r/Bitcoin - So did we figure out why Ebay (possibly) made ...
This early Bitcoiner sold BTC on eBay ... - Bitcoin Insider
Bitcoin Trader Sells at 100% Markup on eBay Coin Insider
Papal Ebay Chargeback Protection on Selling Bitcoin
I recently got a chargeback from Paypal from someone I sold Bitcoins to, I was really upset about this, but being a newbie to selling Bitcoin on Ebay I wrote if off as a rookie mistake and decided to do more research on how to protect myself against it happening again. That's when I ran into the website below and I had an idea. Why not provide charge back insurance to others selling Bitcoin and using Paypal as the primary source of funds. Anyways I wanted to post this though up for discussion on the site because I believe I can get the best feedback, advice, comments, or thoughts on this subject. Thank you for your response in advanced. https://www.betmoose.com/bet/chargeback-insurance-from-paypal-ebay-1149
ELI5 How do sellers of Bitcoin and other virtual currency on eBay avoid PayPal chargebacks?
I was browsing eBay today and saw a category for "Virtual Currency". I know from experience that if a buyer opens an Item not Received claim with PayPal, they always side with the buyer unless you have a postal tracking number, so how do sellers of Bitcoin prevent this from happening?
Baclofen is OTC where I am but damn pricey($1 USD for 10mg tab) so I was wondering what online sources people are using? PMing me is OK if you don't want to publically reveal. I once ordered off a Bulgarian seller on ebay with a good price, but he made a typo on my address and it was sent back and he did not respond to my emails so I had to do a chargeback. Then alldaychemist lost their CC processing, and they keep rejecting my orders I try to place via ACH without comment :( And messing with bitcoin is a pain in the butt.
Hey, though i would share with you guys on how to cash out. There have been some fake posts but this is my original guide that i wrote here, and many people were copying it without permission. Like this one: This! Anyways here it is: So first step is to Trade your items for Keys. Use SteamAnalyst Find your item and there should be Price in keys. Use that price and trade your item on Lounge;CSGOtraders.net Once you traded your item or items for keys head over to this Reddit And put up a trade for Selling your keys for money. Most people use Paypal. But you can use Bitcoin it has no Chargebacks, or Something else. Make sure you say you are new to trading keys, so people realise why you have no Cash rep threads. Also Make sure you have adequate account so they know you probably are not going to scam. Game hours,Items,Steam account level,How old is account etc. And boom you are done Price should be at the beginning about 1.80$ per key or mybye 1.75 if bulk. To find price just Click on any item on Steamanalyst for example:Example AWP Asiimov Edit:Make sure they are going first. You can easily get scammed if you go first. Only go first if a Known trader wants to trade with you. Also if a known trader invites you look in his profile Make sure he is not a Fake, copy his profile url and paste it in:SteamRep Edit2:Mods can you please add this mybye to FAQ instead of the old one?? This one seems to get alot of upvotes and is the Answer, not a question.
PayPal banned me because I made too much money - Who do I use instead?
In April, I started a hobbyist shop for computer parts. After a few months, I obtained some capital, and was able to move an incredible amount of products, culminating with $100,000 in revenues in a 30-day period in August/September. However, I made a huge error by listing a product on Ebay that was (unbenownst to me) banned. I ended up getting an incredible amount of chargebacks, and the result of those was PayPal freezing my assets. I've moved a fair amount of what I do over to Amazon, and that is going well, but a large amount of my business going forward is likely to be eCommerce based on my website. Not having PayPal is a huge hit, but I'd like to find a good option outside of them. The advantage with PayPal was international orders, as about 30-40% of my business was overseas. To which, PayPal was a good idea. So who should I use going forward? I am familiar with a few of the options - Amazon and Authorize.net, among others. I'm anticipating to move >$100,000 worth of products monthly, and if my plans work out, will probably be close to $500,000 a month in Q1-Q2 outside of sites such as Amazon.com. Being a high-volume business with little experience outside of PayPal, who is able to deal with me as I started my business just 6 months ago, and can easily pull $100,000 in orders through an eCommerce gateway. And let this be a warning to those that see success as rapidly I did: PayPal is not your friend. One mistake will make you lose out. I went from ~$100,000 in August to $5,000 in September, despite a dozen calls to PayPal and Ebay to resolve my woes. Amazon has saved me as I'm at about $40,000 this month, and could have easily turned more if I had more liquid capital.
Just got their email tonight. They're raising fees to 5% to send to family and friends, and sellers who issue a refund won't have their seller fees reinstated to them anymore. So in other words, if you've ever fallen victim to a buyer chargeback scheme, which PayPal ALWAYS helps the scammers win, you'll now also lose your seller fee amounts on top of the refund amount. All of this in addition to eBay's fees just add up to a terrible deal. Time to use Facebook messenger, Cash, bitcoin, or Square to process payments now. Screw PayPal.
Using a throwaway for obvious reasons. I got into Bitcoin back in mid 2011, was into mining casually, mined a total of 28ish Bitcoins and have been hodling ever since with the rare spending occasionally. (following values not exact for obvious reasons) Tried selling 1 BTC on eBay back in 2011....chargeback scammed. Bought a 2011 steam video game pack off bitcoin forums for 9 BTC in 2011. Bought a computer for 4 BTC about a year ago. Paid off my car loan for 3 BTC about 6 months ago. Annnnnnd my most recent sell...today 1 BTC to pay off my line of credit. All I wanted to say is remember to take something off the table....realize SOME gains. I still have over 10 BTC left but I'm now in my happy place. If Bitcoin corrects tomorrow or takes off tomorrow I will be happy knowing I actually received some real world benefit from Bitcoin. I'm still in the game huge and think Bitcoin will be world changing, I am now more than ever less likely to panic sell as I am already happy with what Bitcoin has done for me. TO MARS!
So couple months ago, Paypal locked my funds, forcing me to sign an affidavit that I will never use paypal to either buy or sell bitcoin. How is bitcoin (or any virtual currency) supposed to trade on eBay, given the position of Paypal on this matter?
I'm in the high risk e-commerce industry for 4 years now, I know how it works... Perfectly. I know How hard it is to make a website, to advertise it (seo), find a payment processor, I know all the cost associated with it. And I know in the High risk industry you can be scammed by your own payment processor. OpenBazaar is already revolutionnary, you've make something which will stands for years as a concept, I hope you will be the 1st, Like I hope Bitcoin will stay the 1st crypto. The UI is sooooooooooo smooth it's incredible how well your software looks like for a beta, I can't imagine in the next 5 years how powerful this tool will be. The cost to run a Buisness, is almost 0, the only fee you have to pay will maybe be the escrow. No server, no seo, no domain name, no payment processor, no chargeback. What it mean for the average joe? When we will have more competition between sellers, the price will be at least 10% less than on the regular ebay shop or website. For highrisk, like pharma, fake, sex, or whatever considered as Highrisk, we can expect something like 20-30% price reduction. It's a win-win situation between buyer and seller. I'm asking the BTC community to take this software seriously and try to trade as much as possible on it, make it real! This is the KILLER APP we needed ! I'm excited and I plan to put everything I can have available to sell with a huge discount compare to my websites. I will not wait competition, I will already make it worth to buy on OB instead of website/ebay !!
(Followup) Paypal just froze over $70,000 in my account - Say they won't return it for 180 days.
A few months ago I posted on http://www.reddit.com/Entrepreneucomments/1rkkd7/paypal_just_froze_over_70000_in_my_account_say/ talking about Paypal freezing around $70,000 in pre-orders for my bitcoin mining equipment. This was done around the end of November when I created the thread, and I wanted to update and let everyone know what happened in detail after the post. On November 24th, we launched a new pre-order for a preety cool product relating to bitcoin mining called the Red Fury. At the time of the release, the device had a street value of anywhere from $175 to $250 per unit. We had been working with this factory for a while and locked in a fantastic price that would allow us to pre-sell them with a 1 month lead time for only $100 per device to our customers. Our pre-order was met with fantastic success since we were undercutting the average price by more than $100 per unit. We sold over $40,000 in less than 3 days. This is when paypal not only froze our account, but reversed all the ACH withdraws to our business checking, which put us at the $70,000+ figure, as we had over $20,000 in sales prior to the pre-order launch. At this point we took to reddit, twitter, and started tagging the president of Paypal on his twitter account. It was pretty successful and within just a day we got a call from one of the department managers at paypal who informed us the president had assigned her to the case. By this point, we had no money from paypal, and still had to commit to wiring the money for the hardware to the factory. The best strategy we came up with was to quickly sign up with a second party processor (Chase payments) and authorize.net to accept credit card payments once again to hopefully get some capital. It was very, very successful for us to use that route as we resumed nearly $80,000 in sales over the course of a week or two. Unfortunately Chase after a while decided that all pre-orders & bitcoin equipment were suddenly high risk and they froze the account. The difference here was that they froze around $20,000 in the account and gave us the remainder. Thankfully, between the chase payments and a few SBA loans we were able to secure in the mean time, we were able to meet our commitment in payments to the factory. We had already secured a relationship that would allow us to pay for the hardware prior to fabrication on their end. After much arguing with paypal, on December the 14th they released around $14,000 to our bank account. We had nearly $30,000 in hardware sales prior to the pre order that still we were owed on, but were willing to settle on the $14k due to us being desperate for additional capital since we had almost no operating budget for other inventory that wasn't pre-order. That same day we received a notice from the factory that fabrication would be delayed another 10 days from the 15th to the 25th. We sent a email blast to all buyers informing them of the move, through this whole time, anyone who wanted to cancel could do so without any loss or fee. December 25th came and the factory notified us they shipped the hardware out to us. It finally was in our hands January the 4th. From the 4th through the 8th or so, we managed to ship out all our pre-orders which was something along the lines of 500+ packages. After this was completed, we had to manually enter all the tracking information to paypal, since they do not integrate shipping data with 3rd parties (They work with ebay, but no one else). The day after this we called them and they told us they would not release the money till EVERY order was received by customers, even the ones outside of the US who had chosen the slowest shipping methods. We complained greatly about this since even though a minority of orders were international, it would still hold up payments. A week later they called us letting us know they reversed their decision, and would release $40k of the $50k in the account. They would retain the $10k until the international orders were received. Well, today is February the 11th and they informed us last night that they would release the remaining $10,000 to the account which then could be sent to our bank. The rep at paypal informed us that we had received little to no complaints from customers about their orders, one chargeback did occur in the amount of $800, and this was the only one over all payment platforms through the months of Nov-Jan among our customers. So, what were the lessons learned? Never, ever use paypal for orders, or money that you're willing to have frozen for a few months. Thankfully we were profitable in the end, but we lost a great deal of money due to opportunity loss. One of the biggest questions/suggestions we've had was to accept bitcoin as the alternative to paypal, which we have been doing since October, however it accounts for less than 20% of all payments (Including the time where it was the only processing type on our site). We also accept most major types of alternative cryptos (Litecoin, megas, dogecoins, ect) for hardware, which then accounts for about 25%-30% of the volume of bitcoin. We do love using bitcoin over paypal and credit cards, but customer utilization just isn't high enough yet to completely supplant credit cards yet.
PayPal shut my account down for giving away free bitcoins with purchases.
This is just a heads up to those using PayPal to either sell bitcoins, or those using BitPay/Coinbase in conjunction with PayPal. TLDR: I started a website in April to sell products for bitcoins. I offered to give bitcoins to customers purchasing via PayPal. This violated PayPal's Terms. They gave me two days to stop, requiring affidavit to be notarized. No notaries were available, as these two days were on the weekend. By Monday, they just decided to end my service. If you're using PayPal and Bitcoin as payment methods, you may be okay, but be careful how you market. Learn from my mistake(s). started selling brand name and budget electronics for bitcoins in April. I decided to give my customers an option to pay with PayPal or BitPay. If they paid with PayPal, I'd give anywhere from 0.001 BTC to 0.50 BTC to them for free, depending on the item. It usually worked out to a 10% rebate. If they paid with bitcoins, I'd give free shipping and 10% off the sale price of the products. Things were going great until PayPal somehow found out. I was asked not to continue that incentive marketing model, which I agreed to. I got an email on a Saturday, requesting a signed and notarized affidavit, and by Monday, before I could even provide the info, they just decided to hell with me. They told me they didn't want to deal with a site that was selling using bitcoins. Blew my mind. I've checked out a couple payment providers available to Canadian business and one wouldn't allow me to sell products for bitcoins on the same domain as non-btc purchases that they would be used for. So, I've switched to a bitcoin sales model only, using BitPay and Coinbase and I'm continuing the free shipping. Edit: Because my inbox is exploding with people asking for the web address, it is btcfever.com. I honestly didn't expect such response from my inane ramblings over the foul taste that PayPal has left with me. I've decided, for at least the time being, that I will only be only accepting payment via BitPay and Coinbase. To be fair, I had made a blacklist of users that had made purchases via PayPal, received the "free bitcoins" and then filed an unauthorized dispute via PayPal (thankfully, prior to me shipping the goods), but the bitcoins were lost. I hadn't published the list, as I wrote it in anger, and as an old friend of mine always said, never send an email (publish a page) when you're angry. Wait until you've had time to cool down and re-read it. I had marked the page as hidden on my Big Commerce site, unaware that it was actually published. (A Reddit user brought it up here). I have since removed the page all together, as I did refer to an individual as "an idiot that costs us money." Chances are, this was the claim that caused PayPal to investigate my account. In their eyes (and probably the government's too), I was operating a Money Services Business. I was neither licensed nor registered to operate as such, which may be the inaccurate information that was included as one of the reasons why my account was closed. My primary goal is to delivery brand name and budget electronics and gadgets for bitcoins at reasonable and competitive prices. My attempts at giving away bitcoins with each purchase was to spread the word about bitcoins. I want to get more people interested in using the currency, which will benefit the entire bitcoin community. Edit 2: PayPal just called me with some information that may be of interest. They have informed me that due to the recently high number of transactions involving bitcoins, usually for sale via eBay (which allow the sale of bitcoins at the present time, as long as they are listed in either a classified format or in the category Everything Else/Other), or via other websites - PayPal on the other hand will not allow people to sell, or transfer any amount of bitcoins in relation to a sale via their service. This is due to numerous chargebacks by users buying bitcoins, then claiming unauthorized payment, or other such disputes. This is risk management on their part and I completely understand it. They were very polite and knowledgeable, and I think this clears up some of the ambiguity as to why PayPal isn't dealing with businesses that are doing transactions involved with bitcoins (giving away bitcoins with a purchase like I was doing led to at least once instance of a customer receiving the bitcoins and filing a dispute). I'm not sure if PayPal is against bitcoins, as recent talks from PayPal representatives have seemed to be positive (with possible future implementation of the bitcoin currency added to their service). But that's just imho. There is still no word on whether I will be allowed to do business with them in the future, but frankly, I'm not interested. I'm sticking with a bitcoin sales only model. There is less risk to me for chargebacks and I have more control over issuing refunds to ensure customer satisfaction and loyalty. I believe the very nature of the bitcoin transaction reduces fraud and protects sellers far more than other methods. Buyers however need to be assured that once they send their bitcoins to a website (especially a new website like mine), that they will receive their product and not lose their bitcoins. So if you are interested in spending bitcoins and you are not sure whether you can trust a website (it's very easy to make an e-commerce site and add a bunch of products), either don't make the purchase if you're not comfortable, search for reviews of the site, or find a site that has been well established. Yes, I may be talking myself out of some sales, but I believe that it is now up to sellers to ensure the integrity of the bitcoin community.
[PSA] Flux's guide to CS:GO trading and how to do other things good too.
Hello /globaloffensivetrade, While I am fairly new to the cs:go trading scene, I have a fair amount of past experience TF2 trading, as well as a few other games, and thus have learnt through a bit of luck and experience how to make profit. I get asked questions multiple times a day about some of these trading basics, and you guys seemed quite keen, so I've decided to write this guide. I spent a lot of time and effort on this, so I would appreciate your feedback and feel free to point out any obvious mistakes. If nothing else, read the bolded and italicised parts. About me: I've been trading in cs:go for about 3-4 months now, and used to trade heavily in TF2 before cashing out my money and investing it into csgo. I've probably put in around ~$1500 from that and have cashed out about $15000, and still have a [fairly decent inventory](#). Before we get to the part on how I did this, we need to start from the beginning. Introduction: When starting to trade, it is a good idea to have an idea what you want. Whether you want to get a particular skin or knife, or earn a living, or just have fun will direct how you might want to trade. I personally trade for fun, but as it turns out making a profit can be quite fun. There is already a good guide to the basics of trading here, and I will try not to reiterate this, but instead explain some more practical details. I recommend you read this if you are completely new to csgo/trading. Some 'tools' of the trade: These are sites or tools which are handy to bookmark, check regularly or use. Trading sites: Everybody knows Csgo lounge or Csgl, and that it can be quite the hive of scumbag and villany, however due to its high traffic flow, is probably one of the best media to trade. (Will add more here if I discover more good trading sites) Pricing Sites: For most items that the average trader deals with, the price can be looked up quite well at www.steamanalyst.com. Now it is important to know that this is the 'market price' and is not the same as its cash value. When dealing with the steam marketplace, keys take a value of $2.5 USD, and thus the price of skins in keys is their market price / 2.5. Keys are the primary currency of csgo trading and are known as 'pure' offers. Cash value of items is their key value x $1.8-1.9. Offering a 5 key skin is not the same as offering 5 keys as a 5 dollar note isn't the same as 5 dollars worth of groceries. Other sites such as csgo stash also has similar information. Pricing for items above market price requires some knowledge and experience. People such as elowynoceania have setup a steam group to price check some of these items and has also written a rough price list found here. A handful of people on this subreddit are also experience in price checking (and I will add a list here of any who are willing; send me a message). Price checkers (with specialty): **It seems that most people I've listed have stopped price checking. If you are willing to help, please pm me with your steamURL and/or specialty with regards to price checking. Pricing for knives and skins can vary on their look, even skins of the same type with the same condition may be worth very different. And somewhat strangely, prices of identically looking skins/knives can be very different if they have different conditions. Browser extensions: This list was compiled by etherfasthere, but I'll copy paste it for convenience. These are incredibly helpful and have streamlined my trading experience, saving me a lot of time and effort.
While I get these two nice weeks off, I thought about putting some time into helping you guys improve your trading experience. Before I make my list, I want to stress this out that these are mostly for Chrome users. If you have no reason not to switch to Chrome, you should do it. Some of the extensions have Firefox versions as well, but not all of them. 1. Enhanced Steam This is a nice extension that isn't necessarily related to trading, but it enhances your Steam experience. This is by far the most complex Steam extension, and the list of features is endless 2. Lounge Companion (Dota 2 & CS:GO) No longer allowed on csgl This will make your CSGL experience better, by allowing you to price check items on the fly and helping you bet easier. 3. Reddit Enhancement Suite This is well known and it will improve your Reddit Experience and once you try it, you won't be able to live without it. Once again, the features are endless. 4. Reddit Trading Flair Linker Enhanced This extends people's flairs when you browse the subreddit. It's really nice because it gives you a clickable Steam link, points out any privacy/VAC Bans/Trade bans and tells you if the person is online or playing anything. 5. Steam Community SteamRep Integration This will highlight profiles banned on SteamRep for you. It doesn't take into account the pending reports, so you might want to do that check yourself. But when that box turns red, you know it's a good warning sign. 6. Steam item search between friends. This helps you find that specific friend of yours that has that nice Bayonet you want. It loads all of your friends' inventories locally and it makes them searchable. It takes a bit of time to preload, but it's a good alternative to searching through inventories yourself. 7. Decline Unavailable Trade Offers (credit to hohchu, and more) This helps you dismiss that annoying green envelope that sticks to you when a trade offer is unavailable.
How to start trading? Now you've bookmarked all those sites I've linked, and read the guides and downloaded all the plugins, what now? Well first in any business, you need to invest something in order to make something, there is no two ways about it. A decent investment (at least $100) will allow you to start trading decently. I recommend the best route to do this is by buying keys off people who are reputable on this subreddit, who sell for around $1.8-2. This is best done via paypal, and will be initially a slow, difficult process as you will have no reputation or rep at this point. You may even want to buy keys off the steam store, however note that these may not be immediately tradeable depending on your payment method. Once you have the keys, look around on the subreddit, csgl, play the game and generally immerse yourself in the community. This will give you some idea of what things are valuable and demanded. Skins which look nice are generally worth more than skins that aren't as nice. Betting skins, such as the AK Redline FT, AWP Asiimov FT, etc tend to be easier to sell just before a tournament, and easier to buy just after. Once you have a good grasp of what is valued, start making a few trades. Add or message people and offer your keys on their items, and then if they say yes, try selling it for a bit more and voila you have just made your first bit of profit. Now I will go much further in depth later on, but this is the gist of it. How to gain reputation? It can be very difficult to gain rep as a beginning trader. There is the catch-22 where people won't sell you things for cash because you don't have rep, and thus you can't get any rep. However, it is very possible to get rep if you present yourself right. Firstly it helps to have a decently set up steam account. Private profiles are strongly discouraged and most people won't even add you. Private inventories may also be an issue to people. Having an older account and/or a steam level above 2-3 will also make things a bit smoother, as people realise you have invested some time/effort/money into your steam account. As an example I will use my profile. I have a prominently displayed 6 year of service badge. I am level 33, which means I have invested a fair amount of money into my steam account, and I have a lot of hours of a variety of games as well as a lot of +rep comments on my profile. It may even be good to put the country you are from on your profile, given that eastern european accounts have a relatively high rate of scammers, and some people will be more comfortable trading you if you are in their country. Now on the flipside, lacking these things may lead to suspicion of being a possible scammer. Secondly, being a generally mature and polite person will build more trust with anybody dealing with you. Being aggressive, abusive or seeming illiterate are red flags which may suggest that you are not a trustworthy person. I personally refuse to accept accidental trade offers which they have put none of my items in, and constantly strive to be an honest trader and to not take advantage of people. Now, these things aren't necessary, but being this kind of person will generally help you overall in trading as well as life. To get meaningful rep for cash trades, you need to setup a thread that isn't your profile, as your profile is not monitored by anybody but yourself. Accusations of scamming can be deleted and +reps can be faked by friends on your profile. So set up a thread here on the steam group: CS:GO Rep. Feel free to copy my setup here but insert your own information which can be found by searching your steamURL on steamrep. Once you've done that, make sure you get the people you trade with to leave a message regarding the trade on your thread, so keep that link handy (I have mine linked on my steam profile). Now probably the easiest way to do this is to buy a few keys off the steam market, and then sell them to people who have a lot of rep. You will lose some money initially, but you will gain some all-important rep, and will soon be able to buy keys for cash. Doing multiple small transactions is the best way to build rep initially. Selling a few keys here and there, and buying a few will start to fill out your thread. How to screen people as potential scammers? There is already a very helpful guide on how to avoid common scams here and here. The most definitive way to tell somebody is a scammer, is if they've done it before and been reported for it. Before doing ANY trade, search their steamURL in www.steamrep.com. A person who is a scammer will have a red outline and it will say 'banned' and will explain why. People who have an orange border with 'x number of reports filed' are generally scammers as well, and I strongly suggest you do NOT trade with either of these types of people. For people who are scammers-to-be, red flags include:
Impersonating another account
Low amount of hours/few games
New steam account/low steam level
Private inventory/not valuable
Not many comments
Russian, Romanian or even Italian, or named laska (sounds racist, but the majority of scammers I've met were either of these)
1:58 AM - laskerZ: razizt guide 0/10 1:59 AM - Horrorshow Flux: hahaha 1:59 AM - laskerZ: I'm hugely offended by it. As an Eastern-European, I DEMAND IT TO BE REMOVED
Young, immature (<15 years old) - don't really understand the results of their actions
Overly keen, impatient to receive your item, offer to pay more than your buyout
Know a lot about how cash trading works without having any rep (though some people may have experience in ebay trades, etc and can be trusted)
Suspicious in any way (if it sounds too good to be true, it usually is)
Basically if they don't have much to lose, often they will be more likely to scam. People with established names and profiles and inventories have much more to lose and so can be more trustworthy. If I were ever to scam, my lost reputation would be more costly in the long run than any single deal, not that is my only reason I don't scam, just to mention another, I'm not an asshole. How to cash trade? Typically paypal is used in most cash trades, being the most convenient generally. Skrill or BTC (bitcoin) can also be used, but I don't personally have much experience in either of these. Typically how trades are done is the buyer will send a money payment as family and friends and pay any fees to the seller, and once the money is confirmed to be received, the seller will send a trade. This method is still possible to be chargebacked, do not listen to anybody who tells you otherwise. Note some countries don't have this option. A middleman can be used, who can be found here, and will hold on to the item before the buyer pays, and will only trade to the buyer once they confirm the seller has received the money. This prevents direct scams, but offers no protection for chargebacks. Chargebacks are the main reason I require people to have rep before dealing in cash with them. How to setup a neat table for a reddit post? Easy, just copy what I've done here: |Type|Skin|Wear|Comment/Screenshots|Current Offer|Buyout| |:----------|:----------|:----------|:----------|:----------|:-------|:-------| |Knife|Butterfly Night|FT|Clean looking|None|95k Now for the big buck item: How to make profit? The secret to profit is high volume, small profit trades. I will outline how my strategy works below, but it is not necessary to read to make profit, skimming the paragraphs and reading the TL;DR at the bottom should be sufficient. The classic 'buy low, sell high' advice is only partially true. I see so many people trying to sell high and never getting any trades. It really should be 'buy low, sell market'. Buying items: It is important to understand a sellers' psychology, in order to understand how to get good deals. First of all you have to buy an item. You do this by exposing yourself to the market as long as possible to find good deals. Post on multiple cs:go/reddit trades, frequently browsing the new section. If you are to offer on a trade, if you are paying pure keys, feel free to offer a little bit less than market price or their buyout (yet still reasonable), so there is a profit margin for you. If you do it in the right manner, more often than not, people are often flexible enough to accept their price, since a reasonable guy with a reasonable price is a good person to trade with. If you offer skins, people more often than not will not value skin offers as highly as keys (though there are exceptions). Selling items for a profit: Note that this is more of an explanation of maximum profit, and is a little bit unnecessary to actually profit. When selling an item you need to understand buyer's psychology and some basic statistics (OH NO THE HORROR!). They want to do either of two things with the item: Use it it or sell it, roughly I'd say the proportions respectively of these people are 1:4. When I say they want to use the item, I mean usually they want to play with it. Thus they are willing to pay full price (FP) or a little bit more (FP + 1 arbitrary unit). The arbitrary unit (AU) can be anything; a dollar, a key, etc and is tied to the value of the item, often around 5%. It is basically your profit margin for most items. Occasionally users will be willing to pay slightly higher than full price, but it isn't enough to rely on the small proportion who do for most of your profits. Then there are those looking for a profit. Thus they will often be paying a low price (FP - 2 ~ FP - 1). If you have bought it for fairly cheap (=< FP - 2) then you can easily flip it to these people for FP - 1 for at least an AU profit. What price you bought it for may determine whether or not you sell to a specific type of buyer. If you paid full price (FP) then you price your item at > FP + 1 and search for the small proportion of people who are willing to pay more. I have found that the mean price of items if you pay keys is FP - 1, with a standard deviation of 1 AU. I found it optimal to focus on buying items at the price of FP - 1 ~ FP - 2. Thus at the highest range of your buying, you make a profit from 20% of the population, and at the lower end you make it from almost 100% of the population. Of course these numbers are highly speculative. Here's a graphical explanation for what I am saying. This graph represents roughly the market for items. I am suggesting that you buy at FP - 1 and Sell at FP for maximal consistent profit, as in this picture, where the pink is your sweet sweet profit, basically the crux of my entire guide, not only this is profitable, it is very stable and consistent and safe profits (with the notable exception of new items, which don't have a fixed FP). TLDR;Buy highly demanded items for under the market price, and sell for market price or slightly below for maximum profit/time. Cutting your losses/How to get unstuck as a trader? Sometimes you will find yourself with an item which should be worth x, but you aren't getting offers near it. Maybe you got ripped off, or it has suddenly dropped in price. This is when you cut your losses. Moping over your loss won't help you earn more and will keep you stuck at your current value. Don't be too attached to your items, unless you have already gotten your 'dream knife', so why would you even be reading this :P? Profit is based exponentially on what you have, i.e. the more you have, the more you profit you make. Thus it is often better to quickly sell some items in order to increase your total currency value (even at a loss of your theoretical currency/market value) as having currency allows you to make more profit than that damn StatTrak Butterfly Boreal Forest FT. You should try and sell at FP - 2, or sell it on the market. The potential future profit will eventually cover the losses incurred by this trade. This ensures a smooth flow of items in and out of your inventory, allowing for maximum profit. Selling Strategies: Generally skins are easier to sell, but have smaller profit margins, and knives are more profitable, but move a lot slower. Hence I will explain how I sell items, and recommend you do the same. Basically lets say you have some skins and knives. What your goal should be, if you want to make profit, is to eventually convert all these skins and knives into currency like keys or cash. How you do this is to downgrade. Downgrading is trading for slightly less desirable/valuable items alongside currency. What would be optimal is that someone will offer your buyout in keys, however this rarely happens (and is often leading to a scam attempt), so you need to take a relatively big item, and break it down into smallemore liquid bits. When you are offered items, take an offer that is similar in value if it has highly liquid items (such as betting skins, keys, vanilla knives, cheap 'entry level' knives around ~20-30k) over an 'overpay' offer of something that is hard to sell (stat-trak low tier knives, battle-scarred high tier knives, case hardeneds). It is often easier to sell two low-mid tier knives than one high tier knife. People who trade at a lower level, I suggest you upgrade, like trade two $1.25 skins for $2.50 one, as then you can trade for a key and possibly buy a $3 item, etc. The way I actually see it is like nuclear fusion/fission, just an analogy for you physics and chem nerds :3. Elements which are heavy release energy when split by fission (trade expensive items into multiple cheaper items), and elemental which are light, gain energy by fusion (trade a few cheap items into a reasonable item). When trading an item with a high variance in price, you want to be moving towards either end. I'll give an example. A Karambit Fade FN with 60% purple/40% pink goes for around 250k. This is highly demanded as it's the cheapest you can get of the item. A Kara Fade with 90% Pink/10% yellow goes for ~500 keys and is also highly demanded as it's the best you can get. So if you had a Kara Fade 80/15/5 (~320k), you would want to downgrade to a 60/40 + 70 keys and if you had a 90/7/3 (~450k) you would want to upgrade to a 90/10. This concept mainly applies for fades, but can also be used in other patterns. Conclusion: Damn I just wrote that in one sitting, start to finish. If only I had the motivation for my uni work. Feel free to share this guide with your friends and fellow traders. Peace, Horrorshow Flux
12/20/13 K: Hey man, it's K. Is your name D? Anyway...getting money onto BTC-e can be tricky if you are trying to deposit USD. I kind of just had to learn by trial an error because I didn't know anyone that could teach me, because i am the only one that invests in crypto currency that I know. Anyway, coinbase is probably the best bitcoin wallet service in the United States. It is definitely the largest and most reputable. Use this referral link: Once you sign up using this link, it will give us both some free money after you have purchased some bitcoins. The process takes a little while to get all started up, but it is worth it because it is so easy to use after. You can instantly buy bitcoins, and then use those bitcoins to send to BTC-E to purchase whatever other coins you want. I invest pretty heavily in LTC. The only way I have been able to do that is by buying bitcoins on coinbase, and then sending them to btc-e. Let me know if this works for you.. K: Let me know if the email reached you D: Yep. I got it. Two to three days for the deposit verification into my bank account. Thanks for the advice. I take it you work in finance? K: Yeah I do :). Coinbase takes a bit for the verification process but it is super easy to use after that. When you sell bitcoins, they just deposit the money right back into your bank account. It's the easiest service that I have found that is reputable. D: Have you ever tried trading for small margins? I made about 0.60 USD since I started last night. I got my initial funding by mining FTC. I'm trading BTC. D: Actually up to 10.81 after my last trade. Got in at 625 and sold at 639. K: I mainly buy and hold for long term. I bought some NMC to flip, but it dropped in value steeply so im still holding it. I buy more every time it dips. Sent via wireless, please excuse any typos... D: Cool. No worry about typos. I type all day at work so don't mind as well. I give up on accuracy at 5. My friends also aren't very much into crytpo currencies. I like the technical aspect but I'm more interested in trading on BTC-E. I must have watched about 12 hours of bitcoinwisdom since yesterday. It was my first time analyzing real time data. I can't believe how much info you can obtain just from identifying patterns. I have a quick question about a 401k if you don't mind. So far my year to date is 26%, is that good? K: Yes, very good. You must have had it set up aggressively with the investing choices (which is better to do when you are young). Good stock market returns are around 12% so you are more than double, but don't be surprised if there is a correction to lower on the returns there too. D: Yes. I'm over 50% in small cap and am young. Is there anyway to avoid that correction by reallocating? K: Nah, just leave it. At least you have a 401k, most people are paycheck to paycheck D: Defiantly. I can't imagine how some of my co-workers get by paying overdraft fees each month. Have a good night. I'll let you know when I buy some coins on that site. K: Cool, let me know. Let's make some money! :) 12/22/13 D: Howdy K, I'm still waiting on the deposits in my bank account by Coinbase. Thanks for the referral link, I'm looking forward to that free $5 of BTC. Up to $12.30 USD on BTCE, looking to break $13 tonight. Can't wait to get some more trading funds. K: It takes a bit for the initial deposit. I think it took my bank almost a week :(. Once you are done though everything is quick. If you add a credit card too, you can buy up to 10 btc instantly per week D: Awesome. Have any suggestions? (pic) attaches picture of small gains trade history K: What do you mean by sugggestions? Like on your trading? K: Can you deposit more money? It looks like you aren't fully able to enjoy the full gains of your trades because the amounts that you are trading are a little small. If possible I would suggest buying 1 btc when the price is the lowest of the day, and then trade from there.. K: Also i would stay away from ftc for time being 12/24/13 K: Hey bud, i just got some free money from coinbase :) did you get it too? Pretty cool huh? D: Yes sir. 4 days for my order to fill, can't wait. 12/25/13 D: Merry Christmas! K: Merry xmas! If you add a credit card you can instant buy up to 10btc. What other coins are you buying right now? I mainly just have BTC and LTC D: Does the credit card have to be a Visa? I'm mining about 8 FTC per day and trading for BTC at market. Then I trade BTC/USD for 0.10 - 0.40 profits. Working on a spreadsheet right now which you can see if you are interested. D: spreadsheet sends corny orange and grey spreadsheet K: Think it can be mastercard or amex too... K: Nice LTC rally today :). I just picked up more LTC yesterday too D: I tried adding a mastercard and discover but it wouldn't work. I've been watching the rally. Waiting to buy in to BTC at $656. K: Shit that sucks, email support and ask if they accept mastercard? I find that odd that they would only accept visa D: No worries. Deposit should clear 12/31 12/29/2013 K: Hows it going? Did you get your btc? D: Hey K. Not yet, they will be deposited 12/31. Bought at $651 K: Nice so you are already up :) K: How much did you buy? You should buy some and hold long term if possible too 1/2/2014 D: Happy New Year, K. I only bought 0.2 BTC for about $131. I'm at a total balance of $179.07. Started mining FTC again for the few extra dollars per day. I think I read somewhere that there is a cap of 21 million BTC that will ever be in existence. 21 million on the internet is subtle considering how many views cat videos get on youtube. 21 million out 7 billion people is even smaller. Sometimes I find it hard to imagine millions and billions but I always think about this one thing: 1 million seconds is about 11 days, 1 billion seconds around 31 years. I'm very optimistic about the long term. Probably going to set aside at least 1 BTC in the near future. Have you ever seen BTC listed on ebay? I created an auction yesterday for 0.1 BTC, $120.00. It sold within 3 hours but the buyer flaked out after I told them they would be receiving the BTC-E redeemable code in the mail. They created a dispute stating that the ebay/pal accounts were accessed by an unauthorized third party which is currently in process. I didn't lose anything and actually sold back the 0.1 at $775 after buying at $740 last night. I'm considering re-listing some BTC on Ebay but don't want to deal with reversed payments. Have any insight? K: I heard ebay can be a nightmare with sellers getting scammed by buyers with chargebacks. If you are going to do it, I would recommend selling maybe paper wallets only, that you actually have to mail to them. That way you can have a tracking number for your shipping. If you want to sell through paypal, be careful, I think any mention of crypto currency can get your account frozen. Not positive about that though. Try selling to people on the forums, I think that would be easy. Honestly, I think just buying what you can and holding long is the best option to make the best returns. Look how the market has gone today D K: 21 million BTC is not even enough btc for each person in my state to have 1, let alone the United States, or the entire world. As long as the demand stays high, the price could become astronomical if some major players like wall street enter the game. Just think, if Wall Street threw like 100 mill at Bitcoins (which is not that far-fetched), the price would probably jump to like 3-4k per BTC after that 1 day alone… D: I don't think I'm going to sell anything else on Ebay until I come up with a better way of protecting against charge backs. The market has been awesome today. D: That's very true. I think my next purchase will be 0.5 BTC to keep in my wallet. K: Have you seen the stuff on zerocoin? Looks interesting, should be out this year...there has been a lotta hype around it.. D: Haven't heard anything about it until just reading an article now. Looks interesting and they make a good argument about anonymity. I only read over it briefly, but it appears what they're proposing would add an additional transaction fee the the process. Cool concept. Are you good with candlestick charts and patterns? K: Somewhat. I learned them in college but stopped using them until now, so I am pretty rusty…I get the concepts and all, but I am not a professional at them by any means. I saw my buddies wallet the other day…he is pretty stacked. Over 250btc and over 1000 LTC! D: That is pretty stacked. About 500k stacked, right? Are you familiar with the creator(s) of bitcoin "Satoshi Nakamoto"? Is it actually one person? There are quite a few claims as to who or whom Satoshi may be. K: Im not familiar, i heard it was a team of people under that one name D: I wonder if it was created by a goverment. Like some NSA type agency. Kinda like how the darknet started off as a Navy project. K: Nah I doubt it. Government wouldn't create something that could possibly pose a threat to its own currency. D: That's a good point. The future of BTC is exciting. 1/6/2014 D: Started trading NMC recently. Check ou the spreadsheet attaches another shitsheet Still just testing the water before I start making bigger trades. Buy any more BTC/LTC lately? K: Cool man.. Year i got some LTC at $16 right before it went back up :) 1/7/2014 D: Nice buy. Catch the market today? China's equivalent of Ebay banned the sell of btc, ltc, mining gear, etc. My understanding on of China: China’s central bank regulated the virtual currency for the first time on Dec. 5 by banning financial institutions and payment providers from conducting transactions in the virtual currency Chinese central bank officials told third-party payment service providers to stop offering clearing services to online Bitcoin exchanges China's Ebay bans sell of BTC in accordance to the central bank's ban effective Jan. 31. Acting as a clearing house of BTC. I'm now $180 long NMC. I might invest 1k soon on BTC, any thoughts on an upcoming entry point? K: Hmmm not quite sure on entry point. I am in the red as of today on NMC. Im trying to get it back to 0.01 btc to convert my nmc back to btc, i missed it on the last push. If you are investing 1k and holding long, then any of the daily ups and downs dont matter because in the long run we hope it will be way up. If i were you, i would just wait for a big red candle and then try to by at the bottom. Maybe $800/btc is good? K: The part that sucks is that it seems like BTC value works so hard to creep up and up slowly, and right when it seems like it is going to pick up some momentum, BAM! More bad news comes out and slams the market. This cycle seems to keep repeating over and over right now… 1/9/14 K: I got 2 more btc :) 1/27/14 D: Sorry, haven't check this email account for a few weeks. Been working a lot of OT. What price did you buy in at on 1/9? I just sold a majority of my coins for cash. I picked up 3 LTC at 19.50 though. What's gonna happen 2/1/14? Also, do you know how long it would take for a tax return check if you have your taxes in prior to the 31st? I finished those 2 weeks ago if it matters. The other day the dow finished pretty low. Do you have any thoughts about the US economy over the next 6-12 months? K: What’s up man…huge dump off of BTC right now on almost all exchanges (except gox which is bs anyway). I bought some more LTC at around $19 too. I am holding all for long haul, although it would have been profitable to sell this morning, and re-buy after this dump off. I have no idea what is going to happen on 2/1. Last time when senate met, everyone thought the party was over, and then there was a huge rally in prices instead. I am trying to figure out the right price to buy more btc right now… what do you think? D: Sorry. Copied and pasted instead of attaching the pic. I think we'll have to see if it breaks that support. What about the arrest of that guy at bitinstant? *attaches picture of BTC 4h chart with a random line pointing downward K: I don’t think that one arrest will tank the market like that. I am wondering if the confiscated silk road funds are being trickled through the exchanges by the feds. It seems weird the sell off right now. It almost seems systematic. Like there is a huge sell off that clears all the buy orders. Then it is calm for a few minutes, then repeat. Really strange… D: But I wonder how they brought charges on him? Could they hold anyone accountable who sold BTC to a person using it to buy drugs on silk road? If the Feds are selling that would explain it. They seized 144,000 and they're saying the owner of silkroad may have 600,000 stashed in a wallet. K: I think the number is more like 30,000 btc D: The spokesperson says the approximately 26,000 Bitcoins seized are just the ones that were held in Silk Road accounts. In other words, it’s Silk Road users’ Bitcoin. The FBI has not been able to get to Ulbricht’s personal Bitcoin yet. “That’s like another $80 million worth,” she said, explaining that it was held separately and is encrypted. If that is indeed what he’s holding, that’s close to 600,000 Bitcoin all together or about 5% of all Bitcoin currently in existence. (Update 10-25: The FBI says it’s seized 144,000 Bitcoins, or about $28 million, that it believes belong to Ross Ulbricht.) K: I don’t understand how they were able to confiscate them, when bitcoins are not yet considered money, so they shouldn’t fall under forfeiture rules… 1/17/18 - D: Wish you the best K and hope you held those coins longer than I did. TLDR: Meet a friend in December 2013 that gave me advice to buy and hold BTC long term. This is one of our email threads from around that time, edited to remove personally identifying information. I used all my bitcoin for pizza following the fall of Mt. Gox and the subsequent bubble burst.
Bitcoin traceability and untrackable nature. The business venture through eBay lasted approximately a week when issues came in with fraudulent activity from buyers of the cryptocurrency. Maurice explained the credit card chargeback was a major problem: “People were just stealing credit cards online, coming to us on eBay and charging the cards ... The chargeback fraud is too heavy, and eBay doesn't give a shit about sellers: who, oddly enough, are their only source of user income. So I guess my take on it is that if eBay starts up with bitcoin, yeah, that is a really incredibly good thing for bitcoin. I Know how to use eBay, you know what Bitcoin is so let's make some money,'" After the mentioned initial success of BTC sales on eBay, however, the situation started unravelling. "That's when I learned what a credit card chargeback is," he explained. "People were just stealing credit cards online, coming to us on eBay and charging the cards ... Seller actually wins a chargeback dispute (eBay/PayPal user horror story) ... Bitpagos.co – A payment processor who specialises in BitCoin payments. A PayPal for bitcoins basically. Has support for mobile payments over mobile phones, I presume via some kind of app. The major advantage of bitcoin transactions is they cannot be charged back something which PayPal transactions can all the time ... Paypal Bitcoin Chargeback So, I'm thinking of selling some bitcoins on ebay using paypal payment method now is this a scammers paradise can they just chargeback i need elp what is paypals stance on bitcoin . Tags (3) Tags: bitcoin. chargeback. scam. 0 Kudos All forum topics; Previous Topic; Next Topic; 3 REPLIES 3. Highlighted. kernowlass. Esteemed Advisor Mark as New; Bookmark; Subscribe ...
Cheapest Way To Buy Bitcoin With PayPal 2020 Exchange ...
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