wrong.

I use registered mail on a regular basis for high value metal sales, as thats the only way to insure silver bullion if its being shipped. You have to package it in front of the post office employee, and they make sure that the package is sealed correctly, and you are shipping what you said you are shipping.

Is that maybe because of the insurance you are adding to it that they have you do that?

http://about.usps.com/publications/pub370/pub370_012.htm

SaltySpitoon

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Activity: 2590

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Welcome to the SaltySpitoon, how Tough are ya?

Quote from: wtfvanity on November 08, 2013, 10:42:43 AM

That's not true at all. Registered mail doesn't have to be inspected to be sent. I don't know where you got that information, but it is very wrong.

I use registered mail on a regular basis for high value metal sales, as thats the only way to insure silver bullion if its being shipped. You have to package it in front of the post office employee, and they make sure that the package is sealed correctly, and you are shipping what you said you are shipping.

wtfvanity

hero member

Activity: 504

Merit: 500

WTF???

Quote from: SaltySpitoon on November 08, 2013, 10:13:30 AM

Quote from: Paul Troon on November 08, 2013, 04:13:57 AM

I'd like to know more about how sending cash in the mail works in general. How are the buyer/seller protected by escrow?

There seems like no way for the escrow agent to validate that the buyer of BTC actually sent the cash, unless the escrow agent receives the cash and forwards it to the seller. This can create a certain counter party risk from the escrow agent.

At least with cash-in-the-bank transactions there is some receipt given by the teller.

It sounds like SaltySpitoon has some experience doing this so I'm curious how fraud is prevented.

Well, fraud can be prevented a few ways. Registered mail is the best option, because its the safest shipping wise, and can be insured. When doing registered mail, the post office employee has to physically watch you seal up what you say you are sealing up in the package, so you can't commit insurance fraud. If you are shipping via registered mail, you can't just ship someone a wad of construction paper, with a tracking number and say it was cash, because the post office wont allow you to do so.

I've done a few smaller cash trades which didn't require registered mail, and we just did overnight shipping, but for larger sums of money, it is certainly worth doing everything right.

That's not true at all. Registered mail doesn't have to be inspected to be sent. I don't know where you got that information, but it is very wrong.

SaltySpitoon

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Activity: 2590

Merit: 2156

Welcome to the SaltySpitoon, how Tough are ya?

Quote from: Paul Troon on November 08, 2013, 04:13:57 AM

I'd like to know more about how sending cash in the mail works in general. How are the buyer/seller protected by escrow?

There seems like no way for the escrow agent to validate that the buyer of BTC actually sent the cash, unless the escrow agent receives the cash and forwards it to the seller. This can create a certain counter party risk from the escrow agent.

At least with cash-in-the-bank transactions there is some receipt given by the teller.

It sounds like SaltySpitoon has some experience doing this so I'm curious how fraud is prevented.

Well, fraud can be prevented a few ways. Registered mail is the best option, because its the safest shipping wise, and can be insured. When doing registered mail, the post office employee has to physically watch you seal up what you say you are sealing up in the package, so you can't commit insurance fraud. If you are shipping via registered mail, you can't just ship someone a wad of construction paper, with a tracking number and say it was cash, because the post office wont allow you to do so.

I've done a few smaller cash trades which didn't require registered mail, and we just did overnight shipping, but for larger sums of money, it is certainly worth doing everything right.

Paul Troon

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Activity: 64

Merit: 10

I'd like to know more about how sending cash in the mail works in general. How are the buyer/seller protected by escrow?

There seems like no way for the escrow agent to validate that the buyer of BTC actually sent the cash, unless the escrow agent receives the cash and forwards it to the seller. This can create a certain counter party risk from the escrow agent.

At least with cash-in-the-bank transactions there is some receipt given by the teller.

It sounds like SaltySpitoon has some experience doing this so I'm curious how fraud is prevented.

SaltySpitoon

legendary

Activity: 2590

Merit: 2156

Welcome to the SaltySpitoon, how Tough are ya?

I'm off for the night. If anyone is interested pm me, and I'll get back to you in the morning.

SaltySpitoon

legendary

Activity: 2590

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Welcome to the SaltySpitoon, how Tough are ya?

Still Available.

SaltySpitoon

legendary

Activity: 2590

Merit: 2156

Welcome to the SaltySpitoon, how Tough are ya?

Quote from: dank on November 07, 2013, 04:26:22 PM

I can give you 2700, all I have.

Pmed

dank

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You cannot kill love

I can give you 2700, all I have.

SaltySpitoon

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Activity: 2590

Merit: 2156

Welcome to the SaltySpitoon, how Tough are ya?

Hello, while I know its has its faults, I've found that shipping cash via USPS can be fairly safe if done correctly. It is legal to send cash in the mail, and you can even insure cash if sent registered mail or possibly overnight express. I buy and sell precious metals for both Bitcoin and Cash, and when I accumulate Bitcoins, I need to convert them to USD to buy more metals to deal, and paypal/bank transfer doesn't cut it most of the time. If I want to go into a local shop and pick up some coins, I need cash.

So if you are interested in working something out, I'd be happy to use escrow, and leave me a response here or pm me.

I've got around 7.5 BTC currently to sell, in any increments you wish, I just ask that purchases be larger than $20, else its not really worth messing with.

= $100

Topic: [CLOSED] WTS 7.5 BTC for $ in the Mail - page 2. (Read 2271 times)