Old daemon and wallet version 0.18.3
WARNING ABOUT SELLING OR BUYING FTC ON PAYPAL AND OTHER SIMILAR SERVICES!!!!
I haven’t seen it posted anywhere so I decided to be productive and create a thread. As many of you know their is a huge demand on these forums and several other forums in which people are searching for individuals willing to sell or buy Crypto currencies on Paypal and other similar services. I just wanted to point out that if you’re selling FTC or any other Crypto currency on Paypal you should really tread carefully.
I would recommend selling in very limited quantities equating to small amounts of USD. The reasoning for this is that many buyers are using stolen information or accounts to purchase Crypto currencies on Paypal. Therefore assuming you sell in small quantities it should limit the damage that could potentially be done by selling to someone that used illicit means to purchase currency from you. Also at the very least try and sell only to [u][b]VERIFIED[/b][/u] Paypal accounts. Doing so will greatly limit your risk of running into this issue when selling.
Now if you’re buying Crypto currencies from someone on these forums don’t be [b]RETARD[/b]. Take the time to look at their account history by examining when the account was created, forum posts made, and the accounts reputation. Chances are if the account is new, has zero posts, or no reputation they are just going to try and screw you out of a few bucks. As a buyer you should note that legitimate sellers will almost always be willing to send you a small test order in the amount of 1 to 10 FTC before they request payment via the method agreed upon. So please don’t be stupid enough to believe someone that claims they will get you your FTC within a week or so after you’ve already paid them. Legit sellers will have your FTC in your wallet within minutes of them receiving payment. Lastly if you choose the Paypal route avoid sending payment to accounts that are [u][b]NOT VERIFIED[/b][/u] and avoid sending payment using the [b]FRIEND OR FAMILY[/b] method. Doing so will make it that much harder to get your money back from someone that is attempting to swindle you of your hard earned money.
I wish you all the best of luck in your Crypto endeavors and I hope you all find this helpful
If Paypal is desired, I would tell you to check out Crypto-Trade. Super easy to transfer to Paypal although the fee is terrible.
A definite +1 to this thread.
I’d just like to stress that when buying or selling FTC for Paypal, the risk is almost entirely with the seller, as the payment can be reversed at any time up to at least a month after the sale, and Paypal will always side with the buyer as they do not support the selling of cryptos at all and will automatically reverse the transaction in the case of a query, but any coins sent cannot be reversed.
Escrow is available for the protection of both parties for any trades.
For UK trades, Barclays Pingit is good as it cannot be reversed. Used together with escrow, it is reasonably secure.
Can I suggest we have this stickied?
Good thinking, done.
Just a note to everyone, please be careful when conducting trades using Paypal. Whether you’re verified or not, Paypal does NOT protect virtual trades, and has a history of ruling in favor of the seller (i.e. the provider of the good) in most cases. As much as we’d like to place our faith in what has come to be known as a somewhat reliable system, please keep this fact in mind, and be cautious.
“avoid sending payment using the FRIEND OR FAMILY method” - as a seller the only way I seing of accepting Paypal is the method mentioned above. As scams work both ways and buyers can open the case in Paypal and/or initiate charge back via they bank. And you will end up without your coins and (not 100% as need to read more about it) banned Paypal account, as it is against T&C. So from my point of view escrow is a must! P. S. Nice work by writing this as seeing 100’s of sellers selling coins on ebay with PayPal accepted gives clear idea about numbers of ppl that needs to read this!
A few weeks ago when LTC was peaking around $40-$45 per, I sold my entire stock of 205 LTC through PayPal, all in the $35-$40 per coin range. I took all the money in through PayPal.
I had contacted PayPal before I started selling them, and the person I talked to said to always make an invoice and in the terms and conditions very clearly state that it is LiteCoin and it is a crypto currency / virtual good, and X LTC will be traded for X dollars, and for a fraction will be sent to make sure the wallet address is right and then the rest is sent.
So I did that, and it was a hell of a lot of emails and back and forth, but it worked out fine and no one tried to rip me off.
Every time I got a payment, I’d transfer it from PayPal to my bank account before I sent the coins, then as soon as money showed up in the bank account, I’d transfer it to another account at another bank that PayPal had no connection to, so they couldn’t take the money back. And I used a secondary PayPal account, so if anyone did try to reverse transactions and make its balance go negative I could just walk away from it, the account was made with a fake name and address and info for a secondary ebay account I had.
But it all worked out well.
I created http://crypto-bazaar.net/ to monitor CC on eBay.
I don’t necessarily endorse eBay or PP, but it was easy enough for me to put this up given my other projects. Any ideas on how to make buying CC on eBay or using PP that might be a feature of the site? Short of escrow, I’m scratching my head. But y’all might have some ideas to make this safer and a real option.