Source
yung_codeine•

OH MY GOD THIS FUCKING IDIOT IS GOING TO GET CHARGEBACK SCAMMED. LMAO

https://i.imgur.com/Xd2pLnC.png

He's selling $40,000 worth of BTC for $44,000+ worth of PayPal funds.

RIP his life savings and PayPal account

No one who is legit is going to give you +10% on $40,000 worth of crypto unless it's Tony Soprano or Tyrone bringing you a suitcase full of cash. In this case, you're money laundering for crooks.

On localbitcoins, there are legit people who are willing to buy small volumes from you at +10%. Because it's less hassle than buying at an exchange. But localbitcoins is filled with scammers as well. So many people on there end up getting scammed and having PayPal and bank accounts terminated after getting scammed. If you get a chargeback and PayPal finds out its crypto, your PayPal account is done. Maybe they'll give you a warning and let you keep it open.

6
michapman2•

Wait, why do you think he’ll get scammed? It sounds like he is just buying coins on one exchange and selling them on another. Where does Paypal come into it?

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yung_codeine•

He posted a screen of the "exchange" where he is selling the BTC at +10% profit. It says "paypal trade pending". This is not going to end well for him... Carders typically use stolen credit cards to buy bitcoin. It looks like a carder set up a website for cashing out crypto.

Or of course it could just be that the site will just take his crypto and never pay him anything.

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michapman2•

Ohh gotcha, sorry I missed that part. Yeah, he’s definitely playing with Fire.

The crypto space is full of scams, and you can’t trust them especially if you think you’ve found a good deal.

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michapman2•

Using the price difference between exchanges to profit Use the price difference between some exchanges to trade and make profit:

  • Current rate at Bittrex: $3700
  • Current rate at BTC-A-Trade: $4100

Steps: I've sold 10 bitcoins at BTC-A-Trade and I got $44K payout

then I bought the same amount of bitcoins for $40K at Bittrex, = which leaves me with $4000 profit.

I believe Mr. Madoff referred to this technique as “riskless arbitrage”. It sounds like it should work, assuming that he is able to purchase and sell in time before prices change.

2
CleverNameAndNumbers•

Assuming it's not a scam and the person who sold him the bitcoins didn't buy them with stolen cards for example. He's doing the transaction via PayPal.

1
HopeFox•

So he sold 10 not-his-Bitcoins on BTC-A-Trade, and now has 10 not-his-Bitcoins on Bittrex? I'm sure this will work out exactly as planned.

2
SnapshillBot•

XT is like HIV. While the immune system, or in this case Core, think it has won, XT is ever present... waiting in latent phase.

Snapshots:

  1. This Post - archive.org, megalodon.jp, removeddit.com, archive.is

^(I am a bot.) ^(Info ^/ ^Contact)

0
NonnoBomba•

Which one of them was XT, Snappy? too much crap around to keep track of them all.

1
FuManBoobs•

I do this with bookmakers & betting exchanges. Never thought to do it with crytpo. I wonder how the exchanges differ in withdrawals etc...

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