Localbitcoins looting the money - page 2.

Xavofat

hero member

Activity: 938

Merit: 559

Did you see that ludicrous display last night?

Quote from: ?? on ??

Quote from: Xavofat on July 09, 2017, 02:18:27 PM

Quote from: ?? on ??

Quote from: Xavofat on July 09, 2017, 01:11:17 PM

Quote from: ?? on ??

To everyone complaining about local bitcoins,like your solution is obvious, don't use them. Use a competitor, if none exist make one.

This is an extremely dumb point. The post is a warning to others about the fact that LocalBitcoins is charging an incoming fee, and a show of distaste for LocalBitcoins' action.

However, I do think that trading with dust like this is pointless. LocalBitcoins is trying to prevent you from wasting your money using dust by incentivising you not to send them microtransactions. Xapo now does the same.

How is it a "dumb point" it's not the Bitcoin protocol but a company the complaints are about, don't like it? Great, don't use it and use a competitor no one is forcing local bitcoins services

That's why this thread was created - to argue that people should start using a competitor, and that they would be better off doing so.

You have contributed absolutely no useful information whatsoever.

This was meant to put pressure on lbc to stop their charging of deposit fee, it wasn't a thread saying we need a competitor.

So then my point still applies, with a pedantic correction from you?

"Just use another service" has never been a good argument against complaints. The most important thing in a capitalist society is for companies to be held accountable for their actions, if you like the society to be functional.

Xavofat

hero member

Activity: 938

Merit: 559

Did you see that ludicrous display last night?

Quote from: ?? on ??

Quote from: Xavofat on July 09, 2017, 01:11:17 PM

Quote from: ?? on ??

To everyone complaining about local bitcoins,like your solution is obvious, don't use them. Use a competitor, if none exist make one.

This is an extremely dumb point. The post is a warning to others about the fact that LocalBitcoins is charging an incoming fee, and a show of distaste for LocalBitcoins' action.

However, I do think that trading with dust like this is pointless. LocalBitcoins is trying to prevent you from wasting your money using dust by incentivising you not to send them microtransactions. Xapo now does the same.

How is it a "dumb point" it's not the Bitcoin protocol but a company the complaints are about, don't like it? Great, don't use it and use a competitor no one is forcing local bitcoins services

That's why this thread was created - to argue that people should start using a competitor, and that they would be better off doing so.

You have contributed absolutely no useful information whatsoever.

pearlmen

sr. member

Activity: 322

Merit: 250

Quote from: ladydark on July 09, 2017, 08:21:57 AM

Hi, today i sent 0.00238 btc from my electrum wallet to my localbitcoins account.I have already paid transaction fee.I have received only 0.00154 btc in my localbitcoins account.So they have taken 0.0008 btc as incoming fee.So,dear all be careful while using localbitcoins.com for selling your hard earned btc.Just wanted to make you all alert of this loot.

Its actually not looting money but payment for services they are offering which is even as a result of the increase in the price of miners fee in recent times as an explanation for the high payment they are charging. If still feel its still ok to pay them that and have a smooth transactions than to fall in the hands of scammers in the process of converting to fiat which is mostly what happens when one wants to avoid the payment of fees. Also, if its something you cannot afford, start looking for alternative means.

just_Alice

hero member

Activity: 1274

Merit: 622

Quote from: ladydark on July 09, 2017, 08:21:57 AM

Hi, today i sent 0.00238 btc from my electrum wallet to my localbitcoins account.I have already paid transaction fee.I have received only 0.00154 btc in my localbitcoins account.So they have taken 0.0008 btc as incoming fee.So,dear all be careful while using localbitcoins.com for selling your hard earned btc.Just wanted to make you all alert of this loot.

I never use Localbitcoins anyway. They always have bad rates compared to other local exchages. Also normally when using Localbitcoins you have to arrange a meeitng somewhere for which I have no time. I use an exchange where they transfer money directly to my Credit Card.

Slark

legendary

Activity: 1862

Merit: 1004

I found something interesting:

"When sending to LocalBitcoins wallet, a bitcoin network fee is deducted from the deposit. The fee varies on how congested the Bitcoin Network is.
If your deposit amount is smaller than the bitcoin deposit fee, the deposit will not be processed.
The current sending fee is visible on the wallet page under the heading Incoming transactions and fees."

More info:https://localbitcoins.com/fees

So it would mean that Localbitcoins is collecting their own transaction fees? So, in fact, you are charged 2 times for your tx fee? Am I getting this right?

Xavofat

hero member

Activity: 938

Merit: 559

Did you see that ludicrous display last night?

Quote from: ?? on ??

To everyone complaining about local bitcoins,like your solution is obvious, don't use them. Use a competitor, if none exist make one.

This is an extremely dumb point. The post is a warning to others about the fact that LocalBitcoins is charging an incoming fee, and a show of distaste for LocalBitcoins' action.

However, I do think that trading with dust like this is pointless. LocalBitcoins is trying to prevent you from wasting your money using dust by incentivising you not to send them microtransactions. Xapo now does the same.

Reid

hero member

Activity: 2870

Merit: 642

Quote from: ladydark on July 09, 2017, 08:21:57 AM

Hi, today i sent 0.00238 btc from my electrum wallet to my localbitcoins account.I have already paid transaction fee.I have received only 0.00154 btc in my localbitcoins account.So they have taken 0.0008 btc as incoming fee.So,dear all be careful while using localbitcoins.com for selling your hard earned btc.Just wanted to make you all alert of this loot.

I think someone already post about this kind of mess about localbitcoin. So, as of now it is not fixed.
That incoming transaction fee should not be there considering they already have the outgoing fees.
This service of them should be bombarded with support ticket so that they will recognize the people who are having problems with the fees.
If not, them they should just shut it down. This is clearly a robbery for the users.

oaz7t

full member

Activity: 269

Merit: 101

That doesn't sound good. I using localBitcoin since long time but never had such problems. Have you checked or investigated what the problem is exactly.

Juggy777

hero member

Activity: 2646

Merit: 686

Quote from: ladydark on July 09, 2017, 08:21:57 AM

Hi, today i sent 0.00238 btc from my electrum wallet to my localbitcoins account.I have already paid transaction fee.I have received only 0.00154 btc in my localbitcoins account.So they have taken 0.0008 btc as incoming fee.So,dear all be careful while using localbitcoins.com for selling your hard earned btc.Just wanted to make you all alert of this loot.

I think I have heard about local Bitcoin fees issue before, can't recollect where I read this. At first I thought it would not be true, but now that it looks like it is true and this is indeed very very bad for the local bitcoiners I am sure there will be some sort of solution, I am. Sure where you able to contact them and find about why it so happend.

Yakamoto

legendary

Activity: 1218

Merit: 1007

Quote from: ladydark on July 09, 2017, 08:21:57 AM

Hi, today i sent 0.00238 btc from my electrum wallet to my localbitcoins account.I have already paid transaction fee.I have received only 0.00154 btc in my localbitcoins account.So they have taken 0.0008 btc as incoming fee.So,dear all be careful while using localbitcoins.com for selling your hard earned btc.Just wanted to make you all alert of this loot.

That's surprising, if they do have an incoming fee then it should be a lot lower than something like that, that's just too much. Maybe 0.0001 BTC (since they have to maintain their website somehow) but if they're taking that much (about $2 USD) for each incoming transaction then someone is looking to make a lot more money than they would be earning through "normal" means.

Might open up the doors for a competitor should the fees get bad enough.

xFiber

sr. member

Activity: 336

Merit: 252

Oh gosh what kind of fee is that? That is just asking for users to leave the platform. I've never used localbitcoins before but if these are this kind of fees they have I will never even bother using them in the future. Thanks for the heads up man!

Pixmartz

sr. member

Activity: 518

Merit: 251

Yeah, I also hope so when Segwit date 1 issue like this can end.

Cutting 2 times really make a loss.
I think localbitcoin is just updating their regulation. The last time I used my july in 2016 did not go through such cuts. It has been very long.

Aveatrex

sr. member

Activity: 840

Merit: 375

I just checked my localbitcoin account,and checked their FAQ,they actually charge a fee when deposit at the moment it's 53k satoshi It's a bit high but I don't think it's their fault if the bitcoin network is saturated I am also using XAPO wallet and they also charge a fee when you receive bitcoins.Hope that the after 1 August this problem get solved

ankit10

sr. member

Activity: 952

Merit: 267

I never used this localbitcoins but I heard from many peoples that they have problems with localbitcoins, so its better to stay away from them maybe they scam more in near future.
Or you should send them e-mail about this

Capradina

hero member

Activity: 756

Merit: 520

Hahhaa, this is not a problem. Indeed this now to get the level of confirmation or delivery definitely need a fairly high fee. But you don't have to worry about, if indeed your mind still assume that taking too much localbitcoin fee for the transaction then it's not a problem. Of cause you can also switch to a better place according to you. All this happened not because of the localbitcoin but because of the higher fee, make them take action is good enough

Vishnu.Reang

sr. member

Activity: 1974

Merit: 453

I have also noticed this. Last week, I transferred around BTC0.10 to my Localbitcoins wallet, and I received only around BTC0.099. These people are playing dirty tricks. What is this? First of all I paid BTC0.0015 to Kraken to withdraw my coins. And on top of that I have to pay another BTC0.001 to LBC, just to deposit my coins. This is crazy.

Mandoy

sr. member

Activity: 644

Merit: 264

Aurox

Quote from: ladydark on July 09, 2017, 08:21:57 AM

Hi, today i sent 0.00238 btc from my electrum wallet to my localbitcoins account.I have already paid transaction fee.I have received only 0.00154 btc in my localbitcoins account.So they have taken 0.0008 btc as incoming fee.So,dear all be careful while using localbitcoins.com for selling your hard earned btc.Just wanted to make you all alert of this loot.

It is not called looting but it is considered to be additional fees. This is not only in the case of localbitcoins but also true to other exchanges. The fees have tremendously went up and we will be suffering from those huge fees. Due to this kind of reason I no longer make small multiple transactions but instead I make one big transaction so I can save on fees. The problem with fees nowadays is that you can no longer make a small transaction due to higher fees. There are instances that the fees is much more higher than the bitcoins that we are going to sent. But if you think localbitcoins is the worst you will laugh if you met the exchange in the Philippines that charges you 0.002+ btc for sending btc to external wallets.

tech_solutions

hero member

Activity: 504

Merit: 500

Quote from: olushakes on July 09, 2017, 09:51:49 AM

Quote from: ladydark on July 09, 2017, 08:21:57 AM

Hi, today i sent 0.00238 btc from my electrum wallet to my localbitcoins account.I have already paid transaction fee.I have received only 0.00154 btc in my localbitcoins account.So they have taken 0.0008 btc as incoming fee.So,dear all be careful while using localbitcoins.com for selling your hard earned btc.Just wanted to make you all alert of this loot.

Maybe because its happening to you the first time but in actual sense, its really too much because by the time say 1000 people make such payment, they then get to live fat but at the same time, I think that is the only fee they will deduct because I had same experience with one site like but what they charge then was 0.0002 flat maybe they have increased it now, I don't know but that is the only fee they will charge and when I tried transfer out of the wallet, it was free. Maybe that is what they are also implementing.

No even when you are withdrawing your coins from LB wallet to other wallet they are charging the outgoing transaction fees, so now they are charging for all incoming and outgoing transaction fees and even on the trading also they are charging fees. So i think it is not good for charging incoming transaction fees as they are earning commission on the trading done by the users.

If everyone jointly raise the voice then i think they may change the option.

malikusama

copper member

Activity: 1050

Merit: 294

This is too much, the increasing transaction fee is causing a negative impact on the bitcoin users which may lead to the decrease in the number of users in the near future if this continues.

olushakes

sr. member

Activity: 476

Merit: 254

Quote from: ladydark on July 09, 2017, 08:21:57 AM

Hi, today i sent 0.00238 btc from my electrum wallet to my localbitcoins account.I have already paid transaction fee.I have received only 0.00154 btc in my localbitcoins account.So they have taken 0.0008 btc as incoming fee.So,dear all be careful while using localbitcoins.com for selling your hard earned btc.Just wanted to make you all alert of this loot.

Maybe because its happening to you the first time but in actual sense, its really too much because by the time say 1000 people make such payment, they then get to live fat but at the same time, I think that is the only fee they will deduct because I had same experience with one site like but what they charge then was 0.0002 flat maybe they have increased it now, I don't know but that is the only fee they will charge and when I tried transfer out of the wallet, it was free. Maybe that is what they are also implementing.

Topic: Localbitcoins looting the money - page 2. (Read 1938 times)