Question regarding cash deals | Bitcointalksearch.org

philiveyjr

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Quote from: jayguar on July 22, 2016, 04:05:47 PM

Quote from: philiveyjr on June 12, 2016, 04:57:47 AM

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It wasn't exactly at a discount, just someone in the same city and a nearby place to me. But I have turned him down and have told him to use localbitcoins or go with giving cash first since I have decent trust.

In your case, would an escrow have helped? On the other hand, getting cash for 5 BTC shouts black money. Where you able to find if he did trade elsewhere?

How do you think an escrow deal would work with a cash deal ? I could have escrowed the amount to lbtc before, and then accept cash, but I would have had to release the amount right there, and the risk is still post transaction.

jayguar

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Quote from: philiveyjr on June 12, 2016, 04:57:47 AM

...

It wasn't exactly at a discount, just someone in the same city and a nearby place to me. But I have turned him down and have told him to use localbitcoins or go with giving cash first since I have decent trust.

In your case, would an escrow have helped? On the other hand, getting cash for 5 BTC shouts black money. Where you able to find if he did trade elsewhere?

mynameisdon

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i am don(ripper's big daddy).i clean scammers.

if your transaction is less that 10k inr yea you can do it legally. but if you are selling btc amount of more than 10k inr then you must not accept cash depsoit.because if income tax inquiry about your money in bank you would not show the proof that i sold this amount of btc.and to be honest they don't know bitcoin yet.
so your money in bank will now called black. so always collect fund in your bank by someone's account not CASH DEPOSIT.

you should learn from exchange most of exchange like Zebpay and coinsecure don't accept cash for selling bitcoin.

polynesia

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Quote from: Divinespark on June 12, 2016, 11:23:46 AM

Is there a link to any article about the Pankaj incident that somebody can share here please? Thanks

And here is the discussion of that incident in this forum.

https://bitcointalksearch.org/topic/2016-02-10-toi-card-frauds-used-bitcoins-to-trade-money-1359039

philiveyjr

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Quote from: Divinespark on June 12, 2016, 11:23:46 AM

Is there a link to any article about the Pankaj incident that somebody can share here please? Thanks

Here you go: http://timesofindia.indiatimes.com/tech/tech-news/Card-fraud-Cybercriminals-using-bitcoins-to-trade-money/articleshow/50927536.cms

I would be more interested in reading about any updates about the same.

Divinespark

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Is there a link to any article about the Pankaj incident that somebody can share here please? Thanks

philiveyjr

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Quote from: polynesia on June 11, 2016, 08:37:38 PM

Quote from: philiveyjr on June 11, 2016, 07:32:00 AM

I have a seller who wants to sell 5 BTC and wants to trade in cash. What steps are best to take to not be scammed by such a transaction ?

And if I was a seller and was selling bitcoins, do laws protect me and can I file a complain if he simply doesn't give any money on getting the bitcoins ?(I will never do a sale like this, and will always go through lbtc, but was just curious).

Look at the price at exchanges and see if the seller is selling at a discount.
If yes, ask yourself why? Cash transactions may not be illegal, but are a hassle.

It wasn't exactly at a discount, just someone in the same city and a nearby place to me. But I have turned him down and have told him to use localbitcoins or go with giving cash first since I have decent trust.

polynesia

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Quote from: philiveyjr on June 11, 2016, 07:32:00 AM

I have a seller who wants to sell 5 BTC and wants to trade in cash. What steps are best to take to not be scammed by such a transaction ?

And if I was a seller and was selling bitcoins, do laws protect me and can I file a complain if he simply doesn't give any money on getting the bitcoins ?(I will never do a sale like this, and will always go through lbtc, but was just curious).

Look at the price at exchanges and see if the seller is selling at a discount.
If yes, ask yourself why? Cash transactions may not be illegal, but are a hassle.

philiveyjr

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Quote from: deadley on June 11, 2016, 05:45:54 PM

Better don't trade cash deal after Pankaj incident if you don't know seller since long time.

While I don't plan to, as its not wise for me as a trader to risk going to jail by doing a cash transaction. I was just curious. Does anyone has any updates about Pankaj ?

Quote from: chronicsky on June 11, 2016, 12:14:21 PM

It's best to meet him in a Public place or preferably your office where he brings cash and gets btc
Or you could ask him for his ID card on email and then meet him

And no- law do not protect you for these types of Cash Transaction unless until you produce a proper bill for it!

Despite, all those things. If he doesn't pay me the money, then I will be the one to pay up for it. I guess, the simple moral is to not do such trades then.

deadley

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Better don't trade cash deal after Pankaj incident if you don't know seller since long time.

chronicsky

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Just looking for peace

It's best to meet him in a Public place or preferably your office where he brings cash and gets btc
Or you could ask him for his ID card on email and then meet him

And no- law do not protect you for these types of Cash Transaction unless until you produce a proper bill for it!

philiveyjr

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I have a seller who wants to sell 5 BTC and wants to trade in cash. What steps are best to take to not be scammed by such a transaction ?

And if I was a seller and was selling bitcoins, do laws protect me and can I file a complain if he simply doesn't give any money on getting the bitcoins ?(I will never do a sale like this, and will always go through lbtc, but was just curious).

Topic: Question regarding cash deals (Read 968 times)