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How Not to Sell Bitcoin on eBay for 300% Profit

whatilearnedtoday.jameslarisch.com

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Re: How Not to Sell Bitcoin on eBay for 300% Profit

#11

Post by dysruption »

tadfisher wrote: post #9

I am surprised that in his research, the author didn't come across any warnings not to sell Bitcoin on Ebay. This is pretty common knowledge these days. I was also under the impression that PayPal does not allow selling Bitcoin or Bitcoin hardware. This transaction should have been stopped automatically, and it's a shame Ebay doesn't have automatic tools to stop blatant abuse of their own policies.

Honestly, all I saw was the quick buck. Total ignorance on my part. You're right, I should have researched it better.

Re: How Not to Sell Bitcoin on eBay for 300% Profit

#12

Post by tadfisher »

smsm42 wrote: post #6
noonespecial wrote: post #2

Ebay absolutely lacks the seller protection to ever make this kind of transaction. If I purposely tried to design a market that supported this kind of fraud, (even encouraged it, in a nurturing "please do this" sort of way). I couldn't do better.

I'd guess that's PayPal that lacks protection, since they are the ones making the decision. Probably because their arbitrators are ignorant in what Bitcoin is and how it works. I don't even blame them - they can't know everything, but one must know there's a risk PayPal would rule against you if you sell something that you can't prove is delivered to their satisfaction.

This is part of the form letter that PayPal sends when you are caught selling BTC after the fact:

"We have reviewed your PayPal account and found that you are operating as an e-currency dealer/exchanger including the sale of electronic media of exchange (such as electronic money or digital currency). Per our current Acceptable Use Policy for Money Service Businesses, PayPal may not be used to operate a currency exchange, bureau de change or check cashing business including the sale of Bit coin."

So PayPal knows what BTC is, they just straight up ban digital currency sales.

Re: How Not to Sell Bitcoin on eBay for 300% Profit

#13

Post by tadfisher »

dysruption wrote: post #11
tadfisher wrote: post #9

I am surprised that in his research, the author didn't come across any warnings not to sell Bitcoin on Ebay. This is pretty common knowledge these days. I was also under the impression that PayPal does not allow selling Bitcoin or Bitcoin hardware. This transaction should have been stopped automatically, and it's a shame Ebay doesn't have automatic tools to stop blatant abuse of their own policies.

Honestly, all I saw was the quick buck. Total ignorance on my part. You're right, I should have researched it better.

If it looks too good to be true, it probably is :)

Re: How Not to Sell Bitcoin on eBay for 300% Profit

#15

Post by consonants »

My favorite part is his earnest naivety in somehow thinking he wasn't the mark and in believing that Paypal would ever side on his behalf.

This just further confirms my suspicions that you have to be retarded to get involved with bitcoin. No group of people is so easily and quickly persuaded into losing their money, and so readily eager to repeat said behavior over and over again, than bitcoiners.

Re: How Not to Sell Bitcoin on eBay for 300% Profit

#17

Post by vbuterin »

It's a good thing to be scammed for a small amount at some point IMO. It's like a vaccine; makes you more careful in the future. I lost $10 to Bitscalper in 2012; amount was insignificant but it certainly did teach me the stupidity of trusting anonymous people with money in the hopes of getting a few percent profit.

Re: How Not to Sell Bitcoin on eBay for 300% Profit

#18

Post by josephagoss »

consonants wrote: post #15

My favorite part is his earnest naivety in somehow thinking he wasn't the mark and in believing that Paypal would ever side on his behalf. This just further confirms my suspicions that you have to be retarded to get involved with bitcoin. No group of people is so easily and quickly persuaded into losing their money, and so readily eager to repeat said behavior over and over again, than bitcoiners.

Thanks for generalizing us. I never realized I was retarded.

Re: How Not to Sell Bitcoin on eBay for 300% Profit

#20

Post by jfoster »

tadfisher wrote: post #9

I am surprised that in his research, the author didn't come across any warnings not to sell Bitcoin on Ebay. This is pretty common knowledge these days. I was also under the impression that PayPal does not allow selling Bitcoin or Bitcoin hardware. This transaction should have been stopped automatically, and it's a shame Ebay doesn't have automatic tools to stop blatant abuse of their own policies.

Ebay does have some filters that stop blatant abuse of their policies: https://ebay.custhelp.com/app/answers/detail/a_id/69

It does appear that they haven't yet implemented a filter to prevent/warn sellers from selling Bitcoin, though.

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